Universal Credit Personal Loans Review 2022

Universal Credit’s personal loans are flexible and can be used to pay off high-interest debt like credit cards, as well as to cover the costs of large purchases, home renovations and other personal expenses. Loan amounts vary, but annual percentage rates (APRs) are high and the company charges origination fees up to 8% of the loan amount.

Universal Credit personal loans are unavailable in Iowa, West Virginia or Washington, D.C.

Loan Amounts and Terms

  • Loan amounts. Consumers can borrow between $1,000 and $50,000.
  • Loan terms. Repayment terms range from 36 to 60 months.

Personal Loan Costs

  • APR. Universal Credit personal loan rates range from 8.93% to 35.93%. However, the actual rate a borrower qualifies for depends on credit score, credit usage history, loan term and other factors.
  • Origination fees. Universal Credit charges a 4.25% to 8% origination fee that comes out of the loan proceeds.
  • Late fees. Consumers also may be charged late payment fees or other fees that increase the overall cost of borrowing.
  • Prepayment penalty. Universal Credit borrowers are not charged any prepayment fees if they choose to pay off their loan early.

Perks and Features

Prospective Universal Credit borrowers can prequalify for a personal loan without impacting their credit score. Borrowers also benefit from one-day funding and 24/7 mobile access that simplifies tài khoản management. In addition to disbursing loan proceeds to client accounts, Universal Credit offers direct creditor pay-off.

Customer Support

Current and potential clients can contact Universal Credit’s support team via phone or email. Representatives are available by phone Monday to Friday, from 6 a.m. to 6 p.m. PST, and Saturday to Sunday, from 6 a.m. to 5 p.m. PST. Universal Credit also provides access to an online help center, but it provides more limited resources than available through other lenders.