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Universal Credit Personal Loans Review 2024| US News

  • People who prefer to do their banking completely online.
  • People who are looking for a quick and easy online loan application.
  • People who have poor or fair credit.

To apply for a Universal Credit personal loan, you need to meet a few basic qualifications:

  • Be a U.S. citizen or permanent resident, or live in the U.S. with a valid visa.
  • Be at least 18 years old (or 19 years old in Alabama).
  • Provide a valid email address.
  • Have a verifiable bank account.

If you want to see if you qualify for a Universal Credit personal loan, you can provide a few personal details to get a quote. This results in a soft credit check, which doesn’t impact your credit score. Once you request a quote, you’ll be provided with a few offers to choose from.

If you want to move forward with a loan offer, you will still need to submit an official application, and you might be asked to provide additional documentation or details about your financial situation. Keep in mind that your final loan terms could vary from your initial quote based on factors such as your credit score, credit history, loan term and more.

Universal Credit allows you to borrow a minimum of $1,000 and a maximum of $50,000. Late payments and fees could increase the cost of your loan.

What Credit Score Do You Need?

Universal Credit has a minimum credit score requirement of 560 in order to qualify for a personal loan. Higher scores will result in lower interest rates and better loan terms. However, your credit score is just one factor that Universal Credit evaluates when determining loan eligibility. Credit usage, payment history and other details will impact your loan application.

Universal Credit is headquartered in San Francisco. Because it is an online lender, it works with customers in most states. However, Universal Credit does not make loans to residents of Iowa, West Virginia or Washington, D.C.

Universal Credit is an online lending platform powered by the fintech firm Upgrade, which has been in operation since 2017. Universal Credit is not a bank itself, but facilitates loans through its lending partners. It specializes in personal loans, especially for debt consolidation.

Universal Credit isn’t an actual lender, but an online lending platform that partners with banks to provide personal loans. Its lending partners include Cross River Bank and Blue Ridge Bank.

Applying for and managing loans through Universal Credit are done completely online. Once you accept your loan offer, funds will be sent to your bank within one business day of being cleared. The actual length of time it takes to receive your funds will depend on how long your bank takes to process the transaction. If you borrow a debt consolidation loan that involves sending funds to creditors, it may take up to two weeks to clear.

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Your trust is important to us. To earn it, we conduct a rigorous, unbiased analysis with a transparent methodology, and our raters maintain strict editorial standards and independence.

Universal Credit has been accredited by the Better Business Bureau since February 2021 and has an A+ rating. The company has a star rating of 4.6 out of 5 on Trustpilot. The Consumer Financial Protection Bureau received 17 complaints about parent company Upgrade’s personal loans in 2020. All complaints received a timely response.

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Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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