Loans

Universal Credit personal loan full review

If you need to make a loan to improve your home, consolidate debt, or others, the Universal Credit personal loan can help you. Keep reading to know more!

Advertisement

by Victória Lourenço

10/09/2021 | Updated on 10/25/2021

Universal Credit personal loan

Check out our full review of Universal Credit! Source: Universal Credit
Check out our full review of Universal Credit! Source: Universal Credit

The Universal Credit personal loan can be a great lender for those who need to improve their houses, pay off debt, or even use the loan for business purposes. Also, this lender offers access to your credit score and many more perks. So, keep reading our full review to know more!

APRFrom 8.93% to 35.93%.
LOAN PURPOSEPay off your credit card debts, business-related expenses, home improvements, debt consolidation, major purchases, and others.
LOAN AMOUNTSFrom $1,000 to $50,000.
CREDIT NEEDEDYou might need a score of at least 560 points.
TERMSThree to five years.
ORIGINATION FEERanges from 4.25% to 8% of the loan amount.
LATE FEEIf you don’t pay your loans on time, this lender might charge a late fee depending on the loan amount. However, this fee depends on each case.
EARLY PAYOFF PENALTYNo early payoff penalty.

How to apply for the Universal Credit loan?

Do you need a loan to pay off debt, make home upgrades, or pay for other expenses? Read more to know how to apply for a Universal Credit loan!

Advertisement

How does the Universal Credit loan work?

Find out how this lender works! Source: Unsplash
Find out how this lender works! Source: Unsplash

Once you get your loan funds, you can have three to five years to repay. Also, you can change your payment date at any time. Moreover, you can get a 0.5% point rate discount if you can sign-up to make automatic loan payments.

Universal Credit personal loan benefits

Advertisement

Pros

  • As a borrower, you can change your payment date to a date that best fits your needs.
  • In case you want to set up autopay, you can get a 0.5% rate discount.
  • When applying for a loan with this lender, you can get a rate discount in direct payments to creditors in case you made a loan to pay off debt.
  • You can get free access to your credit score.

Cons

  • If you need to make a co-signed, joint, or secured loan, you cannot do it through this lender. As it does not offer these options to its clients.
  • This lender might charge an origination fee to manage your loans.

Advertisement

Should you apply for the Universal Credit personal loan?

See if you should apply for a loan with this lender. Source: Unsplash
See if you should apply for a loan with this lender. Source: Unsplash

If you are a United States resident and need to make a loan to pay off your credit card debt, or any other debt, pay for some business-related expense, make home improvements, or make any large purchase, this loan can be for you. However, if you need to make a joint, co-signed, or secured loan, this might not be the best lender for you.

Can anyone apply for a loan at Universal Credit?

To apply for a personal loan with this lender, you must be a United States resident, fit the credit score profile, and not be looking for a joint or secured loan option. Therefore, if you have the requirements, you can apply for a loan. However, be sure to check their terms before applying.

What credit score do you need for Universal Credit?

To make a loan with this lender, it is recommended that you have a credit score of at least 560 points. So, make sure that you can have a hard inquiry in your credit score before applying and that you read their applicable terms.

How to apply for Universal Credit loan?

It can be very easy to apply online for a personal loan with this lender, and you can do it all through their website. So, if you want to know how to apply, check out our post below and find out!

How to apply for Universal Credit personal loan?

Do you need a loan to pay off debt, make home upgrades, or pay for other expenses? Read more to know how to apply for a Universal Credit loan!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

Trending Topics

content

Sable secured credit card full review

The Sable secured credit card can be for you if you need to build credit and want rewards too! Keep reading our full review to know more!

Keep Reading
content

How to apply for the Group One Platinum credit card?

Do you like to buy at the Horizon Outlet store? Then, the Group One Platinum card can be for you. Keep reading to know how to apply!

Keep Reading
content

Zebit review: buy now and pay later!

Are you looking for a way to buy now at marketplaces and pay over time? If so, read our Zebit review to learn more!

Keep Reading

You may also like

content

The best credit cards in the US for 2022

Today you'll find out the best credit cards in the US. That way, you can choose the one that fits your profile better and enjoy many benefits and rewards in 2022!

Keep Reading
content

Application for the Capital One Walmart Rewards® Mastercard®: how does it work?

Do you like to save money? How about getting rewarded for your spending? If so, you'll want to check out the Capital One Walmart Rewards® Mastercard®. Learn how to apply today!

Keep Reading
content

Discover it Student Chrome credit card review: is it worth it?

If you're a student looking for a credit card, the Discover it Student Chrome credit card is definitely worth considering. It comes with some great features. Read this article to see which benefits it has to offer.

Keep Reading