Universal Credit debt consolidation loan, reviewed
Universal Credit, part of the Upgrade family, lends $1,000 to $50,000 to fair credit. Its rates and its fee.
$393 to $594 a month with Universal Credit on $15,000 over four years
$489 a month to clear the same $15,000 on 24% cards in four years
| APR range | 11.69% to 35.99% |
|---|---|
| Loan sizes | $1,000 to $50,000 |
| Terms | 36 to 60 months |
| Fee | Origination fee of 5.25% to 9.99% |
| Bank average, 24-month loans | 11.9% |
A Universal Credit debt consolidation loan replaces several card payments with one fixed payment. Its fee starts at 5.25%, so even the best offer loses at least $525 on $10,000.
Below are its rates, sizes and fees from its own disclosure, and who it suits.
Rates and loan sizes
Universal Credit lists APRs from 11.69% to 35.99% on loans of $1,000 to $50,000 (Universal Credit).
Terms run from 36 to 60 months. It is associated with Upgrade, Inc.
Credit score needed
It publishes no score minimum. Its starting rate is above the 11.9% bank average (Federal Reserve G.19), so it aims at fair credit.
Fees
The origination fee runs from 5.25% to 9.99%, taken from the loan (Universal Credit).
Its own example: a $10,000 loan with a 7% fee puts $9,300 in your hands.
How the money reaches your cards
Its lowest rates require autopay and paying off part of your existing debt directly.
Who the Universal Credit debt consolidation loan fits
It fits fair credit when banks and credit unions have said no.
It is a poor pick for good credit, which wins a lower rate and fee elsewhere.
Complaints about Universal Credit are public in the CFPB database.
Other choices
Put a Universal Credit offer next to two others before you sign. The best loans page lists all 16 lenders with their fees.
Run the offer through the debt consolidation calculator to see the payment next to what your cards cost.Compare Universal Credit with
Lender APR Loan sizes Fee 
PenFed6.39% to 17.99% Up to $50,000 No origination fee 
LightStream9.99% to 23.94% with autopay $5,000 to $100,000 No origination fee 
Discover6.99% to 24.99% $2,500 to $40,000 No origination fee 
Wells Fargo6.74% to 26.74% $3,000 to $100,000 No origination fee 
SoFi6.99% to 35.49% $5,000 to $100,000 Optional fee of 0% to 7% 
LendingClub5.96% to 35.99% $1,000 to $75,000 Origination fee of 0% to 8% 
Reach Financial5.99% to 35.99% $3,500 to $40,000 Origination fee of 0% to 8% 
Achieve6.25% to 35.99% $5,000 to $50,000 Origination fee of 1.99% to 9.99% 
Upstart6.3% to 35.99% $1,000 to $75,000 Origination fee, 8.15% in Upstart’s own example loan 
Best Egg6.99% to 35.99% $2,000 to $50,000 Origination fee up to 9.99% 
Upgrade7.74% to 35.99% $1,000 to $50,000 Origination fee of 1.85% to 9.99% 
Happy Money8.95% to 35.99% $5,000 to $50,000 Origination fee set by amount, term and credit 
Prosper8.99% to 35.99% $2,000 to $50,000 Origination fee of 1% to 9.99% 
Avant9.95% to 35.99% $2,000 to $35,000 Administration fee up to 9.99% 
OneMain Financial11.99% to 35.99% $1,500 to $30,000 Flat $25 to $500, or 1% to 10%, by state
Related topics
- Personal loan for debt consolidation
- Wells Fargo
- Payday loan consolidation
- Debt consolidation loan calculator
About this lender
Is Universal Credit the same as Upgrade?
Universal Credit says it is associated with Upgrade, Inc.
What are Universal Credit’s rates?
APRs from 11.69% to 35.99%, with a 5.25% to 9.99% origination fee.
How much can I borrow?
From $1,000 to $50,000, on terms of 36 to 60 months.
Check your Universal Credit offer today
You hold a Universal Credit offer, or you are about to apply. The fee and the term change what it really costs. Call and a specialist goes through the offer line by line against your cards.