OneMain Financial Personal Loans Reviews: 2020 Updates.
OneMain Financial Personal Loans: OneMain Financial is providing fair to poor credit for borrowers with personal loans. 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.
Although 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.
In this article:
- Who are OneMain Financial personal loans good for?
- OneMain Financial Loan Options
- Rates and Terms
- Financial Requirements
- How to Apply
- Eligibility Criteria
Who are OneMain Financial personal loans good for?
- Borrowers who want to file a joint application. Unlike most lenders, OneMain Financial allows for multiple borrowers on a single loan.
- Someone who may not qualify for an unsecured loan but is willing to use their vehicle as collateral for a secured loan.
- Someone who prefers a traditional banking experience. Unlike other lenders, OneMain borrowers need to visit a branch to complete the application process.
- Borrowers who have one or more credit cards with sizable balances and want to consolidate all of their charges into one monthly payment.
- 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.
- 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.
OneMain Financial Loan Options
OneMain Financial offers several loan options, including both secured and unsecured loans.
Unsecured loans are the typical personal loans, and they are based on the borrowers credit. OneMain Financial differentiates itself by offering loan options to borrowers with poor credit histories. It’s important to note, though, that these borrowers will face higher interest rates than more qualified borrowers. However, depending on what the loan is used for, it could still make sense.
OneMain Financial also offers secured loans. These are loans that are backed by some type of collateral. One of the most common loans is a car title loan – this means that your loan is secured by your vehicle. The benefit of a secured loan is that the interest on the loan is much cheaper than an unsecured loan. The drawback, however, is that if you don’t make your payments, you could have your car repossessed.
OneMain says that 43% of it’s loans are secured.
Once you’re approved, you’ll receive your payment as a check, prepaid debit card, or bank transfer.
Rates And Terms
OneMain Financial offers a variety of rates and terms to it’s borrowers. These programs are always subject to change, so check with your lender before proceeding.
At OneMain, you can borrow between $1,500 and $25,000, with the limits varying by state. These limits are also better than you could typically get with a tax refund anticipation loan, which is based on the value of your tax refund. They offer repayment terms from 12 to 60 months, with no prepayment penalty if you pay the loan off early.
You can’t know what your interest rate is until you pre-qualify.
Why we like OneMain Financial is that they have no minimum credit score or income requirements to qualify borrowers.
However, the amount you can borrow, the interest, and more are determined by the following factors:
- Credit Score
- Credit History
- Financial/Banking History
- Income and Expenses
- Loan Purpose
- State of Residence
- Value of Collateral (such as car)
OneMain Financial states that their average borrower has an income of $47,700.
How To Apply
OneMain Financial makes it really easy to apply. You can simply go to their website. The application is super-easy and just asks a few questions:
- Your name, address, and phone number
- Date of Birth
- Social Security Number
- Emplyment Information
- How Much The Loan Is For
- Loan Purpose
Once you apply, you’ll also need to provide some copies of key information, like an ID, proof of residence, and proof of income. You can upload this information online, or visit an OneMain location.
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To qualify for a OneMain personal loan, we recommend that borrowers meet the following criteria:
- U.S. resident with Social Security Number
- At least 18 years old
- OneMain will evaluate your credit history, your application information, planned use of funds and your ability to repay when approving you for a loan offer.
What to do if you’re turned down
If OneMain rejects your application and you believe your financial standing is strong enough, consider asking for clarification. The explanation could be as simple as a processing error, or there may be a negative mark on your credit report that you need to investigate.
If your credit is weak, consider applying for a personal loan from any other lender. A secured credit card is another option, which can help you rebuild your credit.
Who should not accept a OneMain Financial loan?
Anyone with good or better credit, according to the rating agencies. If you have a credit score of 660 or higher, you may qualify for better personal loan rates elsewhere.
What happens after I apply?
OneMain Financial will electronically review your application. If you’re prequalified, you will need to visit a branch to have your income, identity and collateral verified.
If you’re approved, OneMain Financial will either transfer your funds directly into your bank account or give you a check.
Am I eligible?
To apply for a personal loan at OneMain Financial, you’ll need to meet the following requirements:
- Established credit history
- US citizen or permanent resident
- Meet your state’s minimum age requirement
Is OneMain Financial Legit?
If getting a personal loan is the right financial decision for you, it’s important that you 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, 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.