OneMain Financial Overview
With no minimum credit score required to qualify, OneMain offers personal loans to borrowers with below-average credit scores. In order to judge potential borrowers' creditworthiness, OneMain uses an advanced algorithm to evaluate lending risk. The factors OneMain considers when deciding whether or not a borrower is eligible are the ability to repay, credit stability, and whether the loan is secured with collateral.
Compared to industry competitors these loans are expensive. However, they have some consumer-friendly features that make them an option for borrowers who may struggle to qualify elsewhere. These loans can have a repayment term between two and five years.
OneMain Personal Loan Features
Secured and joint loan options: Borrowers with vehicles can use that as collateral for a secured loan or add a co-applicant to an application. This will help improve a borrower's chances of qualifying and getting a lower rate than they would on their own. In order to qualify, the vehicle must be insured, OneMain will then appraise the vehicle.
Mobile app: With the OneMain mobile app borrowers can view their accounts and manage payments.
Option to choose and change your payment date: When signing the loan agreement, borrowers can choose their repayment date. After that, borrowers may change the payment date twice during the life of the loan.
Quick funding: OneMain can fund a loan the same or next business day after an application is approved. For same-day funding, an application has to be approved by noon.