While OneMain Financial offers personal loans to borrowers with fair or bad credit, some potential drawbacks deserve consideration for onemain financial interest rates:
High interest rates: Compared to other lenders, OneMain often charges higher APRs, making borrowing more expensive, especially for larger loan amounts.
Origination fees: They typically charge an origination fee, a percentage of the loan amount deducted upfront, adding to your total cost.
Limited loan amounts: Their maximum loan amount is $20,000, which might not suffice for significant expenses.
Secured loans for larger amounts: Larger loans often require your vehicle as collateral, putting it at risk if you can’t repay.