Credit Score Needed For One Main Financial Personal Loan

Applicants with a credit score of at least 540 and up to 700 may be eligible for onemain financial personal loans.

Credit score needed for one main financial personal loan. The low income earners with bad or poor credit to whom onemain appeals may not have credit scores high enough to be attractive to prosper s investors. Onemain financial s credit score requirements are not publicly disclosed. Also keep in mind that since onemain financial offers secured personal loans you should have options even if you have bad credit.

However if you have less than average credit scores you ll likely need to go with the secured option in order to get approved. Onemain financial s 2019 annual report shows it lends to people with a range of credit scores and the company s february 2019 investor presentation showed an average score of 635 for those who received an unsecured loan with the lender and 613 for those who received a secured loan. Examples of the total cost to the consumer for a personal loan.

Onemain doesn t have a minimum credit score requirement to qualify for its personal loans. A personal loan from onemain financial may be worth considering if you need to borrow money but a poor credit score is keeping you from qualifying with other lenders. To qualify for personal loans with onemain financial personal loans applicants need a minimum annual income of 7 200 or higher.

All loans are subject to credit review and approval. Instead the lender uses an in house algorithm to evaluate borrowers. The minimum age to be eligible is 18 or the state minimum whichever is higher.

The community based lender. Closed end interest bearing personal loans. Three of the most important factors.

Onemain does not disclose minimum income requirements. Third party sources say customers tend to have scores in the 600 650 range however. Additionally model year loan to value minimum loan balance mileage income debt etc.