![]() ![]() Review the response: OneMain Financial will send you a loan decision within minutes after submitting your information.Apply: OneMain Financial will ask you for basic information about your requested loan amount, income, and contact information.You can apply for a personal loan from the lender by following these steps: OneMain Financial will ask you for a copy of a government-issued ID, proof of residence, and proof of income. To qualify for a loan, you must be at least 18 years old-or the age of majority in your state. With a secured loan, you may be eligible for a lower rate or a larger loan amount.Īpply for a OneMain Financial Personal Loan If you are offered a secured loan, you’ll have to use your property-such as a car or motorcycle-as collateral. When you submit your application, OneMain Financial may offer you a secured or unsecured loan. A co-applicant generally has excellent credit and stable income and is responsible for the loan’s repayment if the primary borrower falls behind.Ĭo-applicants are different from co-signers in that co-applicants share responsibility for the loan and also have access to the loan funds. If you have less-than-stellar credit and want to improve your odds of qualifying for a loan-or want a larger loan amount than you got approved for on your own-you can apply for a OneMain Financial personal loan with a co-applicant. OneMain Financial’s loans have the following standout features: If you’re approved and sign the loan agreement, you could get the requested money as soon as the next business day. When you submit your application, you’ll likely receive a loan decision within 10 minutes. Depending on your credit and the requested loan amount, OneMain Financial may require you to provide some form of property as collateral to secure the loan.Īll of OneMain Financial’s loans have fixed interest rates, and there are no prepayment penalties if you choose to pay off the loan early. Instead, OneMain Financial uses the information on your application to determine your eligibility for a loan and what type of loan to offer you. You don’t get to choose which kind of loan you apply for. OneMain Financial issues both secured and unsecured personal loans. Types of Personal Loans Offered By OneMain Financial According to the company, 89% of Americans live within 25 miles of a OneMain Financial branch. It’s headquartered in Evansville, Indiana, but it has branches in 44 states. With 10.3 million customers, OneMain Financial is one of the largest installment loan lenders in the country. OneMain disburses loans in as little as one business day after an applicant is approved, so it could be a good choice if you have an emergency expense and need money quickly. Prospective borrowers applying for a secured loan and using their property as collateral may qualify for lower rates or a larger loan amount. The company issues both secured and unsecured loans. It primarily serves non-prime customers the majority of OneMain personal loans are issued to borrowers with scores of 619 or below.Ĭustomers can borrow between $1,500 and $20,000 through OneMain Financial and have up to five years to repay the loan. OneMain Financial is a personal loan lender that allows customers to apply for loans at one of its branches or online. Another option that may be offered is taking a smaller loan. ![]() If that’s the case, you may need to apply for a secured loan with collateral instead. Collateral required for some borrowers: Depending on your creditworthiness and income, OneMain Financial may decide you’re ineligible for an unsecured loan.The loans carry APRs ranging from 18% to 35.99%. Higher-than-average APRs: OneMain Financial’s loans have higher-than-average APRs.In fact, its origination fees can be quite high depending on where you live, fees can be as high as 10%. High origination fees: While many personal loan lenders don’t charge origination fees, OneMain Financial does.You have seven days from the date of your loan agreement to cancel the loan. Seven-day cancellation policy: If you take out a loan from OneMain Financial and change your mind, you can take advantage of the lender’s seven-day cancellation policy and return the funds without interest charges.Quick loan disbursement: Once your loan application is approved, OneMain Financial will disburse your funds in as little as one business day.Not all personal loan lenders allow co-applicants, but OneMain Financial does. Co-applicants allowed: If you have less-than-stellar credit, adding a co-applicant may improve your odds of qualifying for a loan or a larger loan amount.Certain minimums apply in some states: Some states have special loan minimums higher than the standard $1,500. ![]()
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