Best Reviews TopConsumerReviews.com Bad Credit Loans Best Reviews
Best Reviews
      June 7, 2020

Home  >  Bad Credit Loans  >  OneMain Financial Review

Best Bad

Credit Loans

  1. OneMain Financial
  2. LendingClub
  3. LendingTree
  4. Avant
  5. Personal Loans
  6. Bad Credit Loans

Your Information Is Secure
Personal Loan Tips Newsletter

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!

Latest Reviews

Bad Credit Loans

Buying Gold

College Textbooks

GMAT Test Prep

Investment Newsletters

MCAT Test Prep

Photo Books

Seafood

Slipcovers

Structured Settlement Buyers

 

Individual Reviews

Upstart

OneMain Financial

Lending Club

Lending Tree

Avant

Personal Loans

Bad Credit Loans

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

OneMain Financial Review

Best Personal Loans

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

To see ALL of our reviews for the Bad Credit Loans, please Click Here

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.

Continue reading below reviews

Best Reviews

2020

Bad Credit Loan Reviews

4.5 stars
OneMain Financial

ONEMAIN FINANCIAL

Visit Site

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.

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.

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.

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 doesn'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.

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.

But, 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.

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.

Visit Site

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!

Edmunds: 0% loans are a smart way to get out of a bad loan

To spur car sales amid the coronavirus pandemic, nearly every automaker has introduced 0% financing. Getting a 0% car loan can be a smart way to finance a new car. Edmunds data shows that 26% of ...

Published:  Wed, 03 Jun 2020 11:00:00 GMT



Scotiabank Earmarks $1.33 Billion for Bad Loans in Pandemic

Bank of Nova Scotia's quarterly earnings plunged 41% after the lender set aside a record amount for loan losses, giving investors their first indication of how the coronavirus pandemic will affect ...

Published:  Tue, 26 May 2020 06:52:31 GMT



China says banks' bad loans high due to virus, credit risks grow

"Asset quality at smaller banks will also be under pressure this year, and credit risks in some institutions will continue to accumulate," according to a statement sent by China's Banking and ...

Published:  Tue, 26 May 2020 00:05:00 GMT



Kenya's Central Bank Urges Credit Backstop as Bad Loan Risks Rise

Kenya urgently needs to establish a credit-guarantee program to reduce the risk of lending to small- and mid-sized companies battered by the coronavirus pandemic, according to central bank Governor ...

Published:  Thu, 28 May 2020 04:00:00 GMT



Greece's National Bank in deal to sell soured loans to Bain Capital

National Bank (NBG) agreed to sell 1.6 billion euros ($1.81 billion) of non-performing corporate loans to Bain Capital Credit as part of efforts to clean up its balance sheet, Greece's second-largest ...

Published:  Fri, 05 Jun 2020 09:36:00 GMT



WRAPUP 2-Canada's RBC, BMO offer subdued outlook, miss profit estimates as bad loan provisions surge

Royal Bank of Canada and Bank of Montreal on Wednesday offered subdued outlooks after missing quarterly earnings expectations as they increased provisions more than six-fold to cover future loan ...

Published:  Thu, 28 May 2020 07:02:00 GMT



State Bank of India Profit Jumps on Drop in Provisions Against Bad Loans

State Bank of India said its profit jumped fourfold due to muted provisions, as the country's largest lender expressed confidence it has enough of a bad loan cushion to withstand the effect of the ...

Published:  Fri, 05 Jun 2020 02:57:00 GMT



Can You Get a Personal Loan With No Credit Check?

Getting a personal loan with bad credit can be tough. Lenders and creditors usually require a credit check before you can borrow money, and if you have poor credit or no credit, you may be denied.

Published:  Thu, 28 May 2020 21:00:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure