OneMain Financial offers three ways to fund a loan, including by: However, if you don’t need access to funds right away, it could be a good idea to work on improving your credit score to more easily qualify for a better rate from another lender so you can save money on your overall borrowing costs. If your credit score is too low to qualify with another lender, then taking out a personal loan with OneMain Financial might still be worth it despite the higher rates and lack of discounts. Borrowers with subprime credit scores (usually meaning a score below 670) are seen as riskier by lenders, which then leads to the high rates like those charged by OneMain Financial. Keep in mind that lenders review your credit to decide if you’re a risky investment as well as to determine your rate.
Considering that the minimum APR for this lender’s personal loans is relatively high - even higher compared to other lenders that offer loans for bad and fair credit - this can be a drawback. Unlike some lenders that provide autopay or loyalty rate discounts, OneMain Financial doesn’t offer any ways to rate reduction discounts. OneMain Financial perks and special features Savings and discounts
Be prepared to provide your personal information, such as your name and email address.
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If you choose to move forward with OneMain Financial, you’ll need to submit a full application either online or at a branch location.
After comparing lenders, pick the loan offer that best aligns with your needs. Make sure to consider rates as well as other factors like loan amounts, fees, repayment terms and eligibility requirements. Many lenders - including OneMain Financial - let you prequalify with only a soft credit check that won’t hurt your credit score. This can help you find the right loan for your needs. Before applying for a loan, be sure to shop around and compare your options with not only OneMain Financial but also as many other personal loan lenders as possible. If you’d like to apply for a personal loan from OneMain Financial, follow these steps:
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How to apply for a OneMain Financial personal loan Ultimately, the loan terms you receive will depend on your individual financial profile and ability to repay the loan. If you’re approved, you might be offered an unsecured loan that doesn’t require collateral or a secured loan that does (potentially for larger loan amounts). Unfortunately, the lender doesn’t disclose specific qualification requirements outside of a minimum credit score.
In addition to your credit history, the lender will also consider your state of residence, loan purpose, financial history, income, debt-to-income (DTI) ratio and whether you’ve previously filed for bankruptcy when making an approval decision. Unlike most lenders that require good credit scores, you could qualify for a personal loan from OneMain Financial with a credit score of at least 560. This was due to alleged violations by the lender against the CFPB’s ban on “unfair, deceptive, or abusive acts and practices.” How to qualify for a OneMain Financial personal loan In 2022, the company received another warning from the CFPB that the agency was considering the recommendation of an enforcement action. While many customers report being happy with their loans and its customer support team, some express frustration about being denied a loan and poor customer service.Īdditionally, OneMain Financial is currently under investigation by the Consumer Financial Protection Bureau (CFPB) for its refunding practices on optional membership plans and insurance products that were canceled by customers. an established financial services firm with a history dating back to 1912 - and it provides secured and unsecured personal loans in addition to two types of consumer credit cards.Ĭustomer reviews of OneMain Financial are mixed. Founded in 2010, OneMain Financial is the consumer finance arm of OneMain Holdings, Inc.
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