How to apply for a OneMain Financial loan Since this is not an official application, keep in mind that your loan terms could change once you complete a formal application. This is a soft credit pull, so it does not affect your credit score. OneMain Financial’s prequalification option lets you apply only to see if you prequalify. In North Carolina, the maximum unsecured loan amount is $7,500. Georgia: $3,100, unless you are already a customer.If you live in the following states, note these minimum loan amounts: OneMain Financial personal loans are available in 44 states. Also, APRs are higher on loans unsecured by a vehicle. The vehicle must meet OneMain Financial value requirements. Active duty military personnel, their spouses, and dependents covered by the Military Leave Act cannot pledge a vehicle as collateral. If seeking a larger loan, you must provide a first lien on a motor vehicle no more than 10 years old, titled in your name, with current insurance. The process is straightforward, and you’ll know if you prequalify within minutes. Qualifying for a OneMain Financial loan is easier than for some competitors. That means a $10,000 loan costs the borrower $1,000 in origination fees. In some states, the loan origination fee is as much as 10% of the loan amount. Default on the loan and you lose your car. The collateral is generally a motor vehicle less than 10 years old. For example, OneMain Financial’s rates are higher than many other lenders. There are areas in which OneMain Financial can improve. No prepayment fees: Pay your loan off early without concern for prepayment fees.ġ,400 locations: Prefer to do business in person? OneMain Financial has over 1,400 locations nationwide. You cannot use a personal loan for illegal activities or gambling, either. Neither can you pay for postsecondary educational expenses or use the loan for investment. You cannot use these funds for any business or commercial purposes. Limited uses: OneMain Financial imposes certain restrictions on how you can use your personal loan.

Online applications approved by noon can be funded the same day.Ĥ4 States: You can get a OneMain Financial loan in every state and Washington DC except for Arizona, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont. However, they now offer funding through an online transfer or a check. Secured and Unsecured: If you own a car outright and use it as collateral., you will be able to borrow more and get a better rate than an unsecured loan.įast Funding: Previously, OneMain Financial required borrowers to come to a branch to receive the funds. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount.' OneMain also charges late fees and a fee for having a payment not go through due to insufficient funds. Flat fee amounts vary by state, ranging from $25 to $500. OneMain says, “Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. The high rates reflect OneMain accepting borrowers with bad credit.Įxpensive fees: The most significant fee is your origination fee, which is deducted from the loan upfront. High rates: Interest rates range from 18% to 35.99%. Loan limits: OneMain offers loans from $1,500 to $20,000 repayable between 2 and 5 years. Lower credit scores may qualify: OneMain Financial doesn't have a minimum credit score to qualify for a personal loan.

OneMain Financial Personal Loan Top Features That’s a great benefit for those with no or low credit scores. OneMain Financial permits co-signers on its personal loans. The former are installment loans requiring no collateral, while the latter require collateral in the form of an eligible motor vehicle. The company offers both unsecured and secured personal loans. OneMain Financial has a solid track record as a lender.

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