Personal loans can be used for debt consolidation, paying off medical bills, buying that new furniture, renovating your house or even to bill your wedding expenses. OneMain Financial personal loans are available from $1,500 to $25,000. It has an easy application process and has served more than 10 million happy customers so far.
OneMain Financial Personal Loan Application
Applying for a personal loan with OneMain Financial is quick and easy. The first step is to complete an online application form. You will have to fill details regarding your loan, personal employment and financial details. The second step is to meet your loan specialist who would discuss all available options and verify the documents.
Once your documents are accepted and loan is approved, the last step is to sign the contract and receive funds into your account. On an average it takes one day for the entire process to be complete. However, the actual time depends on the time required for the verification process. You may choose to receive your funds in person through a check at the branch or get it deposited into your checking or saving account.
Personal Loans for Debt Consolidation
It becomes difficult to manage different debts and keep paying each loan separately, which is why OneMain Financial personal loan can be used for consolidating debts. It not only simplifies the payment process but also replaces multiple loans with one loan. This means, you will then have to pay one single amount each month thus making it easy for you to plan your finances.
OneMain Financial loan executives work hard to help you meet the right loan. They would explain you the loan process, interest rates, tenure and also the amount you would save if you decide to consolidate your debts. Thus, they take care of your finances in the best possible way and offer a secure future.
Bad Credit – Credit Score Requirements
It is difficult to get a loan approved when you are suffering from bad credit. It not only narrows down your options, but also makes it problematic to qualify for any further loan. However, OneMain Financial caters to those who have a trouble in qualifying for a loan. This means that the company does not have any minimum credit score. Having said so, its borrowers have a credit rating of 600 to 650.
OneMain Financial charges an APR of 12.99%, but borrowers with bad credit are likely to be charged as high as 35.99%. This means if you have a bad credit, you may have to shell out more towards interest rates and other charges. This might hit your pockets hard but it is the only way to qualify for a loan.
OneMain Financial Secured and Unsecured Loans
Customers are given the option of choosing between a secured personal loan and an unsecured personal loan. A secured loan may lower down your interest rate or give you a longer tenure,thus decreasing your monthly payments. Secured loans are secured using a car title or other collateral.
Customers should also remember that applying for a secured loan and defaulting on payments may make you lose your own vehicle. It is important to make the right choice while deciding which kind of loan to opt for.
Personal loans are generally charged at a higher interest rate as compared to traditional loans. There is an ever-increasing competition between various lenders and therefore many of them come up with exciting offers to lure customers. It is our duty to read the fine print and understand all terms and conditions before approaching a lender for a loan. After all, monthly payments should be easy to handle and not something that would burden our pockets.