OneMain Financial Consolidation Loans Review

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Table of Contents
    Minimum credit score: Not specified
    APR: 18% to 35.99%
    Loan amounts min to max: $1,500 to $20,000
    Origination fee: Varies for each State
    Terms: 24, 36, 48 or 60 Months
    Late payment fee: Varies for each State
    Prepayment penalty: $0


    • Longer than average terms
    • No prepayment penalties
    • Suitable for applicants with a bad credit rating
    • Secured loans available


    • The minimum credit score isn’t clarified
    • The minimum APR is exceptionally high
    • The maximum loan amount is lower than many competing lenders

    Why should you consolidate your loans with OneMain Financial?

    • A wide range of terms on offer - For most people, the reason they apply for a consolidation loan is not only to combine payments into one but to also reduce monthly fees by as much as possible. With a term as long as 60 months, you’ll likely see monthly payments drop dramatically
    • No prepayment penalties - This ensures that if you manage to pay off your loan, you won’t be charged a fee to do so. Many loan agents charge a hefty price to cover lost earnings in future interest payments
    • Suitable for those with bad credit rating - The minimum credit score isn’t specified, but based on reviews it’s clear that this provider will offer loans to those with credit below 580 in many circumstances. This could provide the first step towards a long term goal of boosting your credit rating
    • Secured loans are available - For access to a secured loan, the applicant will pledge something of value as collateral, such as a car or piece of property. This often helps those with bad credit get accepted for a loan
    • Debt consolidation calculator - A helpful tool to estimate just how much a loan of this type might affect your monthly repayments

    What are the eligibility requirements?

    • Minimum credit score requirement not disclosed
    • Pre-qualification applications can be done online and won’t affect credit score
    • At least 18 years old
    • Residing in one of the 44 states OneMain serves
    • U.S Citizen or permanent resident
    • Social security number

    How to apply for a OneMain Financial consolidation loan?

    Applications are simple and can be undertaken online. You’ll need to provide details on all aspects of your financial information. Following assessment, an email will be sent to you containing a decision on your eligibility.

    For those eligible, you’ll be able to book an appointment in branch to further discuss what’s available and to finalize your decision.

    Customer Service

    • Call from Monday to Friday between 7 am and 7 pm
    • Online message center
    • FAQ section online
    • Connect via several popular social media outlets

    What types of debt can be consolidated with OneMain Financial?

    This includes credit cards, household bills, and installment loans.

    Bottom line

    OneMain Financial has some options worth considering, particularly for those with bad credit. Unfortunately, for most applicants, the APRs are far too high in comparison with the majority of its competitors.

    Luckily, there are some great alternatives to choose from. Avant has a minimum APR rating of 9.95%, with credit scores as low as 580 accepted in some cases. Upgrade applicants will need a credit score of at least 680, but they might be accepted for a tremendous 5.99% APR for loans as high as $100,000.