What Is a Universal Credit Personal Loan?
Universal Credit is a financial tech firm specializing in personal loans for life’s little emergencies and debt consolidation. As an online lending platform, it allows users to review multiple loan options from different banks. You can choose the loan that meets your needs and has the best terms. Universal Credit is powered by Upgrade, a financial technology company in operation since 2017. It is not a bank. It has partnerships with two banks: Cross River Bank and Blue Ridge Bank.
How Universal Credit Works
Check Your Rate
Universal Credit begins by asking you the loan amount you’re seeking and the purpose. Then it asks for some basic information about you and your financial situation. The whole process happens through its website, and it takes only a few minutes to see possible offers. There’s no obligation, and this first step doesn’t affect your credit score.
Choose Your Loan Offer
Based on the information you provide, you’ll receive multiple loan options. Carefully review the terms of each, including the interest rate, the time to pay off your loan, and any fees that will be charged. Then, select the one that suits your needs best. You’re also not under any obligation to continue the application process at this point.
Get Your Funding
To complete the application process, you may need to provide additional documentation to verify your identity and financial details. Once you receive final approval, expect the funds to arrive in your bank account within one business day.
Who Should Consider a Loan from Universal Credit?
Universal Credit personal loans are suitable for people struggling to get out from under high-interest credit card debt. This kind of loan lets you consolidate your debts. Then you can pay them down through a single monthly payment at a fixed interest rate and with a fixed term. As a result, you’ll have a more predictable monthly budget, and you’ll know the exact date that you’ll become debt free.
These loans are also good for people with sudden, unexpected expenses like a car or home repair bill.
Universal Credit’s rates fall within the average range for this kind of loan. In addition, loan terms are designed for predictability, which can help you improve your credit score over time.
What Sized Loans Are Offered by Universal Credit?
Universal Credit issues loans starting at $1,000 and ranging all the way up to $50,000. The Annual Percentage Rates (APRs) fall between 11.69% and 35.93%. Loan origination fees also apply.
What are the Benefits of Getting a Universal Credit Personal Loan?
Low Minimum Credit Score
Universal Credit does not have a minimum credit score requirement. Anyone can apply for a Universal Credit personal loan and receive funding options regardless of their credit history. However, a better credit score may improve the terms of your loan options.
Flexible Loan Amounts Available
Universal Credit offers a broad range of loan options. You can apply for a small loan, as little as $1,000, or seek a larger sum, up to $50,000. Of course, it’s up to you which size loan you apply for.
Fixed Rates
Loans through Universal Credit come with a fixed interest rate and a monthly payment plan. You’ll know the exact amount you’ll pay each month for the life of the loan and the date when you will finish paying your loan off. This structure provides predictability and, for those with a lower credit score, can help rebuild your credit rating.
Fast Funding
Once you’ve selected a loan and provided verification of your financial details and identity, you can expect to receive funds within one business day of approval. This fast approval time allows you to start using your money immediately.
No Early Payment Penalties
Universal Credit does not have an early payoff penalty. Some lenders require will charge fees if you pay off your loan early. With Universal Credit, that’s not the case. If you pay off your loan early, you can reduce the total interest you’ll pay, and you don’t have to worry about unexpected fees.
Getting Started with a Universal Credit Personal Loan
You can start your application anytime, anywhere, using the easy online form.
Begin by entering the loan amount you want to apply for, along with the purpose of the loan. Then, provide basic details about who you are and your financial situation.
Once you do so, Universal Credit will give you several loan options. Review each one, and then choose the best loan for you. After that, you’ll submit your full application. Then, once you’ve been approved—which may require verification of your identity and financial details—you will receive your funds within one business day. (How quickly the funds are available to you may vary depending on your bank’s policies.)
