Universal Credit Review 2022 | ConsumerAffairs

You can check offers for a fixed-rate personal loan or debt consolidation loan with Universal Credit for free without any effect on your credit score. Just enter how much money you want to borrow ($1,000 to $50,000), how you’ll use the funds and some personal information to create an account, and Universal Credit shows you what you qualify for. There’s no hard credit inquiry until you accept an offer.

To be eligible for a loan from Universal Credit, you must:

• Be a U.S. citizen or permanent resident
• Be at least 18
• Have a valid email address
• Have a verifiable bank account

Universal Credit reviews your credit history and credit score to make a funding decision. If you’re approved for your loan, you can receive funds within one business day after proper verification. If you get a debt consolidation loan, Universal Credit can arrange to pay your creditors directly, which takes up to two weeks.

Once you have your loan, you make fixed payments back to the lender over 36 to 60 months, depending on your loan term. There is no prepayment penalty if you pay off the loan early.