BBB Business Review
This Business is not BBB accredited
Universal FinancialAdditional Locations
Phone: (513) 831-3165 PO Box 76152, Highland Heights, KY 41076
BBB Business Reviews may not be reproduced for sales or promotional purposes.
BBB file information indicates that consumers contact Universal Financial seeking a loan, but consumers are actually paying $55.00 for a membership. According to the company’s contract, the company states:
There is no charge for processing association members' loan requests. Universal does not guarantee client will acquire a loan, nor do they pre-approve or pre-qualify same.
The company’s guarantee states:
If we are unable to grant you a loan and fail to have you approved for enrollment in a debt consolidation program, if you choose, Universal will terminate your membership and will refund your membership fee, less a nominal administrative expense.
This business is not BBB accredited.
Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.
Reason for Rating
BBB rating is based on 16 factors. Get the details about the factors considered.
Factors that lowered the rating for Universal Financial include:
- Failure to respond to 1 complaint filed against business
- BBB does not have sufficient background information on this business
- BBB does not have a clear understanding of this business
Industry Ratings Comparison
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||1|
|Total Closed Complaints||1|
Additional Complaint Information
BBB has also identified a pattern of complaints concerning refunds. Most consumer complaints concern loans that are not approved and requests for a refund of the $55.00 fee. The company responds to some complaints by offering a refund, but not always within the BBB's time frame.
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
Licensing, Bonding or Registration
This business is in an industry that may require professional licensing, bonding
or registration. BBB encourages you to check with the appropriate agency to be certain
any requirements are currently being met.
These agencies may include:
Ohio Department of Commerce
77 S High St, Columbus OH 43215
Phone Number: 614-728-8400
Fax Number: 614-728-0380
Loans Credit - Debt Consolidation Services
Alternate Business NamesNorth America's Premier Debt Management Firm Universal Finance
BBB has requested basic information for this company but has not received a response. As a result, BBB may not have current information about the company.
Information in BBB files indicates that consumers are referred to Universal Financial through a company called Consumer Finance or are referred to a web site called ALoanYes.com, a division of Consumer Finance. The web site states that, for a $29.95 application fee, consumers are provided with "access to the industry's most creative and flexible lenders through our Loan Approval Center, including High Risk Lenders who specialize in bad credit loans." Consumers are sent literature, from Consumer Finance, which includes the statement: "Universal Financial - Loans from $500.00 to $5,000.00. Additional Services are available". A separate BBB Business review on Consumer Finance is available on our website at www.bbb.org.