OneMain Financial Loans
Easy to apply
Approval time
No hidden condition
Renewal rules
Service quality
Customer support
Borrower requirements
- You must be 18+
- Valid U.S. residential address
- Stable and sufficient income
- Min. Credit Score 540
Optional
- Valid U.S. bank account
Contact information
Phone number: (800) 742-5465
Email: [email protected]
Shedule
Mon-Fri: 7am-7pm CT
Sat: 7am-12pm CT
Mon-Fri: 7am-7pm CT
Sat: 7am-12pm CT
Mon
Tue
Wed
Thu
Fri
OneMain Financial, a prominent lender established over a century ago, specializes in providing personal loans to individuals with varying credit profiles, particularly those with bad to fair credit. With its broad reach and personalized loan services, OneMain Financial aims to cater to the financial needs of a diverse clientele.
OneMain Financial provides personal loans ranging from $1,500 to $20,000. This range makes it suitable for various needs, from small, immediate expenses to larger financial requirements. However, the availability of loan amounts may vary based on the borrower’s location and credit profile.
With approximately 1,400 branches across 44 states, OneMain Financial offers the convenience of in-person service. This extensive branch network allows borrowers to handle their loan applications and questions face-to-face, which can be particularly beneficial for those who prefer direct interaction.
Who Should Consider OneMain Financial Personal Loans?
- Individuals with Bad to Fair Credit: OneMain Financial is a viable option for those who have struggled to get approved for loans elsewhere due to their credit profiles.
- Those Needing Smaller Loan Amounts: The availability of small loan amounts makes it suitable for covering minor expenses.
- Borrowers Preferring In-Person Service: With its widespread branch network, OneMain Financial is ideal for individuals who value the ability to visit a branch and interact with loan specialists directly.
- Urgent Funding Needs: The possibility of same-day funding makes it an attractive option for those requiring immediate financial assistance.
Loan Terms and Conditions
Loan parameters
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Loan Amount$1,500-$20,000
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APR18.00 - 35.99%
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Term24 to 60 months
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Min. Credit Score540
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Time to receive funds1-2 days
Borrower Requirements for OneMain Financial Personal Loans
- Age: Must be at least 18 years old.
- Citizenship: Must be a U.S. citizen or permanent resident.
- Income: Must have a verifiable and stable income.
- Examples: Pay stubs, bank statements.
- Credit History: Open to individuals with bad to fair credit.
- No minimum credit score specified, but higher scores improve approval chances and rates.
- Identification: Valid ID required (e.g., driver’s license, passport).
- Proof of Address: Utility bill or other document verifying your address.
- Bank Account: Must have a valid U.S. bank account for fund disbursement.
- Collateral for Secured Loans: If applying for a secured loan, you must have collateral, typically a vehicle.
- The vehicle must be no more than 10 years old, have a valid title in your name, and be insured.
How to Apply for a OneMain Financial Loan
Applying for a personal loan with OneMain Financial is a straightforward process designed to be accessible even for individuals with less-than-perfect credit.
Step-by-Step Application Process
- Select a Loan Offer
Compare Options: Review the prequalified offers carefully, considering the interest rates, loan amounts, and repayment terms.
Choose the Best Fit: Select the loan offer that best suits your financial needs and circumstances.
- Complete the Full Application
- Application Review and Approval – Decision Within 24 Hours
- Loan Approval and Offer Review. If approved, you will receive a loan offer detailing the terms and conditions.
- Accept the Loan and Sign Agreement
- Fund Disbursement
Depending on the time of approval, you may receive the funds as soon as the same day, though typically it’s within one to two business days.
Advantages of OneMain Financial Personal Loans
- Accessibility for Bad to Fair Credit:
OneMain Financial is well-suited for borrowers with bad to fair credit, offering loan options that might not be available from other lenders.
- Flexibility in Loan Amounts and Terms:
The flexibility in loan amounts and repayment terms allows borrowers to tailor their loans to their specific needs and financial situations.
- Quick Funding:
The potential for same-day funding makes OneMain Financial an attractive option for those who need money quickly.
- In-Person Service:
The extensive branch network provides the option for in-person service, which can be advantageous for borrowers who prefer face-to-face interactions.
Pros
- Accessibility for Bad to Fair Credit
- OneMain Financial is open to borrowers with lower credit scores who might not qualify elsewhere.
- Unsecured and Secured Loan Options
- Offers both unsecured and secured loans, providing flexibility based on the borrower's preference and collateral availability.
- Quick Funding
- Possibility of same-day funding, making it ideal for urgent financial needs.
- Small Loan Amounts Available
- Provides loans starting from $1,500, suitable for minor expenses or emergencies.
- Prequalification Option
- Allows you to see potential rates and offers with a soft credit inquiry that doesn't affect your credit score.
- Co-applicant Option
- Accepts co-applicants, which can help improve approval chances and secure better rates.
- Fixed Interest Rates
- Offers fixed interest rates, ensuring consistent monthly payments.
Cons
- Higher Interest Rates
- Interest rates are generally higher compared to some other personal loan lenders, reflecting the higher risk.
- Origination Fees
- Charges an origination fee, which varies by state and can be either a flat fee or a percentage of the loan amount.
- Additional Fees
- Fees for late payments and insufficient funds can add to the overall cost of the loan.
- Collateral Requirement for Larger Loans
- Larger loan amounts require using a vehicle as collateral, which can be a risk if you're unable to make payments.
- Impact on Credit Score
- The full application process involves a hard credit inquiry, which can temporarily impact your credit score.
- Limited to U.S. Citizens and Permanent Residents
- Only available to U.S. citizens and permanent residents, limiting accessibility for non-residents.
- Cancellation Policy
- If you decide to cancel, you must do so within seven days, which might not be sufficient time for some borrowers.
OneMain Financial Loans FAQs: Detailed Information
What types of loans does OneMain Financial offer?
OneMain Financial offers both unsecured and secured personal loans. Unsecured loans do not require any collateral, making them accessible for those who do not want to pledge assets. Secured loans require collateral, typically a vehicle, which may help borrowers get approved or secure better rates but comes with the risk of asset repossession if payments are not made.
How much can I borrow with a OneMain Financial loan?
Loan amounts range from $1,500 to $20,000, depending on your creditworthiness, income, and other factors. The availability of loan amounts might vary by state and individual circumstances. For larger loan amounts, collateral may be required.
What are the typical loan terms offered by OneMain Financial?
OneMain Financial offers loan terms ranging from 24 to 60 months. These fixed-term loans provide predictable monthly payments, making it easier to budget and plan your finances over the repayment period.
What is the interest rate for OneMain Financial loans?
Interest rates for OneMain Financial loans are generally higher compared to other personal loan providers due to the higher risk associated with lending to individuals with lower credit scores. The exact rate you receive will depend on your credit profile, income, and whether you choose a secured or unsecured loan.
Are there any fees associated with OneMain Financial loans?
Yes, OneMain Financial charges an origination fee, which can be a flat fee or a percentage of the loan amount, depending on the state. Additionally, there may be fees for late payments and insufficient funds. It’s essential to review the fee structure carefully before accepting a loan offer.
How quickly can I receive the funds from a OneMain Financial loan?
One of the key benefits of OneMain Financial is the speed of funding. In many cases, borrowers can receive loan funds the same day they are approved. Typically, funds are disbursed within one to two business days, but this can vary based on the specifics of your loan and bank processing times.
Can I prequalify for a OneMain Financial loan without affecting my credit score?
Yes, OneMain Financial allows you to prequalify online with a soft credit inquiry, which does not affect your credit score. This process lets you see potential loan offers and rates before committing to a full application. However, once you decide to proceed with the full application, a hard credit inquiry will be conducted, which can impact your credit score.
What are the requirements to apply for a OneMain Financial loan?
To apply for a loan, you must be at least 18 years old and a U.S. citizen or permanent resident. You need to have a verifiable and stable income, a valid ID (such as a driver’s license or passport), and proof of address (such as a utility bill). For secured loans, you must also provide collateral, typically a vehicle that meets OneMain’s criteria.
Does OneMain Financial offer loans in all states?
OneMain Financial operates in 44 states across the U.S., with approximately 1,400 branches. However, their services are not available in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont. It’s advisable to check their website or contact customer service to confirm availability in your state.
What happens if I can’t make a payment on time?
If you miss a payment, you may be charged a late fee. OneMain Financial also charges an insufficient funds fee if there is not enough money in your account to cover the payment. It’s important to contact OneMain Financial immediately if you anticipate any difficulty in making a payment to discuss potential solutions.
Can I pay off my OneMain Financial loan early?
Yes, you can pay off your loan early without incurring any prepayment penalties. This allows you to save on interest costs if you are able to repay the loan ahead of schedule.
What if I decide I no longer want the loan after accepting it?
OneMain Financial has a cancellation policy that allows you to cancel the loan within seven calendar days of signing the agreement. You must return the full loan amount to avoid any interest charges or fees.
Does OneMain Financial allow co-applicants?
Yes, OneMain Financial allows borrowers to apply with a co-applicant. Having a co-applicant, especially one with a better credit profile, can improve your chances of approval and help secure better loan terms and rates.
What kind of customer support does OneMain Financial offer?
OneMain Financial provides comprehensive customer support through its extensive branch network, online resources, and phone support. Their loan specialists are available to help you throughout the application process, answer any questions, and provide guidance on managing your loan.
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