An online lending platform, Universal Credit gives you access to an unsecured personal loan with a fixed rate and predictable monthly payment. Your loan may fund in as little as next day, and Universal Credit provides you with online tools to manage your loan. While it charges an origination fee, it does not charge a prepayment penalty. It also offers a discount for signing up for automatic payments.

At a Glance: Universal Credit Personal Loans

  • Universal Credit

    • 8.93% to 35.43%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Universal Credit

MoneyGeek Breakdown - Universal Credit Personal Loan Details


Universal Credit personal loans have an annual percentage rate (APR) of 8.93% to 35.43%.

Credit Score Requirements

Universal Credit doesn’t publicize its credit score requirement. However, MoneyGeek estimates that you need a minimum FICO score of 560 to qualify.

Income Requirements

While Universal Credit does not explicitly indicate its income requirements, you need to show verifiable income and bank or other documents.

Loan Amounts

You can get a personal loan from Universal Credit of $1,000 to $50,000.

Loan Terms

Universal Credit personal loans are payable in 36 to 60 months.

Permitted Uses

You can use your Universal Credit personal loan proceeds to consolidate debt, finance a big purchase, settle medical bills or for other reasons.

Prohibited Uses

Universal Credit does not specify limitations on your personal loan use.

Time To Receive Funds

After receiving the necessary clearances, Universal Credit can fund your personal loan on the next business day.

Origination Fees

Universal Credit charges a 4.25% to 8% origination fee.

Late Fees

If you miss your payment due date, Universal Credit charges a late payment fee.

Prepayment Penalty Fees

You can pay your Universal Credit personal loan off early without a prepayment penalty.

Co-signers and Co-applicants

Universal Credit doesn’t have any public information about its policies regarding co-signers and co-applicants. However, research indicates it doesn’t allow either.


Signing up for autopay gives you an interest rate discount on your payments, but Universal Credit’s website doesn’t explicitly indicate its discount rate.

Mobile Application

Universal Credit provides 24/7 mobile access to manage your personal loan.

Is Universal Credit Right for You?

Personal loan lenders have different processes and policies, and you might find one provider better suited for your needs than another. You can use MoneyGeek’s Universal Credit personal loan review to decide if this company is the best for you.

Who Universal Credit Is Perfect For

A Universal Credit personal loan is perfect if you have fair or poor credit and are looking to consolidate your existing debts. Not all lenders accept borrowers with unimpressive credit, but you can qualify with Universal Credit despite having a bad credit score.

You can use your Universal Credit personal loan to pay multiple debts and turn them into one fixed monthly payment with an interest rate that does not change for the term of the loan. That simplifies your debt settlement and gives you the assurance that your interest rate won’t go up. Further, you can pay off your entire loan at any time without being charged a prepayment penalty.

Who Should Not Choose Universal Credit

Consumers with good or excellent credit may have access to personal loan lenders with lower interest rates than Universal Credit. They can also get bigger loan amounts and lengthier repayment terms from other companies.

Other lenders offer loans up to $100,000 for a term as long as 72 months, compared to Universal Credit’s $50,000 and 60-month maximum term. In addition, other companies don’t charge an origination or late payment fee, but Universal Credit has both. While Universal Credit works for people with poor credit, it is not ideal for borrowers with good credit.

How to Apply for a Universal Credit Personal Loan

If you decide to go ahead with a Universal Credit personal loan after reading our review, MoneyGeek breaks down the steps you take when applying for the loan. You start the process by visiting Universal Credit’s website.



Begin by filling in your desired loan amount and purpose at Universal Credit’s homepage. You are asked to provide personal information, including your address, Social Security number, and income. You must also sign up for an account. If you meet its requirements, you get a pre-approval.


Fill Out Application Form

To proceed, you have to provide more personal and financial information and submit your identification and income documents. Universal Credit uses this to verify your creditworthiness.


Wait for Approval

Once you submit the application, Universal Credit reviews it, and you wait for the approval. While it advertises funding loans on the next day, this period can vary depending on your employment situation and other factors.


Review Loan Agreement

Universal Credit provides a loan agreement upon approval. Review the details carefully; sometimes, the approved loan has a different amount and repayment term than requested. Also, check the interest rate and make sure you are comfortable with it and any other fees you must pay.


Sign Loan Agreement

After checking the loan agreement, you can sign the document.


Receive or Direct Funds

Universal Credit deposits your loan into your bank account or pays your preferred creditors. It could take up to two weeks for payment to clear if they send it directly to a creditor. While they send the amount of your loan a day after to your bank account, the availability of the funds depends on how quickly the receiving bank processes the transaction.


Make Payments

After the loan is funded, you have to pay Universal Credit monthly for the loan’s duration.

What To Do if You Are Rejected From Universal Credit

Despite going through a lender’s process and providing the necessary information and documents, you may be denied a personal loan, even with Universal Credit’s low requirements. Various factors can lead to this, such as credit score, insufficient income and incomplete application details.

If this happens, find out the exact reason why your loan was not approved. You can reach out to Universal Credit to better understand its reasoning and identify the factors resulting in your loan rejection. That is important since you need to address these issues to improve your chances of loan approval in the future. Plus, you may be able to find a way to change Universal Credit’s mind by adjusting your loan details.

If that’s not possible, before you consider applying to other lenders, make sure to improve your creditworthiness first. That may include paying off some of your existing debts or finding a way to have a higher income. You may also have to settle with a lower loan amount.

Additionally, you can consider a lender that allows a co-signer or a joint loan.

Frequently Asked Questions About Universal Credit Personal Loans

Your situation and needs determine the best personal loan provider for you. MoneyGeek reviewed Universal Credit’s personal loans and answered some frequently asked questions about the lender to help you decide if it is the right fit for you.


The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.