Minimum Credit Score
24 to 60
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
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Fees and penalties
OneMain Financial doesn’t offer much in the way of perks, but they do allow you to request changing your payment due date. They also are committed to helping customers understand finances by providing helpful resources.
OneMain Financial offers easy to find educational resources in the form of blog posts, courses, video tips and financial calculators.
From explaining financial terms to providing access to a free money management course, MoneySKILL, OneMain Financial stands by their mission of offering responsible loan products.
- Minimum credit score: Varies.
- Minimum credit history: Must have some credit history, though they don’t specify the length required.
- Maximum debt-to-income ratio: OneMain Financial does not specify what debt-to-income ratio is acceptable.
Additionally, you’ll need to be a U.S. resident and at least 18 years old. Over all, OneMain Financial is looking to see that you are able to repay the loan with a stable income and are similarly stable when it comes to where you live.
Applying for a personal loan from OneMain Financial
OneMain Financial makes it easy to get started with a personal loan application. You can either apply online or at a local branch and receive an answer to your application usually within 10 minutes.
The application asks for basic personal identifying information as well as:
- Your intended purpose for the loan
- How long you’ve lived at your current residence
- Your current employer
- Your current salary
- Types of other financial products you have, such as a checking or savings account
If you choose to apply online, you will have to go to a local branch to close on your loan. Whether you go to the local branch to start your application or close on the loan that you applied for online, you’ll need to bring the following documents for verification:
- A copy of a valid, government-issued ID
- Proof of residence
- Proof of income
How long it takes to receive your funds, depends on how you would like the funds issued. You can choose to be issued a check or a prepaid debit card (up to $10,000), which can usually be issued the same day. Or you may choose to receive your funds via an ACH disbursement which can take up to two business days.
Who’s the best fit for a OneMain Financial personal loan?
While you can use OneMain Financial personal loans for a number of different reasons, they cannot be used for tuition or to start a business. However, OneMain Financial is great for anyone with a lower credit score looking to consolidate debt or cover an unexpected expense.
As OneMain Financial interest rates are similar to a credit card, their personal loans are less than ideal to cover anything other than a necessary expense.
For example, a personal loan from OneMain Financial could be great if you have credit card debt spread over several cards. A personal loan from OneMain could help to simplify your finances by consolidating — rolling everything into one monthly payment and having a fixed date to have it paid off. A personal loan could also help you to improve your financial standing as revolving credit is viewed differently from installment loans when it comes to your credit report. Though to reap the full benefits, you still need to make sure you’re making on-time payments.
Additionally, personal loans from OneMain Financial can be used to cover unexpected expenses, like medical care or a car repair bill, as these expenses can sometimes be quite large and require payment quickly. The personal loans from OneMain with their quick turnaround time and $30,000 limit could fit the bill.
However, chances are if you’re working with OneMain, you have a lower credit score and while a personal loan could also be used to purchase a car or vacation, the high APR with OneMain means you’d be better off waiting until you improve your score and shop elsewhere.
Alternative personal loan options
Established in 2007 as a peer-to-peer lender, LendingClub offers personal loans up to $40,000 with APRs as low as 6.95%. Because of the higher loan amount and potential for a lower APR, it’s worth seeing the rates you qualify for with LendingClub, which you can check without having a hard pull on your credit.
Minimum Credit Score
36 or 60
1.00% - 6.00%
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
LendingPoint provides personal loans for fair credit customers. Similar to OneMain Financial, they offer a quick turnaround with the possibility of receiving funds in as little as one business day. LendingPoint’s rates and fees are again similar to those offered by OneMain, though their maximum loan amount is $25,000 with a term of 24 to 48 months. If you need money quickly, LendingPoint gives you the opportunity to check rates while allowing you to shop around for the best deal.
Minimum Credit Score
24 to 48
0.00% - 6.00%
LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More
Peerform is another peer-to-peer lender offering personal loans of $4,000 – $25,000 with rates that are capped at 29.99%. Peerform allows you to check your rate without impacting your score. That makes it worth it to shop around and see which lender, OneMain Financial or Peerform, will offer you the best rate.
Minimum Credit Score
36 or 60
1.00% - 5.00%
on Peerform’s secure website
Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More
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