OneMain Financial Private Loans Review 2021 – Forbes Advisers

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

We have verified with a OneMain Financial representative that it does not set out any set of requirements that you must meet in order to qualify for a loan. Instead, it takes into account your solvency and credit rating, among other things, before an application is approved.

Creditworthiness requirements

OneMain Financial does not disclose or mandate a minimum credit score, rather it looks at your entire credit history when reviewing your application.

A OneMain Financial confirmed that it does not use “FICO scores in” [its] Underwriting, and there’s no minimum credit rating for a OneMain loan. When evaluating loan applicants, OneMain takes into account, among other things, the customer’s solvency and creditworthiness. Ultimately, we want to make sure that borrowers don’t put an undue financial burden on themselves by accepting a loan from us. “

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

Income requirements

OneMain Financial does not disclose its monthly or annual income and Maximum Allowable Debt to Income Ratio (DTI) requirements to qualify for a loan. However, it will still take these factors into account when deciding whether to repay the loan.

Co-signer & co-applicant

If you cannot take out a loan on your own or need a larger loan amount, you can apply with a co-applicant. Co-applicants are also fully responsible for repaying the loan and have the same owners of the funds. However, OneMain Financial does not allow the use of co-signers.

Related: Co-Borrowers vs. Co-Signers

safety

If you need additional resources to qualify for a loan or get a larger loan amount, OneMain Financial accepts collateral of sufficient value to reduce this risk you pose. It accepts vehicles such as cars, trucks, motorcycles, boats and RVs as collateral, but requires that they be valued beforehand and insured against damage. Military personnel are not allowed to use collateral.

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