OneMain Financial Personal Loans 2021 Review – Forbes Advisor

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Personal loan applications are approved or denied based on a number of factors. All lenders have their own underwriting requirements, but these usually include information from the applicant’s credit profile and other factors demonstrating the ability to repay the loan, such as income.

We confirmed to a representative from OneMain Financial that it does not list the set requirements that you will need to meet in order to qualify for a loan. Instead, it takes into account your ability to pay and your credit history, among other factors, before approving an application.

Credit score requirements

OneMain Financial does not disclose or impose a minimum credit score and instead reviews your entire credit history when reviewing your application.

A OneMain Financial has confirmed that it does not use FICO scores in [its] underwriting, and there is no minimum credit score for a OneMain loan. When evaluating loan applicants, OneMain takes into account, among other factors, the customer’s ability to pay and their credit history. Ultimately, we want to make sure that borrowers don’t put undue financial pressure on themselves by accepting a loan from us. “

Many other websites report that you can still qualify for a loan with OneMain Financial even if you have bad credit, although you may have to pay a high rate for it.

Income requirements

OneMain Financial does not disclose its monthly or annual income requirements and the maximum debt-to-income ratio (DTI) allowed to qualify for a loan. However, he will always consider these factors when deciding your ability to repay the loan.

Co-signers and co-applicants

If you are unable to get a loan on your own or need a larger loan amount, you can apply with a co-applicant. Co-applicants also become fully responsible for repayment of the loan and have equal ownership of the funds. However, OneMain Financial does not allow the use of co-signers.

Related: co-borrowers vs. Co-signers

Collateral

If you need additional resources to qualify for a loan or receive a larger loan amount, OneMain Financial accepts collateral of sufficient value to help reduce this risk you represent. It accepts vehicles, such as cars, trucks, motorcycles, boats, and recreational vehicles, as warranty, but requires that they first be assessed and insured against damage. The military are not allowed to use collateral.


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