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      September 21, 2020

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OneMain Financial vs Lending Tree

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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 Lending Tree.

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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.

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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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3.5 stars
LendingTree

LENDING TREE

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Loan:

From $1,000 to $50,000

LendingTree serves as a connection between borrowers and lenders, allowing prospective customers to comparison shop among banks and other institutions to get the loans they need. In fact, two of the lenders you'll probably find through LendingTree have been reviewed individually in our rankings, showing that this service does a great job of offering a wide spectrum of options.

Easy application

The application process is pretty straightforward: enter your basic information, including the purpose of your loan (paying off debts, medical expenses, etc.) and your employment status. LendingTree will use the last four digits of your SSN to do a "soft pull" on your credit history and verify your identity. Then, you'll get a list of any lenders who are willing to offer you a bad credit loan.

Lending partners

From there, you'll work directly with any lenders that catch your interest. Because LendingTree is paid by their lending partners for passing prospective customers along to them, you aren't charged anything for using the referral service.

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High marks

LendingTree gets high marks from both customers and from the BBB, who rates this service with a perfect "A+" and accreditation. While they do a great job of connecting customers to potential lenders, their options for individuals with poor-to-fair credit shrink. This means you will probably receive few offers from LendingTree’s partners.

Bad credit loan specialization

LendingTree does partner with some companies who specialize in bad credit loans. However, looking at LendingTree's statistics for the average credit scores held by the people who successfully get loans through their site, they don't even mention a single loan given to people with credit scores lower than 640.

Great reputation

LendingTree enjoys a great reputation within the industry and their customers alike. It's for this reason that they receive good marks in our review. When it comes to bad credit loans, it won't hurt you to apply with LendingTree, but you may have to temper your expectations regarding the number of offers you'll get.

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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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