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      March 31, 2020

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One Main Financial vs Personal Loans

Best Installment Loans

To help you find the Best Installment Loans, TopConsumerReviews.com provides you with an in-depth comparison of One Main Financial and Personal Loans.

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Medical bills, unexpected car repairs, layoffs and more - does any of this ring a bell? There are lots of reasons why many people find themselves strapped for cash. What can you do if your income just isnít enough to make ends meet and you need money?

If you have a financially-comfortable friend or relative, you could put yourself through the embarrassment of asking them for a loan - which would be better than paying the extremely high interest rates associated with most credit cards or payday loans. Another option is to consider an installment loan.

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Best Reviews

2020

Installment Loan Reviews

3 stars
One Main Financial

ONE MAIN FINANCIAL

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Loan:

Personal and Auto Loans from $1,500 - $30,000

OneMain Financial is a leading national consumer loan company that has been in business since 1912. They offer personal and auto loans at nearly 1,700 branches across the United States and has an A+ rating from the Better Business Bureau.

Stability and a high rating from the Better Business Bureau may be the two greatest strengths of OneMain when it comes to the loans they offer. There is just one application asking for personal information that they ask a prospective client to fill out.

Once the application is completed and if approved, a OneMain representative will call to discuss the details of your loan. If you want to learn more about OneMain's loan product before you apply, they provide an example payment schedule on their site along with other loan information such as payment options, which can be found in their FAQ's section.

Reviewing further, we found consumers that reported a range of interest rates and a few comments about mandatory insurance. However, OneMain discloses fees to the consumer during the loan closing process and any insurance is completely optional for the consumer. Some customers reported high interest rates, while others reported various fees that added to their rate.

On the plus side, OneMain may be an option for people with lower credit ratings. You may also be able to get a loan that does not require collateral. However, you should be aware that this may come with high rates. When the OneMain representative contacts you with your loan offer, be sure you're comfortable with the details. The company has a long, successful history, and appears strong and solvent, so it should be considered a legitimate lending source for your financial needs.

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3 stars
Personal Loans

PERSONAL LOANS

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Loan:

From $1,000 to $35,000

Another entry in the borrower-to-lender matching service market is Personal Loans. In case you're not yet familiar with this method for obtaining an installment loan, here's what you need to know. When you visit the Personal Loans website, you'll be asked to enter the amount you hope to borrow - from $1,000 to $35,000 - along with your personal information, such as your name, income, driver's license number and banking information.

After Personal Loans verifies the details you provided, they will pass your loan request along to a network of lending partners. If a lender is interested in funding your loan, you'll be shown the terms and given the opportunity to accept or refuse the offer. Should you accept the offer, you could have the funds deposited within one business day, though some loans may take up to five days to fund.

As a lending connection service, Personal Loans doesn't charge you any fees for the application process. On the other hand, because they don't fund any loans directly, Personal Loans also doesn't provide any information as to the fees, terms, and interest rates you can expect from their partner lenders. We were able to find a few reviews written by satisfied borrowers, leading us to believe that Personal Loans is doing a good job of matching customers with lenders that offer loans with reasonable terms. But, we would have liked to see a rating with the Better Business Bureau as well, as most of the lenders in our review maintain ratings of an "A" or better.

You should also be aware that Personal Loans has additional criteria that you'll need to meet in order to be eligible for a loan from one of their lenders. Those include:

  • Reside in a state other than Maine or North Dakota
  • Be at least 18 years of age
  • Have a Social Security number
  • Be employed full-time or self-employed, on disability, or receiving Social Security benefits
  • Be a legal U.S. citizen or permanent resident

Additionally, you're more likely to be approved for an installment loan if your credit score is at least 580 and your payment history is average or better.

While we like the range of loans provided through Personal Loans' network of lenders, we definitely would like to see a more established track record of happy customers, particularly with a rating at the BBB. On the other hand, the speed with which their partners fund approved loans could be a real perk for people who need an installment loan in a hurry.

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Continued from above

Repaid over time with a predetermined number of set payments, these loans can help bridge the gap between what you have and what you need while allowing you to comfortably accommodate the repayment schedule. Many installment loans today are funded using a system known as a social lending network, matching borrowers with lenders through a peer-to-peer structure. Compared with other loans available, these installment loans usually have lower interest rates, mostly because of the lower overhead costs associated with this type of borrowing.

While you may feel a little apprehensive when trying to choose a lender for your installment loan, there are several factors you can use to make sure your loan is on solid footing. When looking at any potential lender, here are three things to check out:

  • Loan application process. What do you need to provide in terms of documentation to complete the application? Can all or most of the process be done online?
  • Loan rates, terms, and amounts. Will the lender provide an installment loan that covers the amount you need? Do the available repayment terms Ė such as the interest rate, and length of the loan - seem reasonable?
  • Reputation. Does the lender have a good track record for providing quality customer service? Is the lending company accredited with the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best Installment Loans available today. We hope this information helps you find the loan you need with the best possible rate and terms!

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