OneMain Personal Loan

Sometimes, even hoping for a loan to help you get out of financial trouble is a far off dream for people with not so great credit scores. Some lenders might even give you a chance, but most banks don’t take the bet of letting people without excellent scores get a loan. That’s why OneMain Personal Loan is here to help. 

The lender offers great options when it comes to payment terms, which isn’t common for those that give services to fair scores. Combining flexibility with easy access to loans, this could be your chance at achieving financial success. There is even a choice for secured loans or to apply with a co-borrower!

Everything is quite simple, from the application process to the payment terms. You can get up to $20.000 in loans, which can be quite helpful to get better scores and save up on interest rates overall. 

Are you ready to request a OneMain Personal Loan? Keep reading to find out everything about this provider, as well as its advantages, cons and how to apply. 

How does OneMain Personal Loan work?

OneMain Financial is a company that has existed since 1912 and is one of the largest loan-focused providers in the USA. There are more than 1500 branches all over the country, which means that there’s a high possibility that you have a OneMain unit close to you. 

Since OneMain is a financial services provider that works only with loans, its payment conditions are quite attractive. This is valid for both personal loans and other types that the provider works with. But we’ll focus on their personal loan conditions for this article. 

Who is OneMain Personal Loan for?

Do you have poor credit scores, but a good enough income to cover the loan amount you look for? Then, OneMain Personal Loan might be the right choice for you. After all, the application process will focus a lot more on income and ability to pay your monthly installments than on your score. 

We know that modern life sometimes doesn’t allow people to keep an excellent score, despite how much you earn. That’s why the application for this type of loan might look a little different for you. But rest assured, the outcome is still worth it if you’re someone who really needs a personal loan. 

You can also secure your loan using a collateral instead of giving OneMain the reassurance of a perfect score. 

We recommend you look for this loan in case you pretend to use it for: 

• Home improvement; 
• Debt consolidation from other high interest sources;
• Purchasing recreation vehicles, including RVs and motorcycles; 
• Marriage expenses; 
• Moving; 
• Dealing with family emergencies and healthcare. 

However, you cannot use OneMain Personal Loan for:

• Gambling;
• Starting a business or pay off business related expenses;
• Investments;
• Paying off college or vocational school expenses. 

Advantages of using OneMain Personal Loan

OneMain Personal Loan shines because of the possibility to get a loan despite bad credit scores. As long as you have enough income, access to a collateral or a co-borrower, it’s possible. But there are some more pros and perks that you might want to know about:

• Perfect for low credit borrowers;
• Secured loan options available; 
• Evaluates credit history and income for approval;
• Accepts a co-applicant;
• Uses a soft credit check for prequalification;
• Option to choose your payment date;
• The loan is funded within one or two days. 

Most of these advantages are focused on folks with poor or fair credit scores. If you have an excellent score, then it might be a good idea to look for a provider that also offers a few discounts to sweeten the deal. 

Are there secured options?

We mentioned this briefly, but there are some secured loan options when you use OneMain Personal Loan. That is certainly the case and is one of the reasons that many people with poor scores look for this provider. 

You can use this option in case an unsecured loan isn’t possible because of your score. In this mode, you can use a collateral for approval. This property, which can be a home or a car, for example, will guarantee to the lender that your payments will happen properly. 

The actual agreement varies according to each individual’s situation. You’ll have to place a lien on the collateral and it will remain active until the loan is completely paid off. 

Can you make a joint application?

Join applications are allowed by using the OneMain Personal Loan. This option is available for those who have less than a 660 FICO score. A co-applicant’s approval is higher if you use a relative or someone who you are married with for this process. 

Payment terms, fees and discounts for OneMain Personal Loan

OneMain Personal Loan offers a variety of payment terms according to those who get the loan. You can choose to pay within: 

• 24 months;
• 36 months;
• 48 months;
• 60 months. 

Remember that this is available for loans that go from $1.500 to $20.000. Those who need higher loans should look for an alternative provider. 

You also need to know that OneMain Personal Loan doesn’t work with the most competitive interest rates in the market. After all, it is a service aimed at people with poor or fair credit scores. Some of the costs that you’ll have to work with include:

• 18% to 35,99% APR, the better your score, the lower the interest rate;
• $25 to $500 origination fees or 1,5% to 15% fees according to the state you’re in;
• $10 to $50 returned payment fee. 

Those who use a car as a collateral might also have to pay some government fees because of the lien you register. This depends on the state laws that apply where you live. 

How to qualify and apply for OneMain Personal Loan?

OneMain Personal Loan works with a combination of the user’s credit history and ability to pay. Since that’s the case, all you have to do to prequalify is visit their official website or use the phone service to offer some personal information. This will generate a soft check on your score, which doesn’t make it drop on points. 

After the prequalification process you’re ready to officially apply for a OneMain Personal Loan.

Conclusion

In conclusion, OneMain Personal Loans offer a viable option for individuals with less-than-perfect credit scores who need access to funds for various purposes such as home improvements, debt consolidation, and unexpected expenses. With a focus on income and repayment ability rather than just credit history, OneMain provides flexibility through secured loan options and joint applications. While interest rates may be higher compared to loans offered to those with excellent credit, the accessibility and quick funding turnaround make it a practical choice for many. Before applying, ensure to review the terms, fees, and repayment options to determine if OneMain Personal Loan aligns with your financial goals.