Borrower Requirements
OneMain Financial will ask you for a copy of a government-issued ID, proof of residence, and proof of income. The best personal loans for debt consolidation can help you take control of your debt and improve your credit score.
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.
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.
We require a first lien on the eligible vehicle which must be titled in your name, have valid insurance, and meet our valuation, also known as “loan-to-value,” requirements. Typical collateral: cars, trucks, and motorcycles, but we can consider other titled vehicles like boats, RVs, and trailers.
Most personal loan lenders require credit scores above 660 to apply, but OneMain doesn't have a minimum.
Non-Transferable Assets: Assets that are legally restricted from being transferred, such as government benefits, social security payments, or certain insurance policies, cannot be used as collateral since they cannot be seized or sold.
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.
Proof of identity (such as a driver's license, state-issued ID card, passport, or available third-party verification service) Proof of residence (such as a driver's license with current address, utility bill, or signed lease)
Documentation Requirements
To ensure a smooth loan process, borrowers should provide complete bank statements for the past two or three months. This includes all pages, even if blank, to avoid any potential gaps in information.
Minimum income: None; OneMain requires borrowers to have enough income to support their own expenses, plus the new loan's monthly payment. This lender accepts income from employment, a partner, alimony, retirement, child support and Social Security payments.
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.
Same day money
ACH funds are available approximately 1 to 2 business days after the loan closing date. Funds through SpeedFunds can be accessed on the loan closing date by using a bank-issued debit card.
bank statements – these can be paper or electronic downloads. building society passbooks. certificates of deposit. letters from your bank or building society.
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.
If you receive loan approval, you'll talk with a loan specialist to show proof of income and verify your information.
Eazzy Loan is an easy loan to get, No guarantors, No forms, no branch visits. You receive the loan instantly on your phone, saving you valuable time. It offers a flexible repayment period of up to 24 months.
We require a first lien on the eligible vehicle which must be titled in your name, have valid insurance, and meet our valuation, also known as “loan-to-value,” requirements. Typical collateral: cars, trucks, and motorcycles, but we can consider other titled vehicles like boats, RVs, and trailers.
OneMain Financial doesn't have a minimum credit score requirement to get approved for a loan, making it an option for borrowers with bad credit (a FICO score below 580). However, the company considers your credit history as well as your income after monthly expenses.
The CFPB found that OneMain: Tricked borrowers into signing up for optional products: OneMain customers were led to believe that they could not receive a loan without signing up for an add-on product.
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)
An auto equity loan lets you borrow money by using your car as collateral. Your chances of being approved for the loan (and getting a good rate) are better than with a regular personal loan, but you could lose your car if you don't pay it back in time.
Retirement accounts are not usually accepted as collateral.
In general, how much you offer as collateral depends on your lender, your credit score, how much money you'd like to borrow and what types of assets you have. Matching 100% of your target loan amount in collateral could boost your application's chances of being accepted, though.