OneMain Financial Personal Loans: 2023 ReviewCheck Your Rate
Overview of OneMain Financial
Pros and cons
Offers secured and unsecured personal loans from $1,500 to $20,000 Caters toward nonprime borrowers with weak credit May disburse funds within one business day of loan approval Has a nationwide branch network of approximately 1,400 locations in 44 states Easy online application process
Offers high APRs generally ranging from 18% to 35.99% Maximum loan term is 60 months Borrowers with secured loans may lose their collateral in the event of default Loans secured by a vehicle may require your car to meet specific value and age requirements May charge origination fees ranging from 1% to 10% of your loan amount
Pros and Cons of OneMain Financial
Pros of OneMain Financial
Cons of OneMain Financial
OneMain Personal Loan Terms, Rates, and Fees
Who May a OneMain Financial Personal Loan Be Right For?
Borrowers with bad credit who need a $4k loan Consumers willing to pledge collateral for a secured personal loan of up to $20K Borrowers who need quick personal loans from a legitimate lender rather than a loan shark
Who OneMain Financial May Not Be Right For
Consumers who need to borrow large personal loans of up to $100K Borrowers who don’t want to pay origination fees and daily simple interest on a personal loan Consumers who prefer open-end credit vs. closed-end credit
What to Watch Out for With OneMain Financial Personal Loans
Failing to pay and defaulting on a personal loan can have a major impact on your credit score These quick personal loans may charge APRs as high as 35.99% An unsecured personal loan may include higher finance charges than secured personal loans
OneMain Financial Personal Loan Eligibility Requirements
Minimum Credit Score: Consumers with poor FICO® Scores under 619 may qualify Income Requirements: May require proof of income, such as pay stubs or tax returns Debt-to-Income Ratio: OneMain considers an applicant’s income and debt expenses Co-Applicants: Applying with a co-applicant may qualify you for higher loan amounts Collateral: Secured personal loans require applicants to pledge collateral of value Identity Verification: Applicants may need proof of identity, such as a driver’s license Address Verification: Applicants may need proof of residence, such as a signed lease
Repayment Options for OneMain Financial Personal Loans
Manual online payments via Automated Clearing House (ACH) transfer or debit card Automated online recurring payments via ACH transfer In-person payments at a OneMain branch Payments via telephone Payments via OneMain’s mobile app Cash payments made using the PayNearMe platform at participating retailers
How to Apply for a OneMain Financial Personal Loan
Apply online. Applicants may apply online and check for prequalified loan offers. Checking to see whether you prequalify for a OneMain loan may trigger a soft credit check that does not impact your credit score. Selecting a prequalified loan offer may trigger a hard inquiry, which can cause your credit score to drop by a few points. Verify information. Approved applicants may connect with a OneMain loan specialist to discuss the terms and conditions of a loan offer. The loan specialist at this stage may request information or documentation that can verify the applicant’s income, identity, and residential address. Collateral requirements may also be discussed at this stage. Accept the loan. Approved applicants with proof of identity and proof of income may sign and accept the loan offer at this stage. The customer may receive the personal loan within one business day via ACH or another method. The customer may have up to seven days to cancel the loan agreement and return the funds.
Alternatives to OneMain Financial Personal Loans to Consider
Upstart: Upstart is a cloud-based lending platform offering personal loans ranging from $1,000 to $50,000. Borrowers can choose between three-year or five-year terms, and some creditworthy applicants may qualify for interest rates under 7%. One drawback with Upstart personal loans is you may be charged an origination fee that’s deducted from your loan proceeds. LendingClub: LendingClub offers personal loans ranging from $1,000 to $40,000. Borrowers can choose loan terms ranging from three to five years, and APRs can range from 8.05% to 36%. One drawback with LendingClub personal loans is that borrowers are restricted from using the funds on anything related to education after high school. Marcus by Goldman Sachs®: Marcus by Goldman Sachs offers personal loans ranging from $3,500 to $40,000. Borrowers can choose loan terms ranging from 36 to 72 months, and the APR can range from 6.99% to 24.99%. Marcus personal loans feature no late fees and no origination fees, but nonprime or subprime borrowers may have difficulty qualifying. Lantern: Lantern by SoFi can help you quickly find online personal loans ranging from $1,000 to $50,000. Just fill out one simple form to compare possible lending options and select a lender of your choice.
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