While unsecured loans are available for individuals, there is much more to do with the application process. If you are not eligible for an unsecured loan, you can qualify for a secured loan subject to the provision of collateral.
In this article:
- [Who is OneMain Financial Personal Loans suitable for?
- [OneMain financial loan options
- Prices and conditions
- Financial requirements
- [How to Apply
- Criteria
- FAQ
Who is OneMain Financial Personal Loans suitable for?
- Borrowers wishing to submit a joint application. Unlike most lenders, OneMain Financial allows multiple borrowers to use one loan.
- Someone who cannot qualify for an unsecured loan but is willing to use their vehicle as collateral for a secured loan.
- Anyone who prefers the 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 significant balances and want to consolidate all of their expenses into one monthly payment.
- A couple who wants to host a big event, like a wedding, but doesn't want to charge all expenses on their higher interest rate credit card because they won't be able to pay off the balance next month.
- Anyone who wants to improve their credit rating by maintaining a “mix of accounts” of various types of loans and keeping records of timely loan payments.
OneMain financial loan options
OneMain Financial offers several loan options including both secured and unsecured loans.
Unsecured loans are typical loans for individuals and they are based on the loan of the borrower. OneMain Financial is different in that it offers loan options to borrowers with bad credit history. However, it is important to note that these borrowers will face higher interest rates than more qualified borrowers. However, depending on what the loan is used for, it might still make sense.
OneMain Financial also offers secured loans. These are loans secured by some kind of collateral. One of the most common loans is a secured car loan - this means that your loan is secured by your car. The advantage of a secured loan is that the interest on the loan is much cheaper than on the unsecured loan. However, the disadvantage is that if you do not make the payment, your vehicle may be returned to the property.
OneMain says 43% of loans are secured.
Once approved, you will receive your payment in the form of a check, prepaid debit card, or bank transfer.
Tariffs and conditions
OneMain Financial offers borrowers a variety of rates and conditions. These programs are always subject to change, so check with your lender before proceeding.
At OneMain, you can borrow from $ 1,500 to $ 25,000, with limits varying by state. These limits are also better than you can usually get with a tax pending loan, which depends on the amount of your tax refund. They offer a repayment period of 12 to 60 months, with no prepayment penalty.
You cannot find out what your interest rate is until you are prequalified.
Financial requirements
Why we like OneMain Financial is that they have no minimum credit score or income requirements to meet borrower requirements.
However, the amount you can borrow, interest and more depends on the following factors:
- Credit rating
- Credit history
- Financial / banking history
- Income and expenses
- Purpose of the loan
- State of residence
- The value of the collateral (for example, a car)
How to apply
OneMain Financial makes it very easy to apply. You can just go to their website. The app is very simple and asks just a few questions:
- Your name, address and telephone number
- Date of Birth
- Social Security number
- Employment Information
- What is the size of the loan
- Purpose of the loan
Criteria
To obtain a OneMain Personal Loan, we recommend that borrowers meet the following criteria:
- US resident with social security number
- At least 18 years old
- OneMain will assess your credit history, your application information, planned use of funds, and your ability to repay when approving a loan offer to you.
FAQ
What to do if you are refused
Who should not take out a OneMain Financial loan?
What happens after I submit an application?
Am I eligible?
Is OneMain Financially Legal?
Final thoughts
If getting a personal loan is the right financial decision for you, it is important to take a closer look and compare your options to get the best rates and conditions that you can qualify for.
If you are a borrower with bad credit or little credit history, OneMain Financial can be a great place to get a loan that suits your needs.
Always remember that responsible borrowing is the key to financial success. Make sure you go to plan and always make payments on time so you have a good credit history.
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