OneMain Financial Loan | Apply For OneMain Personal Loan Now

OneMain financial loan is for borrowers that have low credit scores, offering some flexibility in payments and loan options that can lower your rate. This loan is known to be more expensive than other online loans.


But the good thing is that it has a few customer-friendly features that make it an option for borrowers who try their best to qualify elsewhere. OneMain offers secured and unsecured loans, and auto loans too.

OneMain also has over 1,500 branches in the US, and it has also lent $152 billion to people who are in need of a cash injection since 2005. You can apply for a secured or unsecured loan from OneMain Financial.

If you need a secured loan, they require collateral like a motor vehicle or property, but if you want an unsecured loan, you don’t have to give any collateral.

Therefore, the terms of your offer lie on your income, available collateral, debts, expenses, and credit history.

Note that OneMain financial loan made it known to us that many customers do get a larger loan than expected ever since OneMain Financial accepts even customers with bad credit. So, in this article, we will be letting you know some things about OneMain financial loans.

Where OneMain Financial Loan Stands Out

OneMain financial loan has places where it stands out, and will be listed below.

  1. Secured and Joint Loan Options: If you usually borrow a loan from OneMain, you are allowed to use a vehicle like a car, truck, motorcycle, boat, or RV to get a loan. However, the vehicle must be up to ten years old and also needs an appraisal before approval.
  2. As a borrower, you are also allowed to add your borrower so that you can get a joint loan. But your option can give you the chance and also qualify you to get a lower rate, but it always comes with potential consequences.
  3. Note that if in any way you stop paying back your secured loan, the lender will or can take your collateral. If you also stop making payments on your joint loan, then your following borrower will have to pay back the loan.
  4. Choose and Change Your Payment Date: As a client of OneMain financial loan, you are allowed to pick your payment date when you are signing a loan agreement and you can also change the real date twice when paying for the loan. This can be helpful to you only if your income and expenses change because of a new job or another payday.
  5. Fast Funding: OneMain Financial can consider you and approve your loan application instantly. If you go in person as an applicant for a loan, you may get the lender’s fastest funding time of an hour. However, it may take a day or two business days for an online applicant to get funds. One or two days is the normal time to get a loan, but some lenders make some funds fast.
  6. Direct Payment with Debt Consolidation Loans: If you are a OneMain financial loan borrower, and you use the loan to consolidate other high-interest debts, the loan funds can be sent directly to other creditors.

This feature has put an end to those steps for the borrower, and it is still important to keep an eye on your accounts until they are paid off.

Therefore, if your new loan has a lower rate than your other debts, that is when a debt consolidation loan is good. But it might be hard to achieve with OneMain’s high rates.

Branch Access: This company has a branch that normally operates in each of the 44 states where it offers loans. But as a borrower, you can get an unsecured loan without visiting any branch. But if you prefer applying for a loan with a loan officer, OneMain can always make it available.

Seven-Day Cancellation Policy: Borrowers of the OneMain financial loan are given just seven days to change their minds and cancel the loan without making any payment. But these features are offered by just a few lenders.

Where OneMain Financial Loan Fall Short

Here is that thing that makes OneMain financial loan fall.

  1. High Rates: OneMain can have drawbacks because of how high their rates are. The high annual percentage of OneMain is 18%, while other lenders offer loans with a single-digit starting rate. Even if you are a fair and bad credit borrower, if you have a credit score that is less than 690, you may not be qualified for them.
  2. No Rate Discount: This company gives any rate discounts. But it has a common discount with personal loan which is setting up an automatic payment. But it is sometimes an annual percentage rate reduction of 0.5 percentage points or less. But if you are using the direct payment feature on a debt consolidation loan, some lenders can consider and offer you a discount.
  3. Origination Fee: OneMain financial loan comes with an origination fee, but it is not uncommon for online lenders. In other states, this company charges a flat fee of about $25 to $500. And the fee is about 1% to 10% of the loan amount. This fee is always removed from the loan proceeds, which can affect the amount of the loan. And that is why you have to be sure that the loan is okay for you to make all your expenses after paying the fee.
  4. Pre-qualification Doesn’t Include APR: OneMain Financial allows borrowers to check their potential loan offers through pre-qualification just like other online lenders, and it can only show borrowers their potential loan amount and also let them know if they are qualified for a secured loan and unsecured loan. OneMain lenders also request formal information with a hard credit pull so that you can know your rate and your payment terms.
  5. Credit Insurance: This company also offers credit insurance not minding if it is a secured or unsecured loan. If borrowers have life insurance, this insurance adds to the costs but it may not be useful. Therefore, it is important to know the advantages and disadvantages of credit insurance before going for it.

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How to Apply for a OneMain Financial Loan

OneMain Financial Loan

Many of us have been asking questions on how to apply for a OneMain financial loan, we will be listing them below based on the details from the lenders.

  1. Pre-Qualify On Website: You will have to choose the check to offer button on the OneMain website and then enter the amount of loan that you want. After that, enter your name, address, email, and income. You also need to answer some questions about your employer and if you have a vehicle that can pay off. Then, enter your date of birth and SSN or ITIN. Note that there will not be any hard card pull at this stage.
  2. Preview Loan Offers and Accept the One that Fits Your Budget: You will be shown the type of loan that you are qualified for by OneMain. During this process, you will not see the repayment terms of your potential APR. But an applicants may see a secured or unsecured loan offer. The lenders will also ask for a formal application to show a full loan offer, and that will cause your credit score to temporarily dip.
  3. Submit an Application: This company also tells most applicants if they have been approved after they apply. But the final approval will need more verification, with that final approval, the lender will let you know that it can fund most loans within one or two days.
  4. Make a Plan to Repay the Loan: OneMain Financial makes payment report to all three major credit bureaus, so you are able to pay on time, it will help you build your credit score, and if you are not paying at all, it will hurt your score very well. For you manage your loan payments, you will have to set an automatic payment and always check your budget.


OneMain financial loan is the best loan that you can ever get. All you have to do and get your loan is to follow the guidelines that are mentioned in the article carefully.

Borrowers don’t have to worry about how to get a loan with bad credit because OneMain Financial doesn’t ask for a minimum credit score. Keep in mind that if you stick to your payment plan, OneMain Financial Loan will not ask you any further questions.


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