Minimum credit score. OneMain Financial does not disclose this information. OneMain Financial Personal Loan Purposes Permitted uses Prohibited uses Debt consolidation Gambling Home improvement Illegal activities Recreational vehicles including boats, motorcycles and RVs Starting a business Life events like moving, getting married or dealing with emergencies Investing in securities Going to college or vocational school.
Loan term lengths. Loan Costs APR. Origination fee. OneMain charges either a flat fee or a percentage, depending on state laws. Late payment fee. Percentage fees range from 1. OneMain Financial does not penalize borrowers who want to pay off their loan before the term expires. Non-sufficient funds fee. Government fees. OneMain Financial is unique among personal loan lenders in that it operates a network of physical branch locations around the country. If you prefer doing business in person, you may really appreciate this.
Mobile app. OneMain Financial offers a bare-bones app that you can use to manage your account, including looking up payment details, making payments and checking your VantageScore. Co-Signers Collateral If you need additional resources to help qualify for a loan or receive a larger loan amount, OneMain Financial accepts collateral of sufficient value to help reduce this risk you pose.
OneMain Financial allows you to check your rate easily on its website by entering a few quick details about yourself, such as your income and personal details.
Submit documentation. This includes documents like a copy of your ID, proof of income such as tax returns or pay stubs and proof of residency. Sign the loan agreement. OneMain Financial will draw up a formal contract with all of the rates, terms and fees for your loan. Receive your money. You can receive your money in two ways: in person via a check from a OneMain Financial branch or as a direct deposit into your bank account. The time varies depending on the method you choose.
Methodology We reviewed OneMain Financial based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process.
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We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. However, it has costly origination fees, and the loan may have a higher APR than some other lenders offer. Get quotes from multiple lenders to see if you can get a better rate and lower fees before submitting your application with OneMain Financial.
OneMain Financial does not have a minimum credit score requirement, but it does cater to non-prime borrowers. Nearly half of the money it lent to customers went to borrowers with scores of or lower. If you have poor to fair credit, you may qualify for a loan from OneMainFinancial if you have a vehicle you can use as collateral or have a co-applicant. When you apply for a loan from OneMain Financial, the lender will perform a hard credit inquiry. Every time a credit inquiry occurs, it can affect your credit score slightly.
OneMain Financial reports your payment activity to the major credit bureaus. If you fall behind on your payments, you will be reported as delinquent, which can damage your credit. To keep your credit report in good shape, make all of your payments on time and limit new credit inquiries. Wells Fargo Active Cash Card vs. I would like to subscribe to the NextAdvisor newsletter. See privacy policy. Before you go, sign up for our newsletter to get NextAdvisor in your inbox.
Credit Cards. In the News. Mortgage Lender Reviews. Next Advisor Logo. Share Share on Social Media. Editorial Independence We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money. Pros Non-prime applicants accepted Co-applicants accepted In-person assistance available No prepayment penalties Same day funding available Free VantageScore credit score access 7-day cancellation policy.
Today's Range. Key Developments. Key Metrics. All Listings. Onemain Holdings, Inc. Reports Third Quarter Results. OneMain Holdings, Inc. The Company provides personal loan products; offers optional credit insurance and other products; services loans owned by the Company and service loans owned by third-parties; and pursues strategic acquisitions and dispositions of assets and businesses, including loan portfolios or other financial assets. It also provides origination, underwriting and servicing of personal loans, primarily to non-prime customers.
The Company's product offerings include Personal Loans and Insurance products. It offers personal loans through its branch network, centralized operations, and its Website, www. It offers optional credit insurance products life insurance, disability insurance, and involuntary unemployment insurance and optional non-credit insurance products through its branch network and its centralized operations.
The Company operates a network of approximately 1, branch offices in 44 states. Consumer Financial Services. Contact Info. United States. Executive Leadership.
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