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      September 21, 2020

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OneMain Financial vs Bad Credit Loans

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To help you find the Bad Credit Loans, TopConsumerReviews.com provides you with an in-depth comparison of OneMain Financial and Bad Credit Loans.

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If you have poor credit, where's the best place to get a bad credit loan? With so much economic turmoil, there's never been a time where bad credit loans have been more in demand. No matter what caused your credit score to be below 600 - the typical threshold for a "bad" credit rating - you're far from alone.

Out of approximately 230 million Americans who qualify for a credit score, almost 70 million have poor credit. Some of the most common reasons for low credit scores are expected financial hardships (like job loss or medical expenses), not using credit responsibly, or simply being unaware of the factors that contribute to having a healthy credit history.

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Best Reviews

2020

Bad Credit Loan Reviews

4.5 stars
OneMain Financial

ONEMAIN FINANCIAL

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Loan:

From $1,500 to $20,000

If you prefer to get a bad credit loan from a company with a long history in the industry, OneMain Financial fits the bill. Since 1912, this business has been connecting borrowers with funding with personal and auto loans, and their service includes nearly 2,000 in-person branches throughout the United States.

Loan considerations

One of the things we appreciate about OneMain Financial is their transparency. If you click on the "Loan Amounts & Fees" link at the bottom of the site, you'll find a fairly detailed list of specifics that are important to consider if you're looking for a bad credit loan. Here are some of the most critical:

  • Loans range from $1,500 to $20,000. For the higher loan amounts, you will be required to place a lien on your car that is no more than 10 years old and titled in your name (in other words, collateral).
  • Depending on your state of residence, you may be subjected to minimum or maximum loan sizes.
  • You should expect to pay origination fees that also depend on where you live. Flat fee amounts range from $25 to $300, while percentage-based fees go from 1% to 10%. Your specific fees will be disclosed on your Loan Agreement and Disclosure Statement. You should also expect late payment fees and non-sufficient funds fees.

Prequalified loan offers

Another plus with using OneMain Financial for a bad credit loan is that you can check for offers without affecting your credit score. On their main page, enter your desired loan amount and click the button. 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.

Best Bad Credit Loans

No minimum credit score

Naturally, your specific terms will depend on your unique situation. 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. 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. Be sure you understand the terms of your loan before you make a commitment.

Customer complaints

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. 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 timely fashion.

BBB alert

Another issue worth noting is that there was an alert in place at the time of our review, listed on the BBB site. 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. So, if your interest in OneMain began with any kind of unsolicited contact (phone call, fax, or email), we strongly recommend you go directly to OneMain's site or toll-free number instead.

Checks all the boxes

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. While their loans won't come cheap, they're definitely a possibility for most people with credit history issues.

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1 star
Bad Credit Loans

BAD CREDIT LOANS

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Loan:

From $500 to $10,000

You might think with a name like Bad Credit Loans, this provider would be the perfect source of money for people with less-than-awesome credit. However, looking at the reputation of this service, we think the "bad" might be referring to the service you can expect!

Endless spam

First off, it's important to understand that Bad Credit Loans doesn't actually lend money, which isn't uncommon. There are lots of funding sources that serve as referral partners, connecting you with banks and other resources to get the money you need. But, from what we found, providing your information to Bad Credit Loans is not likely to do much more than qualify you for endless spam from not-very-reputable companies hoping to get you to do business with them.

Minimum loan requirements

However, let's say that you decide to give Bad Credit Loans a try. Do you meet their minimum eligibility requirements? They are:

  • Provide a valid email address, work and home telephone numbers
  • Have a checking account in your own name
  • Provide proof of citizenship (SSN, etc.) or legal residency
  • Be at least 18 years old
  • Have regular income, either from disability, Social Security benefits, full-time employment or self-employment

Might affect your credit score

The next step is to fill out their online form. You'll have to enter information about how much you'd like to borrow, your income source (including your employer's name and phone number), bank account number and even your Social Security number (so that potential lenders can verify your identity). You'll also have to enter your mobile phone number - and in the fine print, it says that by doing so, you're consenting to receiving texts, calls and voicemails from various marketing partners. Plus, further on in the fine print, it says that by entering your SSN, you're consenting to both "soft" and "hard" pulls on your credit - and hard pulls can bring your credit score down even further!

Best Bad Credit Loans

Lack of personal contact

When we called the toll-free number for Bad Credit Loans, we got a computerized voice recording telling us about their products and services, and directing us to their website to begin the application process. We're not sure about you, but to us it's less than reassuring to call a lending referral service and only get a robot!

Failure to respond

If only that were the only cause for concern with this service. Unfortunately, that's just the beginning. Bad Credit Loans, despite being in business for over 20 years, earned the lowest possible rating from the Better Business Bureau. Contributing to this company's "F" rating was their failure to respond to most of the complaints filed against them. You can probably guess what those complaints were: failure to connect customers with real lenders, an abundance of spam, and concerns about the safety of their identifying information.

Hard time

You would probably have a hard time finding a source of bad credit loans that's worse than this service. Bad Credit Loans shouldn't be entrusted with your personal details, let alone with your financial needs.

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Continued from above

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. 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. On the other hand, without a loan to pay off debts and handle current financial demands, you could find yourself even deeper in the hole as calls from collection agencies start coming in and the pressure mounts.

Does 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. 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. That's only fair, as the lenders are taking on more risk when they give money to people with a less-than-sterling track record.

How can you tell which lender to use for your bad credit loan? That's an excellent question to ask. 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. Here are several criteria that can help you choose the right lending partner for your situation:

  • Reputation. With something as major as a loan, you want a provider that has already established itself as being trustworthy, reliable, and fair. What do other people say about their experiences borrowing from this lender? Has the company been rated by the BBB?
  • Transparency. Shady lenders hide everything in the fine print, like high interest rates and penalties for early repayment. You want to choose a lender that makes their terms as clear as possible before you sign on the dotted line. While the terms of your particular bad credit loan will probably be determined during your application process, the most transparent lenders will provide estimates of their fees and average APR, to give you an idea before you start providing your personal details.
  • Usability. Applying for a bad credit loan could be a little nerve-wracking, and a hard-to-use website doesn't make things easier. Choose a lender that makes it as simple and fast as possible to complete your application and receive your funds.

TopConsumerReviews.com has reviewed and ranked the best bad credit loan providers available today. We hope this information helps you to quickly get the money you need, with terms that are fair and affordable, so that you can get back on your feet financially!

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