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).

• 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.

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.

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

What fees does Universal Credit Personal Loans charge?

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.