OneMain Financial is a personal loan for those who want to be able to choose the duration of their repayment period. There is no established minimum credit score, and your credit score is not utilized to determine the conditions of your loan. One of One Main Loan’s most appealing features is the ability to utilize collateral to secure your loan.
If you’re seeking additional loan choices, we’ll go through top 10 best apps that provide loans similar to OneMain with no credit checks and speedy loan approvals. Read the complete article to determine the best loan option for you. By the end of the post, you will have a detailed understanding of the keynotes, term amount, term length specifics, and so on for the 10 best loans apps like One Main.
Onemain Financial Reviews
OneMain Financial, founded in 2010, is the consumer finance arm of OneMain Holdings, Inc., a long-standing financial services company founded in 1912. It offers secured and unsecured personal loans, as well as two types of consumer credit cards. OneMain Financial has received mixed feedback from customers. While many customers are pleased with their loans and the company’s customer care staff, others are upset over being rejected for loans and receiving bad customer service.
Furthermore, the Consumer Financial Protection Bureau (CFPB) is now investigating OneMain Financial for its refunding practices on canceled optional membership plans and insurance products. The CFPB issued another warning to the firm in 2022, stating that the agency was contemplating recommending an enforcement action. This was due to the lender allegedly violating the CFPB’s rule on “unfair, deceptive, or abusive acts and practices.”
Best Loans like OneMain
You may learn everything you need to know about loans like OneMain by reading this post. Listed below are the important particulars.
1. SoFi
SoFi offers unsecured personal loans in all 50 states. Because of the low credit checks, it is an excellent alternative for folks with solid credit. It’s also a great alternative if you need a large loan—up to $100,000. SoFi Loans allow you to utilize your money for medical procedures, home improvements, relocation assistance, and credit card consolidation. Their loans, however, cannot be utilized for items like real estate, investments, or education.
Key Highlights
- Soft credit check for prequalification.
- Long loan periods and high loan sums.
- If you become unemployed, your payments will be suspended for up to three months.
- It provides several member incentives, such as referral bonuses and rate savings.
- SoFi Loans does not impose late fees for late payments.
- You can adjust your payment dates to suit your needs.
- The interest rate ranges from 8.99% to 25.81%.
- The loan amount ranges from $5,000 to $100,000.
- Time to Fund Following Approval for Same-Day Funding
- There are no costs required.
2. HappyMoney
If you have fair to good credit and want to pay off current credit card debt, HappyMoney is the ideal option for you. Because the platform only offers loans for credit card consolidation, it is not a viable option for individuals who need to finance large purchases or pay other unforeseen bills. Many lenders of personal loans allow you to use borrowed funds for a variety of purposes. HappyMoney, on the other hand, specializes in unsecured personal loans for debt consolidation. Furthermore, consolidating several credit card bills streamlines monthly payments and may result in reduced overall interest payments.
Key Highlights
- APR reductions are available for debt consolidation loans.
- Creditors can be paid immediately.
- There is a pre-qualification option available.
- Every 12 months, you may adjust their payment due date.
It grants you access to a website where you can track your progress and payments. You might be qualified for financial aid from Happy Money if a natural disaster has affected you.
Fee:
- The interest rate ranges from 5.99% to 24.99%.
- The loan amount ranges from $5,000 to $40,000.
- After approval, funds are available in three to six business days.
3. Possible Finance
Possible Finance is an online lending business that allows people with bad credit to borrow up to $500 through their mobile app or website. It offers modest personal loans as an alternative to payday loans. Personal loans can be used to pay for costs such as debt consolidation, medical bills, and home improvement projects. Even if you have bad credit, you may be able to get a loan if you use their smartphone app to complete your application. However, the APR on Possible’s loans is significantly greater than that of other personal loan providers.
Key Highlights
- You can get it even if you have bad or no credit.
- Notifies two of the three credit bureaus of the payment.
- Allows you to repay your loan over the course of two months.
- The interest rate ranges from 150% to 200%.
- The loan amount ranges from $50 to $500.
- Time to Fund Following Approval Fees for One Business Day
Fees:
- There are no late or penalty fees.
- Fees of $8 or $16 each month
4. Upstart
Upstart differs from the other firms in that it is a peer-to-peer lender. It takes into account factors such as job history, credit history, employment history, and education. A credit score of roughly 300 is normally required to be authorized for a loan, although you can still be approved with a minimal credit history. You’ll get your money the next business day if you accept the loan by 5 p.m. EST, Monday through Friday. You may be approved for a loan with a lower credit score, but you will be charged a higher interest rate. If you want to know your APR before applying, it can perform a light credit check.
Key Highlights
- It will accept applicants who do not have a credit score and have a limited credit history.
- Other data is used to help attain a lower rate.
- Checking your rate has no effect on your credit score.
- It allows you to choose your payment dates.
- The interest rate ranges from 4.60% to 35.99%.
- Fees for loans ranging from $1,000 to $50,000
- The origination charge ranges from 0% to 8% of the goal amount.
Fee:
- Late fees are assessed at 5% of the outstanding balance or $15, whichever is greater.
- A $15 charge for insufficient cash
- A fee of $10 is charged for paper documents.
- There are no prepayment penalties.
5. LendingClub
You can select loans that are appropriate for your needs with the aid of the online financial provider LendingClub. If you wish to combine your debt, it provides quick cash as well as the ability to pay your creditors immediately. It also provides credit card consolidation, debt consolidation, balance transfers, and home renovation loans. Because a minimum credit score of 600 is required, anyone with less-than-perfect credit can apply for a loan. It is best suited for borrowers with a track record of on-time payments and a established financial history because the origination fee and the APR are both based on credit score.
Key Highlights
- If you don’t get accepted for a loan on your own, you might be able to apply with a co-borrower.
- It provides direct payments to third-party debtors.
- If required, you can adjust the payment due date for your LendingClub personal loans.
- If you pay late, you have a 15-day grace period.
- The interest rate ranges from 7.04% to 35.89%.
- The loan amount ranges from $1000 to $40,000.
- Within one day after approval, funds are available.
Fees:
- A loan origination fee of 3% to 6% is charged.
- Late payment penalties may apply.
- No application costs are required.
- There are no prepayment penalties.
6. OppLoans
OppLoans is a sort of lender that provides personal loans for a limited period of time, even if you have weak or poor credit. It is one of the several forms of payday loans available to you. Three credit bureaus will see your payments, which will have an impact on your credit history. Furthermore, interest rates are higher than with traditional loans but lower than with payday lenders. There are no fees, and lending choices are made based on variables other than your credit history.
Key Highlights
- It offers financial education through free public classes.
- You may simply set the repayment date according to your payment schedule.
- It offers instant cash for small loans without requiring a credit check.
- It makes loan approval decisions on the spot.
- The interest rate ranges from 59.00% to 160.00%.
- The loan amount ranges from $500 to $4000.
- Time to Fund Following Approval Funding is accessible on the same day.
Fees:
- There are no origination or prepayment fees.
7. MoneyLion
MoneyLion is a wonderful choice if you want a place where you can take care of all of your financial needs in one place. It provides credit-building opportunities in addition to personal loans with fair interest rates and flexible repayment plans. Your financial requirements may be met here. It provides low-interest credit-building loans, but you must enroll, which raises the overall cost of the loan. It allows you to get a portion of the loan in cash in advance. The remaining amount is put into a credit reserve account, which you can access when the loan period is up.
Key Highlights
- Payments are reported to the three main consumer credit bureaus.
- There is no need for a rigorous credit check.
- It offers credit monitoring services, which include weekly credit checks.
- It provides low-interest loans, cash-back benefits, and alternative investment alternatives.
- You may also pay off your loan early without incurring any penalties.
- The interest rate ranges from 5.99% to 29.99%.
- The loan amount ranges from $500 to $1000.
- Within three business days of approval, funds are available.
Fees:
- There are no origination costs.
- The monthly membership charge is $19.99.
8. LendingTree
LendingTree is a fantastic comparison site for folks with terrible to fair credit. It is an online lending marketplace that simplifies the process of comparing rates and fees from various firms by eliminating the need for candidates to complete multiple separate applications. Whether your credit is fair or excellent, it may connect you with lenders for personal, vehicle, or home equity loans. If you join, it also offers many financial management tools, such as a budget tracker and a monthly payment calculator.
Key Highlights
- LendingTree’s services must be available in all states.
- When you check your rate, it has no effect on your credit score.
- Compare various firms at the same time. Provides a wealth of financial education resources.
- The interest rate ranges from 2.49% to 35.99%.
- Fees for loans ranging from $1000 to $50,000
Fee:
- 0%–3% loan origination charge
- Late payment penalties may apply.
- The majority of lenders do not charge prepayment penalties.
9. Prosper
If your credit is fair or good, you may acquire a personal loan with Prosper. It is a peer-to-peer lender that offers personal loans with flexible borrowing terms. It introduces you to investors and has less stringent funding requirements than some traditional lenders. Even if Prosper is a good option for you if you have acceptable credit, other lenders may offer lower fees and have lower APRs. It has cheaper rates than OneMain Financial if you have strong credit.
Key Highlights
- Co-applicants are welcome.
- A mobile app may be used to manage loans.
- Set up, evaluate, and alter your desired portfolio allocations using its ‘Auto Invest’ function.
- There is immediate financing available.
- The interest rate ranges from 6.99% to 35.99%.
- The loan amount ranges from $2000 to $50,000.
- Time to Fund Following Approval One working day
Fees:
- There are no prepayment penalties.
- The origination cost ranges from 2.41% to 5%.
- A $15 late fee will be assessed.
10. Mariner Finance
Mariner Finance offers personal loans in 27 different states. A cosigner can be used to apply for a personal loan. Applying for a personal loan with a co-signer who has good credit may help you get accepted or reduce your interest rate. Bankruptcy candidates are also considered, subject to underwriting conditions.
Key Highlights
- There is no requirement for a minimum credit score.
- There are several secured and unsecured personal loans available.
- It is possible to prequalify online with a simple credit check.
- Payments are reported to the three credit bureaus.
- If you no longer require the loan, you may return it free of charge within 15 days.
- The interest rate ranges from 18.99% to 35.99%.
- The loan amount ranges from $1,000 to $25,000.
- 1 to 2 business days following approval to fund
Fees:
- $25 processing charge
- Loan origination costs are not applicable.
- There are no prepayment penalties.
Conclusion
We have done our best to provide you with extensive information and research regarding loan-providing platforms such as One Main. So, we hope that the preceding post on the 11 best loans like One Main has assisted you in selecting the finest one that meets your needs and preferences.
FAQs
Is OneMain just offering secured loans?
You might be offered a secured or unsecured loan. While an unsecured loan requires no security, a secured loan requires you to provide property, such as a vehicle.
How quickly does OneMain Financial respond?
Funds are deposited into your bank or savings account via Automated Clearing House (ACH) about one to two business days following the loan closing date.
Is it difficult to be authorized for OneMain Financial?
Given that OneMain Financial offers personal loans to those with credit ratings as low as 600–650+, getting one is not difficult. Other requirements for OneMain Financial personal loans include being at least 18 years old, having a Social Security number, and earning enough money to meet the monthly payments.
