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Financial loans for poor credit
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OneMain Financial Personal Loans: 2019 Review
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Good for: Bad credit, secured loan
OneMain Financial provides personal loans to people with bad credit who may have trouble qualifying for a traditional bank loan.
OneMain may be a good fit if:
- You have bad or below-average credit. OneMain has no minimum credit score requirement, but its borrowers’ average scores are between 600 and 650.
- You prefer a traditional bank experience. OneMain usually requires a visit to one of its more than 1,600 branches.
- You need money quickly. Loans typically fund the same day.
OneMain Financial loan rates and terms
Origination fee: Varies by state
Prepayment fee: None
- Minimum credit score: None; average is 600 to 650.
- Minimum credit history: Not provided.
- Minimum annual income: None; average is $49,000.
- Debt-to-income ratio: Not provided.
Click “Check rates” to get started with OneMain.
OneMain Financial personal loan review
To review OneMain Financial, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.
OneMain’s personal loans are commonly used for debt consolidation, wedding and medical expenses, home improvement projects and auto financing. The lender considers traditional factors such as credit history and debt-to-income ratio when evaluating borrowers.
Best of 2019: NerdWallet recognized OneMain Financial among our list of Best Personal Loans of 2019 in the category of bad credit.
High rates: OneMain’s starting annual percentage rate of 16.05% is higher than what is charged by some online lenders that cater to people with poor credit, such as Peerform and Avant. OneMain’s rates top out at 35.99%.
Loan example: For a borrower with bad credit, a $10,000 unsecured personal loan with a repayment term of two years at 27.2% APR would carry monthly payments of $545, according to NerdWallet’s personal loan calculator.
Fast cash: OneMain provides fast loans; you can complete an application and receive a decision in less than 10 minutes. Once you’ve been approved, you can receive funds as soon as the same day by check, or one to two business days via bank payment.
Funding time also varies based on what time you submit the application, the number of documents required and how long it takes you to submit the documents to get your application approved, according to OneMain.
Secured loan option: You can also apply for a loan that is secured with a car title or other collateral, which may help you qualify for a lower APR, larger loan amount or longer loan term compared with an unsecured loan. OneMain says 44% of its loans are secured loans.
As with any secured loan, if you can’t make your loan payments, you could end up losing your vehicle or other collateral.
OneMain and other lenders typically offer optional credit insurance with secured loans. This insurance adds to your costs and may not be needed, so learn about the pros and cons before you buy it.
Free credit score: Approved OneMain borrowers have free access to their credit scores, a feature that few other online lenders offer.
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SOURCE: http://www.nerdwallet.com/blog/loans/onemain-financial-review-personal-loans-for-poor-credit/
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