Universal Credit Loan

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Easy to apply

4.0/5

Approval time

5.0/5

No hidden condition

4.0/5

Renewal rules

5.0/5

Service quality

5.0/5

Customer support

5.0/5

Borrower requirements

You must be 18+
Valid U.S. residential address
Stable and sufficient income
Min. Credit Score 560

Optional

Valid U.S. bank account

Contact information

Phone number: (877) 418-9765

Email: [email protected]

Shedule
Monday - Friday, 5am - 7pm PT
Saturday - Sunday, 6am - 5pm PT

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What is a Universal Credit Personal Loan?

Universal Credit personal loans are unsecured loans designed to provide borrowers with a flexible and accessible financial solution for various needs, such as debt consolidation, home improvements, major purchases, or unexpected expenses. As an online lending platform, Universal Credit offers personal loans with fixed interest rates and predictable monthly payments, making it easier for borrowers to manage their finances over the loan term.

Loan parameters

Loan Amount

$1,000-$50,000
APR

11.69 - 35.99%
Term

36-60 months
Min. Credit Score

560
Time to receive funds

1-3 days

These loans are available to a broad range of borrowers, including those with less-than-perfect credit, as Universal Credit considers various factors beyond just your credit score. Loan amounts typically range from $1,000 to $50,000, and the repayment terms are usually between three to five years, giving borrowers the ability to choose a plan that fits their budget.

Universal Credit’s partnership with Upgrade allows it to offer competitive rates and a user-friendly online application process. Additionally, borrowers benefit from features like no prepayment penalties, which means they can pay off their loans early without incurring extra fees.

How to Apply for a Universal Credit Loan?

Applying for a personal loan through Universal Credit is a straightforward process that can be completed entirely online. Here’s a step-by-step guide:

Check Your Rate: Begin by visiting the Universal Credit website and checking your loan rate. You’ll need to provide some basic information, such as your name, income, and the amount you wish to borrow. This step involves a soft credit check, so it won’t affect your credit score. You’ll see the loan offers you qualify for, including interest rates and repayment terms.
Review Loan Offers: Once you’ve received your loan offers, review the terms carefully. Consider factors like the interest rate, monthly payment, and total repayment cost. Choose the offer that best fits your financial situation.
Submit Your Application: After selecting an offer, you’ll need to complete a full application. This requires providing additional personal information, such as your Social Security number, employment details, and possibly some documentation to verify your income and identity. At this stage, a hard credit inquiry will be performed, which may impact your credit score slightly.
Loan Approval and Funding: If your application is approved, you’ll receive the loan agreement to review and sign electronically. Once signed, your funds will typically be deposited directly into your bank account within one business day, depending on the speed of verification.
Repayment: You’ll begin making monthly payments on your loan according to the agreed-upon terms. Universal Credit offers features like automatic payments, which can help ensure you never miss a payment and might even help you avoid late fees.

Borrower Requirements for Universal Credit Personal Loans

Age: Must be at least 18 years old (19 years old in Alabama).
Citizenship: Must be a U.S. citizen, permanent resident, or living in the U.S. with a valid visa.
Income: Must have a verifiable source of income. Specific income requirements may vary based on the loan amount and other factors.
Credit History: While Universal Credit considers applicants with varying credit scores, a minimum credit score may be required. The applicant’s credit usage and payment history are also evaluated.
Bank Account: Must provide a verifiable bank account for the loan disbursement.
Contact Information: Must have a valid email address to receive loan-related communications.

These requirements help determine eligibility for a personal loan through Universal Credit, ensuring that borrowers can manage their loan obligations effectively.

Pros and Cons of Universal Credit Personal Loans

Pros

Quick Funding: Universal Credit can disburse loan funds within one business day after the loan is approved, making it a good option for urgent financial needs.
Direct Payment to Creditors: Universal Credit offers the convenience of sending loan funds directly to creditors, which is helpful for debt consolidation.
Autopay Discount: Borrowers who enroll in autopay for their monthly payments may qualify for an APR discount, making the loan slightly more affordable.
Flexible Credit Criteria: Universal Credit considers borrowers with a range of credit scores, including those with bad credit.

Cons

High Maximum APRs: Borrowers with lower credit scores may face APRs as high as 35.99%, which can make the loan expensive over time.
Origination Fee: An origination fee ranging from 5.25% to 9.99% is charged and deducted from the loan proceeds, reducing the amount received.
Late Payment Fees: If payments are more than 15 days late, a late payment fee will be imposed, adding to the overall cost of the loan.
Not Available in All States: Universal Credit personal loans are not available in Iowa, limiting access for residents of that state.

Universal Credit Loans FAQs

What is Universal Credit?

Universal Credit is an online lending platform that offers personal loans to borrowers across the United States. These loans are designed to help individuals manage various financial needs, including debt consolidation, home improvements, and unexpected expenses. Universal Credit partners with banks and other financial institutions to offer loans with fixed rates and predictable monthly payments, making it easier for borrowers to manage their finances.

How do I apply for a Universal Credit loan?

Applying for a loan through Universal Credit is straightforward. You start by checking your rate online, which involves a soft credit inquiry that won’t affect your credit score. After reviewing the offers you qualify for, you can select the one that best meets your needs. You’ll then complete the full application process, which may require additional documentation such as proof of income or identity. Once approved, funds are typically disbursed within one business day.

What are the eligibility requirements for a Universal Credit loan?

To qualify for a loan through Universal Credit, you must be at least 18 years old (19 in Alabama), be a U.S. citizen, permanent resident, or have a valid visa, and have a verifiable bank account. Your creditworthiness will also be evaluated based on your credit score, credit usage, and payment history. Although Universal Credit is known for being more flexible with credit requirements, higher credit scores generally qualify for better rates.

How much can I borrow with a Universal Credit loan?

With Universal Credit, you can borrow between $1,000 and $50,000, depending on your credit profile and financial needs. The exact amount you qualify for will be determined by factors such as your credit score, income, and existing debt levels. Universal Credit provides an easy online process to see your potential loan amounts before you commit.

How quickly can I receive my loan funds?

One of the key benefits of Universal Credit is its fast funding. Once your loan is approved and all necessary verifications are completed, you can receive your funds as quickly as the next business day. This rapid disbursement makes Universal Credit a convenient option for those who need money quickly to cover urgent expenses.

Are there fees associated with Universal Credit loans?

Yes, Universal Credit charges an origination fee that ranges from 5.25% to 9.99% of the loan amount. This fee is deducted from your loan proceeds, so the amount you receive will be less than the total loan amount. Additionally, if you make a late payment, a fee will be charged. However, there are no prepayment penalties, so you can pay off your loan early without any additional costs.

Can I use a Universal Credit loan to consolidate debt?

Yes, Universal Credit loans are often used for debt consolidation. The platform offers a feature where they can send your loan funds directly to your existing creditors, simplifying the process of paying off multiple debts. By consolidating debt with a fixed-rate loan, you may benefit from lower monthly payments and a clearer path to becoming debt-free.

Will checking my rate affect my credit score?

No, checking your rate with Universal Credit will not impact your credit score. The initial rate check involves a soft credit inquiry, which does not affect your credit score. However, if you proceed with the full application and your loan is funded, a hard credit inquiry will be performed, which may have a temporary impact on your credit score.

What types of loans does Universal Credit offer?

Universal Credit primarily offers personal loans that can be used for a wide range of purposes, including debt consolidation, home improvements, medical expenses, and more. The loans feature fixed interest rates and terms, which means your monthly payments will remain consistent throughout the life of the loan.

Is Universal Credit available in all states?

Universal Credit loans are available in most states across the U.S. However, they are not available in Iowa. Before applying, it’s important to check if Universal Credit services your state to ensure eligibility.