OneMain Financial ReviewsOneMain Financial previously known as Springleaf personal loans lender with a focus on people with lower than perfect credit score. With more than 10 decades in the loans business, they offer loans services that are easily accessible to their target market. The company has branches in 44 states where they are licensed and regulated by the host state. Website: https://www.onemainfinancial.com
OneMain Financial is a loans service provider that focuses on individuals with subprime credit scores. Founded in 1912, the company has served more than 10 million clients with at least $120 billion in loans issued. When checking for your rates, the company makes harmless soft credit checks. However, before the actual loan lending, they rely on hard credit checks in the application process which may hurt the overall credit score.
The company offers loans both through their online platform and in any of their branches. The online application process is simple and you will be required to provide your personal details that may include:
- Basic personal information
- The loan amount needed
- Employment information and in-depth income details
- The intended use for the money
- Bank account information
- Property ownership information
After submitting the application, you will receive an instant lending decision in your email. A representative with contact you and schedule an appointment at the nearest branch to process the loan request. However, if you are not close to any branch, the representative can help you to finish the process remotely.
At the branch, you are required to carry all the documents that provide proof of the information submitted earlier. A passport, driver’s license will work for proof of identity while utility bills and pay stubs will work for address and income verification respectively. If you chose to take a secured loan, you will be requested to present the security. Normally, this will be your vehicle.
If you have all the documents, the verification process can take up to 30 minutes. Before receiving the money, you will be required to sign the loan agreement and you may be asked to write a post-dated check for loan payment.
Typically, all loans that have been approved and finalized by noon will be funded on the same day. Otherwise, the money is availed on the next business day.
Onemainfinancial.com/log-in has a low than average criteria compared to other lenders in the same category. However, they are a little stringent on the qualifications which may include:
- You must have a stable source of income or be employed. The easiest way to get past this requirement is having a paystub but if you are in self-employment, you’ll be asked to present several tax returns documents.
- You should have zero bankruptcy filings
- Your credit score should be at least 600 or above
- You must be 18 years or older. If you live in Alabama and Nebraska, the age limit is 19 years
- You must have a good history of making timely payments on credit with a few accounts
- You must demonstrate a strong ability to pay the money borrowed. The lender will make detailed inquiries on your typical income and expenditure habits to make sure there will be sufficient money. Also, the debt burden will be scrutinized and they are keen to make sure that after all deductions, you’ll have some money left.
- You must be a permanent resident or citizen of the US
The loans are approved within a short period and once the application is started online, the verification and finalization at the branches take at least 30 minutes.
Because the loans are interest bearing with daily interest, the interest fees charged can be reduced by making several payments as often as possible.
Once your loan has been approved, the representatives at the branch will make it very easy for you to access a loan. This is because the company has a policy that seeks to retain as many customers a possible. Therefore if you prove to be a good customer, they will give you attractive offers.
OneMain Financial fees and charges will vary depending on the state of residence, applicant’s credit profile and the loan amount borrowed.
Their loans bear an APR that will range from 12.99% – 35.99%. People with better credit scores will get better rates with applicants with low scores borrowing at higher rates. However, after building a good credit history with the company, you can easily qualify for better rates.
Apart from the APR, there are other charges applied by this lender and may include:
A fixed origination fee that varies in different states: For instance in California, a loan of $5000 will be charged a 5% fee
Late fees, as well as returned payment fees, will vary by state
If you choose to pay the loan through a debit card by phone, you’ll be charged $2.95 for the transaction
The application process is straightforward and approved loans can be funded on the same day or on the next business day.
The company is experienced in financial matters and with over 10 decades in operation, you are assured of dealing with an institution you can trust.
The amount accessible is relatively high meaning you can accomplish most financial emergencies with the funds. However, you have to specify the exact intended use for the loan.
The rewards program is attractive and customers earn points for responsible lending. Timely payments, electronic statements and setting up automated payments are some of the things that earn you reward points. The accumulated points are redeemable for gift cards.
OneMain Financial encourages early loan repayments and will not charge any prepayment fees on the loans.
Upon loan approval, the lender offers you a two-week period in which you can rescind the money borrowed without any additional charges.
People with bad credit can be approved to borrow money but in most cases, the loans have to be secured. This is a good deal because the rates and terms for the loan may be better than borrowing from regular payday lenders.
OneMain Financial operates in 44 states in the US and has over 1800 physical branches. The states are:
Alaska, Arizona, California, Delaware, Colorado, Florida, Hawaii, Georgia, Idaho, Indiana, Illinois, Iowa, Louisiana, Kansas, Kentucky, Maryland, Maine, Michigan, Mississippi, Minnesota, Missouri, Nebraska, Montana, Nevada, New Hampshire, new Mexico, New Jersey, New York, North Dakota, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, Pennsylvania, South, Dakota, Texas, Tennessee, Utah, Washington, Virginia, Wisconsin, Wyoming and West Virginia.
OneMain Financial offers discounts and rewards to their customers. To get access to the discounts, take a look at their rewards page. Also, by signing up for their newsletter, you can get the latest discount codes.