OneMain Financial Secured Loan Overview and Details

OneMain Financial offers secured loans with a fixed interest rate, ranging from 18.99% to 35.99% APR, depending on the borrower's creditworthiness.

Secured loans are typically offered for a shorter term, ranging from 24 to 60 months, allowing borrowers to pay off the loan faster.

To qualify for a secured loan, borrowers must have a minimum credit score of 600, although other factors such as income and debt-to-income ratio are also considered.

Borrowers can expect to receive a loan amount between $1,500 and $25,000, depending on their creditworthiness and loan term.

OneMain offers personal loans with loan amounts ranging from $1,500 to $20,000. You can choose a loan that fits your needs and budget.

The loan terms are flexible, with options available from 24 to 60 months, which translates to two to five years. This gives you time to repay the loan without feeling overwhelmed.

You have the option to change your payment due date two times within the life of the loan, providing some flexibility in case your financial situation changes.

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To apply for a OneMain Financial secured loan, you can start by submitting your personal, employment, and financial information online. This will get the ball rolling and you'll receive an email with a decision on your application.

You'll need to bring verification documentation to a local branch, which may include a government-issued ID, proof of residence, and/or proof of income.

To be eligible for a OneMain Financial secured loan, you'll need to have a credit history, income that covers your expenses and monthly loan payments, and regular expenses that won't be a burden. You'll also need to meet certain requirements for the collateral you put up against the loan.

Here are the basic requirements to be eligible for a OneMain Financial secured loan:

Keep in mind that other factors, such as the loan's purpose, your state of residence, and whether or not you've filed for bankruptcy, may also impact your eligibility.

To be eligible for a OneMain Financial loan, you'll need to meet certain requirements. OneMain doesn't have explicit eligibility requirements, but factors that impact eligibility include credit history, income, expenses, and collateral.

To apply for a loan, you can start by submitting your personal, employment, and financial information online. You'll need to provide personal identifying information, including your name, Social Security number, and income history.

OneMain Financial considers multiple factors when reviewing your application, including your loan's purpose, state of residence, and whether you've filed for bankruptcy. If you apply online, you'll need to go to a local branch to finalize your loan, where you'll need to bring verification documentation such as a government-issued ID, proof of residence, and/or proof of income.

To increase your chances of approval, it's recommended to have a low debt-to-income ratio and meet OneMain Financial's requirements, which include being at least 18 years old and having enough income to make monthly payments. You'll also need to provide identification, such as a Social Security number.

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Here's a summary of the eligibility requirements:

By understanding these eligibility requirements and application steps, you'll be better prepared to apply for a OneMain Financial loan and increase your chances of approval.

A loan from OneMain Financial will temporarily hurt your credit score because the company will perform a hard pull of your credit history when you officially apply, which will cause a drop in your score by about 5 to 10 points.

In the long run, your credit score can also drop if you don't make on-time payments.

You can avoid damaging your credit score for no reason by pre-qualifying first.

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OneMain Financial charges origination fees, which are typically small fees for processing and disbursing a loan, and can range from $25 to $500 or 1% to 10% of the loan amount.

Late fees are also charged, usually as a percentage of the unpaid balance, but this varies by lender. Prepayment penalties don't exist, so you can make early payments without worrying about additional fees.

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You can repay your loan through various methods, including online payments, in-branch payments, by-phone payments, by-mail payments, and payments via the OneMain app.

Here's a quick rundown of the repayment options:

You can also request a payment due date change, but there are certain conditions to meet, including not having made more than two due date changes over the life of the loan, and not being more than 10 days past due.

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OneMain Financial's interest rates are higher than average, with APRs ranging between 18.00%-35.99%. This is a significant consideration, especially if you have other options available.

Their fixed-rate personal loans have APRs between 18.00%-35.99%, which is higher than many other lenders.

The loan terms available at OneMain Financial are 24, 36, 48, or 60 months, giving you some flexibility to choose a repayment plan that suits your needs.

APRs can vary significantly depending on the loan term, with longer terms often having higher APRs.

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Here's a breakdown of OneMain Financial's loan terms:

Their loan amounts range from $1,500 to $20,000, making them a viable option for those who need a smaller or larger loan.

OneMain Financial's loan amounts can vary, but you can borrow between $1,500 and $20,000.

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Origination, late, and prepayment fees are a crucial part of understanding the total cost of a loan. Origination fees are typically small fees charged by lenders for processing and disbursing a loan.

These fees are usually withdrawn from the overall loan amount, but it's essential to check with your lender to get a clear picture of your loan's fee structure. Some lenders, like OneMain, charge origination fees ranging from $25 to $500 or 1% to 10% of the loan amount.

Late fees are fees imposed on borrowers for making late payments, and they can vary by lender. For example, OneMain is similar to many other lenders that charge late payment and insufficient funds fees.

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Prepayment penalties arise when borrowers make early payments or pay off their loan amount early. Some lenders, like OneMain, don't charge prepayment penalties, but it's essential to review your loan agreement to understand the terms.

Here's a breakdown of the fees you might encounter:

It's essential to understand these fees to avoid any surprises or additional costs when borrowing money.

OneMain offers several ways to repay your personal loan, including online payments, in-branch payments, by-phone payments, by-mail payments, and payments via the OneMain app.

You can also make payments at participating retailers using the free PayNearMe service at locations like CVS, 7-Eleven, Walmart, Casey's General Store, or Family Dollar.

OneMain allows you to request a payment due date change by calling, mailing, or emailing your local branch, but you must meet certain conditions.

These conditions include requesting only one due date change in a 12-month period, not having more than two due date changes processed over the life of a loan, and not advancing the due date more than 15 days.

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Additionally, you cannot change your due date if your account is 10 or more days past due, and you cannot change it until the first contractual loan payment has been made.

Here are the specific conditions for requesting a payment due date change:

You can make early payments on your OneMain Personal Loan without any prepayment penalties, which can help you pay off your loan faster and save on interest.

OneMain Personal Loans have fixed interest rates, which means your monthly payments will stay the same over the life of the loan, making it easier to budget and plan.

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OneMain Financial has a mixed bag of reviews and ratings from various sources.

According to WalletHub, OneMain Financial has a rating of 2,621 reviews from users and across the web, but no specific details are provided about these reviews.

The lender has a 4.7/5-star rating on TrustPilot, with the most consistent negative feedback highlighting inconsistencies in communication, loan terms, and conversations with loan officers.

OneMain Financial also earned a 4.08/5-star rating on the Better Business Bureau (BBB), with an A- rating from the BBB itself.

Here is a summary of the ratings and reviews from various sources:

OneMain Financial's ratings are a mixed bag, but let's break it down by category. In terms of Terms, OneMain Financial gets a 2.9/5 rating from WalletHub, which is likely due to the high interest rates, ranging from 18% to 35.99%.

The Requirements & Application category is where OneMain shines, with a 4.5/5 rating. This is because the lender caters to consumers with less than perfect credit, and the application process is relatively straightforward.

OneMain's Reviews & Transparency rating is 3.5/5, which is a decent score but not outstanding. This is likely due to inconsistent communication from loan officers and some borrowers reporting issues with loan terms.

Here's a summary of OneMain's ratings by category:

It's worth noting that OneMain has an A- rating from the Better Business Bureau, which suggests that the lender is generally trustworthy.

A personal loan for home renovations can be a good idea if you need to pay for your home remodel, repair, or renovation now and can spread out the costs over time.

You can get a fixed loan payment with no surprise fees, making it easier to budget.

A OneMain personal loan lets you pay for your home remodel, repair, or renovation now, so you can spread out the costs and repay it over time instead of all at once.

This can help you avoid paying all the costs upfront, which can be overwhelming, especially if you're on a tight budget.

With a fixed loan payment, you know exactly what you'll pay each month, so you can plan your finances accordingly.

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