Pre-Qualified vs. Pre-Approved

Pre-Qualified vs. Pre-Approved – What is the Difference?

Universal Finance is a direct lender therefore, we decide which customer to lend to. Unlike traditional banks and many of our competitors, we look beyond how a prospective customer “looks on paper” to fully understand who the customer is and what they have to offer. This approach has enabled Universal Finance to solidify relationships with thousands of customers who have secured business loans from us for nearly forty years.
One question that our team often gets from new customers is “What’s the difference between getting pre-qualified and pre-approved for a loan?”. This question typically comes up when a prospective customer is preparing to apply for a loan and are in the process of supplying our team with financial information about their company.


To obtain pre-qualification for a loan from Universal Finance, prospective borrowers verbally provide us with information including their company’s revenue, its assets, and any outstanding debts. Our team will then review this data, and, in as little as 24 hours, we will notify you to confirm that we are prepared to move on to the next step in the process – pre-approval.

Once your business has been pre-qualified, Universal Finance will provide you with estimated terms and conditions which would include additional documents needed. It is important to note that pre-qualification does not include an analysis of your credit report or an in-depth review of your company’s finances or assets – these steps will occur during the pre-approval process.


Once a customer is pre-qualified for a loan, Universal Finance will begin the pre-approval process. In most cases, we offer same-day pre-approvals as our team works as quickly as possible to move the process forward to ensure that our customers get the funding they need fast.

To obtain pre-approval, customers are asked to complete our one-page loan application and submit any additional documents needed. Once Universal Finance has processed your application, we will review your credit score, and work with you to gain an understanding of your business history, as well as your business goals.

At Universal Finance, we base our financing decisions on the “Three C’s – Credit, Collateral, and Character.” Therefore, keep in mind that your credit score is just one piece of the puzzle that determines your eligibility to obtain financing. Understanding the value in your assets and the work that goes into your business is just as important.

Once an application is pre-approved, our team will review the financing options available to you, and we will develop a plan to get you the funds needed to keep your business moving forward.
Click here to apply for pre-approval for a loan from Universal Finance or call us at 781-219-0511 to speak with a representative today!

About Universal Finance Corp.

Universal Finance Corp. established itself as a premier lender to the construction industry in the early 1980’s and, over the last four decades, the company has expanded its reach to serve customers in a wide range of other industries including transportation, restaurants, and medical equipment suppliers. Located just outside of Boston, MA, Universal Finance provides borrowers with the financing they need to secure jobs, purchase equipment, and obtain working capital.

Acquire the Equipment You Need to Keep Your Business Moving Forward

Benefits of Financing - Working Capital

To address the equipment needs of our clients in a wide range of industries that include construction, transportation, restaurants, and medical equipment suppliers, Universal Finance offers financing that keeps businesses on track to meet deadlines and avoid interruptions in the projects they are working on.

Our creative financing programs and customizable payment plans provide borrowers with the funds they need to purchase equipment and obtain working capital.

Here are just a few of the many benefits our clients enjoy with a loan from Universal Finance:

Obtain More Buying Power

Our financing programs provide customers with the flexibility to make regular loan payments that work within their budget constraints. Through our wide range of financing options, our clients obtain more buying power and they eliminate the biggest barrier to buying the equipment they need: the high purchase price.

Improve Your Company’s Cash Flow

With a working capital loan from Universal Finance, our customers can boost their business’s cash flow. We can work as fast as you can! Together, we’ll gather all of the necessary documentation so you can get the financing you need to keep your projects moving forward and to meet critical deadlines.

Take on Manageable Monthly Payments

As an experienced lender, Universal Finance has the resources to offer a variety of equipment financing options. Our customizable plans enable long-established businesses as well as start-up companies to make large purchases that can be paid for overtime through manageable monthly payments.

Never Blow Your Budget Again

Once they know what we have to offer and understand how our services can benefit them, many of our customers return to Universal Finance for additional funding. After you establish a rewarding relationship with our team, we look forward to working with you again to get you what you need when you need it without blowing your budget.

Get Approved in as Little as 24 Hours

Apply for financing today and get approved in as little as 24 hours so that you can acquire the equipment you need when you need it. From small loans to substantial funding for your business, we offer fast turnaround financing.

Universal Finance provides loans that can be customized to meet your company’s specific needs and we offer repayment terms for up to 72 months.

UFC Can Provide Guidance to Small Business Owners

US CARES ACTApply for Relief Funding Under the New U.S. CARES Act

Small businesses in the United States are facing an unprecedented economic disruption due to the outbreak of coronavirus (COVID-19). On March 27, the federal government signed into law the U.S. CARES Act, which contains $376 billion in relief funding for American workers and small businesses.

The team at Universal Finance Corp. is pleased to inform our valued clients that we are available to provide guidance to small business owners who are planning to apply for relief funding through the U.S. CARES Act in the days and weeks ahead. The provisions of the federal government relief program, which will be managed by the U.S. Small Business Administration (SBA), entail several categories of funding that include the following:

  • Paycheck Protection Program – This program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
  • EIDL Loan Advance – This loan advance, the Economic Injury Disaster Loan Program (EIDL), will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
  • SBA Express Bridge Loans – This plan enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
  • SBA Debt Relief – Under this provision, the SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

“All of us at Universal Finance are proud to continue to make our loan services available to our current as well as new customers during the very challenging time that businesses are currently facing throughout the country,” said Dan Robinson, Owner. “We also look forward to helping our customers and partners navigate the terms of the U.S. CARES Act by providing them with our guidance about the SBA loan application process, and – when an SBA loan is secured – to offer advice to business owners about how they can best allocate the funds they receive.”

Representatives from Universal Finance – which provides capital investment loans to businesses in a wide range of industries including construction, transportation, and medical equipment suppliers – are currently available to work with small business owners who wish to apply for a loan from Universal Finance or who are seeking consultation regarding the U.S. CARES Act.