Learn How to Apply for Universal Credit Personal Loans

What do I need to know before applying for a loan with Universal Credit Personal Loans?

Universal Credit is a financial technology company that offers personal loan plans of up to $50,000 with fixed rates and a fully digital service!

First and foremost, Universal Credit is not a bank per se, but rather an online lending platform that partners with financial institutions to facilitate funding.

Through a completely online service, Universal Credit offers loan plans ranging from $1,000 to $50,000, with repayment terms varying from 36 to 60 months.

In terms of rates, Universal Credit offers fixed APR ranging from 11.69% to 35.99%, depending on conditions such as credit score, history, repayment term, and the borrower’s own expense-to-income ratio.

Additionally, there will be a repayment fee between 5.25% and 9.99%, which is directly deducted from the loan amount.

According to Universal Credit’s communication, the company’s main focus is to provide personal loans primarily for debt consolidation and payment of credit card interest with better and more favorable conditions.

However, you can also use the funds for other purposes, such as medical emergencies or any other needs.

Who can Apply?

Universal Credit offers fairly standard loan conditions compared to the personal loan market, without significant variations.

The basic requirements to become a customer are being a US citizen or a foreigner with a valid visa or permanent residency in the US and being at least 18 years old (or 19 in the state of Alabama).

Additionally, you will need to have a verifiable and active bank account. A FICO credit score is also crucial to obtaining the best credit conditions.

You will also need to have some provable monthly income, as without providing any collateral, your income serves as a way to ensure loan repayment.

However, it’s worth noting that any and all requests are subject to the brand’s availability, even if they meet all the conditions.

How do I Apply for the Universal Credit Personal Loans?

Universal Credit is a fully digital company that offers its loan plans through its online portal.

Right on the homepage, you need to provide the loan amount (between $1,000 and $50,000) and the purpose of the funds, including paying off credit cards, debt consolidation, business, home improvements, major purchases, and others.

Next, you can click on the “Check My Rate” button without creating any commitment or affecting your credit history.

To fill out the form, you need to provide personal information such as your full name, residential address, city, state, ZIP code, and date of birth.

Then, you will also need banking information, including income, Social Security data, annual income, and a breakdown of expenses.

After submitting the data and information, Universal Credit will conduct a thorough check of the borrower’s conditions.

During the process, you may be asked to submit documents such as proof of income and address, as well as copies of your driver’s license or passport.

If you have any questions, you can contact [email protected] or call the phone number (877) 418-9765, available every day of the week.

More Details

Universal Credit offers the option to send the funds directly to the borrower’s creditor or creditor’s bank, a process that may take up to 2 weeks to finalize the settlement, depending on the creditor’s information.

However, when the process involves a direct deposit into the borrower’s account, it’s possible to receive the funds directly into the account within one business day after signing the contract.

It’s worth noting that Universal Credit does not charge prepayment fees or penalties, so you can plan to pay off the loan more quickly according to your circumstances.

Want to learn about another option?

The U.S. Bank is an American banking institution that offers loan plans with different values for both bank customers and non-customers up to $50,000.

Therefore, if you prefer to explore U.S. Bank’s options, as well as its rates and conditions, see how to apply.

Written by

Gabriel Gonçalves