OneMain Financial vs iLoan
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OneMain Financial vs iLoan
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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 options for payment, which can be found in their FAQs 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.
If you prefer to take out a personal loan with a company that services your account directly - rather than matching you with a lending network - iLoan might be worth considering. Backed by well-known lender OneMain, iLoan enjoys a long history of reputable service to borrowers. However, do be aware that if you already have a loan through OneMain, you won't be able to apply for a new loan through iLoan until at least 15 days after you've paid off the first loan.
You'll find iLoan's application process to be very straightforward. First, select the purpose of your personal loan - adoption, auto repairs, and so forth - and the desired amount. Then, provide basic personal information, such as banking details, and proof of identity, residence, and income. If you'd like to increase your chances of being funded quickly, take advantage of iLoan's Instant Verification service. This free option uses your banking information to give iLoan an immediate picture of your income, rather than having to submit pay stubs or W2s and can speed up the time it takes to approve your personal loan. Whichever route you choose, most applications for personal loans get processed in 60 minutes or less, with funds being transmitted on the following business day.
Compared with other sources of personal loans, iLoan does have an overwhelmingly positive set of customer reviews. Borrowers have great things to say about the helpful loan officers and other customer service representatives, the speed at which loan applications are processed, and the overall experience of working with iLoan.
However, for customers who are months or years into the repayment schedule, the comments tend toward the negative. iLoan is very upfront with their interest rates, which are definitely higher than many of the lenders we reviewed: expect an interest rate somewhere between 11.24% and 36.00%, depending on your particular credit score, income, and other personal details. You won't know your interest rate until you complete the application process, but customers seem to fall on the higher end of the scale more often than not. You may also get a lower interest rate if you live in Wisconsin and would like to offer your automobile as collateral.
When it comes to iLoan's service range, it is much smaller than most sources of personal loans: Alabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah, and Wisconsin. If you don't live in one of those 12 states, iLoan will not be able to fund your personal loan.
Overall, iLoan enjoys a solid reputation with a parent company (OneMain) that has a long track record in the lending industry. But, because iLoan's service area is so small and their personal loans carry such high interest rates compared with other lenders in our review, you might need to consider a higher-ranked service to get the most ideal terms for your individual situation.
To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of OneMain Financial and iLoan.
Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.
Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.
No matter where you borrow money from, before you get your next personal loan you should consider the following:
TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!
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