|Basic requirement to get the loan|
AL, AZ, CA, CO, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MH, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WA, WV, WI, WY
|APR up to||35.99%|
|Time to money||Next business day|
|Funding Method||Bank account|
OneMain Financial Loans
Some lenders for bad credit loans will charge astronomical fees. Others lower their loan amount. Some delay in funding borrowers even after they are pre-approved.
Get a different experience when you choose OneMain Financial Loans. The company is experienced, ethical, and professional. Don’t worry for a second if your credit score is less than perfect. You’ll get pre-approved and receive the cash you need in less than 24 hours.
OneMain Financial Loan Review
With a reach of over 1,700 stores in 44 states, OneMain Financial remains as one of the most prominent lenders targeting consumers with less-than-ideal credit scores. The company was founded in 1912 and has been in business for over 100 years.
Formerly Springleaf Financial, they have served over 10 million customers giving out loans worth over 120 billion.
They offer two main loan products:
1) OneMain Financial Personal Loan
Borrow a larger sum than you would with a payday loan, and repay it in equal monthly payments. The loan amount ranges from $1,500 to $20,000 at fixed OneMain Financial interest rates. Note that the amount you can qualify for depends on your income, credit history, etc.
How much is the loan going to cost? There are two things that will influence the cost of your loan:
- Origination fees – The fees are charged to cater for the cost of processing and originating the loan. They range from $30 to $150. Alternatively, they might be 1% to 5% of the total principal amount.
The lender also charges late fees for repayments overdue by more than 10 days. Late fees range from $10 to $25.
- Interest rate – The OneMain Financial interest rate is quite low compared to what similar lenders charge. You’ll only pay an interest rate of 18% to 35.99%.
Traditional lenders like banks currently charge a rate of 5% to 36%. Therefore, this lender’s rate is quite fair considering that many bad credit lenders charge triple-digit rates.
How to use your personal loan?
- Medical expenses;
- Moving costs;
- Funeral expenses;
- Emergencies like car breakdowns;
- Paying for weddings;
- Money for vacationing.
2) OneMain Financial Auto Loan
An auto loan helps you pay off your new vehicle. The company will offer you an auto loan ranging from $1,500 to $20,000. Their loans might be cheaper than opting for dealer financing.
When will I receive my funds?
Well, the company funds customers in two ways:
- Direct deposits – Thanks to direct ACH payments, you can have funds in your account in less than 24 hours. The cash can be deposited in checking or savings accounts.
- Receive cash in-person – It works if you applied for your loan at one of their branches. You receive a check, which you can cash or deposit to your account.
How will I repay the loan?
Making an on-time payment is essential to building your credit. The company accepts payments in multiple ways:
- OneMain Financial Pay Online – For online payments, the company accepts ACH direct deposits initiated from your bank account. You may also use your debit card.
- Branch payments – You may visit your local branch to complete a loan repayment. At the branch, you can pay with a personal check, debit card, money order, traveler’s check, ACH payment, etc.
- Phone repayments – You can repay your loan simply by calling their automated response number or speaking to a rep directly.
- Other payment options – You can also mail checks, pay using PayNearMe services, or initiate a loan repayment with their mobile app.
What is the OneMain Financial Credit Score?
The company has not specified a particular score needed to apply. If you feel like you’re going to get rejected when you apply online, you may stroll into any of their branches near you and make your case. Typical customers, however, have fair scores ranging from 600 to 650.
OneMain Financial Loan Review of Benefits
1) The speedy and effortless loan process.
Complete their online form in less than 10 minutes. Submit any documents required after getting pre-approved, and you’ll have funds in your bank account within 24 hours.
2) In-person applications
If you’re the type of customer who appreciates dealing with actual humans when taking out a loan, you’ll benefit by applying at a local branch in your neighborhood.
3) Convenient mobile app
Use their mobile app to conveniently check your OneMain Financial loan status, apply for a new loan, initiate a repayment, etc.
4) Improve your credit scores
The lender reports to major credit reporting agencies (CRAs). That means that on-time payments will boost your scores.
5) Rewards program
Get rewarded for being a good and loyal customer with their rewards and discount program. Get points that you can redeem for discounts at select stores.
6) Lower loan cost
Are OneMain Financial loan rates fair? Yes, because they are certainly lower than those offered by companies targeting customers with poor and fair credit scores. This will allow you to get back on track without entrapping yourself in a circle of debt.
What Customers Have Said About OneMain Financial
You can read a genuine OneMain Financial review from a previous customer on sites like Trustpilot. On the platform, the company has the highest rating of 5-stars from over 19,000 reviewers.
Customers have heaped praise on local branches for being understanding and helpful. The company’s efficiency and stress-free application process have been highlighted by several reviewers.
How to Contact OneMain Financial Customer Service
There are multiple ways to get started. First, navigate to their website and complete the loan application form. Secondly, open the “Branch Search” page to find a store near you. Thirdly, speak to a rep directly by calling this number: 800-742-5465.