OneMain Financial doesn’t disclose or impose a minimum credit score and instead looks at your entire credit history when reviewing your application.Ī OneMain Financial confirmed it doesn’t “use FICO scores in underwriting, and there is no minimum credit score for a OneMain loan. Instead, it takes into account your ability to pay and your credit history, among other factors, before approving an application. We confirmed with a OneMain Financial rep that it doesn’t list set requirements you’ll need to meet in order to qualify for a loan. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Personal loan applications are approved or declined based on a number of factors. OneMain Financial offers a bare-bones app that you can use to manage your account, including looking up payment details, making payments and checking your VantageScore. If you prefer doing business in person, you may really appreciate this. According to the company, 89% of people live within 25 miles of a branch. OneMain Financial is unique among personal loan lenders in that it operates a network of physical branch locations around the country. If you put your car up as collateral, OneMain Financial may pass certain government fees onto you in order to register its lien against your car’s title. If you make a payment and it’s returned due to insufficient funds, OneMain Financial may charge you between $10 and $50 depending on state laws. OneMain Financial does not penalize borrowers who want to pay off their loan before the term expires. Percentage fees range from 1.5% to 15% of either your monthly payment amount or your outstanding loan balance Again, whether you pay a flat fee or a percentage fee depends on your state’s law. Flat fees range from $25 to $500 while percentage fees range from 1% to 10% of your loan amount. OneMain charges either a flat fee or a percentage, depending on state laws. The better your credit, income and overall financial situation, the more likely you’ll pay a lower APR. If you live in North Carolina, the maximum loan amount you can qualify for is $7,500. The minimum loan amount is different in some states, including Alabama ($2,100), California ($3,000), Georgia ($3,100), North Dakota ($2,000), Ohio ($2,000) and Virginia ($2,600).
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