Universal Credit Personal Loans: 2023 Review
Test
Last updated on August 11, 2022
Written by
Assigning EditorEdited by
Senior Assigning EditorFact Checked
Fact Checked
Co-written by
Senior Assigning EditorWritten by
Assigning EditorCo-written by
Senior Assigning EditorEdited by
Senior Assigning EditorFact Checked
Fact Checked
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Our Take
4.0
NerdWallet rating
Est. APR
11.69-35.99%
Loan amount
$1,000 - $50,000
Min. credit score
580
Pros
- Test
- Test
Cons
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Lender | Est. APR | Loan amount | Min. credit score | |
|---|---|---|---|---|
7.99-
35.99% | $1,000-
$50,000 | 580 | Check Rateson NerdWallet on NerdWallet | |
7.80-
35.99% | $1,000-
$50,000 | None | Check Rateson NerdWallet on NerdWallet | |
9.95-
35.99% | $2,000-
$35,000 | 550 | Check Rateson NerdWallet on NerdWallet | |
11.69-
35.99% | $1,000-
$50,000 | 580 | Check Rateson NerdWallet on NerdWallet | |
7.99-
35.99% | $2,000-
$50,000 | 600 | Check Rateson NerdWallet on NerdWallet |
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Find the Best Personal Loan
How we chose the best personal loans
Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.
35+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
25+
Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
70+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
5.0
Overall score
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 70 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
Frequently asked questions
- LightStream can approve your personal loan application the same day you submit it, as long as you provide all the required information.
- The minimum credit score to apply for a LightStream personal loan is 660. Borrowers with good or excellent credit are most likely to qualify.
- LightStream is the online lending arm of Truist Bank. It offers personal loans for borrowers with good or excellent credit.
