Other financial tools you can use include: Alternatives to Personal Loansīefore committing to a personal loan, it’s worth looking at all the other alternatives. In the case of secured loans, you also risk losing your property if you fall behind on your payments, so it’s essential that you only borrow what you need and have a plan in place to repay the loan on time.īefore submitting your loan application, it’s wise to shop around and compare quotes from different lenders to find the best personal loan rates. Depending on your creditworthiness and the lender you choose, personal loans can have relatively high fees and interest rates, so you may end up paying a substantial amount of money on top of the loan principal. When taking out a personal loan, only apply for the minimum amount you need to cover your goal. However, borrowers with good to excellent credit may qualify for better rates and higher loan maximums with other lenders, who may not require any collateral.
Its 7-day cancellation policy also provides some flexibility if you change your mind about your loan. OneMain Financial can be a useful solution if you don’t have great credit but need a personal loan, as the option to add a co-applicant or collateral could give you a better chance of qualifying for a loan. But because non-prime borrowers tend to be riskier loan candidates and require more intensive service levels, OneMain Financial may charge higher interest rates than some other lenders. Focusing on applicants’ ability to repay, it offers loan amounts as high as $20,000 and issues both secured and unsecured loans. OneMain Financial specializes in personal loans for non-prime consumers, meaning individuals with credit scores of 659 or below. Originally founded in Indiana in 1927, the company currently has 1,400 branches in 44 states and serves over 2.2 million customers. OneMain Financial is a subsidiary of OneMain Holdings, a financial services holding company. For more information, see How We Make Money. Some links on this page - clearly marked - may take you to a partner website and may result in us earning a referral commission. We want to help you make more informed decisions.
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