OneMain Financial offers personal loans, even for those with bad credit. Understanding the terms, fees, and eligibility requirements is crucial before applying. This article breaks down the essential details to help you navigate borrowing money with a less-than-perfect credit history.
Understanding OneMain Financial Loan Requirements
Loan approval isn’t guaranteed. It hinges on factors like your credit history, income, and ability to meet OneMain’s lending criteria. While they cater to individuals with bad credit, demonstrating responsible financial behavior, stable income exceeding monthly expenses, and potentially offering eligible collateral strengthens your application.
Loan Amounts, APRs, and Terms
Not all applicants receive the same loan offers. Higher loan amounts often necessitate a primary lien on a vehicle less than ten years old, meeting specific value criteria, and titled in your name with valid insurance. Loans without vehicle security generally carry higher Annual Percentage Rates (APRs).
For instance, a $6,000 loan with a 24.99% APR and a 60-month repayment term results in monthly payments of $176.07. Remember, this is just an example, and your actual rates and terms may differ.
Origination Fees: What to Expect
OneMain levies origination fees as permitted by state regulations. These fees can be a fixed amount or a percentage of the loan, ranging from $25 to $500 or 1% to 10% of the loan amount, respectively, depending on your location. Specific fee details and loan size limits for your state are available on their website: omf.com/loanfees.
Important Considerations for Existing and Military Customers
If you already have a loan with OneMain or its affiliates, discuss your options with a representative when applying for a new loan.
Members of the military on active duty, their spouses, and dependents covered by the Military Lending Act (MLA) cannot use a vehicle as collateral and are ineligible for secured loans.
Loan Proceeds Restrictions
Loan funds cannot be used for post-secondary education expenses (college, university, vocational school), business or commercial purposes, cryptocurrency or speculative investments, gambling, or illegal activities.
Loan Funding Timeframes
Loans funded through SpeedFunds® are typically disbursed to a bank-issued debit card within an hour of closing. Disbursements via check or ACH can take 1-2 business days.
