With nearly 1,500 branches in 44 states in addition to its online presence, OneMain Financial is one of the largest personal installment loan companies in the United States. Not only does it offer some of the best debt consolidation loans you can find it in the market, but it also offers auto loans, home improvement financing solutions, vacation loans, and several other types of personal financing.
OneMain loan amounts range from $ 1,500 to $ 20,000, and the lender will not disregard your request if your credit is average or even poor. In some states, the minimum loan amount may be higher: Alabama, $ 2,100, California, $ 3,000, Ohio, $ 2,000, Virginia, $ 2,600, and Georgia, $ 3,100, except if you are a current customer.
Unlike some of the other lenders on our list, OneMain Financial does not disclose any of its eligibility requirements. Yet, according to the supplier’s website, the best candidates for his the lowest–interest debt consolidation loan should be able to meet their other financial obligations, such as mortgage and rent payments, while still paying the loan.
There is no minimum credit score threshold because the lender relies on a proprietary underwriting system, which evaluates multiple data points on a potential borrower. Consumers can be prequalified to get a feel for a loan offer without damaging their credit score. It is also important to mention that OneMain accepts co-signers.
APR, fees and reimbursement terms
OneMain Financial will charge you a fixed APR of between 16% and 36%, a slightly higher rate than its competitors.
Even if it offers the best consolidation loans for bad credit, this provider charges an origination fee. Depending on the state in which you apply for a loan, you may be charged a fixed fee ranging from $ 25 to $ 500 or a percentage based fee between 1% and 10% of your loan amount.
OneMain Financial also imposes late payment fees. Again, depending on the state you are applying for the loan, making a late payment will cost you either $ 5 to $ 30 per item or 1.5% to 15% of the overdue portion of your loan. monthly payment amount.
Note that the lender may also charge you insufficient funds fees, ranging from $ 10 to $ 50 per returned payment.
If you decide to consolidate your credit card debt (or any other type of debt) with the help of OneMain Financial, know that this provider offers personal loan amounts ranging from $ 1,500 up to $ 20,000. As for the repayment options, you can opt for a term of 12, 24, 36, 48 or 60 months.
Unlike most of its competitors, OneMain has a mobile app that borrowers can use to verify their accounts and manage payments. This is a unique feature as these mobile apps are rarely offered by online lenders.
Another feature that places OneMain among the top rated credit consolidation companies is that it lets its users choose their payment date when signing a loan agreement, as long as they do so within 45 days of accepting the offer.
It is also important to mention that the lender allows you to apply for financing with a co-applicant and communicates payment information to the three major credit bureaus.
If you have any questions about applying for a personal loan, or if you are having trouble, there are several ways to contact OneMain. To learn more about get a personal loan to repay a debt, you can ask your questions by phone, mobile application or via the contact form provided on the lender’s website. There is also a comprehensive help page with detailed answers to the most frequently asked questions and Educational resources.
- No credit score requirement
- Fast financing times
- Mobile app