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.
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.
OneMain Financial has no minimum credit score requirement for applicants. For the best odds of being approved for a personal loan from OneMain Financial, however, you should have a credit score of 600 - 650 or higher.
Keep in mind that just having a credit score of 600 - 650 is not enough to qualify you for a OneMain Financial personal loan. OneMain Financial will consider your entire financial profile, including things like your income,...
The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.
For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.
If you want to get a personal loan with no credit and no cosigner, your options are limited to credit-builder loans, secured personal loans, home equity loans and borrowing from alternative sources like friends and family. Having no credit disqualifies you from getting most unsecured loans, as lenders usually require an established credit score of 600 or higher.
You could get around that issue if you had a cosigner, as the lender would use...
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