OneMain Financial Personal Loan: Fixed Rates & Fast Funding

Considering OneMain Financial Personal Loans? Our guide covers loan amounts from $1,500-$20,000, fixed rates, and fast funding options to help you see if they’re the right fit for your financial goals.

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Life is full of unexpected expenses and exciting opportunities, from a sudden car repair to a dream vacation. In these moments, a personal loan can provide the necessary funds to move forward. One popular option for many is the OneMain Financial Personal Loan program.

With a century history, OneMain offers a straightforward approach to borrowing for a wide variety of needs. In this article, we’ll explore the key features of their loans, including available amounts, potential uses, and what the application process looks like, to help you decide if it’s the right financial tool for your situation. Read on!

Mature man in a business suit smiling while talking on the phone in a professional office setting, with the OneMain Financial logo visible next to him.

How the personal loan Works

OneMain Financial Personal Loans provides you with a one-time lump sum of cash that you repay in predictable, equal monthly installments over a fixed period, which typically ranges from 24 to 60 months. This structure allows for clear and simple budgeting.

The loan can be either secured or unsecured. An unsecured loan is approved based on your overall financial standing, including your credit history and income. For a secured loan, you provide an asset, such as a vehicle, as collateral. This can be an option for those who might not otherwise qualify or who are seeking a larger loan amount.

People who apply for these loans often have a specific need in mind, and OneMain evaluates their entire financial picture—not just a credit score—to determine eligibility.

Main advantages of OneMain Financial Personal Loan

When considering a OneMain Financial Personal Loan, several key benefits stand out. They can make it an attractive option for borrowers:

  • Speedy Access to Funds: For urgent financial needs, OneMain offers exceptionally fast funding. Qualified borrowers can receive their loan money in as little as one hour after closing when using a bank-issued debit card.
  • Personalized, In-Person Service: Unlike many online-only lenders, OneMain has a vast network of over 1,300 physical branches. It gives you the option to discuss your loan with a specialist face-to-face.
  • Risk-Free Prequalification: You can check for potential loan offers and see what rates and terms you might qualify for without it affecting your credit score. It allows you to explore your options safely.
  • Predictable Repayment: Loans come with fixed rates and fixed monthly payments. It means, your payment amount will not change over the life of the loan, making budgeting simple and straightforward.
  • Flexible Borrower Options: OneMain provides both secured and unsecured loan offers, increasing the chances of approval for a wider range of applicants.

Disadvantages

While a OneMain Financial Personal Loan can be a useful tool, it’s crucial to consider the potential downsides. Prospective applicants should carefully weigh these factors before committing to a loan.

  • High Interest Rates: The Annual Percentage Rates (APRs) can be quite high, with a maximum of 35.99%. This can make the loan very expensive over time, especially for borrowers with fair or poor credit.
  • Origination Fees: Most loans come with an origination fee for processing the application. This fee can be a flat amount up to $500 or a percentage of the loan up to 10%, adding a significant upfront cost.
  • Collateral Requirement for Larger Loans: To qualify for larger loan amounts, you may need to provide your vehicle as collateral. It means, you risk losing your car if you default on the loan.

Rates and Commissions of OneMain Financial Personal Loan

Understanding the full cost of a OneMain Financial Personal Loan is essential. The loans come with fixed Annual Percentage Rates (APRs) that range from 18.00% up to 35.99%. It can significantly impact the total amount you repay.

Beyond the interest rate, several fees can apply. Most loans include a one-time origination fee to process the loan, which is either a flat amount from $25 to $500, or a percentage of your loan (1%-10%), depending on your state.

If you miss a payment deadline, you’ll incur a late payment fee, which can be a flat fee from $5 to $30, or a percentage of your payment. Additionally, a Non-Sufficient Funds (NSF) fee of $10 to $50 is charged for returned payments.

For secured loans, governmental fees for placing a lien on your vehicle’s title may also apply.

Requirements and eligibility criteria

OneMain Financial evaluates several factors to get a complete view of your financial situation to guarantee you qualify. They look beyond just a credit score, considering your overall financial and credit history, your income compared to your expenses, the reason for the loan, and any past bankruptcies.

Your eligibility also depends on your state of residence, as loans are not offered in every state. Also, some states have minimum or maximum loan size restrictions.

When you apply, you will need to provide specific documentation. This typically includes proof of identity (like a driver’s license), proof of residence (such as a utility bill), and proof of income (like pay stubs or tax returns). For larger loan amounts, you may also need to provide a qualifying vehicle as collateral.

How to get a OneMain Financial personal loan

  1. Application Process: Start by checking for prequalified offers on the OneMain website, which won’t affect your credit score. If you decide to proceed, you can complete the full application online in minutes. Alternatively, you can apply over the phone or by visiting one of the 1,300+ branch locations for in-person assistance. You will need to submit documents like proof of identity, residence, and income for verification.
  2. Tips for Approval: To increase your chances, ensure your income is sufficient to cover your existing monthly expenses plus the new loan payment. Have all your documentation (ID, pay stubs, utility bills) organized and ready to submit. If you have a qualifying vehicle, consider applying for a secured loan, as this may improve your eligibility or allow for a larger loan amount.
  3. Funding Time: OneMain is known for its speed. After your loan is approved, and you sign the closing documents, you can receive your funds in as little as one hour if you opt for disbursement to a bank-issued debit card. Other options include direct deposit (ACH), which takes 1-2 business days, or a physical check.
  4. In Case of Rejection: If your application is denied, it’s best to contact a OneMain loan specialist directly. You can call them or visit a branch to ask for the specific reasons for the denial. Understanding these reasons will help you identify which areas of your financial profile need improvement before you consider applying again in the future.

Conclusion

In summary, OneMain Financial Personal Loan presents a flexible and accessible borrowing option, particularly for those who need funds quickly or value the ability to work with a loan specialist in person. With fixed rates and predictable payments, they offer a clear path to repayment for a wide array of financial needs.

However, this convenience comes at a cost. Borrowers must be mindful of the potentially high APRs and origination fees, which can make these loans an expensive choice. The requirement of collateral for larger loan amounts is another critical factor to consider.

Ultimately, a OneMain loan is best suited for a borrower who has weighed the significant costs against the benefits of speed and accessibility.

For those who believe this financial product aligns with their needs and are ready to explore their options, you can begin the prequalification process by visiting the official website. You just need to click here!

APPLY TO ONEMAIN FINANCIAL PERSONAL LOAN

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Loan terms: 12 to 60 months. APR: 0.99% to 9% based on the selected term (includes fees, per local law). Example: $10,000 loan at 0.99% APR for 36 months totals $11,957.15. Fees from 0.99%, up to $100,000.