Personal Loans Near Me: Get a Local Same Day Loan Using OneMain Financial
Many people who are in debt can certainly benefit from taking out a loan. However, one question you may have is, “How can I get personal loans near me?” You have plenty of options, even if you fail to qualify for a loan from your local bank. OneMain Financial is available to help.
It provides loans to individuals with poor credit. Here is everything you must know in order to get a loan from OneMain.
What are Some Basic Facts About OneMain’s Loans?
When considering borrowers for its loans, OneMain Financial will take in your credit history and debt to income ratio when you use your credit card to make purchases. You can also expect to have a hard credit check performed when you apply.
It’s important to note that this can temporarily affect your credit score. At the same time, if you are approved for a OneMain loan, you will have access to your credit scores for free, a nice perk offered by the company.
Generally, the starting APR percentage rate for a OneMain loan is 12.99 percent. This is somewhat higher than what other online lenders offer to consumers with poor credit. On the high side, the APR rate can be as great as 35.99 percent.
If you have poor credit and are approved for a loan with the company, you can expect an average APR of 28 percent or more.
What Should You Consider Before Getting a OneMain Loan?
There are a few things you might want to consider prior to getting a loan from OneMain:
• Credit unions are generally better for taking out a personal loan when you have bad credit and cannot get one from a bank. The APR rate maxes out at 18 percent and credit unions work with their members to help them.
Still, a OneMain loan is better if you have poor credit than taking out a payday loan because it lacks the astronomically high interest rates payday loans typically charge.
• Over half of OneMain’s borrowers secure their loans with a vehicle title to ensure lower rates or greater loan amounts. However, this can work against you because you can lose your car if you’re unable to pay back the loan.
• OneMain and other lenders offer additional optional credit insurance that covers the payments toward your loan in case of unemployment, disability or death. It’s important to be wise about this and determine whether you really need it. Always read the fine print and know that it can work against you.
How Do I Apply for a OneMain Loan?
Applying for a OneMain loan is easy and can be done online or at a branch. You may receive a phone call to verify your information and information on your application prior to being approved. Visiting a branch is mandatory for completing your application and your loan is funded that same day if you’re approved. You can also sign up for the company’s rewards program.
What are the Minimum Requirements for the Loan?
There is no minimum credit score required for the loan, but generally, the average OneMain borrower credit score ranges between 600 and 650. Likewise, there’s no minimum income requirement, but on average, borrowers have an income of $46,000.
What are the Lending Terms?
The minimum loan amount from OneMain is $1,500, while the high is $25,000. You have three to five years to pay back your loan and the loan is funded quickly ranging between same day to three days after you apply.
Overall, when you wonder about “personal loans near me,” it’s good to know you have options. OneMain is a good one, but be sure to visit your local branch or go online to learn all the details before taking out a loan.
What Are Alternative Online Loan Options?
For peer-to-peer or getting online loan alternatives the following are all good options.