OneMain Financial has personal loans up to $20,000 for those who have bad credit. Continue reading the review to find out if OneMain Financial suits you.
The starting APR is a bit high since it starts from 18.00%, but this particular lending service works together with you to find a solution with the right personal loan.
Simply follow the application process on the OneMain Financial site and you can start taking out personal loans at your convenience! The application process only takes but a few minutes to check loan rates and terms. Apply today!
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OneMain Financial Information
Lender | OneMain Financial |
APR | 18.00% – 35.99% |
Loan Amount | $1,500 – $20,000 |
Term Length | 2 to 5 years |
Origination Fee | Varies by state |
Prepayment Fee | None |
Late Fee | 5% |
NSF Payment Fee | Varies by state |
Minimum Gross Income | $49,000 |
Minimum Credit Score | 600 – 650 |
Repayment Options | Monthly |
OneMain Financial Personal Loan Eligibility
To qualify for a OneMain Financial personal loan, all applicants must have:
- A minimum credit score of 600 or above
- At least 3 years of credit history
- An average minimal income of $49,000
Pros and Cons of a OneMain Financial Personal Loan
- You don’t need to own a home to apply.
- The application is simple and easy to follow.
- Cosigners are welcomed to apply.
- Initial credit check will not affect your credit score. However when your loan is approved, it will show up on the report.
- When approved, you can receive your funds the same day you’re approved.
- A personal loan from OneMain Financial can be used towards small business, debt consolidation, home improvement, medical bills and other special occasions.
- There is a 7-day commitment guarantee, so you can cancel your loan in 7 days without penalty if you want.
- They have flexible payment options, so you can make payments via online, in branch, by phone or even at a Walmart service desk.
- You can earn points through the OneMain Rewards program by completing tasks like paying your bills on time or keeping up with your credit score. You can even redeem those points for gift cards and other things!
- Unfortunately, OneMain Financial is not available in all states. OneMain Financial is not available in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C.
- You have to visit a physical OneMain Financial branch in order to complete a loan.
- The APR is a bit high.
- If you take out a secured auto loan, you have to have full coverage on your car.
How To Apply For a OneMain Financial Personal Loan
- Fill out a brief personal loan application on OneMain Financial’s website for the desired loan amount.
- Get a copy of your credit report. A minimum credit score of 600 or higher is required to apply for a OneMain Financial personal loan.
- Head over to your local OneMain Financial branch to meet with a loan specialist when your application gets approved.
- Sign and receive your funds after accepting all the terms and conditions.
Bottom Line
If you happen to have bad credit or a low credit score and don’t know where to start when it comes to investing in a personal loan, then OneMain Financial can be of assistance.
The only downside is that OneMain has a high APR of 18.00% and requires you to visit a branch in person, but if you prefer speaking to a specialist in person rather than through the phone, then this might benefit you.
Even though OneMain conducts a soft credit pull, they are here to help you if you comply with their requirements.
You can use your funds toward anything–auto bills, home improvement, special occasions and much more!
Are you interested in this personal loan from this lender? Please let us know in the comment section below on your experience! If you want to search for more options on taking out the best personal loan, check out our full list of Best Personal Loans.
(Visit OneMain Financial for more details)
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