OneMain Financial requirements
Before closing on a loan, you'll be required to provide: Government-issued identification (such as a driver's license or passport) Proof of residence (such as a rental agreement or utility bill) Proof of income (such as pay stubs or tax returns)
Proof of residence (such as a driver's license with current address, utility bill, or signed lease) Proof of income (such as pay stubs or tax returns)
A no-income loan doesn't require proof of income, such as pay stubs, tax returns or statements from your bank. This type of loan is probably most closely associated with mortgages. Widespread use of NIV or No Income Verification helped cause the housing crisis during the Great Recession of the early 2000s.
Most personal loan lenders will require proof of income, even if they don't disclose their minimum income requirements and even if those requirements are relatively low. However, secured loan lenders, car title loan lenders, and pawnshops may issue loans without considering your income or credit.
Any documents from state or federal benefit agency that show zero income. These can be eligibility notices for food stamps or Medicaid for instance. If zero income is due to the loss of a job, this can be proven by a termination letter or a notice of severance pay on your last paycheck stub.
OneMain Financial approves applicants with fair credit and sometimes those with bad credit, and there's an option to apply for a secured loan when borrowers don't qualify for an unsecured loan based on their credit history. Secured loans let borrowers use equity from their car to potentially qualify for lower interest.
Yes, OneMain Financial may call your employer after you provide their contact information and give permission for the call during the application process. OneMain Financial will not disclose any information when they contact your employer, since they are just inquiring about your employment status.
Most personal loan lenders require credit scores above 660 to apply, but OneMain doesn't have a minimum.
It is not difficult to get a personal loan from OneMain Financial because you need a credit score of 600 or higher to qualify, according to third-party sources. You will also have to meet other common requirements like being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.
Getting a loan with no proof of income is possible, but you have to be careful. Stay away from predatory lenders and dealerships that will not show you proof of your approval prior to signing paperwork. You should also be wary of loans or financing that deducts payments from your paycheck on a weekly basis.
OneMain makes personal and auto loans from $1,500 - $20,000. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance.
OneMain Financial may verify income by requesting financial information like bank statements, pay stubs or tax returns. In other cases, they'll just use credit report information. Either way, you will also have to meet other OneMain Financial requirements to be considered for loan approval.
How Fast Do You Get Money From OneMain Financial? After you submit your application, you'll likely receive a loan decision within 10 minutes. If you're approved and sign the loan agreement, you could get the requested money as soon as the next business day.
What you get with every OneMain personal loan for emergencies. Quick decision. Money as fast as 1 hour after loan closing. Fixed payments and clear, upfront terms.
Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle.
Once an offer is accepted, new employees must complete an onboarding process that includes an online orientation, paperwork, and a background check.
If something is unclear, or you haven't worked at your current job long enough to have sufficient documentation, personal lenders can contact your employer to verify that you actually work there.
OneMain Financial helps applicants who don't have excellent credit borrow with flexible terms, no pre-payment penalties and funding as soon as the same day. Create a free account to see loan offers matched to you. Based on FICO® Score 8 model. Offers and approval not guaranteed.
Lenders typically look at the anticipated amount of your loan payment compared to your income, which is known as debt-to-income ratio. If the ratio for recurring monthly expenses is more that 36%, lenders will question whether you'd be able to afford payments on the loan.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Before you apply for an emergency loan to obtain funds quickly, make sure you read the fine print so you know exactly what your costs will be.
Alternative income verification documents such as tax returns, bank statements, profit and loss statements, accountant letters, and verification of rent can serve just as effectively, if not more so, in certain circumstances.
For employees, proof of income is straightforward. It's typically a combination of a W-2 form that is provided by the employer and your latest bank statements. The W-2 form is especially accurate since it shows your true income as a factor of your wages plus deductions.