- APR Range: 11.69% - 35.99%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 36 months - 60 months
Universal Credit, like its parent Upgrade, offers personal loans backed by vehicles. Putting up collateral like a car can help you qualify for a loan that might be out of reach, or it can help you get a better rate on a loan you do qualify for. The risk is that if you can’t pay back the loan, you could lose your car. Another positive is that Universal Credit offers prequalification, so you can check on your eligibility without dinging your credit score.
You can also apply with a co-borrower, and it has no minimum income requirement, both of which can make it easier for people with bad credit to qualify.
Universal Credit is among the more expensive lenders in our database. It charges origination fees, and its advertised APR range tilts toward the higher end. Be sure to take advantage of prequalification to compare with at least a couple more lenders.
Accepts vehicles as collateral
Offers prequalification
No minimum income requirement
Steep origination fees
Higher APR range
Limited repayment terms
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