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!
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!
Apply online
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.
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
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 Credit | Upgrade | |
| APR | Between 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 AMOUNTS | As 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 NEEDED | To 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. |
| TERMS | The 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 FEE | Ranges 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 PENALTY | This lender does not charge an early payoff penalty fee. | This lender does not impose a prepayment penalty. |
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
Reviewed by / Aline Barbosa
Senior Editor
Trending Topics
How to apply for the Nectar Credit Card?
Check out how to apply for a Nectar Credit Card and start earning up to 3X points on eligible purchases at no annual fee in the first year.
Keep Reading
How to apply for CreditSoup Personal Loan?
Applying for a personal loan with CreditSoup can be done entirely online. Read more to learn about its easy and fast application process!
Keep Reading
Is the Mister Finance safe?
Mister Finance has the purpose to make personal finances more accessible for readers. Keep reading to know more about our website!
Keep ReadingYou may also like
Earn more: Blue Cash Everyday® Card from American Express review
Want a credit card that rewards you for your everyday spending? Discover the perks of the Blue Cash Everyday® Card from American Express with our review.
Keep Reading
A small glossary of investment terms: a guide for starters!
Do you know what a bond is? And what about stocks or IPO? These are investment terms, and we'll talk more about them in this content.
Keep Reading
Aer Lingus Visa Signature® Card review: up to 3 Avios per dollar spent
If you love traveling, we'll present a product to cut expenses. Here is the full Aer Lingus Visa Signature® Card review. $0 foreign transaction fees!
Keep Reading