Universal Credit Personal Loans

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 are available in 50 states (and Washington, DC).

Key Takeaways

• APRs starting at 11.69%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Universal Credit Personal Loans are on the higher end of the spectrum.
• Fast access to funds. If approved, you can sometimes 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 9.99%. 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 Pros & Cons

Universal Credit FAQ

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

Universal Credit has higher than average interest rates for lenders reviewed on SuperMoney.

What fees does Universal Credit charge?

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

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 and permanent resident / green card holders are eligible to apply for the services offered by Universal Credit Personal Loans.

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

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

Universal Credit 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.

Are Universal Credit Personal Loans legit?

Universal Credit Personal Loans was founded in 2016. It is an established company that has been in business for 7 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.