Universal Credit Personal Loans Review 2022

Main advantages

There is no such thing as a perfect lender, but if you’re looking for a personal loan, some features of Universal Credit Personal Loans might interest you:

Loans for subprime borrowers: Universal Credit specializes in loans for borrowers with below average FICO® scores. It can be difficult for borrowers with lower credit levels to find loans, and Universal Credit aims to help this underserved demographic.

Terms of loan repayment from 36 to 60 months: Universal Credit provides fixed rate personal loans with terms ranging from three to five years, although not all borrowers are offered loans with all possible terms. Longer repayment terms result in lower monthly payments, while shorter repayment terms generally result in lower interest paid over the life of the loan.

Loans up to $50,000: Universal Credit offers a wide range of loan amounts, with borrowers being able to access loans ranging from $1,000 to $50,000. On the low end in particular, Universal Credit stands out, as many competitors have much higher minimum loan amounts.

Direct payments to creditors: If you’re borrowing money to consolidate your debt, Universal Credit can send the loan proceeds directly to your creditors within one business day of your loan verifications. This can save a lot of time in the debt consolidation process, compared to sending the money and then manually paying off your debts.

No prepayment penalties: If you want to repay your loan faster than expected, it will cost you nothing. Universal Credit charges no prepayment penalty, even if you pay off your loan in just a few months.

Financing the next day: Once you have accepted a loan offer from Universal Credit, the money will be sent to your bank account within 1 business day after verifications are complete. It should be mentioned that it may take more than a day to your bank to process the funds and make them available (especially if you have products sent directly to creditors), but the transfer happens quickly on the Universal Credit side.

Easily view your loan offers: Like most personal lenders, Universal Credit makes it quick and easy for potential borrowers to check their rate offers online and get pre-approved for a loan, without impacting their credit score. Universal Credit only performs a soft credit check when determining loan eligibility, so simply checking your rate does not appear as an application for credit on your credit report.

Mobile app: It should be noted that Universal Credit is part of the personal financial services platform Upgrade, which also offers its own brand Improving Personal Loansstyle=”text decoration: underline”>. Loans from both platforms are managed through Upgrade’s mobile app (or through Universal Credit’s website). Upgrade has a highly rated mobile app, with ratings of 4.6 and 4.8 out of five stars on Google Play and Apple’s App Store, respectively. In addition to personal loans, Upgrade offers cash back credit cards, a rewards checking account, and more.

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