Question 1

How do I qualify for a personal loan and what do I need to apply?

Accepted Answer

Here's a few things that affect your eligibility 
              Financial history
              Credit history 
              Income and expenses
              Loan purpose 
              Whether you have filed for bankruptcy
              State of residence 
              Before you close your loan, OneMain will need the following documents from you: 
              A copy of a valid, government-issued ID (driver's license or passport) 
              Your Social Security card
              Proof of residence (driver's license with current address, utility bill, or signed lease) 
              Proof of income (pay stubs or tax returns) 
              We may ask for more info based on your unique situation. Take the next step and start your loan application today.

Question 2

How long does it take to apply for and receive a loan?

Accepted Answer

Start your personal loan application now and you could receive your funds the same day you're approved.*              Here's the average timing for the online application:              Completing the application and receiving a decision: Less than 10 minutes*              Signing the agreements and receiving funds: By the next business day after approval* 
              *It's important to note that the amount of time may vary based on: when you submit your application, how many documents are needed for approval, and how long it takes to receive those documents, among other factors.

Are you still wondering "Is a personal loan right for me?" Don't worry. We're here to help. Just call (800) 961-5577 or find a branch near you.

Question 3

What's a secured vs unsecured loan?

Accepted Answer

If you're approved for a loan, you may see secured or unsecured next to your offer. An unsecured loan doesn't need any collateral from you to go on to the next step. A secured loan requires that you provide collateral, like a motor vehicle. 
 
              If you're concerned about whether a personal loan is easy to get with your credit score, using collateral can actually improve your odds of getting approved. It can even give you access to lower rates, lower payments or more money. And once approved, it can also be a great tool to help you build credit.

Question 4

What's the difference between precomputed and daily simple interest?

Accepted Answer

Precomputed interest is calculated up front when a loan is opened, while daily simple interest adds up (accrues) every day on the amount of the loan (current unpaid principal balance) until the loan is repaid.

Other key differences about the two types of interest:

Precomputed interest
              The entirety of every on-time monthly payment goes toward reducing the account balance.
              If all payments are made on time, the account balance will be $0 at the end of the term.
              If paid off early, the borrower may be able to get an interest refund or rebate.
              Daily simple interest 
              The borrower pays the principal, plus interest as it adds up from payment to payment.
              As the principal balance is reduced, interest charges go down because less interest adds up on a smaller principal balance.
              If all payments are made on time, borrowers can avoid paying additional interest and pay off their loan as scheduled.

Personal Loans

The money you need, as soon as one hour after closing¹

Find a personal loan that’s right for you

See how you can stretch your budget with a personal loan

Clear and easy from start to finish

Customers have relied on OneMain for over 100 years — here’s why⁶

Answers to common customer questions

Get the money you need to move you forward

Personal Loans

The money you need, as soon as one hour after closing1

Find a personal loan that’s right for you

See how you can stretch your budget with a personal loan

Clear and easy from start to finish

Customers have relied on OneMain for over 100 years — here’s why6

Answers to common customer questions

How do I qualify for a personal loan and what do I need to apply?

How long does it take to get a personal loan?

What’s the difference between a secured and unsecured debt consolidation loan?

What’s the difference between precomputed and daily simple interest loans?

Are there any fees or charges associated with a personal loan?

Can I pay off my personal loan early without penalties?

Get the money you need to move you forward

The money you need, as soon as one hour after closing¹

Customers have relied on OneMain for over 100 years — here’s why⁶