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OneMain Financial Overview
One Main Financial offers personal loans from $1,500 to $20,000 with a very low credit score. In fact, at One Main Financial, you don’t need any kind of credit score to qualify. According to reviews based on the internet One Main Financial sees whether the borrower is able to repay the loan amount within the given time.
If you are able to pay the loan then they will approve you for the loan, So please read the article to understand what is the OneMain Financial criteria for qualification for their loans.
Pros
- Loan amount starting from $1,500 – $20,000
- There is no credit score requirement by OneMain Financial.
- At OneMain Financial Co-signers are accepted.
- At OneMain Financial Borrowers can get prequalified with a soft credit check.{alertSuccess}
Cons
- OneMain Financial do Charges a originaiton fees.
- High APR than Average ( 18% to 35.99% ). {alertError}
OneMain Financial Personal Loan
Annual Interest Rate (APR) and Fees
The Interest Rate of OneMain Financial is very high compared to other lenders in the market. The APR of OneMain Financial is from 18% to 35.99%. The reason OneMain Financial has a high APR is that they also approved loans of people with bad credit.
Minimum Credit Score Required
According to OneMain Financial, there are no such criteria of credit score requirement. They look for different factors for approving your loan. So there is no requirement of an ideal credit score.
If you have a good credit score then the chances of you getting a low APR is high and if you have a bad credit score then you’ll get a high APR.
If you have a good credit score then you should not apply for this lender as there are other lenders in the market who will likely give you a personal loan with a very low APR.
What is the qualifying factor of OneMain Financial loans?
OneMain Financial focuses on applicants’ ability to meet their monthly financial obligations — including mortgage or rent payments and other debt payments — and still, afford the loan.
Offered Loan Amount
OneMain Financial Offers you a personal loan amount between $1,500 to $20,000. They offer less amount than other lenders in the market. But the chances of getting approval from here are more than other lenders because of high APR and Low credit score requirements.
Eligibility Criteria
- You should be at least 18 years old
- You must a valid ID Proof or social Security number
- You must be a United States citizen or a permanent resident
- You Should have a post-tax income of more than $1,000
- You must have a valid active us bank checking account
- You have to provide a valid email address and a phone number
Required Documents
- Valid Identity Proof.
- Have to provide a DOB.
- Valid current mobile number and Email id.
- An active American bank account.
- A social security number
Repayments Terms
Example of the OneMain Financial loan
How to apply for OneMain Financial
- Just go to the website of OneMain Financial. After you’ll be asked to enter the amount you want as a personal loan and you have to specify the reason for the loan.
- Then you will be redirected to a page where you have to fill out an application form with all your personal details and employer details, every detail with regards to a loan.
- Then a soft credit check will be performed on your credit score which will not affect your credit score at all.
- After you qualify for the loan then you will be represented with a loan agreement where the APR, and payback period will be given there along with your loan amount.
- Please read all the documents carefully before you apply for this loan.
Conclusion
Editorial Note: MakeHelpOf does not receive any commission from any website or third-party advertisers. This is just a review article based on consumers’ experiences from the internet. It’s accurate to the best of our knowledge when it’s posted. Please read all the information carefully before you make any decision. {alertInfo}