Faith Morrow
OneMain Financial offers both secured and unsecured loan options, making it a flexible lender for those who need additional options to qualify for better terms. The company provides flexible loan amounts, quick approval and funding, personalized loan terms, and the ability to use the loan for various purposes, such as debt consolidation or funding a major purchase. While OneMain Financial does not have a minimum credit score requirement, there are still criteria that applicants must meet to be approved for a loan, including a responsible credit history, sufficient income after monthly expenses, and availability of collateral. Additionally, state lending laws may restrict a lender's ability to provide more than one loan to the same borrower, limit the total amount that can be loaned to a single borrower at one time, or require the lender to pay off existing loans before providing a new loan.
| Characteristics | Values |
|---|---|
| Loan Amount | Up to $20,000 |
| Interest Rates | High |
| Credit Score Requirement | No minimum |
| Origination Fee | $25 to $500 or 1% to 10% of the loan amount |
| Late Payment Fee | $5 to $30 or 1.5% to 15% of the monthly payment amount |
| Processing Time | Same day |
| Repayment Options | Online, in-branch, by phone, by mail, via the OneMain app |
| Repayment Period | 24 to 60 months |
| Collateral | Cars, trucks, motorcycles, boats, RVs, trailers |
| Joint Account | Allowed |
| Additional State Law Disclosures | May restrict the lender's ability to make more than one loan to the same borrower, may limit the total amount that can be loaned to the same borrower at one time, may require the lender to pay off existing loans in order to provide a new loan, or may prevent the lender from offering a loan |
What You'll Learn
OneMain Financial offers both secured and unsecured loan options
Secured loans are typically backed by a valuable asset, such as a vehicle, which serves as collateral for the loan. In the event of default, the lender has the right to take possession of the collateral. Secured loans generally offer lower interest rates and higher borrowing amounts compared to unsecured loans, as they pose less risk to lenders. The availability of larger loan amounts, however, may tempt borrowers to take on more debt than they can manage.
Unsecured loans, on the other hand, do not require borrowers to put up any collateral. This means that borrowers do not have to offer up any valuable assets in case they fail to keep up with loan payments. Unsecured loans may be a good option for those who are comfortable with the loan terms and do not have any items to put up as collateral.
OneMain Financial offers personal loan options with flexible terms, ranging from $1,500 to $20,000. The company provides quick approval and funding, with the potential for same-day loans. Borrowers can also choose their monthly payment due dates and have the option to apply with a co-applicant. It's important to note that OneMain Financial charges an origination fee, which can be either a fixed fee or a percentage of the loan amount, and has higher interest rates compared to some competitors.
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The loan application process is quick and easy
OneMain Financial offers both secured and unsecured loan options, making it a flexible lender for those who need additional options to qualify for better terms. The loan application process is quick and easy. It takes just minutes to complete the online loan application and see your offers.
To apply for a prequalified loan offer, you must consent to a hard credit pull, which may affect your credit score. OneMain Financial may also require documents and more information about you to make a decision. If you are applying for a joint account, you must both intend to apply for joint credit. However, if you are applying for individual credit, you are not required to answer questions about your marital status or your spouse's income and assets.
After final loan approval, signing your closing documents takes about 30-45 minutes. You can get your money as soon as an hour after signing the loan documents if you use your debit card to receive the funds. Funds can also be paid out by direct deposit, which is available approximately 1-2 banking days after loan closing. A check can be issued as soon as the same day as the closing.
OneMain Financial offers personal loan options that are more flexible compared to other lenders. Repayment terms run between 24 and 60 months, and borrowers can choose the date their monthly payments are due and have the option to apply with a co-applicant.
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There are no penalties for paying off the loan early
OneMain Financial offers personal loans of up to $20,000 with fixed rates and payments. The company offers both secured and unsecured loan options, making it a flexible lender for those who need additional options to qualify for better terms. OneMain Financial's standout benefits include a quick application process, communicative agents, and swift loan processing. The lender also offers flexible repayment options, including online, in-branch, by phone, by mail, and via the OneMain app.
There are no penalties for paying off a OneMain Financial loan early. However, there is a late fee of up to $30 or 15% of the monthly payment amount if you miss a payment. Additionally, OneMain Financial charges a one-time processing fee for applications and setting up the loan, which can be either a flat amount ranging from $25 to $500 or a percentage of the loan amount ranging from 1% to 10%.
OneMain Financial does not have a minimum credit score requirement for approval, making it an option for those with poor credit. The company offers flexible loan terms, allowing borrowers to secure the loan with collateral to receive a lower interest rate. Borrowers can also choose their monthly payment due dates and apply with a co-applicant.
While OneMain Financial offers some benefits, there are also potential drawbacks. The company has been criticised for high-interest rates, poor customer service, and the potential negative impact on credit scores during the application process. Additionally, state lending laws may restrict the lender's ability to provide multiple loans to the same borrower or limit the total amount loaned to a single borrower at one time.
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OneMain Financial offers flexible loan amounts
OneMain Financial offers both secured and unsecured loan options, making it a flexible lender for those who need additional options to qualify for better terms. The company provides flexible repayment terms, ranging from 24 to 60 months, and allows borrowers to secure the loan with collateral to potentially receive a lower interest rate. Borrowers can also choose the date their monthly payments are due and have the option to apply with a co-applicant.
OneMain Financial's loan application process is straightforward and quick, taking less than 10 minutes to complete, and you can receive a decision on your loan application within the same day. The company offers several repayment options, including online, in-branch, by phone, by mail, and via the OneMain app.
It is important to note that state lending laws may restrict a lender's ability to make more than one loan to the same borrower and may limit the total amount that can be loaned to a single borrower at one time. Additionally, OneMain Financial charges origination fees, which vary depending on the state where you open your loan and can be either a flat amount or a percentage of the loan amount.
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OneMain Financial offers several repayment options
For online payments, you can make or schedule a payment by logging into your OneMain Financial account using your bank account, debit card, Google Pay, or Apple Pay. You can also download the OneMain mobile app to make or schedule a payment from anywhere using your mobile phone or tablet.
For in-branch payments, you can visit any OneMain branch and pay by debit card, bank account, money order, or check. You can also pay in cash at participating CVS, 7-Eleven, Casey's General Store, or Family Dollar locations by logging into your online account and choosing cash as your payment method.
For by-phone payments, you can call 833-390-2034 and follow the automated prompts to pay using your bank account or debit card.
For by-mail payments, you can send a personal check, cashier's check, or money order to the address on your billing statement, which you can find in your online account or the OneMain app.
Additionally, OneMain Financial offers AutoPay, a free service that allows you to set up automatic, recurring payments from your bank account. You can log into your OneMain online account or use the mobile app to choose the schedule that works for you.
It's worth noting that OneMain Financial does not charge any prepayment fees, so you can pay off your personal loan early without penalties at any time. However, there may be a late fee if you miss a payment.
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Frequently asked questions
State lending laws may restrict a lender's ability to make more than one loan to the same borrower, and may require the lender to pay off existing loans before providing a new loan. If you are married, you may apply for a loan separately from your spouse.
OneMain Financial offers both secured and unsecured loan options. The loan amounts can be as low as $1,500 and as high as $20,000. The repayment terms range from 24 to 60 months.
There is an origination fee that could be a fixed fee between $25 and $500 or up to 10% of the loan amount, depending on the state. There is also a late fee that can be a flat amount between $5 and $30, or a percentage of the monthly payment ranging from 1.5% to 15%.
