How do I Qualify to Receive a OneMain Financial loan?

Finance Loan

OneMain Financial will require the following information to apply for a loan:

  • A government-issued ID
  • Documents such as a utility bill or driver’s licence that prove residence are proof of residency
  • Documents that prove income such as tax returns and pay stubs are required
  • OneMain Financial loans are also not available in Arkansas and Alaska.

OneMain Financial does not require a minimum credit score. We reached out to OneMain Financial for more information. A representative stated that OneMain doesn’t use commercially available credit scores (e.g. FICO or Vantage Score) to make lending decisions. Instead, the company considers “a variety of criteria including credit bureau and other data sources, application data as well as any history [OneMain Financial] might have with an applicant.”

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OneMain Financial’s 2020 annual reports shows that most of its borrowers have experienced financial difficulty in the past and have little credit history. Borrowers with credit scores below 619 received 47% of OneMain Financial’s loan money in 2020.

OneMain Financial does not have a minimum income requirement. However, a representative of the company stated that it requires “minimum monthly cash flow levels and debt repayments for all loans approved.”

OneMain Financial will evaluate your application and review your household budget. They also consider your ability to repay the loan. You may be required to provide collateral if you request a larger loan amount. OneMain Financial accepts these collateral:

  • Automobiles
  • Trucks
  • Motorbikes
  • Boats
  • Campers
  • RV’s

OneMain Financial does not require an appraisal. Instead, they use an industry-standard valuation tool that considers the age, mileage and options on the collateral. They also take images of the collateral to determine its value. OneMain Financial requires that customers who apply for secured loans have full coverage insurance to protect their collateral.

OneMain Financial allows you to add a coapplicant to your loan application if you want to obtain a larger loan. An additional co-applicant will increase your chances of getting a loan and can help you secure a lower interest rate.

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Who should get a OneMain financial loan?

OneMain Financial allows you to borrow up to $20,000, and you might be able get your money the same day that your application is approved. OneMain Financial is a great option for emergency expenses such as:

  • Car repairs
  • Broken appliances
  • Medical bills
  • Unplanned emergency travel

About 25% of customers are from credit-insecure areas, which means that residents in these areas have little access to traditional credit. OneMain Financial’s personal loan is best for those with less than perfect credit scores or who have had difficulty getting credit in the past.

OneMain Financial can also be useful if you are looking for a lender who offers personal assistance. OneMain Financial representatives are available to assist you in applying for loans.

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How to apply for a OneMain financial loan

You can apply in person at any local OneMain Financial branch if you feel OneMain Financial is the right fit for you. A representative from the company said that in-person applications are not required and that borrowers can complete some or all of their application online.

Here’s how to apply for a loan if OneMain Financial has been chosen as your lender.

Find out if your pre-qualification is valid. OneMain Financial’s prequalification tool can help you determine if you are eligible for a loan, and the terms that you may be eligible for. The pre-qualification tool won’t affect your credit score.

You can apply online or in person. Apply in person at your local branch or online. When you click the button, you will be asked to fill in your name, address and contact information. You can also enter employment details and the last four digits from your Social Security number.

Talk to a loan specialist. After your application has been submitted, a loan specialist will reach out to you to discuss details of the loan. If you provide collateral, they will verify your income and identity.

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Sign your loan documents. OneMain Financial will send the loan agreement to you for you to read and sign once it has been approved. Once you have submitted these documents, the company will issue your loan.