Universal Credit Personal Loans Review 2022

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Universal Credit Personal Loans

Costs

5.25% to 8% setup fee, undisclosed late fee

Regular APR

11.69% to 35.93%

Costs

5.25% to 8% setup fee, undisclosed late fee

Regular APR

11.69% to 35.93%

Advantages
  • Quick funding
  • Low minimum credit score
  • Wide range of loan amounts
  • Reduced rates available
The inconvenients
  • High minimum and maximum interest rates
  • Assembly costs
  • No co-signed loans available
  • Not available in all states
More information
  • Loan amounts range from $1,000 to $50,000
  • The repayment periods are between 3 and 5 years
  • You will receive money within a day of application approval
  • Not available in Iowa, West Virginia and Washington, DC.
  • Rate reduction if you use one loan to consolidate high-interest debt, plus another to set up AutoPay

Advantages and Disadvantages of Universal Credit Personal Loans

Compare personal loan rates:

Who is Universal Credit for?

Universal Credit is best for borrowers with poor credit who probably wouldn’t qualify for a loan elsewhere. Borrowers with good credit will likely find lower rates with another lender because Universal Credit’s minimum APR is higher than many of its competitors.

Universal Credit can also be a good choice for borrowers who need a large sum of money, as you can withdraw up to $50,000 from the lender. Its minimum loan amount of $1,000 is quite accessible to borrowers on the other end of the spectrum who only need a little cash to tide them over.

Universal Credit Personal Loan Comparison

All three companies offer same-day or next-day financing.

The minimum loan term for Avant and OneMain Financial is two years and the maximum term is five years. Universal Credit has repayment terms of between three and five years. If you want a repayment term longer than five years, you’ll have to look elsewhere.

OneMain Financial has origination fees of up to 10%, while Universal Credit has origination fees of up to 8%. Avant charges an administration fee (which is their name for an origination fee) of up to 4.75%. Depending on your credit score and other financial factors, this could eat up a significant portion of your loan proceeds – Avant may be the best choice as its maximum fee is the lowest.

Is Universal Credit Trustworthy?

Universal Credit has a A+ rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB determines its ratings by looking at a company’s response to customer complaints, its honesty in advertising, and its transparency about business practices.

Universal Credit hasn’t been involved in any recent controversies, so you can feel comfortable borrowing from the lender. Keep in mind that a clean track record and a top-notch BBB score don’t guarantee you’ll have a good relationship with the company, so reach out to others who’ve used Universal Credit before to hear their first-hand experiences as well. hand.

Frequently Asked Questions

What credit score do you need for Universal Credit?

You need a minimum credit score of 560 for Universal Credit. Many other lenders require a higher score, so this might be a good choice if you have bad credit. Be careful – the lower your credit score, the more likely you are to face a high interest rate, which could cost you dearly over the life of your loan.

How long does it take to get a loan from Universal Credit?

Once your loan application has been approved and you have agreed to the terms, you should receive your money within one business day. If you choose to have your funds sent directly to your creditors for repayment, it can take up to two weeks for the transaction to clear.

Does Universal Credit do a thorough investigation?

When you check your rates with Universal Credit, the company only performs an indirect credit check, which allows the lender to see your credit history but does not impact your score. After accepting your loan offer, Universal Credit will conduct a thorough investigation that could negatively impact your credit score.

Can you repay a Universal Credit loan early?

Yes, you can prepay a Universal Credit loan without penalty.

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