Personal loans with multiple repayment options for people with fair credit ~ Integrated loans
Qualifying for a personal loan could feel like a leap in confidence, especially without good credit. While there are many personal loan providers to choose from, not every lender will lend you the funds you need with a repayment plan that fits your budget.
OneMain Financial offers four different terms so qualified consumers can repay the loan within 24, 36, 48 or 60 months. In our ranking of the top personal loans for bad credit, we selected OneMain Financial as the top lender for flexible monthly payments.
While most personal loan lenders would turn you down if your credit score is below 670, OneMain Financial has no minimum credit score criteria for applicants and even offers a prepayment alternative (with collateral) to offer more funds available.
Select looked at the APR, bonuses, costs, loan amounts, and term of OneMain Financial.
OneMain Financial has a high APR of between 18.00 and 35.99 percent with no automatic payment incentive. For example, if you sign up for automatic payment with LightStream, you can get cheaper rates between 2.49 percent and 19.99 percent *. According to the Federal Reserve, the average two-year personal loan rate at the time of writing is 9.46 percent.
Your final APR is determined by your specific loan application. Credit score, income, loan amount and loan term are all taken into account.
If customers don’t qualify for an unsecured loan based on their credit history, OneMain Financial admits applicants with acceptable credit and occasionally low credit. Borrowers can also apply for a secured loan if their credit history does not qualify them for an unsecured loan.
Secured loans allow consumers to use their vehicles’ equity to qualify for reduced interest rates. Individual rates, repayment terms and agreements differ depending on the person and the state in which they apply.
The first lien on a motor vehicle that meets OneMain Financials valuation standards is titled on behalf of the borrower and valid insurance is required for secured loans. The lender pledges the collateral until the loan has been fully repaid.
Applicants can also apply for a loan from a co-applicant or, if married, independently of their spouse. However, co-signers are not permitted.
The downside to OneMain Financial loans is the high cost of origination, which ranges from $ 25 to $ 400 or 1% to 10% of the loan amount (this depends on your state). If you choose to make additional payments on your loan in order to repay the full amount faster, there are no fines or early repayment penalties.
Check out our list of the best personal loans for no-lending costs.
A OneMain Financial loan starting at $ 1,500 is a great option for applicants looking for a lower loan amount. You have a maximum loan amount of $ 20,000 that you can borrow.
You can choose from four different runtime options (until final approval). A OneMain Financial loan can be taken out for 24, 36, 48 or 60 months.
While Upstart loans are great for consumers with no credit history, OneMain Financial is a good alternative for borrowers with acceptable credit who want to choose from a variety of options. However, be aware of the following fees and interest charges when dealing with this lender: The annual percentage (APR) is between 18.00 percent and 35.99 percent, with origination costs up to $ 400.
OneMain Financial, on the other hand, may allow consumers to back up their loans with collateral, potentially making them cheaper. Check out Avant Personal Loans for another secured loan alternative.