OneMain Financial Debt Consolidation Loan – 2021 Review

OneMain Financial offers loans from $1,500-$20,000 the APR is from 18.00-35.99%.

Pros & Cons

Pros

  • Option to choose your payment date.
  • They have joint and secured loans.
  • Loans funded the same or next business day.
  • Direct payment to creditors from debt consolidation loans.
  • Great for those low credit borrowers.
  • They look at your entire credit and income history not just credit score.

Cons

  • They have fairly high APRs
  • They charge an origination fee.
  • No discount for auto payments.
  • Not able to be used for business purposes.
  • Only up to $20,000.

Loan Amounts & Terms for OneMain Financial Personal Loans

Loan Amount.
In most states, you can get a loan for $1,500 to $20,000. Alabama ($2,100), California ($3,000), Georgia ($3,100), North Dakota ($2,000), Ohio ($2,000), and Virginia ($2,600) all have varying minimum loan amounts. The highest loan amount you can get if you live in North Carolina is $7,500.

Lengths of loan terms
24 months, 36 months, 48 months, or 60 months

Loan Fees

APR ranges from 18.00% to 35.99%. You’re more likely to pay a lower APR if your credit, income, and overall financial status are all good.

Origination fee.
Depending on state rules, OneMain charges a fixed fee or a percentage.Flat costs range from $25 to $500, with percentage fees ranging from 1% to 10% of the loan amount.

Fee for late payment.
The law in your state determines whether you pay a flat cost or a percentage fee. The cost of a flat fee ranges from $5 to $30. Percentage fees might range from 1.5 percent to 15 percent of your monthly payment or outstanding loan balance.

There is a penalty for paying early.
Borrowers that pay off their loan before the term ends are not penalized by OneMain Financial.

Fee for insufficient cash.
OneMain Financial may charge you between $10 and $50 if a payment is returned due to insufficient funds, depending on state legislation.

Fees charged by the government.
OneMain Financial may charge you certain government costs in order to file its lien against your automobile’s title if you put your car up as collateral.


Benefits and Features

Locations of branches.
OneMain Financial is different from other personal loan lenders in that it has a nationwide network of physical branch locations. 89 percent of individuals reside within 25 miles of a branch, according to the corporation.If you prefer to conduct business in person, you may find this useful.

App for mobile devices.
OneMain Financial has a basic app that you may use to manage your account, including checking your VantageScore, looking up payment details, and making payments.

What are the requirements for a OneMain loan?

OneMain doesn’t reveal many of its strict criteria, but it claims to be concerned with applicants’ capacity to meet their monthly financial responsibilities, such as mortgage or rent payments and other debt payments, while still being able to repay the loan.

Because a credit score isn’t used to evaluate if someone qualifies, the lender doesn’t have a minimum credit score requirement. Instead, it examines applicants’ credit information as well as alternative data using its own underwriting method.

According to a spokeswoman, the ability to repay, credit stability, and whether the loan is backed with collateral are three of the most essential elements on a loan application.

OneMain claims it’s difficult for borrowers to be authorized if their credit history is very thin, and it doesn’t underwrite applicants who don’t have a credit bureau file.

Here are the averages for OneMain borrowers and loans:

-$45,000 is the average net income.
-The average loan amount is $10,000.
-The average loan length is five years.
-The average annual percentage rate (APR) is 25%.

How to Get a Personal Loan from OneMain Financial

This is how the procedure works:

Check your current rate.
You may simply check your rate on OneMain Financial’s website by inputting a few simple data about yourself, such as your salary and personal information.There are no conditions, and OneMain Financial does not do a hard credit check at this time, so your credit is not at danger.

Documentation must be submitted.
If you’ve been conditionally authorized for a loan, a OneMain Financial representative will contact you to walk you through the rest of the application process and the papers you’ll need.A copy of your ID, proof of income (such as tax returns or pay stubs), and evidence of domicile are all examples of this.

Sign the loan contract.
OneMain Financial will create a legal contract for your loan that includes all of the rates, terms, and fees.You will be able to collect your money once you sign it.

You will get paid.
You have two options for receiving your money: in person at a OneMain Financial branch or as a direct deposit into your bank account. The amount of time it takes varies depending on the method you use.


When Will I Get My Money?

Once you’ve been authorized for a loan, you’ll be able to get your money promptly.

If you sign your loan agreement in person at a OneMain Financial branch, you can get a check at the same time.

Otherwise, your money will be deposited into your account within one to two business days.

Customer Feedback

OneMain Financial has a mixed reputation on the internet. The Better Business Bureau (BBB) gives the company a 2.13 out of 5 rating, however evaluations on other sites like Trustpilot are often better (4.8 out of 5).

Because OneMain Financial has actual branch locations, it’s difficult to get a sense of how the organization functions across the country.For example, if you search for OneMain Financial reviews on Google, you’ll see dozens of results, each for a different location.