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Universal Credit Personal Loans

in Personal Loans from Universal Credit

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Universal Credit Personal Loans

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in Personal Loans from Universal Credit

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Highlights
APR  (Fixed APR) 8.93% - 35.93%
Loan Amount $1,000 - $50,000
Loan Term (Months) 36 - 60 months

Universal Credit Personal Loans Review

Universal Credit Personal Loans is offered by Universal Credit, a nonbank financial services provider founded in 2016 and based in San Francisco, CA. Universal Credit Personal Loans is available in 50 states (and Washington, DC).

Key Takeaways
  • APRs starting at 8.93%. These are average starting rates for a personal loan. If you have good credit you may qualify for a loan with better rates.
  • Fast access to funds. In some cases you can get your money within 1 business day.
  • Large loan amounts. You can apply for loan amounts of up to $50,000 with Universal Credit Personal Loans.
  • Prequalified rate. You can check your prequalified rate at Universal Credit with a soft pull that will not affect your credit score.
  • Origination fees of up to 8%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
Universal Credit Personal Loans Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Funding available within 1 business day.
  • APRs as high as 35.93%.
  • Charges an origination fee of up to 8% of the loan amount.
  • Charges a late fee.
Universal Credit Personal Loans FAQ

What interest rates and personal loan terms does Universal Credit Personal Loans offer?

What interest rates does Universal Credit Personal Loans offer?

Universal Credit Personal Loans offers a fixed APR personal loan product that ranges from 8.93% APR up to 35.93% APR.

How much can you borrow via Universal Credit Personal Loans?

Loan amounts start at $1,000 and go up to $50,000

What is the maximum loan term you can get with Universal Credit Personal Loans?

Universal Credit Personal Loans offers loans with terms of up to 60 months.

Universal Credit Personal Loans Interest Rates & Loan Terms
Personal Loan Amount $1000 - $50000
Loan Term 36 - 60 months
APR 8.93% - 35.93%

What fees does Universal Credit Personal Loans charge?

Does Universal Credit Personal Loans charge an origination fee?

Universal Credit Personal Loans may charge a personal loan origination fee of 4.25% to 8% of the personal loan amount. Universal Credit Personal Loans deducts the origination fee directly from your personal loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Universal Credit Personal Loans charge a late fee?

Yes, Universal Credit Personal Loans may charge borrowers a late payment fee if you miss one of the monthly payments.

Does Universal Credit Personal Loans charge prepayment fees?

No, Universal Credit Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Universal Credit Personal Loans Fees
Origination Fee 4.25% - 8%
Prepayment Fee No
Late Payment Fee No

What do you need to qualify for Universal Credit Personal Loans?

Applicants with a credit score that ranges from 580 may be eligible for Universal Credit Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Universal Credit Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Universal Credit Personal Loans only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Universal Credit Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Universal Credit Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Driver's license
  • Government issued photo ID
  • Proof of identity
  • Proof of citizenship or residence permit
Universal Credit Personal Loans Eligibility Criteria
Minimum Age 18
Bank Account Required? No
Application Types Accepted
  • Individual Applications
  • Credit Score Starting at 580

    What is the estimated funding time for a personal loan via Universal Credit Personal Loans?

    Universal Credit Personal Loans will typically provide a credit approval decision in less than an hour and fund the loan within 1 business day.

    Does Universal Credit Personal Loans report your account activity to credit bureaus?

    Yes, Universal Credit Personal Loans reports your account activity to the following credit reporting agencies:

    • Equifax
    • Experian
    • Transunion

    Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    Contact

    Hours of Operation

    • Sunday 6:00am - 5:00pm
    • Monday 6:00am - 6:00pm
    • Tuesday 6:00am - 6:00pm
    • Wednesday 6:00am - 6:00pm
    • Thursday 6:00am - 6:00pm
    • Friday 6:00am - 6:00pm
    • Saturday 6:00am - 5:00pm

    About Universal Credit Personal Loans

    Availability

      Available in 50 states and Washington, D.C.
    • Alaska
    • Alabama
    • Arkansas
    • Arizona
    • California
    • Colorado
    • Connecticut
    • Washington, DC
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Iowa
    • Idaho
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Massachusetts
    • Maryland
    • Maine
    • Michigan
    • Minnesota
    • Missouri
    • Mississippi
    • Montana
    • North Carolina
    • North Dakota
    • Nebraska
    • New Hampshire
    • New Jersey
    • New Mexico
    • Nevada
    • New York
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Vermont
    • Washington
    • Wisconsin
    • West Virginia
    • Wyoming

    Feature Breakdown

    No Prepayment Fee
    Origination Fee (%) 4.25% - 8%
    Employment Statuses Considered
    • Other
    • Employed Full-Time
    • Employed Part-Time
    • Self-Employed
    • Retired
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    Verification Documents Required
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    • Proof of Identity
    • Government Issued Photo ID
    • Social Security Number
    Credit Score Range 580 -
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Funding Time Range 1 day
    Payment Options Automatic Payments
    Pre-Approved Soft Credit Inquiry
    Loan Amount $1,000 - $50,000
    APR (Fixed APR) 8.93% - 35.93%
    Loan Term 36 - 60 months

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