About Us - OneMain Financial (2024)

FAQs

How hard is it to get approved through OneMain Financial? ›

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.

OneMain Financial is a top lender for borrowers with bad credit. There is no minimum credit score, which means you may be able to qualify with OneMain even if other lenders won't consider your application.

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.

What is the minimum income required for OneMain Financial? OneMain does not provide a minimum income requirement.

OneMain extends personal loans to people who have thin credit or a lower FICO score than the 660 minimum that many lenders require. Credit score is not the only factor OneMain Financial considers when approving personal loans or assigning loan terms.

Proof of residence (e.g. a driver's license with your current address, a utility bill, or a signed lease) Proof of income (e.g. pay stubs or tax returns)

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.

Does OneMain Financial Hurt Your Credit? Like any loan application, OneMain Financial will do a hard pull of your credit history as part of your official application, which may temporarily hurt your credit.

If you want to pay off your personal loan early, you can do so any time and OneMain will not charge you a prepayment fee. To pay off your loan early, you can: Make a one-time payment for the total outstanding balance. Pay an extra amount when you make your regularly scheduled monthly payment.

What bank does OneMain Financial use? ›

OneMain Financial uses OneMain Financial Group, LLC to fund personal loans. The company offers loans of $1,500 - $20,000 with APRs of 18% - 35.99%, depending on an applicant's creditworthiness, and gives borrowers 24, 36, 48 or 60 months to repay their loans.

If you're approved for a loan, you may see secured or unsecured next to your offer. A secured loan requires that you provide collateral, like a vehicle. An unsecured loan doesn't require any collateral from you.

Yes, OneMain Financial does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

Lenders might not advertise it, but most of them have a minimum credit score required to get a loan. If your score is less than 670, you might be out of luck for a debt consolidation loan. Even if you're over 670, a problematic debt-to-income ratio (more on that below) or payment history could derail your loan.

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.

The OneMain Financial BrightWay Card reports the card's credit limit, account balance, payment history, and more to all three of the major credit bureaus: Experian, TransUnion, and Equifax. WebBank may use a specific credit bureau more than another, depending on the applicant's home state, and other factors.