OneMain Financial Personal Loans: 2024 ReviewCheck Your Rate
Overview of OneMain Financial
Pros and Cons 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. You can 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 and moving forward with 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 can 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
Bankers Healthcare Group (BHG Money) personal loans LendingUSA personal loans LightStream personal loans PenFed personal loans The Payoff Loan™ personal loans Upstart personal loans
Frequently Asked Questions
About the Author
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.