OneMain Financial Personal Loans Review 2022

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Loan amounts and interest rates

Costs

Set-up fee up to 10% or $500, late fee up to $30 or 15% of your monthly payment amount, depending on your state

Regular APR

18% to 35.99%

Costs

Set-up fee up to 10% or $500, late fee up to $30 or 15% of your monthly payment amount, depending on your state

Regular APR

18% to 35.99%

Advantages

  • No minimum credit score
  • Small minimum loan amount
  • Quick Loan Funding

The inconvenients

  • High interest rates
  • High set-up costs
  • Low maximum loan amount

More information

  • No minimum credit score for approval
  • You may be able to get your loan the same day you apply
  • Loan amounts range from $1,500 to $20,000
  • Terms of office of 24, 36, 48 or 60 months
  • Loans made by OneMain Financial Group, LLC

Advantages and disadvantages

How OneMain Financial Works

OneMain Financial offers both secured and unsecured personal loans, but we focus on business unsecured personal loan options. Unsecured loans are more common with OneMain Financial and with competing lenders.

An unsecured personal loan does not require any collateral, such as a house or a car. These personal loans can be used for a variety of purposes and often come with fair interest rates. You can use a OneMain personal loan for many purposes, like debt consolidation and home improvement, but check with the lender to see if your expense qualifies for a loan.

OneMain allows several repayment options, with terms of 24, 36, 48 or 60 months. There are no prepayment penalties. You may not want to choose OneMain if you have good or better credit.

OneMain Financial might be a good option if you need cash fast. If your application is approved before noon on a business day, you could receive your money the same day. But if you choose to receive money by direct deposit, it may take a business day or two.

If you like the ability to walk into a branch and talk to an employee about your loan, OneMain can be a great choice. Other physical banks offering personal loans, such as Wells Fargo, Santander, and PNC, have higher credit score requirements.

To contact OneMain by email, simply complete the form located here. Or call Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.

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