OneMain Financial gets credit for their respectable loan sizes and long payoff periods. They also receive a decent score for their APR range, which is high compared to the rates of the best companies but still much lower than the rates charged by many subprime lenders.
Getting a loan when you have poor credit can be difficult. OneMain Financial is one of the few lenders that make it possible. The cost of these loans can be high and they may require collateral, but if you're in a pinch and need money, a personal loan from OneMain may be a good fit.
They can even be a tool for building credit if you make your payments on time. At OneMain, we've been a trusted loan company for over 100 years. You can apply for our simple and convenient personal loans online, or talk to one of our loan specialists over the phone or at your local branch.
How to spot a legitimate loan company
In another scenario, the $10,000 loan balance and five-year loan term stay the same, but the APR is adjusted, resulting in a change in the monthly loan payment amount.
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How your loan term and APR affect personal loan payments.
| Your payments on a $10,000 personal loan | ||
|---|---|---|
| Monthly payments | $201 | $379 |
| Interest paid | $2,060 | $12,712 |
OneMain Financial Review Highlights
Time for approval: It takes up to 48 hours for OneMain to come to an approval decision. That's faster than many competing lenders, and one of OneMain's few big positives. Time for funding: You should receive your loan money 1 to 3 business days after you're approved.
How Long Does It Take to Get a Loan?
| Online Lenders | Traditional Banks or Credit Unions | |
|---|---|---|
| Application Time | Plan for 15 minutes or so | Plan for 15 to 60 minutes |
| Approval Time | Three to seven days | Same day to several days |
| Funding After Approval | One to seven business days | Same day to several days |
Applying for a loan triggers a hard credit inquiry. ... For those considering a personal loan with OneMain Financial, visit our prequalification page to find out if you are prequalified.
You can certainly be denied for a mortgage loan after being pre-approved for it. ... When a lender pre-qualifies you for a loan, they just take a quick look at your financial situation. Then they throw out a number they might be willing to lend you. It's all very breezy and informal (i.e., worthless).
Among the easiest loans to get is a secured loan. That's where you put up something of value in exchange for cash. Other loans that can be easy to get with bad credit include: Personal installment loans.
Yes, you can get a personal loan with a credit score of 550. You could consider getting a secured personal loan, applying for an unsecured personal loan with a co-signer, borrowing from family and friends, and checking with local credit unions which usually have a lower requirement over credit score.
In November 2015, Springleaf Financial acquired OneMain Financial, with OneMain becoming the surviving brand. As of December 2020, OneMain had approximately 1,500 branch offices in 44 states.
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OneMain Financial.
| Type | Public |
|---|---|
| Subsidiaries | OneMain Finance Corporation |
| Website | onemainfinancial.com |
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