OneMain Financial is a company that provides personal installment loans and has over 1700 branches spread out across the country. Its headquarters are located at Evansville, Indiana, and it was founded back in 1912 in order to provide financial assistance to building contractors and manufacturers. The firm is a part of Springleaf Holdings, Inc, and offers assistance mainly towards meeting medical and wedding expenses, auto financing, debt consolidation, and home improvement projects. Traditional factors like debt-to-income ratio and credit history are considered before any financial assistance is provided.
The firm provides loan amounts starting from $1,500, to a maximum of $30,000. The annual percentage rate (APR) charged on loans lie between 16.05% and 35.99%. Note that the minimum APR for secured loans is 9.99%, and they charge an origination fee that varies from state to state. There are no prepayment fees charged, and the repayment period ranges from 2 to 5 years. Soft credit check facility is offered, and there is no minimum credit score for that. The average credit score is found to be 600-650, and there is no minimum credit history required, nor does an applicant you need to show a minimum annual income. The average loan amount is found to be $49,000. OneMain Financial intends its services to be used by those with bad credit.