No, OneMain Financial does not offer credit-builder loans. Alternatives to credit-builder loans from OneMain Financial include personal loans and credit cards, though they may be difficult to get if you have poor credit.
If you’re set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.
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
… read full answerCheck 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 doesn't hurt your credit. You can check for pre-qualification on the OneMain Financial website or WalletHub's pre-qualification tool.
Enter your personal information on the application. OneMain Financial requires the following personal information on the application: your full name, home address, email address, phone number, date of birth and Social Security number.
Enter your financial information on the application. OneMain Financial requires the following financial information on the application: your monthly net income and source of income.
Double check the application for accuracy. To ensure that your OneMain Financial personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. OneMain Financial will typically provide a decision on your application within 1 to 14 business days.
If you are approved for a OneMain Financial personal loan, you will generally receive the funds within 1 to 3 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Yes, OneMain Financial does allow cosigners on personal loans, which means that a second person can serve as a guarantor on the loan. Because the cosigner promises to pay the loan back if the primary applicant cannot, OneMain Financial takes the cosigner’s credit score and income into account during the application process. As a result, people who wouldn’t normally qualify for a loan can apply with a cosigner who has a better credit score and income in order to boost their approval odds.… read full answer
Key Facts About Getting a OneMain Financial Personal Loan With a Cosigner
You can apply for a OneMain Financial personal loan with a cosigner online, by phone, or at a branch.
Both the cosigner and the primary applicant will need to be at least 18 years old and a U.S. citizen or permanent resident with an SSN.
The cosigner is held legally responsible for making payments if the primary borrower cannot.
Both the primary applicant and the cosigner will have their credit score impacted by the loan, either positively or negatively, depending on whether payments get made on time.
Having a cosigner on a OneMain Financial personal loan can boost an applicant’s approval odds. But it’s important for people who may become cosigners to think carefully before signing on. Cosigners aren’t just doing someone a favor - they’re also accepting a significant financial responsibility if the primary applicant can’t repay what they owe.
Yes, a OneMain Financial personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a OneMain Financial personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer
How a OneMain Financial Personal Loan Affects Your Credit Score
Hard pull: When you apply for a OneMain Financial personal loan, OneMain Financial will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a OneMain Financial personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a OneMain Financial personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a OneMain Financial personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a OneMain Financial personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
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