After all, you want to be sure that any loan you accept is going to help you get back on your feet financially, with terms you can actually meet. How can you tell which lender to use for your bad credit loan? That's an excellent question to ask. When they give money to people with a less-than-sterling track record. That's only fair, as the lenders are taking on more risk And no, you won't have to sign away your life to qualify, though you should be aware that the terms will probably not be as favorable as those offered to people with high credit scores. On the other hand, without a loan to pay off debts and handleĬurrent financial demands, you could find yourself even deeper in the hole as calls from collection agencies start coming in and the pressure mounts.ĭoes this sound familiar? If so, take a deep breath and recognize that there's hope - because there are providers out there who offer loans to people with bad credit. But, to establish a good credit history, you often need to have demonstrated that you are responsible with credit - by making on-time payments, not overutilizing the credit you've been extended, and so on. Unfortunately, getting a loan when you have bad credit can be a paradox: in order to qualify for the best loans, you need a good credit history. While their loans won't come cheap, they're definitely a possibility for most people with credit history issues. We think that OneMain Financial checks all of the most important boxes when it comes to bad credit loans: no minimum score required, transparency with respect to fees, and a fantastic reputation across more than a century in business. Go directly to OneMain's site or toll-free number instead. So, if your interest in OneMain began with any kind of unsolicited contact (phone call, fax, or email), we strongly recommend you It indicated that the OneMain name was being used by scammers to solicit fraudulent "advance fees" for loans after telling people they had been approved for funding. Of course, most large businesses with multiple brick-and-mortar locations encounter their fair share of complaints, and the solid rating indicates that the BBB is confident that OneMain is handling those issues professionally and in a timelyĪnother issue worth noting is that there was an alert in place at the time of our review, listed on the BBB site. While the BBB gives OneMain a flawless "A+" rating, we noticed that the company had received hundreds of complaints in the 12 months prior to our most recent evaluation. ![]() You understand the terms of your loan before you make a commitment. Based on what we found in customer comments, your APR will probably range from 18% to 35.99%, which is as high as (or even higher than) most credit cards. But, you can expect that OneMain will probably be able to offer you a loan - they're one of the few services available that don't have a minimum credit score to qualify as a borrower. Naturally, your specific terms will depend on your unique situation. On the next page, you'll enter your basic contact information, the last four digits of your SSN, your monthly net income and source, and then you'll be connected with any prequalified loan offers. On their main page, enter your desired loan amount and click the button. You should also expect late payment fees and non-sufficient funds fees.Īnother plus with using OneMain Financial for a bad credit loan is that you can check for offers without affecting your credit score. Your specific fees will be disclosed on your Loan Agreement and Disclosure Statement. Flat fee amounts range from $25 to $300, while percentage-based fees go from 1% to 10%.
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