OneMain Financial Personal Loans Reviews 2024

OneMain Financial Personal Loans Reviews is useful to borrowers with poor credit, a perfect opportunity for you. While the average size of the loan appears to be lower, approval for a loan is simpler for borrowers who may not apply at other online lenders or brick-and-mortar banks.

OneMain Financial Personal Loans Reviews

OneMain Financial Personal Loans

OneMain Financial’s personal loans are quite pricey compared to other online loans.

However, they have some consumer-friendly features that make them an alternative for borrowers who struggle to qualify elsewhere.

Although OneMain Financial personal loan reviews and unsecured personal loans are available, much more involves the application process.

Should you not qualify for an unsecured loan, you can qualify for a secured loan as long as you provide collateral.

Pros & Cons of OneMain Financial Personal Loans

Pros

  • Alternative to choose and change your payment date.
  • Joint and secure loans.
  • Quick funding.
  • Direct income source to creditors on debt consolidation loans.
  • Seven-day revocation policy.

Cons

  • Rates are heightened compared to other lenders.
  • Levies origination fee.
  • No rate discounts.
  • Limited loan charges.
  • Pre-qualification doesn’t display APR.

OneMain Financial Personal Loans at A Glance

Minimum credit scoreNone.
APR18.00% – 35.99%.
FeesOrigination: $25 to $500 or 1% to 10%.Late fee: $5 to $30 or 1.5% to 15% of the payment cost. Non-sufficient funds fee: $10 to $50.
Loan amount$1,500 to $20,000.
Repayment terms2 to 5 years.
Time to fund after approval1 to 2 business days.
Loan availabilityLoans are not available in AK, AR, CT, MA, RI, VT, or Washington, D.C.

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Where OneMain Financial Personal Loans Stand Out

OneMain Financial Personal Loans Reviews

1. Secured and Joint Loan Options

OneMain lets borrowers operate a vehicle such as a car, truck, motorcycle, boat, or RV to secure a loan.

The vehicle must be under 10 years old and requires an appraisal before authorization. Borrowers may also include a co-applicant to get a joint personal loan.

Both alternatives can improve your chance of qualifying and getting a lower rate, but they come with potential consequences.

If you quit repaying a secured loan, the lender can take your collateral. If you stop making payments on a joint loan, your co-borrower must repay it.

2. Choose and Change Your Payment Date

OneMain Financial borrowers can choose their payment date when they sign a loan agreement and change the due date twice during repayment.

This feature is useful if your income and expenses change due to a new job or different payday, for example.

3. Fast Funding

OneMain Financial says it might conditionally approve a loan application instantly.

In-person applicants might get the lender’s fastest funding time of an hour; however, online applicants may take one to two business days to receive funds.

Some lenders boast same-day funding, but one day or two is standard for most personal loans.

4. Direct Payment with Debt Consolidation Loans

Borrowers who utilize OneMain Financial Personal Loans Reviews to consolidate other high-interest debts can have the loan funds sent directly to other creditors.

This feature eradicates that step for the borrower, but it’s still important to monitor your accounts until they’re paid off.

A debt consolidation loan is only a good option if your new loan will have a lower rate than your other debts, which may be hard to achieve with OneMain’s high rates.

5. Branch Access

OneMain uses branches in each of the 44 states where it offers personal loans.

Though borrowers can obtain unsecured loans without visiting a branch, applying with a loan officer in person is available to those who prefer it.

6. Seven-Day Cancellation Policy

Borrowers enjoy seven days to change their minds and cancel the loan without having to make payments. Few lenders offer this feature.

Where One Main Financial Personal Loans Fall Short

OneMain Financial Personal Loans Reviews

High Rates

The biggest drawback with OneMain is its increased annual percentage rates.

OneMain’s starting APR is 18%, while other lenders present personal loans with single-digit starting rates, even if fair- and bad-credit borrowers (with credit scores below 690) may not qualify for them.

No Rate Discounts

OneMain Financial doesn’t present any rate discounts. The most typical discount with personal loans is for setting up automatic payments, and it’s usually an APR reduction of 0.5 percentage points or less.

Some lenders present discounts for using the direct payment feature on debt consolidation loans.

Origination Fee

OneMain loans arrive with origination fees, which aren’t uncommon for online lenders.

In some regions, OneMain charges a flat fee of $25 to $500; in other states, the fee is 1% to 10% of the loan amount.

Origination fees are typically deducted from the loan proceeds, effectively lowering the loan amount. Be sure the loan is sufficient to cover your expenses after the fee is applied.

Pre-Qualification Doesn’t Include APR

Like most other online lenders, OneMain Financial permits borrowers to check their potential personal loan offer through pre-qualification.

However, OneMain only displays borrowers their potential loan amount and whether they qualify for a secured loan, an unsecured loan, or both.

The lender needs a formal application with a hard credit pull to show your rate and repayment terms.

Credit Insurance

OneMain may present optional credit insurance with secured or unsecured loans.

This insurance includes the loan costs and may not be necessary if borrowers already have life insurance, so it’s worthwhile to learn about the pros and cons of credit insurance before buying it.

Compare OneMain Financial to Other Lenders

Credit Insurance

Personal loan lenders deliver different rates, loan amounts, and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

LendingPoint and Avant both deliver personal loans with lower rates than OneMain Financial, and they offer slightly larger loans.

OneMain Financial vs. LendingPoint

Unlike OneMain, which doesn’t have a minimum credit score, LendingPoint delivers loans to borrowers with a score of 660 or higher.

LendingPoint doesn’t present joint or secured loans like OneMain does, but the lender says it can approve an application instantly and fund a loan within a day, which may be faster than OneMain.

They only document loan payments to two credit bureaus, while OneMain reports to all three. LendingPoint may be the better choice for urgent midsize expenses.

OneMain Financial vs. Avant

Avant delivers fast personal loans to borrowers with credit scores of 550 or higher.

This lender doesn’t present joint or secured loans like OneMain does, but it takes one day to approve an application and one day to fund, which may be slightly faster than OneMain.

Avant’s origination fee may be less than OneMain’s, making it a potentially more affordable loan overall.

How to Apply for OneMain Financial Personal Loans

How to Apply

OneMain Financial makes it really leisurely to apply. You can simply go to their web location. The application is super-easy and just demands a few questions answered:

1. Your name, address, and phone number

2. Date of Birth

3. Social Security Number

4. Employment Information

5. How Much The Loan Is For

6. Loan Purpose

Once you apply, you also ought to provide some copies of key information, like an ID, proof of residence, and proof of income. You can upload these details online, or visit a OneMain location.

Eligibility Criteria of OneMain Financial Personal Loans

To qualify for a OneMain personal loan, we advise that borrowers meet the following criteria:

1. U.S. resident with Social Security Number.

2. At least 18 years old.

3. OneMain will assess your credit history, your application information, your planned use of funds, and your ability to repay when approving you for a loan offer.

Ideal Candidates for One Main Financial Personal Loans

All those who fall within either of these categories are best primed for One Main Financial Personal Loans.

1. Borrowers who want to file a joint application. Unlike most lenders, OneMain Financial allows for multiple borrowers on a single loan.

2. Someone who may not qualify for an unsecured loan considering OneMain Financial Personal Loans Reviews, but is willing to use their vehicle as collateral for a secured loan.

3. Someone who prefers a traditional banking experience. Unlike other lenders, OneMain borrowers need to visit a branch to complete the application process.

4. Borrowers who have one or more credit cards with sizable balances and want to consolidate all of their charges into one monthly payment.

5. A couple who wants to hold a large event, such as a wedding, but doesn’t want to put all the charges on their higher-interest-rate credit card because they will be unable to pay off the balance in the following month.

6. Someone who wants to improve their credit score by holding an “account mix” of different types of loans and establishing a record of making loan payments on time.

Once you’re approved, you’ll receive your payment as a check, prepaid debit card, or bank transfer.

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After going through this OneMain Financial Personal Loans Review, if getting OneMain Financial personal loans is the right financial decision for you.

You must shop around and compare your options to get the best rates and terms you can qualify for.

If you’re a borrower with poor credit or little credit history, OneMain Financial may be a great place to get a loan that meets your needs.

Always remember that responsible borrowing is the key to financial success. Make sure you borrow with a plan and always make your payments on time to have a strong credit history.

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