One Main Financial Review // Personal Loans for People With Bad Credit

One Main Financial loans is worth attention if you are planning:
debt consolidation, medical expenses, household bills, home improvements, and auto purchases.

First thing you may be curious about is the minimum credit score and there is no need for any.
You will find out why at the end of this video.
OneMain Financial offers three types of personal loans:
– Unsecured personal loan
– Secured personal loan
– Auto loan
These all are installment loans.
You should pay the amount of money you borrow with interest.
There will be several fixed monthly payments.

The loans consist of the loan amount divided by a set of equal payments plus interest and fees.
There is an origination fee.
The amount of fee depends on the state you live in and can be flat or %.
The flat fee is in the range of $25 to $400.
The percent based fee can range from 1% to 10%.
The name of the fee depends on the state.
In some states, it is a Loan Processing Fee.
In others, it is called Document Preparation Fee.
It can be Credit Investigation Fee or other similar names.

The range of numbers is very high.
$400 and 10% is absolutely crazy.
Remember, it is just to take the loan.
There will be interest on top.
Late payment fee ranges from $5 to $30 or 1.5% and up to 15%.
Non-sufficient funds fee is $10 to $50.
There may be some government fees, but they don’t really depend on OneMain Financial.
If you take the loan, make sure to find the mentioned fees.
It is way more important than your exam at school.
The numbers may change, but once you sign documents, they shouldn’t change.
Loan amounts may vary based on your creditworthiness.
If you have a low credit score – creditors don’t like risks.
The amount of loan may range from $1,500 and up to $20,000

The interest can range from 18% up to 36%, which is very bad.
The term of loan can go up to 5 years or 60 months.
Everyone’s situation is different, but I wouldn’t take a loan under these conditions.
Unless you really have no other options and need money.
If you are consolidating credit card debt – you may want to look for a credit card with 0% intro APR.
There can be a 3% balance transfer fee, and then you may pay it off with the same large chunks of money every month.
It is definitely way better than a 10% origination fee.
But, you will need to be approved for the card, and it may be easier to say than to do.