Universal Credit Personal Loans
  • Direct payment to creditors with debt consolidation loans.
  • Fast funding.
  • Offers multiple rate discounts.
  • Free credit score access.
  • Origination fee.
  • Two repayment term options.
Apply Loan

Universal Credit personal loans are best for borrowers with low credit scores who want a loan with features that will help their scores. Universal Credit’s starting rates are high compared to other bad-credit lenders, so compare loan offers before you apply.

Universal Credit is operated by online lender Upgrade. The main difference between the two is that borrowers with bad credit scores (629 or lower) and more debt may more easily qualify for a Universal Credit loan. Upgrade offers a more flexible personal loan that’s particularly good for debt consolidation.

Once approved, Universal Credit customers can access features offered by Upgrade, including credit building tools, a mobile app and a discount for directly paying off creditors on debt consolidation loans.

Universal Credit personal loans at a glance

  1. Minimum credit score: 560.
  2. APR: 11.69% - 35.99%.
  3. Origination: 5.25% to 9.99%.
  4. Late fee: $10.
  5. Non-sufficient funds fee: $10.
  6. Loan amount: $1,000 to $50,000.
  7. Repayment terms: 3 or 5 years.
  8. Time to fund after approval: 1 day.
  9. Loan availability: Loans available in all 50 states and Washington, D.C.

Universal Credit personal loans stand out in the following ways:

  • Rate discounts:
    • Autopay discount: Universal Credit offers a 0.5 percentage point discount for setting up automatic payments. This discount is common with personal loans and ensures timely payments.
    • Direct pay discount: If you’re using a Universal Credit loan to consolidate other high-interest debts, the lender will directly pay off those debts, leaving you with one monthly loan payment, and discount your rate by 1 to 3 percentage points. This is a unique feature, as few lenders offer both direct payment and a discount. To use this feature, at least half of the loan must go toward consolidating debt.
  • Credit-building tools: Through Upgrade, Universal Credit borrowers have free access to their VantageScore, a credit score simulator, credit monitoring, and customized credit-building recommendations. While many lenders offer credit score monitoring, the simulator tools and recommendations provided here are unique and valuable for borrowers looking to improve their credit.
  • Fast funding: Universal Credit personal loans can be approved and funded as quickly as two days after you apply. The lender states that approval can take anywhere from one to a few days, with funds usually becoming available the day after approval. While some other lenders may offer even faster processing times, a two to three-day turnaround from application to funding is considered quite reasonable for a personal loan.