Yes, OneMain Financial does offer joint personal loans, which means that two people put their names on the loan application, as well as share responsibility for paying back the loan. OneMain Financial takes both people’s credit score and income into account during the application process and weights them equally.
Key Facts About OneMain Financial Joint Personal Loans
You can submit a joint OneMain Financial personal loan application online, by phone or at a branch.
Each applicant on the loan will need to be at least 18 years old and a U.S. citizen or permanent resident with an SSN.
Both applicants for a joint OneMain Financial personal loan will be equally responsible for making payments, if approved.
Both people will have their credit score impacted by the loan, whether positively or negatively, depending on whether payments get made on time.
Getting a joint OneMain Financial personal loan can help lighten your load since the responsibility for repayment is shared. But you should make sure your co-applicant is someone you trust to handle the loan responsibly.
You can have 1-3 personal loans from the same lender at the same time, in most cases, depending on the lender. But there is no limit to how many personal loans you can have at once in total across multiple lenders. The number of loans you can have is really only limited by your income relative to your expenses, including existing debt obligations.… read full answer
Every loan application you submit will also temporarily lower your credit score, due to a hard inquiry on your credit report, potentially making it harder to get approved for the next loan you decide apply for. So the more loans you have open, the more difficult it will become to open any more.
Assuming you have good enough credit and income to get more than one personal loan, it’s helpful to know just how many of them different lenders will allow you to have at once. WalletHub reached out to some of the most popular personal loan providers to find out their policies.
How Many Personal Loans You Can Have at Once From One Lender:
Personal Loan Limit
LightStream by SunTrust Bank
Up to $100k total
Marcus by Goldman Sachs
2 (up to $40k total)
Up to $100k total
All lenders also said there’s no maximum number of loans from other issuers that would prevent you from being considered for one of their loans. But naturally, the amount of debt you owe to those creditors will factor heavily into the decision. The more loans you have, the larger your existing debts will be and the more your income will be strained. At some point, you will clearly not have the capability to take on another loan and will be denied. For some people, this could be after a single loan. For others, it could be multiple loans.
Every time you apply for a loan, the lender will look at your credit history with a hard inquiry. That will cause a temporary dip in your credit score that can affect your credit standing for up to 12 months. So it’s really best to only apply for one personal loan each year maximum. If you want to apply for more, you may. But an applicant’s credit score is one of the factors most important to approval, so your odds will decrease.
Lastly, even if you can take out multiple loans, make sure you’re willing and able to manage them all responsibly. Missing payments can hurt your credit standing.
Applicants need a credit score of 600 - 650 or higher to get a personal loan from OneMain Financial, according to multiple third-party sources, which say the OneMain Financial credit score requirement is in the bad-to-fair credit range. Officially, OneMain Financial has no minimum credit score requirement for applicants.
Keep in mind that just having a 600 - 650 credit score 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, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from OneMain Financial with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.… read full answer
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for a OneMain Financial personal loan online to gauge your chances of getting approved with your current credit score.
It takes 2 to 5 business days to get money from a OneMain Financial personal loan, in most cases. That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.… read full answer
How to Get Money From OneMain Financial as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from OneMain Financial having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for a OneMain Financial personal loan once your credit score exceeds the minimum requirement of 600 - 650. That will make it easier for OneMain Financial to decide whether you qualify, which could lead to a quicker decision.
Apply online. Online applications have the fastest processing times since they are automated and streamlined.
Get an electronic funds transfer. OneMain Financial offers loan payouts through an electronic funds transfer to your bank account or by paper check. The transfer is the faster option.
Once you get approved for a OneMain Financial personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 2 business days.
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