Universal Credit is an online lending platform that provides access to loans. The company is powered by Upgrade Inc. It advertises its services at universal-credit.com
3.0 out of 5.0 stars
Universal Credit Summary:
Do you need a personal loan or a debt consolidation loan? Universal Credit may be an option for you. Here’s what you need to know about this company to decide whether or not it’s the right choice for you.
We undertook an investigation into their website and terms and conditions and discovered some interesting facts. Some of the things that stood out to us include:
- Loans through Universal Credit have Annual Percentage Rates (APRs) that can range from 11.69% to 35.93%.
- All personal loans have a 5.25% to 8% origination fee, which is deducted from the loan proceeds.
- Loans feature repayment terms of 36 to 60 months.
- You can get the best rates by signing up for Autopay and paying off some of your existing debt.
- Late payments or subsequent charges and fees may increase the cost of your fixed-rate loan.
- All loans are made by Cross River Bank and Blue Ridge Bank.
Be sure to consult Universal Credit’s State Licenses and Consumer Information page to ensure that your state is licensed and that they have the proper permits.
What is Universal Credit?

At United Credit, they provide access to personal and debt consolidation loans. They partner with banks and other financial organizations to originate loans obtained through their platform. The company is located at 275 Battery Street, 23rd FloorSan Francisco, CA and you can reach them at (877) 418-9765.
United Credit has been accredited by the BBB since 2/22/2021 and has an A+ rating. It has been in business for 6 years and has an average of 228 customer reviews and 8 complaints closed in the last three years.
How does Universal Credit work?
You can apply for a personal loan through Universal Credit and borrow between $1,000 and $50,000. The process is quick and easy, and you could have the money in your account within 24 hours.
You can check rates and see different loan offers. After selecting the offer that works for your budget,
accept your loan offer and you should get your money within a day.
As you near the end of the loan process, the lender may ask for additional documentation to verify your identity or income. Be prepared to provide any requested information so that your loan can be approved promptly.
How to qualify for Universal Credit?
Eligibility for a loan through Universal Credit depends on various factors such as your credit score, credit usage, and payment history. To be eligible for a loan through Universal Credit, you must also meet the following requirements:
- You must be a U.S. citizen or permanent resident OR be living in the U.S. with a valid visa.
- You must be at least 18 years old (19 years old in Alabama).
- You must have a valid email address.
- You must have a verifiable bank account.
To get started, check your rate for personal loans through Universal Credit to see what you qualify for.
Universal Credit BBB Reviews
Since being accredited by the BBB on 2/22/2021, Union Credit has maintained an A+ rating. With an average of 228 customer reviews and 8 complaints closed in the last three years.
However, the BBB has stated that “Upgrade has recently been made aware that its name and logo has been fraudulently used by individuals operating loan scams.”
Here are some reviews:
Jennifer P 10/20/2022
5.0 out of 5.0 starsThe process was easy and quick! I had looked into a personal loan from another company, but it couldn’t all be done online, so it was a hassle playing phone tag. This one was great and convenient!
Chay B 10/18/2022
5.0 out of 5.0 stars****** credit card consolidation Fast response, funds deposited very fast and customer service reps very helpful and knowledgeable..A fresh start and an easy process would definitely recommend.
Gloria C 10/18/2022
5.0 out of 5.0 starsI process was easy. The customer service representatives are very nice and professional and helpful.
Initial Complaint 08/09/2022
Complaint Type: Advertising/Sales IssuesStatus: AnsweredMore info
1.0 out of 5.0 starsPromised a loan unsecured. Was almost all the way through the approval process and then asked to either pay upfront or use an **** card to make a pre-payment on said loan.
Initial Complaint 05/18/2022
Complaint Type:Billing/Collection IssuesStatus:AnsweredMore info
1.0 out of 5.0 starsOn March 31st, 2022 I noticed that a loan in the amount of $22,673 had been fraudulently initiated and obtained without my knowledge or without my participation. The underwriter was Upgrade or DBA- Universal Credit headquartered in *************, **. I have no responsibility for this loan yet they are attempting to make the collection and I’m being unsuccessful in resolving this matter with them. Would like your advice and engagement.
Universal Credit FAQs
How much does Universal Credit charge?
Universal Credit offers loans with Annual Percentage Rates (APR) ranging from 11.69% to 35.93%. Remember that all loans come with an origination fee of 5.25% to 8% which is deducted from the loan proceeds.
For example, assuming you take out a $10,000 loan with a 36-month term and a 28.47% APR (which includes a 22.99% yearly interest rate and a 7% one-time origination fee), you’ll end up paying $13,933.62 over the life of the loan. Your required monthly payment will be $387.05.
Are there any pre-payment penalties?
Your fixed-rate loan may become more expensive if you make late payments, or incur additional charges and fees. However, there is no fee or penalty for repaying your loan early.
How does Universal Credit affect your credit?
With Universal Credit, checking your rate will not have an impact on your credit score. This is due to the fact that only a soft inquiry is performed when you check your rate to see what offers you may qualify for. A soft inquiry can only be seen by you and will not lower your credit score. However, once you accept an offer and your loan is funded, a hard inquiry is performed on your credit report. This type of inquiry can cause your credit score to drop and can be seen by third parties.
How to cancel Universal Credit?

Making the decision to take out a loan is a big one. Be sure that you understand all of the terms and conditions associated with taking out a loan with Universal Credit. Once the funds have been deposited, you cannot cancel or reverse the loan, so it is important to weigh all of your options carefully and make sure that a loan is a right choice for you.
Do you find it difficult to make ends meet? Here is some advice that may help you get back on track.
- Developing a budget and sticking to it is a great way to ensure you only spend what you can afford.
- Another option is to reach out to a financial advisor who can help you explore your options and develop a plan that is right for your circumstances.
- Finally, don’t despair if you’re already in debt. Many companies are willing to work with customers to arrange a more manageable payment plan. So reach out to their customer service team for more information.
Is Universal Credit legit or a scam?
Cross River Bank and Blue Ridge Bank are legitimate online lenders that offer access to loans through the universal-credit.com website. They have an A+ rating with over 228 reviews and 8 complaints.
However, the BBB has warned customers that Upgrade has recently been made aware that its name and logo have been fraudulently used by individuals operating loan scams.
Financial assistance comes in many forms and from many different sources. You can find lenders who are willing to work with you or look into government programs that can help you with your finances. It is important that you do your research before making any decisions. Be sure to read as many reviews from customers as possible in order to get a better idea of what your options are.
What are your thoughts on Universal Credit? Have you had any experiences, good or bad, that you’d like to share? We’d love to hear from you in the comments below.
Thank you.
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Universal Credit Review
Cross River Bank and Blue Ridge Bank are legitimate online lenders that offer access to loans through the Universal Credit website. They have an A+ rating with over 228 reviews and 8 complaints. However, the BBB has warned customers that Upgrade has recently been made aware that its name and logo have been fraudulently used by individuals operating loan scams.