Universal Credit Personal Loan Review 2022

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Universal Credit Personal Loan

fees

5.25% to 8% origination fee, unknown late fee

regular april

11.69% to 35.93%

fees

5.25% to 8% origination fee, unknown late fee

regular april

11.69% to 35.93%

professionals

  • quick funding
  • low minimum credit score
  • Wide range of loan amount
  • rate discount available

Shortcoming

  • High minimum and maximum interest rates
  • origination fee
  • No co-signed loan available
  • Not available in all states

more information

  • Loan amount $1,000 to $50,000 . Happens till then
  • The period of repayment period is between 3 to 5 years
  • You will receive the money within one day of application acceptance
  • Not available in Iowa, West Virginia and Washington, DC.
  • If you use the loan to consolidate high-interest loans, as well as use the discount to set up Autopay

Advantages and Disadvantages of Universal Credit Personal Loan

Compare personal loan rates:

Who is Universal Credit best for?

universal credit Best for borrowers with bad credit who couldn’t possibly qualify for a loan elsewhere. Borrowers with good credit will likely find lower rates with another lender, as Universal Credit’s minimum APR is higher than its competitors’ APRs.

Universal Credit can also be a good option for borrowers who need a large chunk of cash, as you are able to withdraw up to $50,000 with 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 bit of cash.

How to Compare Universal Credit Personal Loans

All three companies offer same day or next day funding.

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

OneMain Financial has an initial fee of up to 10%, while Universal Credit has an origination fee of up to 8%. Avant charges an administration fee of up to 4.75% (which is their name for a basic fee). 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 option because it has the lowest maximum fees.

Is Universal Credit reliable?

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

Universal Credit has not been involved in any recent disputes, so you can feel comfortable borrowing from a lender. Keep in mind that a clean history and a high BBB score doesn’t guarantee you’ll have a good relationship with the company, so reach out to others who have used Universal Credit to hear their firsthand experiences.

frequently asked questions

What credit score do you need for Universal Credit?

You need a minimum 560 credit score for Universal Credit. Many other lenders require higher scores, so this may be a good option if you have bad credit. carefully – The lower your credit score, the more likely you are to be bothered by higher interest rates, which can cost you during the term of your loan.

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

After your loan application is approved and you accept its terms, you should receive your money within one business day. If you choose to send your funds directly to pay your creditors, it can take up to two weeks for the transaction to finish.

Does Universal Credit do hard inquiries?

When you check your rates with Universal Credit, the company will simply do a soft credit inquiry, which allows the lender to view your credit history but does not affect your score. After you accept your loan offer, Universal Credit will make a hard inquiry which can negatively impact your credit score.

Can you pay off Universal Credit Loan early?

Yes, you can repay the Universal Credit Loan quickly without any penalty.

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