About Lender
OneMain Financial is a bank and financial institution based in Evansville, IN. It has branches across the United States. The company focuses on consumer finance and insurance. OneMain Financial provides personal loans, both secured and unsecured, to customers with good or bad credit. They help those who have limited access to traditional lenders like banks and credit card companies.
OneMain Financial started in 1912 as CitiFinancial or Springleaf Financial. It was created to offer great loan terms and financial protection. After several partnerships, the company was officially formed in November 2010. It went public in October 2013. Today, OneMain Financial has over 1500 branches in 44 states and offers personal loans in the US.
OneMain Financial leads in providing responsible loans to non-prime customers. Their personal loans are a good choice for people with FICO scores of 689 or lower. They offer some payment flexibility and options for lower interest rates. You can provide collateral or a co-signer when applying.
Pros and Cons
- Borrow up to $20,000 with 60-month repayment terms, making payments easy to manage.
- You can apply online, and get decisions in just minutes.
- FICO scores as low as 689 are accepted, and they are flexible with credit history.
- There are branches in 44 states, so you can find financial support nearby.
- OneMain Financial does not charge fees for paying off loans early
Reliability
- OneMain Financial has been in business for over 100 years. It is a top consumer finance company in the U.S. You can get financing online or at its many branches.
- OneMain Financial is one of the largest consumer finance companies. It has a strong reputation for being a responsible lender. The company helps customers reach their financial goals.
- The company ensures that all loan terms are clear and easy to understand. This helps create a trustworthy lending environment.
- OneMain Financial is dedicated to responsible lending. It protects consumers and makes sure they are treated fairly.
- Individual experiences may differ, but the company’s long history has earned many positive reviews. Customers appreciate its commitment to helping them with their financial goals.
Conditions and Requirements
Conditions
Use of loan funds. You cannot use loan funds for postsecondary education costs, like college or vocational school. You also cannot use them for business purposes, buying cryptocurrency, or gambling. Illegal activities are not allowed either.
Loan approval and terms. Getting a loan and its terms depend on where you live and your credit history. You need to show you have enough income after expenses and some collateral. Loans without a vehicle as collateral usually have higher APRs.
Disbursement of funds. You can access funds in as little as an hour after closing if you use a bank debit card. Funds can also be sent to your bank account electronically within 1 to 2 business days or by check.
Credit Score. OneMain Financial checks many things when reviewing your loan application, including your credit score and history. They may accept borrowers with less-than-perfect credit, but you might need a minimum credit score to qualify.
Requirements
Age and residency. You must be at least 18 years old and a U.S. citizen or permanent resident. You also need to live in the state where you are applying for a loan.
Income. You must have a steady source of income, like a job or benefits, to cover your loan payments.
Debt-to-Income Ratio. Your debt-to-income ratio (DTI) is found by dividing your total monthly debt payments by your gross monthly income. OneMain Financial looks at your DTI when reviewing your loan application. You may need a certain DTI to qualify for a loan.
Collateral. For larger loans, you may need to provide a first lien on a motor vehicle. - The vehicle should be no older than ten years.
It must meet OneMain Financial’s value requirements.
The vehicle must be titled in your name.
You need to have valid insurance for it. Not all applicants will qualify for larger loans or the best loan terms.
Minimum and maximum loan sizes. Loan sizes depend on state rules. For example, in Alabama, the minimum loan is $2,100. In California, it is $3,000. Maximum unsecured loans also vary. In North Carolina, unsecured loans are capped at $7,500 for all customers and secured loans at $11,000 for current customers. Generally, loan amounts range from $1,500 to $20,000.
Refinancing or debt consolidation. If you refinance or consolidate existing debt, be aware this may lead to higher total finance charges. This can happen if the interest rate is higher or the loan term is longer. Think about how this will affect your debt, monthly payments, and repayment time.
Origination fees. These fees can be a flat amount ($25 to $500) or a percentage (1% to 10%) of the loan amount, depending on the state.
Late payment fees. Late payment fees can be a flat amount ($5 to $30) or a percentage (1.5% to 15%) of the payment amount, based on state rules.
Non-sufficient funds fees (NSF). Fees for payments returned due to insufficient funds range from $10 to $50, where state laws allow.
Governmental fees. These are charges related to securing a lien on a vehicle’s title. They are passed through at cost from state or county fees.
Products
Personal loans. These loans do not require collateral and depend on your credit score and ability to pay. OneMain Financial offers personal loans from $1,500 to $20,000 in most states. You have 2 to 5 years to pay it back. You can apply for either an unsecured or secured loan with fixed rates and no prepayment penalties. Personal loans can help with many expenses like debt consolidation, vacations, and medical bills. The rate and product you qualify for depend on several factors. These include the loan length, loan amount, credit history, income, spending habits, other debts, and collateral.
Credit cards. The OneMain Financial BrightWay℠ credit card rewards your financial achievements. After just 6 payments, you can earn rewards like a credit limit increase (if approved) or a lower APR. If you pay on time, you can upgrade to the BrightWay+ card with no annual fee. You can track your spending and progress using the easy-to-use BrightWay app. The card offers a credit limit of up to $3,000 and unlimited cash back rewards. You can qualify for benefits such as a credit limit increase or a lower APR in just 6 months. This makes the BrightWay℠ card a useful tool for your finances.
Auto loans. These loans help you buy a new or used vehicle. An auto loan is used to finance your car purchase. The vehicle serves as collateral for the loan. Once you are approved, you can start shopping for your car.
Additional services. OneMain Financial provides many financial services. These include credit insurance options, debt consolidation services, and online account management. They also offer personalized customer service through their branch network and community programs. OneMain Financial is dedicated to helping you reach your financial goals. They are ready to provide personal loans, debt consolidation solutions, and support to meet your needs.
OneMain Financial is a well-known company. It is a part of OneMain Holdings Inc. and is based in Evansville, Indiana. OneMain has over 1,500 branches in 44 states across the US. They provide help for people who need financial solutions beyond what traditional lenders offer.
