Does Universal Credit give instant approval? This question is about Universal Credit

Universal Credit doesn’t give instant approval, but they may approve you the same day you apply. If they need to verify any of your information, the approval process may take a little longer, but you can expect to get the funds within 1 business day after you’re approved and you accept the offer. Key Things to Know About Universal Credit Personal Loan Approval Minimum credit score: 580 Minimum income: not disclosed Approval timeline: Same day Funding timeline: 1 business day after approval Age requirement: At least 18 years old (19 in Alabama) Citizenship requirement: U.S. citizen or permanent resident, or living in the U.S. with a valid visa Residency requirement: Not available in D.C., IA, SC or WV For more information, check out the full Universal Credit personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.

Ad Disclosure Ad Disclosure

Does Universal Credit give instant approval?

Answer Question Report Abuse

This question is about Universal Credit

see this user

Grace Enfield, Content Writer

@grace_enfield • 08/23/22 This answer was first published on 08/23/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

Universal Credit doesn’t give instant approval, but they may approve you the same day you apply. If they need to verify any of your information, the approval process may take a little longer, but you can expect to get the funds within 1 business day after you’re approved and you accept the offer.

Key Things to Know About Universal Credit Personal Loan Approval

Minimum credit score: 580
Minimum income: not disclosed
Approval timeline: Same day
Funding timeline: 1 business day after approval
Age requirement: At least 18 years old (19 in Alabama)
Citizenship requirement: U.S. citizen or permanent resident, or living in the U.S. with a valid visa
Residency requirement: Not available in D.C., IA, SC or WV

For more information, check out the full Universal Credit personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.

Answer Question

Can Universal Credit be trusted?

Yes, Universal Credit can be trusted because it has an “A+” rating from the Better Business Bureau and has been a BBB-accredited business since 2021. Universal Credit personal loans also have an overall rating of 3.6/5 from WalletHub’s editors.

Why Universal Credit Is Trustworthy

Universal Credit has an A+ rating from the Better Business Bureau.… read full answer

Universal Credit has been BBB-accredited since 2021.

WalletHub’s editors gave the company’s personal loans a 3.6/5 rating.

The company lists product terms and conditions on its website.

The company’s website is secure.

To read more, check out the full Universal Credit personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.

show less

What happens if I stop paying Universal Credit?

If you stop paying Universal Credit, your credit score will drop and you could default on the loan, causing even more significant credit score damage that lasts for years. Other consequences of not repaying a loan from Universal Credit include being hounded by debt collectors and possibly being sued.

Consequences of Not Paying Universal Credit… read full answer

Damaging your credit score

If your payment is more than 30 days late, your credit score will suffer. Such late payments will stay on your credit report for 7 years.

To see how a late payment may damage your credit score, check out the free credit score simulator on WalletHub.

Defaulting on the loan

Going into default means you violated the terms of your loan agreement by not paying the bills, which is very bad for your credit score. Once your loan goes into default, your debt is more likely to be sent to collections, as well.

Being contacted by debt collectors

When your Universal Credit loan goes into default, a debt collector will contact you to try to receive payment. It’s imperative to know your rights when dealing with collections.

Possibility of being sued

If Universal Credit or other debt collectors can’t receive payment from you, they may sue you. However, they have legal grounds to sue you only if your state’s statute of limitations allows them to.

For more information, check out the full Universal Credit personal loan review on WalletHub. You can also estimate your potential rates with our free pre-qualification tool.

show less

WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.

WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ask a Question

140

Ask Question

Ask Your Question

WalletHub Transparency

We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.