OneMain Financial offers personal loans to interested borrowers, and with the loan you can get, it can be used to cover unexpected expenses, debt consolidation, and home improvement.
If you are interested in taking out a loan, you can do it in person, online, or over the phone at the nearest OneMain Financial branch near you.
During the application process, you will need to enter your personal and financial information for evaluation.
After it has been reviewed and you are approved for the loan, you will receive the funds in your bank account and start paying it back over the fixed period through monthly installments.
OneMain Financial Personal Loans Eligibility and Requirements
Here are the requirements and documentation that you will need to provide during the application process:
- Meet the minimum age requirement.
- Social Security number.
- Proof of identity.
- Employment verification.
- Proof of income.
- Credit history check
- Debt-to-income ratio.
- Proof of residence.
- Collateral
You also need to meet the underwriting criteria of OneMain Financial.
Pros and Cons
Here are the benefits and drawbacks of applying for a OneMain Financial personal loan. Be sure to weigh them out:
Pros
- Quick application process.
- Accessibility for borrowers with poor or fair credit.
- Debt consolidation services.
- Co-borrowing is possible.
- Customizable loan options.
- Prepayment penalties are not applied.
- Fixed interest rates.
- Secured or unsecured loan options.
- Flexible repayment terms.
- In-person assistance is available at any branch location.
- Branch locations for in-person assistance.
Cons
- Collateral is needed for certain loans.
- Higher interest rates.
- Potential late payment fees.
- Limited maximum loan amounts.
- Availability is limited.
- In-person application is needed for certain borrowers.
- Potential for origination fees.
- Not a good idea for large borrowing needs.
- Limited online account control features.
- Some borrowers may not meet the credit score requirements.
Who Are OneMain Financial Personal Loans Best For?
Every loan lender has their own unique features and services, and these services are best or most suitable for certain borrowers. This is where comparison comes in.
Thus, to find the perfect lender for your needs and goals, you will need to compare and research thoroughly. If you are still confused, this is what I mean. Borrowers can consider OneMain Financial personal loans if they:
- Need debt consolidation funds.
- Have a poor or fair credit score.
- Look out for in-person customer support and service.
- Needs customizable loan options.
- Needs fixed-rate loans with predictable payments.
How to Apply for a OneMain Financial Personal Loan
Taking out or applying for a OneMain Financial personal loan is a straightforward process. Nevertheless, if you are new to the procedure and need assistance, this guide is for you. Here are the simple and easy steps you need to successfully apply for a personal loan from OneMain Financial:
- Visit the OneMain Financial personal loan official website.
- Log in as an existing user or sign up as a new user.
- Prepare the necessary documents.
- Apply over the phone, in person, or online.
- Begin the application process.
- Complete the application form and submit it.
After submitting, wait for your application to be reviewed and approved. However, this can take a few days. Then, go through the terms and conditions of the loan and accept. Lastly, you can start paying back the fund after you receive it.
Frequently Asked Questions
How long does OneMain Financial take to approve a loan?
Generally, OneMain Financial approves loans to borrowers on the same day of application or within one working day. Then, after your application has been approved and you have accepted the offer, it usually takes 1 to 2 days to receive the funds.
How much can you borrow from One Main?
For borrowers interested in applying for an auto loan, you can take out $1,500 to $20,000. However, the borrowing limits usually vary.
What credit score do you need for a OneMain Financial loan?
A wide range of credit scores will be considered during the application process for a personal loan from OneMain Financial. Still, if you have a higher score, you might qualify for favorable terms.
Is it easy to get a loan with OneMain Financial?
Undoubtedly, you can access a wide range of loan types from OneMain Financial, especially for people with different credit scores. However, the approval of the loan is based on their qualification for the underwriting criteria.
Does OneMain Financial approve everyone?
There is no guarantee that OneMain Financial will approve all borrowers because different factors will need to be considered to determine one’s eligibility. Hence, if you are not qualified, you will not be approved.
