OneMain Financial Personal Loan review: how does it work and is it good?
Our ultimate OneMain Financial Personal Loan review will help you discover what makes them unique. Borrow up to $20,000!
OneMain Financial Personal Loan: A solid option for joint and secured personal loans
Our OneMain Financial Personal Loan review is here to assist you in choosing the best loan option!
With their flexible terms and competitive rates, a secure loan with them can be very beneficial. So keep reading now to understand your options for this loan!
- APR: 18.00-35.99%;
- Loan Purpose: Major expenses, debt consolidation, emergency costs, and more;
- Loan Amounts: $1,500 – $20,000;
- Credit Needed: None;
- Origination Fee: $25 to $500 or 1% to 10%;
- Late Fee: $5 to $30 or 1.5% to 15% of the amount paid;
- Early Payoff Penalty: N/A.
What is the OneMain Financial Personal Loan?
OneMain emphasizes the borrower’s capability to pay back their loan. Even though interest rates may be high, it can still approve applicants with poor credit scores.
Plus, it has fast funding, so you get your loan within 1-2 business days after final approval.
However, this lender is unavailable in AK, AR, CT, MA, RI, VT, or Washington, D.C.
You will be redirected to another website
Terms and fees
OneMain Financial offers personal loans of up to $20,000 for credit scores of all types over terms of 2-5 years.
However, this convenience comes with fees, including:
- Origination Fee: $25 to $500 or 1% to 10%;
- Late Fee: $5 to $30 or 1.5% to 15% of the amount paid.
The origination fee can be a hassle if you don’t calculate it carefully. There are other reasonable options out there.
If you want to secure your loan with collateral, this lender accepts vehicles (10 years old or newer) such as:
- A car;
- Or RV.
You will need to provide an appraisal before approval.
It’s available if you need extra help getting approved for the amount requested.
Change payment date
You can also choose your monthly payment date, allowing flexibility when managing monthly expenses.
Direct payment for debt consolidation
Finally, direct Payment for debt consolidation loans is offered, which helps ensure payments are made on time each month.
Things you should keep in mind
OneMain Financial Personal Loans can have high-interest rates, depending on the borrower’s credit score and other factors.
Additionally, no APR is given during pre-qualification, so it can be difficult to know exactly what rate you will pay until after application submission.
Is the OneMain Financial Personal Loan good?
If you want a secure loan, this might be a good option. However, some features can be costly. Learn about its pros and cons below.
- You can choose and change payment dates;
- Joint and secured loans;
- Direct payments for debt consolidation;
- Funding in 1 or 2 business days.
- High rates compared to competitors;
- Origination fee;
- Pre-qualification doesn’t show rates.
Does OneMain Financial check credit scores?
With no minimum credit score requirement, even if your credit is an issue, OneMain Financial offers a secured loan option that requires collateral.
Want to apply for the OneMain Financial Personal Loan? We will help you!
Secure your loan with OneMain Financial Personal Loan with flexible payments. How to do it? Keep reading to understand the application process.
About the author / Suzana Brito
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