OneMain Financial Review
Last updated June 2nd, 2021
Recommended for: Personal Secured and Unsecured Loans
OneMain Financial - Sub-Prime Personal Loans
Life can throw a curveball at the most unexpected times. I had a friend that used to say about problems: ‘if money can fix it, then it isn't a problem. If money cannot fix it, then it is a problem. OneMain Financial is in the business of helping you fix your fixable problems.
During this last year of the pandemic and various lock-downs, it has become inherently apparent that over 40% of American adults weren’t able to cover a $400 emergency. In addition, most of the 100 million Americans with sub-prime credit were unable to get a loan through traditional lending institutions. OneMain Financial provided responsible loans and a payment plan to help break the cycle of debt. They provide safe and trusted loans that adhere to state and federal regulations.
OneMain Financial offers one-stop personal loans. They offer personal loans from $1,500 to $20,000. From debt consolidation to home improvements to vacations, OneMain Financial can help you plan for the expected and unexpected financial needs in your life.
Who is OneMain Financial?
OneMain Financial has been a trusted loan company for over 100 years. They offer personal loans (installment loans) with a fixed interest rate. Personal loans are a preferable alternative to credit cards as they offer a fixed repayment plan. The payment will include the interest rate along with a portion of the principal amount you borrowed until the loan is paid off. This way, you know exactly how much you will be paying monthly and can budget for it.
What type of loans does OneMain Financial offer?
OneMain Financial offers both secured and unsecured loans. If you are looking for a secured loan, OneMain will secure a motor vehicle or your home as collateral should you be unable to repay the loan. In addition, OneMain Financial offers loans for Debt Consolidation, Weddings, Medicals, Funerals, Emergencies, Moving, Vacations, Boats, RV’s, and Home Improvements. As well, OneMain Financial offers Auto Refinancing, Auto Repair, and Car Purchases.
What are the Rates and Terms offered for Personal Loans?
Rates vary from 18.00% - 35.99%. Repayment Terms are 24, 36, 48 or 60 Months.
Documents needed to Apply with OneMain Financial.
When you apply to OneMain Financial (click the link), you will be required to provide the following documents:
- A copy of a valid, government-issued ID (Driver’s License or Passport)
- Proof of Residence (Driver’s License, Utility bill, or signed lease)
- Proof of Income (Paystubs and/or your most recent tax return)
OneMain Loan Fees
OneMain Loan does charge origination fees. The state you reside in will determine the fee, which could range anywhere from $25 to $400, and percentage-based fees may also be charged depending on your state’s lending guidelines - these rates will vary from 1% to 10%.
OneMain Financial allows you to pay off your loan early without any prepayment fees. You can choose to pay more on your monthly payment or pay it off entirely. This is a great feature that allows you the flexibility to get out of debt as quickly as you can.
OneMain Financial works with each client individually, assessing your individual requirements and working towards your financial success.
|Loan Amounts||Loan Amounts from $1,500 - $20,000 (Individual States may vary)|
|Required Credit Score||Credit Score of 689 or lower.|
|Doesn't lend in||Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island|
|Minimum Annual Income||$45000|
|Types of Income||All forms of Income|
|Variable Rate Option||Fixed Rates|
|APR Range||Rates vary between 18.00% & 35.99%|
|Loan Term||Terms offered: 24, 36, 48, or 60 months|
|Credit Inquiry||Soft Credit Inquiry|
|Fees and Closing Costs||Origination Fees & Late Payment Fees Based on State|
|Secured Loans||Secured and Unsecured|
|Co-Signer||Co-borrowers can help lower rates|
|Direct Deposit||Direct Deposit through ACH|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement, Vehicle, RV purchase|
|Qualifications||18+ years old, US Citizen, Permanent Resident or Immigration Visa Holder, SSN|
|Insurance||Credit Life Insurance, Disability Insurance, Unemployment Insurance|
|Legal Documents Required||Permanent Resident, Immigration Visa Holder|
|Number of Offers||One|
|Customer Service||On-line, Local Branch|
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
i. Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or the most favorable loan terms. OneMain charges origination fees. Depending on the state where you open your loan, the origination fee may be either a flat amount (ranging from $25 to $400) or a percentage of your loan amount (ranging from 1% to 10%), subject to certain states limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses such as college, university, or vocational; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
ii. Additional conditions for secured loans: Secured loans require a first lien on a motor vehicle that meets our value requirements, titled in your name with valid insurance. Active duty military, their spouse, or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If the MLA covers you, you are not eligible for secured offers.
iii. Minimum and Maximum Loan Amount Restrictions:
- 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.
- In these states, borrowers (other than present customers) are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan that does not require you to provide collateral (such as a motor vehicle) to the lender.