Loans (US)

How to apply for the Universal Credit Loan?

Learn everything you need to know about the new Universal Credit Personal Loan and how to apply. This post covers eligibility, rates, and more.

Universal Credit Loan: Get discounts in debt consolidation and autopay!

Learn how to apply for this loan. Source: The Mister Finance.
Learn how to apply for this loan. Source: The Mister Finance.

The Universal Credit Loan is for those who need to make home improvements, consolidate debt, and many other purposes. Also, this lender offers free access to your credit score.

In addition, you can change your payment date and get discounts for setting up automatic payments. So, if you want to know how to apply for a personal loan with this lender, keep reading our post!

card

Loan

Universal Credit

personal loan online

Change your payment date Access you credit score

You will be redirected to another website

Apply online

See how to apply online. Source: Adobe Stock.
See how to apply online. Source: Adobe Stock.

You can easily apply for a loan with this lender through their website. So, you can go to their website, type the loan amount and purpose, and then check your loan rate.

But remember that this pre-qualifying part requires a soft credit check, and the official application requires a hard inquiry. So, be sure to consider this before applying.

Moreover, when applying for a loan with this lender, you can get your loan within one day, as said on their official website. However, some say that it might that a little bit longer to get your funds.

Apply using the app

As this lender is owned by Upgrade, borrowers can use Upgrade’s mobile app to manage their loans. However, to apply for a loan, you will need to go to their website and follow the steps provided there.

Universal Credit vs. Upgrade personal loan

It is important to do a lot of research before applying for a personal loan. Therefore, we have prepared a comparison with another lender, which is related to Universal Credit. So, here is our comparison between these two personal loan companies.

Comparison table

Universal CreditUpgrade
APRBetween 11.69% – 35.93%.
7.46% – 35.97%. based on creditworthiness. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors.
LOAN PURPOSE*You can make a loan with this lender to pay off your credit card debts, consolidate debt, use for a business-related purpose, make home upgrades, or any other large purchase, and others.These loans can be used to consolidate debt, make home upgrades, or any other large purchase.

*Terms apply
LOAN AMOUNTSAs a borrower, you can get loans in amounts that range from $1,000 to $50,000.The loan amounts offered by this lender range from $1,000 to $50,000.
CREDIT NEEDEDTo get a loan with this lender, you need at least a 560 score.A minimum credit score of 560 points and $25,000 of household income is required to qualify for a loan with this lender.
TERMSThe terms for the loans offered by this lender range from three to five years from the date of the loan.From the date of the loan, you have 24 to 64 months to repay the amount.
ORIGINATION FEERanges from 5.25% to 8.99% of the loan amount.Between 1.85% – 8.99%, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly.
LATE FEE$10.Late fees from this lender might be as much as $10 for each missed payment.
EARLY PAYOFF PENALTYThis lender does not charge an early payoff penalty fee.This lender does not impose a prepayment penalty.
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How to apply for the Upgrade Personal Loan?

Are you looking for a personal loan to make a large purchase or pay off debt? The Upgrade Loan can help you. Read more to know how to apply!

About the author  /  Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by  /  Aline Barbosa

Senior Editor

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