Grace Enfield, Content Writer
@grace_enfield
Yes, you can pay off OneMain Financial loans early, as OneMain Financial does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than required. Paying off a OneMain Financial loan early is a smart idea because it will save you money on interest.
Example of How Much You Can Save By Paying Off a OneMain Financial Personal Loan Early
- Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 3%.
- Normal Payments: You will spend approximately $4,100 on interest.
- Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest.
To estimate the cost of your OneMain Financial personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.
People also ask
How do I apply for a OneMain Financial personal loan?
To apply for a OneMain Financial personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a OneMain Financial Personal Loan
- Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a OneMain Financial personal loan. It...
Is it difficult to get an OneMain Financial personal loan?
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 Personal Loan Requirements
- Minimum Credit Score: No minimum credit score required
- Age: 18+ years old
- Residency: U.S....
Does OneMain Financial verify income for personal loan applications?
Yes, OneMain Financial will require a proof of income when you apply for a personal loan. If you do not have any income, you can apply for a OneMain Financial personal loan with a co-signer, and OneMain Financial will verify that person’s income instead.
OneMain Financial may verify income by requesting financial information like bank statements, pay stubs or tax returns. In other cases, they’ll just use credit report information. Either way, you will also...
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You should distinguish between types of loans…OneMain offers both simple interest AND precomputed interest loans. I know because I took one out. Early pay off is considered to give you a “refund” of finance charges and is computed based on the Rule of 78, which is a silly calculation that boils down to, the sooner you pay the loan off the more you will save on interest, but you will save CONSIDERABLY more paying off early in the loan than later. Also, another thing, you cannot make additional payments to the loan’s principal; this will not reduce your balance. The ONLY way to “save” on the remaining interest is by paying the loan off IN FULL. I think people should know this because OM is not upfront with this information.