As one of the largest personal loan companies, OneMain Financial is committed to helping hardworking Americans achieve their financial dreams. Whether the money is for debt consolidation, auto loans, or other major life events, OneMain Financial makes approval easy and painless. With competitive rates, local branches nearby, and over 100 years of service, they offer many options that will work for your financial situation.
What is OneMain Financial?
Tracing its roots back to 1912, Alexander E. Duncan initially founded a commercial credit company that would, over time and through a series of mergers and acquisitions, eventually form OneMain Financial. With over 1,500 branches in 44 states, the personal loan company is one of the best alternatives to traditional lenders.
The company is headquartered in Evansville, Indiana, and is committed to strengthening its customer’s financial future. Communities and giving back looms large at OneMain, and they actively partner with local community leaders to provide grants and support volunteer efforts by their employees.
Is OneMain Financial a Legitimate Company?
Applying for a personal loan is stressful but it doesn’t need to be. OneMain Financial makes it easy to find a way to fit payments into your budget. With a team of knowledgeable specialists, borrowers can expect to have the terms of their loan laid out before them with no surprises or sneaky fees.
If you have low credit and need help to obtain a loan from a traditional bank, OneMain Financial works to provide access to credit designed with easy repayment in mind. With most Americans unable to monetarily cover an emergency, borrowing money is often the only option. These unexpected life events shouldn’t leave you broke or in financial distress; those principles built up OneMain Financial’s continued success.
Less than 10% of its customers default because they provide access to financial tools to improve overall fiscal health. There are no prepayment penalties, and they work with their borrowers to help them build and improve their credit scores.
What Type of Loans Can You Get with OneMain Financial?
Providing personal loans is the leading service of OneMain Financial. So what is a personal loan? Also known as an unsecured loan, it’s an installment loan with a fixed interest rate used for various reasons. Some of those reasons include the following:
- Debt consolidation
- Auto loans
- Home improvements
- Medical bills
- Emergency loan
The fixed loan amount is paid back in monthly increments over a scheduled time period. With a fixed repayment plan, it’s easy for borrowers to know how much they need to set aside each month and when the loan is paid off. OneMain Financial offers loans from $1,500 up to $20,000.
In addition, they offer an insurance service to help when you face life’s unexpected challenges. The goal is to provide these services in a pressure-free environment and keep customers safe and fiscally sound.
While offering personal loans is the main product at OneMain Financial, providing educational material to help customers achieve their best financial life is essential. Therefore, they offer free online courses to assist borrowers in improving their financial literacy and understanding of loans, debt, and overall economic well-being.
Requirements to Qualify for a OneMain Financial Loan
Regarding the minimum credit score to qualify for a loan with OneMain Financial, they are known to accept those with bad/poor credit history. In addition, their website provides a prequalification form that will let you know if you’d qualify for a loan.
Your loan specialist will consider the following when reviewing your application to determine your loan terms and the amount you qualify for:
- Financial history
- Credit report
- Purpose of the loan
- Debt to Income Ratio
OneMain Financial Application Process
Applying for a financial loan with OneMain Financial is easy. After verifying some personal information, financial data, and employment history, a loan specialist will contact you regarding your status. Once approved, verification of identity, income, expenses, and collateral requirements will continue.
The loan specialist will also review the different types of loans and what might work best for you and your situation. This can happen at a local branch, online, or by calling OneMain Financial’s phone number.
After approval, you’ll receive the money with repayments starting shortly. Sometimes, you could receive your money the same day you’re approved.
What Are the Fees and Costs of a OneMain Financial Loan?
There are a few different loan fees associated with personal loans. They include:
- Loan origination fees — The amount of such a fee depends on the state where the loan was opened. It could be a flat fee or a percentage of the loan amount. They will be disclosed on the loan agreement.
- Late fees — Charged when a payment arrives after the grace period, a late fee charged is usually a flat fee but could vary depending on the state where the loan originated.
How to Get Started with OneMain Financial
OneMain Financial makes it easy for everyone (even if you’ve had bad credit before) to apply and qualify for a personal loan. The average time period from loan application to receiving your loan proceeds is usually one business day — something that sets OneMain Financial apart from other lenders.
To start your online application or view the rates you would qualify for, visit OneMain Financial’s website.