Universal Credit Reviews

Universal Credit is an online lending platform that partners with two financial institutions, Cross River Bank and Blue Ridge Bank, to offer personal loans and debt consolidation loans. You can use a Universal Credit personal loan for nearly anything, while a debt consolidation loan is useful for combining multiple high-interest debts into a single monthly payment.

Universal Credit loans are available in amounts from $1,000 to $50,000 and include fixed rates and monthly repayment terms of three to five years.

Universal Credit’s loan terms include:

• Loan amounts range from $1,000 to $50,000
• Repayment periods range from three to five years
• Fixed interest rates

You can check offers for a fixed-rate personal loan or debt consolidation loan with Universal Credit for free without any effect on your credit score. Just enter how much money you want to borrow, how you'll use the funds and some personal information to create an account, and Universal Credit shows you what you qualify for. There's no hard credit inquiry until you accept an offer.

To be eligible for a loan from Universal Credit, you must:

• Be a U.S. citizen or permanent resident
• Be at least 18
• Have a valid email address
• Have a verifiable bank account

Universal Credit reviews your credit history and credit score to make a funding decision. If you're approved for your loan, you can receive funds within one business day after proper verification. If you get a debt consolidation loan, Universal Credit can arrange to pay your creditors directly, which takes up to two weeks.

Once you have your loan, you make fixed payments back to the lender over 36 to 60 months, depending on your loan term. There is no prepayment penalty if you pay off the loan early. The company also includes free credit monitoring to its borrowers.

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Universal Credit’s annual percentage rates (APRs) range from 11.69% to 35.99% at the time of publishing. Your rate depends on factors including your credit score, the loan term and other factors. The company also offers a rate discount if you sign up for Autopay.

Universal Credit personal loans have origination fees of 5.25% to 9.99%, which are included in the APR. Origination fees are deducted from the loan funds.

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Universal Credit is a legitimate online lending platform and is part of Upgrade, which has helped provide credit to millions of customers. If you’re looking for an online personal loan or debt consolidation loan, we recommend checking your offers, a process that’s quick and easy and has no effect on your credit. Compare the terms with offers from other lenders so you find the loan that best meets your needs and budget.

» MORE: Is Universal Credit legit?