Qualifying for a One Main Financial Loan
Debt consolidation loans are meant to make life simpler and smoother rather than more difficult. So, the last thing you want to do is spend extra time and effort submitting loan applications only to get denied by the lender. Plus, you’ll want to be efficient about applying for loans because applying for too many within a period of time can lower your credit score because it makes you look desperate for funds. In other words, you want to make each loan application count.
This is why it’s always worth it to spend a bit of time researching any lenders you have in mind — to get a sense of what they require for loans in terms of credit history, income, debt levels, geographic location, loan size, and more. With all these variables in play, it’s important to find a lender that matches up with your wants and needs before so much as submitting an application.
Say you’re hoping to take out a consolidation loan to pay off your existing debts at a better interest rate and come across the online lending company OneMain Financial. What do you need to know about qualifying for a loan from this company? Read on to learn more.
Qualifying for a Consolidation Loan from OneMain Financial
A great place to find more in-depth information about approval is OneMain Financial reviews for loans. As Bills.com outlines, there is no official minimum credit score required to qualify for a loan from this lender, nor is there a specific debt-to-income ratio necessary to qualify. Rather, this lender looks at a range of factors that provide a snapshot of how likely you are to be able to repay your loan over time, such as:
- Your credit history
- Your payment history
- Your income
- Your expenses
- Your current debt level
- Why you’re seeking a loan
- Whether you’ve declared bankruptcy
- Where you live
If you’re a borrower with fair or bad credit who is worried about getting approved for a consolidation loan, it may be worth checking out OneMain Financial due to their lack of minimum score.
As Business Insider explains, not only is OneMain a potential option for people having a hard time qualifying for other personal loans, but it also offers both secured and unsecured loan options. This means, if your credit score — or anything else about your financial profile — is weighing down your chances of approval, you may be able to offer up a piece of property as collateral. Offering up something like your car as collateral makes you a less risky proposition, which can motivate lenders like OneMain to approve rather than reject.
It is important to make sure you live in a qualifying state, regardless of your credit score or income. This lender requires borrowers to visit a branch in person to receive their funds. While there are 1,500 branches spread out throughout the U.S., the company only operates in 44 states as of 2021.
What If You Can’t Qualify for a Consolidation Loan?
What happens if you still find yourself falling short of qualifying for a loan from OneMain financial — or any other lenders? You have a few options moving forward.
You can try to strengthen your application. For instance, it’s smart to request free copies of each of your three credit reports (Experian, Equifax and TransUnion) and comb them for errors. If you find any incorrect information, dispute it as soon as possible. Keep paying your bills on time and try to pay down as much of your existing debt as possible — a savvy move that makes your credit utilization ratio look more favorable. Aim to carry 40 percent or less of your available credit limits.
You may be able to add on a co-signer to strengthen your application. This person will be counting on you to fulfill your loan duties, otherwise, they will be held legally responsible.
Knowing the basics of what it takes to qualify for a OneMain Financial debt consolidation loan will help you improve your chances of getting approved the very first time you apply.
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