![]() The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. We rate all personal loan products in our reviews and guides on a 1-5 scale. Why You Should Trust Us: How We Rated OneMain Financial Quick tip: Check for prequalified offers from multiple lenders in a loan marketplace to make sure you find the best rate available. Funding through LendingClub will take at least four business days, according to the lender's site, giving OneMain's same-day funding another advantage. LendingClub doesn't offer a secured loan option, which could give OneMain an advantage for anyone who wants to lower their interest rate with collateral. With interest rates starting higher, borrowers who qualify with LendingClub could get lower rates from OneMain. LendingClub's minimum 600 credit score requirement might leave some borrowers out. Avant fees could be lower, as this lender caps its origination and administrative fees at 4.75%, while OneMain's fees could go up to 10%, or $500 depending on your state. Additionally, a minimum credit score requirement of 580 might exclude some borrowers.Īvant could be a stronger option than OneMain due to OneMain's higher interest rates. OneMain Financial and Avant have similar loan terms and loan amounts, but borrowers looking for same-day funds might find that OneMain has an advantage. However, it charges origination fees, and the interest rate you'll pay with bad credit will be much higher than you would with a better credit score. OneMain is a good lender for borrowers who need to get a loan with bad credit and can't qualify for a loan elsewhere. Fit your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities. If your application is approved before noon on a business day, you could receive your money the same day.Ĥ. ![]() You'll potentially be able to receive your loan funds fast with OneMain. When submitting a formal application, you'll need to send in proof of income, like a W-2, tax returns, or other financial documents.ģ. Formally submit an application and await approval. You'll get an estimated monthly payment and APR range.Ģ. You'll also enter your name, Social Security number, and income history. You'll also need to request a loan amount. Choose if you're applying for an individual or joint loan, a secured or unsecured loan, and your loan's purpose. Fill out personal information on OneMain's website. How to Apply for a OneMain Financial Personal Loanġ. In contrast, Avant's personal loans start at 9.95% APR. High starting interest rates. Interest rates for OneMain's personal loans range from 18.00% to 35.99% APR. Flat fees range from $25 to $500, while percentage-based fees range from 1% to 10% of the loan's value. OneMain charges an origination fee on loans, which can either be a flat fee or percentage-based, depending on what state you live in. You may be able to get your loan on the same day that you apply with OneMain Financial. Potential for a small loan. You can get a loan for as little as $1,500, which is lower than what many lenders offer. Most personal loan lenders require credit scores above 660 to apply, but OneMain Financial doesn't have a minimum. ![]() See our picks for the best debt consolidation loans » OneMain Financial Personal Loan Featuresįees: late fee up to $30 or 15% of your monthly payment amount, depending on your state OneMain Financial Personal Loans Pros and Cons OneMain Financial Pros However, it has a high minimum interest rate, so borrowers with good credit will likely find a better rate with a different lender. An unsecured personal loan doesn't require any collateral, such as a house or car, while a secured loan allows you to put up collateral in exchange for a rate that is often lower. Unsecured loans are more common with OneMain Financial and with competing lenders. OneMain Financial offers both secured and unsecured personal loans, but we're focusing on the company's unsecured personal loan options. If your application is approved before noon on a business day, you could receive your money the same day. The company could be a good option if you need cash quickly. OneMain is a great lender for borrowers who need to get a loan with bad credit and can't qualify for a loan elsewhere. ![]() The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate. You may want to consider another company if you have a good credit score, because you can get lower rates elsewhere. The bottom line: OneMain Financial's personal loans are a solid option for borrowers who have low credit scores. Read Our Review A looong arrow, pointing right ![]()
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