OneMain Financial offers both secured and unsecured personal loans for individuals with bad credit. If your credit is shaky and you need quick access to cash, OneMain could be a good option.
They have a variety of options available for you to provide personal property as collateral as well as a low minimum credit score requirement.
Read on to find out more about what OneMain offers when it comes to personal loans.
OneMain Financial Personal Loans
OneMain Financial personal loans have a loan amount range of $1,500 to $20,000. Loan amounts vary depending on what state you live in. You can get either a secured or an unsecured loan; however, if you have less than average credit scores, you’ll likely need to go with the secured option in order to get approved.
Interest rates vary depending on the borrower, but we’ve seen annual percentage rate estimates ranging between 18.00% and 35.99% and loan terms that range from 24 to 60 months.
Both your credit history and your requested loan amount affect your APR, with smaller loans incurring higher rates. The origination fee varies depending on the size of your loan but typically ranges between $25 and $40.
Personal loans from OneMain Financial can be used for loans home improvement, weddings, medical expenses, vacations, and debt consolidation. They also offer auto loans.
If you’re looking to pay off high-interest credit card debt, a personal loan from OneMain Financial may not be the best option as interest rates are a bit higher. To consolidate your credit cards, check out Payoff or look into 0% balance transfer credit cards.
OneMain branches may not be available in every state, so make sure your location is eligible for personal loans before you get too far into the application process.
OneMain doesn’t have any set requirements for borrowers but instead considers your credit history and your financial ability to repay the loan. They analyze your income, budget, and other financial responsibilities to help determine whether or not your application is approved.
OneMain Financial Application Process
Start off by getting pre-qualified with OneMain. This helpful step allows you to find out what rates you’ll be offered without affecting your credit score. Simply enter your personal and contact information, along with the last four digits of your social security number to get started.
If you like the terms you see, you can continue with the online application process. This includes entering information on what kind of loan you’d like, plus some additional financial and employment items. You’ll get a near-instant response as to whether or not your loan application has been approved.
From there, you’ll need to schedule an appointment with a loan specialist at a local branch or remote location. At that time, you’ll talk about what your funding options are, as well as verify your personal and financial information.
Some of the required documentation you’ll need to provide include your driver’s license, proof of income, and proof of employment. Lastly, you simply sign your loan agreement to receive your funds. The entire process can take as little as one day.
Once You’re Approved
You have two options for receiving your loan funds: either through direct deposit or by check from a branch location. To pay your monthly balance, you can either submit payment online, in a branch, by mail, through the OneMain mobile app or at a Walmart service desk.
You’ll be charged a $1.00 to $1.50 fee when you pay at a Walmart service desk. You’ll also be charged a $15 fee for any late payments.
If you already have a OneMain Financial loan and need more funds, you are able to apply for another loan. Of course, qualifying depends on your current debt, credit, income, and other factors but multiple loans is a service that some lenders don’t offer at all.
OneMain Financial Special Features
In case you didn’t qualify for as much money as you would have liked, you can potentially get a larger loan from OneMain by either using a cosigner on the loan application or by using collateral to back your loan. Acceptable forms of collateral include automobiles, trucks, motorcycles, campers, and RVs.
Any collateral you decide to use has to undergo an appraisal to figure out how much value it has. If you decide to use a vehicle, it must be insured to qualify. Remember that anytime you use personal property as collateral on a loan, you’re at risk of losing that property in the event you default on your loan.
OneMain also allows you to change your payment due date in certain situations. You must either mail or email the request to your local branch, so it’s not an automated process.
You can’t extend your due date if your account is past due, or if it’s before your first payment and the proposed due date would be more than 45 days after receiving the funds.
Another feature offered by the lender is known as OneMain Rewards. When you enroll in this program, you earn points by completing tasks such as visiting the company’s website or interacting via social media. You can eventually redeem your points for gift cards and other discounts.
OneMain Financial’s History
OneMain has been around for 100 years and is one of the nation’s largest lenders with a physical presence. They’ve had over 3.5 million loan customers, totaling $10 billion in loan volume.
OneMain Financial Reviews
One of the best ways to research online lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.
OneMain Financial currently has a Better Business Bureau (BBB) rating of A+, which is an indicator of great customer service. They also have very few complaints. You can find more OneMain Financial reviews at other review sites as well.
What to Know About OneMain Financial Personal Loans
A OneMain loan may not be right for everyone, but it could be right for you. Here are a few key considerations to take into account before you apply.
How is your credit?
OneMain caters to lower credit individuals, so if you have good or even excellent credit, you’ll probably find a better fit elsewhere.
That being said, just because OneMain provides loans to many individuals with poor credit scores doesn’t mean it’s an automatic perfect fit. Carefully review your loan offer details, paying particular attention to any upfront fees you’ll be charged as well as your interest rate.
Make sure you can afford the proposed monthly payment, being sure to leave some extra room in your budget for savings and emergencies. Also, be aware of your loan term. Even if you have a low monthly payment, you could end up paying a large sum of interest if it’s spread out over a long period of time.
No matter how good any deal sounds, remember to shop around at a few other lenders for comparison. It can’t hurt, particularly if you can get pre-approval offers that don’t affect your credit score.
Many lenders provide that service these days, and OneMain is one of them. It helps you make a more informed decision without worrying about what’s going to happen to your credit.
Is there a OneMain near you?
Although OneMain is available in the majority of states and provides an online application, you do need to go to a physical branch location to verify your personal and financial details.
Most online lenders don’t require this extra step, but it might actually feel good to talk to a real-life person who can help clarify any questions you have about your loan terms.
As long as it doesn’t feel like a huge trek or burden to make the appointment, it may be in your best interest to have that additional layer of customer service before you agree to sign on the loan.
Check out our other personal loan reviews below to continue exploring your options.