Does OneMain Financial do a hard inquiry? This question is about OneMain Financial

Does OneMain Financial do a hard inquiry?

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This question is about OneMain Financial

Rick Bormin, Personal Loans Moderator

@rhandoo2020 • 11/11/21 This answer was first published on 11/11/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, OneMain Financial does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

OneMain Financial's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the credit score simulator on WalletHub.

It's worth noting that some people may be uncertain about whether OneMain Financial does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.

If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans, Integra Credit and NetCredit.

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Does a OneMain Financial personal loan affect your credit score?

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.

How a OneMain Financial Personal Loan Affects Your Credit Score

Hard pull: When you apply for a...

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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...

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What credit score do you need for a OneMain Financial personal loan?

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,...

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