OneMain Financial Review

OneMain Financial ReviewOneMain Financial has different loans that they offer borrowers, and you can obtain a loan up to $15,000 if you live in a state that allows this. It’s a bit different than many payday loans, and can be a better option for those that qualify.

They say that if you get approved for the loan by noon you can receive your money the same day, which usually means that they will release your money to your bank on that day, but then it is up to your bank to release those funds and allow you to use them. They say that you’ll be able to have different payment options, so you’ll be able to choose which scenario sounds best for you and come up with a monthly amount that you can afford.

OneMain Financial Review Secured and Unsecured

OneMain Financial offers both secured and unsecured loans so if you have collateral you may be able to get better rates thanks to that collateral than you would if you are just taking out a personal loan based on your credit and promise to pay.

They say that you can use the money from their loans for anything that pops up in your life whether it is an unexpected expense, a home improvement that needs to be done immediately, other life events that occur, or to consolidate several of your smaller debts into one payment each month.

Additional Benefits
They say that they offer a free and secure way to manage your account once you have taken out a loan, and you are able to pay your payments online, as well as check your account information without having to visit a branch. This is very convenient and provides the benefits of an online loan with a trusted lender that you know will be there each month and isn’t a fly by night scammer.

Many times you’re left with just two options, try to apply at the bank and get rejected because your credit is not perfect, or pay super high fees and interest rates at the payday lender because you have no other choice. If you had just one other option to consider that would greatly reduce the amount of money you are paying and fees each month because you would have a better interest rate and be able to make your payments more easily than you can with a payday loan.

Fixed Rate, Fixed Payments
One thing that they point out is that for the entire length of the loan you’ll be paying a fixed rate, so you won’t have to worry that your rate will go up as the loan goes on, and you’ll be locked in at the rate they provide the time that you begin your loan. If you have been in a loan that had a variable rate you will appreciate knowing exactly how much you owe each month and knowing exactly when you will have your loan paid off.

How They’re Different
They seem to be attempting to bridge the gap between the sort of loans you get at a bank, and the qualification guidelines you need to take out a payday loan. This could open the doors for many more borrowers to be able to get a favorable loan rate rather than be subjected to the ridiculously high fees and APRs presented by payday lenders. There definitely needs to be payday lender reform, and companies like this one are going to cause that to happen because borrowers aren’t going to continue to take out a payday loans when other, better options exist.

Our Recommendation
OneMain Financial is getting our recommendation if you’re looking for a loan that is not a payday loan but something that might be better for you in the long term because you’ll be paying less to borrow the money. It may be a little harder to qualify for this loan than it is to qualify for a payday loan, but it is worth trying for before you succumb to taking a payday loan rather after exploring all of your options. A payday loan should only be used as a last resort when you’ve exhausted all other possibilities and need money right now.

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