Review of OneMain Financial Loan

OneMain financial has been known to providing loan solutions to the people from 1912. Having a huge network of branches, it offers personal loans and local one-on-one services. With OneMain Financial, you will be able to get the loans even with a bad credit score and in lesser time even though the amount of loans approved mostly is not too large.

OneMain financial has two types of loans to offer to all its customers – secured and unsecured. In both the cases, you loan term, interest rate, and payment will be fixed, and there will be no hidden costs. However, the loan decisions are made after the loan experts at OneMain will review your application to see your credit score and evaluate your ability to repay the loan amount.

Higher loan amounts are available only to those applicants who can offer collateral in exchange on the money drawn. Also, there is a minimum loan amount restriction in some of the states. Residents of California must borrow at least $3,000. If you’re a resident of Georgia and not a current customer of OneMain, then you must borrow at least $3,100.

OneMain could be a good option for everybody who:

• Has below average or bad credit score with an average score between 600 to 650
• Requires loan amount quickly or same day
• Prefers a traditional banking experience

Terms & Fees of OneMain Financial Loan

• Term: 2 to 5 Years
• APR: 05% – 35.99%
• Loan Amount Range: $1,500 – $30,000
• Origination Fee: None
• Prepayment Penalty: None

Eligibility Requirements of OneMain Financial Loan

You need to fulfill the following minimum eligibility requirements to qualify for OneMain Financial loan:

• Minimum credit score: average is 600 to 650
• Minimum annual income: average is $49,000

However, before approving your loan it is required to submit the following documents:

• A copy of a valid, government-issued ID (e.g. driver’s license or passport)
• Your Social Security Card
• Proof of Residence (e.g. a driver’s license with your current address, a utility bill, or a signed lease)
• Proof of Income (e.g. paystubs or tax returns)

Application Process of OneMain Financial Loan

You can apply for the loan by filling up the online form on their website, and once your documents are verified, you will be called to visit one of the branch offices to discuss your options for the loan and verify the information provided by you. However, if there will be no branch nearby your place, then you can complete this step of the process remotely also.

Pros and Cons of OneMain Financial Personal Loan

Pros

• You will have access to the additional information about loans and loan amounts by contacting the OneMain loan specialist directly
• If the loan is approved before noon, then you will get the loan amount transferred to your account on the same business day
• You can apply for secured loans by providing collateral if you wish to apply for a bigger loan amount
• Even if you have a bad or low credit score, you can still apply for OneMain loan
• In case you are not satisfied with the loan amount or policies of OneMain Financial, then you can cancel the loan by returning all the loan proceedings within 7 business days from the date of the approval of loan
• The financial institute has almost 1,700 branches in 33 states

Cons

• There are limits to the purpose of the loan, that is, you cannot use the loan amount for commercial or business expenses, educational purposes or to purchase any securities
• You will have to pay late high fees in case you get delayed in repayment of your loan amount. You might even have to incur a collateral loss in case you delay it too much
• If you live in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont or Washington D.C., then you will not have access to the loans from OneMain Financial
• This is not an entirely online loan. You will have to visit one of its branches to complete your application process and get the loan amount
• You will be required to have full coverage insurance of the collateral that you will provide against the loan