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Using a Home Equity Loan to Consolidate Debt: What to Consider

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

consolidating debt with a home equity loan
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If you need money fast, a home equity loan might be a good option. A home equity loan can provide you with a lump sum of money in a matter of weeks; the borrowed amount can then be paid off on a monthly basis for a fixed rate. It can be especially helpful to use this type of loan to help consolidate your current debt. A home equity loan can combine debt from various lenders, such as different credit card companies, and place it into one convenient payment.

However, a home equity loan might not always be the best option for everyone. It’s important to understand how it works before making a final decision. This guide will help you learn what a home equity loan is, how it can be used, and how to qualify for one, so you can decide whether this loan product fits into your financial plan.

What is a home equity loan?

A home equity loan allows you to borrow money from a lender (usually a local bank) and uses your house as collateral for repayment. The interest rates can either be fixed or variable with a set repayment term of usually around 10 to 15 years.

“Home equity loans allow you to take out a lump sum up to a maximum percentage of the home’s value,” said Demond Johnson, a loan officer with Guild Mortgage based near Fort Worth, Texas. While the borrowed loan amount varies by each lender, it usually doesn’t reach over 80%.

You can use this loan for just about anything. However, it’s usually best when used toward an investment that will help you in the long run, like consolidating your current debt, and not used on something frivolous, like a luxurious vacation. Remember: You will need to pay this loan back — if you don’t, your house can go into foreclosure.

Pros and cons of a home equity loan

It’s important to understand the pros and cons of a home equity loan before considering applying for one. Consider the following.

Pros

  • It may be your cheapest option: Home equity loans typically have lower rates than a credit card or other loan product, said Johnson.
  • You may have a lower tax liability: The interest on home equity loans may be tax deductible.

Cons

  • You could lose your home: Home equity loans might not be a great option for those with poor spending habits. Since your home is on the line, these loans are best suited for disciplined borrowers who won’t miss payments.
  • You may accumulate more debt: Even though you’re consolidating your debt, you’re not debt free. Those who overspend and are not smart with their finances can continue to rack up more debt as time goes on, causing an even heavier financial burden than before.
  • You could misuse loan funds: A home equity loan can be used for just about anything, and that may be problematic for borrowers with poor spending habits. You may, for instance, want to pay for an upcoming vacation or wedding, but that will only result in more future debt without any return on your investment. Home repairs or renovations are a better use of funds, as they can increase your property value.

Using a home equity loan to consolidate debt

There are many solid reasons why someone might want to use a home equity loan to help consolidate debt.

Johnson said it makes sense to use this type of loan to help consolidate high interest debt such as with various credit cards because “the savings can be significant.” Using home equity loans to pay off other debts, such as student loans might also be wise, said George Burkley, owner of American Mortgage & Financial Services in Indiana — “[the] rates are usually much lower.”

Burkley also stated that if you’re looking to do home renovations or repairs on the house, or are interested in buying a second home, a home equity loan might be a good option to consolidate that debt, as opposed to using a credit card.

How to qualify for a home equity loan

When applying for a home equity loan, there are a few things a borrower will need to consider in order to qualify.

Collateral

Borrowers will need to have substantial collateral. For a home equity loan, your house is the collateral. If you can’t make the payments each month, the lender can take away your house.

Credit score

Lenders usually look at your credit score when you qualify for any type of loan, and a home equity loan is no different. A borrower’s credit score can play a significant role when qualifying for a home equity loan. Johnson said borrowers usually need a 680 (or higher) FICO score to qualify, but scores can vary depending on each lender.

Equity

A borrower’s equity can help determine how much funds can be borrowed with a home equity loan. According to Burkley, equity usually cannot exceed “over 85-95% of what the house is worth.”

Debt-to-income ratio

Lenders will look at your income and current debts, such as credit cards, current mortgage, and student loans, to determine whether you’re able to take out a home equity loan. Lenders want to ensure you can pay back your debt so if you already have a substantial amount, you may not be an ideal candidate. Burkley said borrowers should have around a 40% to 45% debt-to-income ratio to qualify for a home equity loan.

Where to find home equity loans

A home equity loan might be a good option for you. If you’re looking to find a loan, LendingTree (the parent company of MagnifyMoney) might be able to help. With its online marketplace, you’re able to use one form to potentially be matched with up to five offers at once. First choose the type of property you need the home equity loan for, such as a condo, single family home or a townhouse. Then finish completing the form by adding your personal information and you’ll instantly receive offers available to you.

LendingTree also has a convenient home equity calculator that can help determine the estimated amount you’re eligible to borrow. This can help you to decide whether a home equity loan might be useful for your financial needs or if another option might be more efficient.

What to consider as you shop home equity loans

When searching for home equity loans, there are a few important aspects to keep an eye on. Here are a few of the most common aspects to watch out for.

  • Interest rates: Rates vary from each lender. It’s important to compare interest rates with all lenders to ensure you get the best possible rate for your financial needs. Keep in mind, some lenders are more likely to provide lower interest rates to those with excellent credit.
  • Origination fees: Some home equity loans can come with fees, such as origination fee that is applied when processing the loan.
  • Prepayment penalties: Lenders can also charge a prepayment penalty for when you want to pay off your loan early. It’s important to check with each lender to see which fees are tacked on.
  • Lenders: Search for a lender you feel most comfortable working with. You want to be able to actively discuss your financial needs with a lender so you can learn how their offers will fit for your budget and your lifestyle.

Home equity loan vs. HELOC: What’s the difference?

A home equity loan and home equity line of credit (HELOC) have a few similarities. For example, they are both backed by the equity in your home. The borrowed amount is also based on your home equity, which is normally around 80% to 90%.

However, there is a distinct difference between these two financial products: While a home equity loan provides funds in one lump sum, a HELOC is a revolving account. With the latter, you’ll be able to take out money you need during a certain time frame.

Johnson said it’s a good idea to consider a HELOC as “a VISA with a very large limit.” You’ll be charged interest on the money you borrow, and you’ll be able to pay off the HELOC and charge more to the account in the future.

However, Johnson warned that rates can change on a HELOC. That is something to consider when determining whether a HELOC is right for you.

Alternative ways to consolidate debt

Using a home equity loan to consolidate your debt might be the best option for you. However, there might be something else out there that’s an even better fit. To determine which is the best for you, it’s always smart to learn about all offerings so you get exactly what you need.

Debt consolidation loan vs. home equity loan

A debt consolidation loan (which can also be a personal loan) might be a good option for those who have a lot of debt from various lenders. Instead of paying a high-interest rate to each lender every month, you can consolidate the monthly payments into one lump sum. Often times, these rates can be much lower than what you were paying before.

Lenders usually look at your credit score for both a debt consolidation loan and a home equity loan. However, sometimes lenders can be more lenient with debt consolidation loans in terms of your credit score; oftentimes, borrowers can have less than stellar credit and still be approved for a personal loan or debt consolidation loan. However, those with excellent credit will be more likely to obtain lower interest rates with debt consolidation loans than those who have fair to poor credit.

And unlike home equity loans, debt consolidation loans don’t use your home as collateral, so you won’t have to worry about losing your home to the lender even if you can’t make payments. Find the best debt consolidation loans with our table below!

LendingTree
APR

5.99%
To
35.99%

Credit Req.

Minimum 500 FICO

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

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LendingTree is our parent company

LendingTree is our parent company. LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender.

Balance transfer card vs. HEL

A balance transfer card with a promotional 0% APR can be ideal for those with high-interest credit card debt. However, qualifying for a credit card with a low balance transfer rate and promotional APR can be difficult.

While a home equity loan can be used to consolidate a variety of different debt, including home repairs, a balance transfer is strictly used for credit card debt.

Some balance transfer cards don’t come with a transfer fee, especially for those borrowers with excellent credit. However, many cards charge a fee equal to a certain percentage of your balance.

Home equity loans can sometimes allow borrowers to combine a larger amount of debt than with a balance transfer. However, a home equity loan requires you to have equity in your home. As a result, some homeowners may find that they don’t qualify for this type of financing.

A home equity loan can be a great option when you need money fast for debt consolidation, such as combining credit card debt or other debt accumulated by home renovations and repairs. But these types of loans aren’t always the best fit for everyone and should be well-considered before making a decision.

Discover it® Balance Transfer

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Rates & Fees

Discover it® Balance Transfer

Intro BT APR
0% for 18 Months
Regular APR
13.99% - 24.99% Variable
Balance Transfer Fee
3%
Annual fee
$0
Credit required
good-credit
Excellent/Good Credit

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Carissa Chesanek
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Carissa Chesanek is a writer at MagnifyMoney. You can email Carissa here

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Credit Card Consolidation Loans for Good & Bad Credit

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If you’re having a hard time paying down your credit card debt, you may want to consider consolidating with a credit card consolidation loan, better known as a personal loan. This is one strategy that can help give you the extra time you need to pay down several debts, especially if you’re struggling to manage multiple monthly payments. If you’re able to find a credit card consolidation loan with a low APR, you’ll be able to slash your interest charges, too, and potentially pay your debts off even faster. Use our comparison widget below to find the best loan for you!



Compare Credit Card Consolidation Loans

That being said, taking out a loan to pay off a credit card is not always the best option for everyone. It’s smart to consider the pros and cons to help determine whether a credit card consolidation loan is right for you.

In this article, we’ll cover everything you need to know about consolidating your credit debt with a loan.

What is a credit card consolidation loan?

A credit card consolidation loan is a personal loan that can be used to consolidate your credit card debt. An unsecured personal loan allows you to take out money without collateral. However, these loans can sometimes have higher interest rates because they are a risk to lenders. These types of loans can provide a fixed loan amount (what you want to borrow) with a fixed monthly payment and a fixed term. This helps you to know what you’ll pay each month and how long it will take to pay off the loan.

Personal loans can also have fixed-interest rates, meaning they won’t likely change throughout the length of your loan. These rates usually depend on your credit history. Those with good credit can usually receive lower rates than those with poor credit.

When should you consolidate?

People consolidate for many reasons and at various times. However, high-interest rates on current debt can be a major deciding factor. A credit card debt consolidation loan can possibly offer lower interest rates and provide one easy monthly payment.

Paying off your balance can often seem impossible, especially when you’re only making minimum payments each month. This might be a good time to consider consolidating your debt. With a credit card consolidation loan, you have a set period of time to pay off your debt (unlike with a credit card) so you can possibly get it paid off sooner.

If you consolidate your credit card debt with a loan, that debt is paid off. You no longer need to worry about high-interest rates and fees on your credit card accounts. Instead, you’ll only have one monthly loan payment to focus on.

While there are many good reasons to use a loan to consolidate your debt (we will get to a couple below!), there are times when this might not be ideal. For example, if you don’t have enough income to cover the cost of your loan payment each month or if you have an extremely high debt-to-income ratio, taking out a loan may not be the best option.

Why should I pay off a credit card with a loan?

There are many benefits when consolidating your credit card debt with a loan.

  • Have one monthly payment instead of multiple payments, and can possibly receive a lower interest rate and lower monthly payment.
  • Have a fixed term to pay off your loan so you can get your debt paid down faster.
  • Without several accounts to worry about each month, you can focus on paying just one.
  • By having a fixed monthly rate on a fixed schedule, you can get in the habit of paying your bill on time every month, which can help improve your credit score.
  • A loan can also help minimize your credit utilization rate. This is the rate that determines how much of your credit limit you utilize and is one of the major determining factors for your credit score. To retain a good credit score, your credit utilization rate should remain below 30%.
  • You’ll also improve your score by adding an installment loan to your credit report. Credit mix is part of calculating your credit score and it’s good to have a variety of revolving credit types.

How to qualify

When applying for a credit card consolidation loan, lenders look at certain aspects, including your credit score and income and expenses.

Credit score

Because your credit score is a reflection of your ability to manage and repay debt, the higher your credit score, the more likely it is you could qualify for a loan.

Your credit score is based on a number of factors, including:

  • Payment history: On-time payments show you can manage your finances. However, late or missed payments can bring down your credit score.
  • Amounts owed: This factor considers how much debt you are carrying compared to the amount of credit extended to you. A credit utilization ratio of 30% or less could indicate that you know how to manage credit.
  • Length of credit history: A long credit history is generally better than a short one. The average age of your open accounts may also be taken into account when calculating your credit score.
  • Credit mix: The types of credit you use may also affect your credit score.
  • New credit: When you apply for credit, your lender may conduct a hard credit inquiry on your credit report. Having too many hard credit checks in a short period of time could harm your credit.

If you don’t know your credit score and want to check as well as discover the factors that influence your score, you could sign up for My LendingTree. LendingTree is the parent company to MagnifyMoney.

If your credit is poor, you may want to consider a cosigner with good credit. You could also follow these steps to building your credit score.

Income and expenses

Income is another factor lenders may consider when approving you for a loan. But a high income does not necessarily mean you will get a better interest rate.

Although a higher income could mean you will be able to pay your monthly obligations, if you have high expenses, lenders may be wary of lending money to you. Thus, you should aim to have a low debt-to-income ratio.

Your debt-to-income ratio compares your monthly payments to how much money comes in each month. A lower debt-to-income ratio is preferable when you are applying for credit.

Fees and fine print to watch out for

While consolidating your debt with a loan can be smart, it’s not perfect. There are certain things to watch out for, including fees, penalties and the annual percentage rate (APR), which can vary with each lender.

Origination fee. Some lenders may charge an origination fee of 1% to 8% to process your personal loan application. This type of fee is generally included in the APR and deducted from the loan amount. That means if you borrow $10,000 and you’re charged a 2% origination fee, you’ll walk away with a loan of $9,800. An origination fee can be a percentage of the loan amount itself or charged as a flat rate.

Rates. The annual percentage rate (APR) is usually based on the borrower’s credit score. If a borrower has good credit, there is a better chance of receiving a lower rate. It’s essential to shop around to find the best rate for your needs.

Prepayment penalties. While most lenders don’t charge a prepayment penalty, it can happen. This is a fee to the borrower if they decide to pay off their personal loan early.

Precomputed interest. A certain way some lenders calculate interest on a personal loan that can have you paying a higher interest rate if you pay off your loan before the term is up.

Credit card consolidation loan vs. balance transfer

Consolidating your credit card debt with a credit card consolidation loan might be a good option, but it’s important to look over all other prospects to know for sure.

 Credit Card Consolidation LoanBalance transfer

Types of debt you can consolidate

Personal loans can be used to pay off different types of unsecured debt, including medical bills not covered by insurance, along with credit cards.

Credit card debt only. Can’t transfer debt from cards of the same issuer.

Credit required

Bad-excellent

Good

Rates

Up to 35.99% or higher depending on credit/lender

0% intro APR; variable APR once promo period ends

Term lengths

24-84 months

Promo periods typically last 12-21 months; balance can revolve indefinitely after that.

Fees

1%-8% origination fee; some lenders charge no origination fee.

3%-5% balance transfer fee; some offers do not charge a fee.

– Learn more about using a balance transfer to pay down debt here

Shopping for credit card consolidation loans online

Finding consolidation loan offers online is a relatively easy process and you’ll be able to compare different options all at once.

How to find them

Get started by having a firm grasp on how much you want to borrow and the amount of time you’ll likely need to pay back your loan. Keep an eye on your credit history so you know your score and can attest all information is correct.

Search and compare credit card consolidation loans online with the help of our easy-to-use online comparison tool at the top of this article. You can shop different borrowers at once with only a soft credit inquiry that will not impact your score.

LendingTree, our parent company, also has a convenient debt consolidation calculator that can help determine your estimated monthly payments by simply entering your consolidation loan amount.

What to compare

When shopping for a credit card consolidation loan, it’s important to compare the rates to find the best one that fits your budget. You want to ensure you’ll be able to pay for the monthly payments and that you are getting a better rate than the one you already have with your credit cards. You’ll also want to keep an eye on the loan terms and the loan amounts offered as each can vary. It’s also important to look for any possible fees, including origination fees that can sometimes be tacked onto personal loans.

Consolidating your credit card debt with a loan may be a good idea, but it’s smart to do extensive research to make certain it’s the right choice for you.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Carissa Chesanek
Carissa Chesanek |

Carissa Chesanek is a writer at MagnifyMoney. You can email Carissa here

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Personal Loans

LendingPoint Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

LendingPoint
APR

15.49%
To
35.99%

Credit Req.

600

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

Varies

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LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

LendingPoint personal loan details
 

Fees and penalties

  • Terms: 24 to 48 months
  • APR range: 15.49% to 35.99%
  • Loan amounts: $2,000 to $25,000
  • Time to funding: After the final approval, funds may be transferred in up to 1 to 2 business days, though often as soon as the next business day.
  • Hard pull/soft pull: LendingPoint conducts a soft pull when you first apply for a personal loan quote. After you review the loan offer(s) and select one, a hard pull will then be done to move forward with the final loan approval process.
  • Origination fee: The Varies, depending on your state of residence and credit history.
  • Prepayment fee: None
  • Late payment fee: Varies

Many lenders are strict about how many loans you can have at one time, sometimes maxing out at one per borrower. However, LendingPoint may allow you to take out two loans at once, depending on your current loan’s standing and your overall credit history. Being able to take out another personal loan can be helpful if a new financial issue comes up, such as an unexpected home repair, where you need more funds than your current loan can’t cover.

LendingPoint’s personal loans may be used for many different financial reasons. Whether you need to pay for an upcoming home renovation, you need funds to buy a car or need help paying off a medical bill your insurance won’t cover, a personal loan with LendingPoint can help. These personal loans can also be used to help consolidate your debt and refinance your credit cards.

Eligibility requirements

  • Minimum credit score: 600
  • Minimum credit history: LendingPoint looks at your overall financial potential to help determine whether you’re a good candidate for a personal loan, but it will only consider those who can show income of at least $20,000 a year.
  • Maximum debt-to-income ratio: 35%

All borrowers must be at least 18 years old and reside in one of LendingPoint’s 34 designated states or Washington, D.C. Borrowers are encouraged to show consistent employment history for at least the past 12 months and must have a bank account.

LendingPoint does not offer loans in:

  • Colorado
  • Connecticut
  • Iowa
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Nevada
  • New York
  • North Dakota
  • Rhode Island
  • South Carolina
  • Vermont
  • West Virginia
  • Wisconsin
  • Wyoming

Applying for a personal loan from LendingPoint

To begin the application process with LendingPoint, you’ll first need to provide basic background information, such as your name, date of birth, Social Security number, and annual income. This is the pre-approval process which will generate one or more loan offers in just a few minutes.

If you choose one of the offers and agree with the terms and rates, you will then need to provide any additional information and documents LendingPoint may request, including your driver’s license, bank statements (with voided check) and proof of income. Once all documents have been received and reviewed, a final loan approval can happen in a few hours, and your funds can possibly be distributed to your bank account within the next business day.

Pros and cons of a LendingPoint personal loan

Pros:

Cons:

  • No prepayment penalty. If you decide to pay off your loan before your term is up, LendingPoint will not charge you a prepayment penalty.
  • Fast approval and funding. Many borrowers are pre-approved for a personal loan within just minutes and approved for the actual loan within hours. Borrowers can possibly receive funds in their bank account the next business day.
  • Works with borrowers with fair credit. LendingPoint provides personal loans to borrowers with fair credit.
  • Bankruptcy is not grounds for automatic disqualification. Borrowers with a discharged bankruptcy of 12 months or more can still apply for a personal loan with LendingPoint. Your credit history, income and discharged bankruptcy timeframe will all be determining factors.
  • No joint or cosigner loans. Some lenders allow you to have a cosigner with a higher credit score in order to qualify for a better personal loan rate. That is not the case with LendingPoint’s personal loans, as they are based only on your individual credit history.
  • Fluctuating payment schedule. Your monthly due date may change because LendingPoint uses a 28-day payment cycle.
  • Higher interest rates. LendingPoint may work with borrowers with fair credit, but that can mean higher interest rates when compared with other lenders.
  • Origination fee. Many lenders don’t charge an origination fee for personal loans, which is why LendingPoint’s possible charge of up to 6.00% can be off-putting.

Who’s the best fit for a LendingPoint personal loan

If you have fair credit and meet the income requirements, LendingPoint could be a good option, especially if you need funds fast. The lack of a prepayment penalty is a plus, but other lenders offer lower rates, even for those with less than ideal credit.

It’s always a good idea to search and compare personal loans before making a final decision. Shop around to find the best personal loans with a rate and term ideal for your financial needs while also keeping an eye out for any fees associated with the loans, including origination fees. LendingPoint may be the best fit for you, but you should take some time to compare with others to know for sure.

Alternative personal loan options

Peerform

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

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Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More


Peerform offers lower fixed rates ranging from 5.99% to 29.99% with loan amounts starting at $4,000 and maxing out at $25,000; terms are between 36 or 60 months. Similar to LendingPoint, there are no prepayment penalties should you want to pay off your loan in advance, but there may be an origination fee that varies from 1.00% - 5.00%. There are other fees to consider with Peerform as well — these include late fees, unsuccessful payment fees, and check processing fees, all of which can range around $15 each.

LendingClub

LendingClub
APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More


While LendingPoint allows borrowers to take up to $25,000, LendingClub offers loans up to $40,000 which is good for those looking to borrow more money. However, you will likely have to wait a little longer to receive the funds — LendingClub’s earliest distribution is within 7 business days. There are no prepayment penalties, but LendingClub charges an origination fee of anywhere from 1.00% - 6.00%, and you could also be charged a check processing fee or late payment fee. Credit history, the loan amount and any other outstanding debt are some of the factors used to determine the APR, which usually ranges from 6.95% to 35.89%.

OneMain Financial

OneMain Financial
APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More


Loan approval and actual loan terms depend on your ability to meet our standard credit criteria (including credit history, income and debts) and the availability of collateral. Loan amounts subject to state specific minimum or maximum size restrictions. Collateral offered must meet our criteria. Active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral. CA minimum loan amount is $3,000. GA minimum loan amount is $1,500 for present customers and $3,100 for others.


OneMain Financial has issued loans for more than 100 years and, similar to LendingPoint, can have money in your hands within the next business day after final approval. Loan amounts are from $1,500 to $30,000 with an APR range of 16.05% to 35.99%. Borrowers are eligible for terms of 24 to 60 months, depending on your credit and financial history and any other debts you may have. Credit score requirements vary and all personal loans have fixed rates and payments without any prepayment penalties. You may be able to get a loan offer within minutes when you apply online but will need to meet with a loan specialist in person for final approval.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Carissa Chesanek
Carissa Chesanek |

Carissa Chesanek is a writer at MagnifyMoney. You can email Carissa here

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