CheckConnect Program Terms & Conditions

1. How the Program Works

OneMain Financial Group, LLC (“OneMain”) has offered to waive its requirement that you secure your personal loan with collateral in exchange for you agreeing to set up automatic transfers from your payroll provider to repay your loan, a service OneMain calls “CheckConnect.” A CheckConnect loan is an unsecured loan. CheckConnect is an electronic payment from your employer to OneMain, via paycheck allocation, through our service provider. Payment via paycheck allocation reduces the amount of your paycheck or direct deposit by the agreed upon amount. Specifically, your loan payment is deducted directly from your paycheck to repay your OneMain loan. The amount of the unsecured loan offer available with CheckConnect may be less than the secured loan offer available with collateral.

You understand and agree that receiving this incentive is dependent on your employer participating with OneMain’s payroll transfer service provider. Not all employers participate in our service provider’s network. If your employer does not participate in the network, if you decline any of the terms of the CheckConnect program, or if you fail to complete all steps necessary to establish a payroll transfer through our service provider, you will not qualify for the unsecured loan offer. If you fail to qualify for the unsecured loan offer, or you otherwise do not wish to proceed with the CheckConnect program, you may still be able to pursue your original secured loan offer if the offer has not yet expired.

At all times during the term of your loan, your legal obligation is to repay the loan in monthly installments as described in your Loan Agreement and Disclosure Statement. You may cancel payments via paycheck allocation after origination at any time by contacting your payroll provider. If you cancel payments via paycheck allocation, you remain responsible for making payments as required by your Loan Agreement and Disclosure Statement. You may contact your servicing branch at any time to determine alternate payment methods accepted by OneMain. By enrolling in CheckConnect you are electing an optional program to make your payments via a payroll transfer/paycheck allocation. The amounts and/or dates of your payroll transfer/paycheck allocation can differ from those described in your Loan Agreement and Disclosure Statement in the following ways:

  • The timing of each payroll transfer will coincide with your payday and therefore may not match the monthly due date of your loan.
  • If your pay frequency is weekly, the amount of the payroll deduction will be 25% of your monthly installment amount.
  • If your pay frequency is bi-weekly or semi-monthly, the amount of the payroll transfer will be 50% of your monthly installment amount.
  • If your pay frequency is monthly, the payroll transfer will be equal to your monthly installment amount.
  • If you receive more than one paycheck per pay period, such as a separate bonus or commission paycheck(s), the agreed upon amount will be allocated from all paychecks received on that date—even if that amount exceeds the monthly amount due. In such an event where more than one paycheck is issued per pay period, you may request a refund of any amount paid over your monthly amount due by contacting your servicing branch.

OneMain reserves the right to withdraw the unsecured loan offer in the following cases:

  • If you are unable to set up paycheck allocation (e.g., your employer doesn’t participate or isn’t compatible with OneMain’s payroll transfer service provider).
  • If you are unable to authorize a backup payment via ACH or debit/credit card for your first payment due.

2. Repayment Cost Examples

With respect to weekly and bi-weekly payroll transfers, it is important to understand that you are paying slightly more (in payments) over time than is required under your Loan Agreement and Disclosure Statement. For every 12 months on CheckConnect, your weekly or bi-weekly payroll transfers will add up to an equivalent of 13 monthly installments. Additional allocations from multiple paychecks will also result in your loan becoming paid ahead. As a result, if you remain in CheckConnect for the entire term of your loan, you may pay off early and see a lower total cost over the life of the loan.

The following illustrative examples show the potential differences in cost between paying your contractual monthly payment only compared to CheckConnect with various pay frequencies. Your loan amount, annual percentage rate (APR), and term may differ from the example.

Amount Financed APR Original Term Payment Fequency Payment Amount Number of Payments Total Finance Charge Total of Payments
$5,000 35.99% 54 Months Monthly $188.10 54 $5,157.40 $10,157.40
Semi-Monthly $94.05 108* $5,082.44 $10,082.44
Bi-weekly $94.05 97* $4,108.74 $9,108.74
Weekly $47.03 193* $4,076.32 $9,076.32

Asterisk (*) indicates that final payment is a partial payment. These figures are only estimates. Your real cost may differ based on when your payments are actually received. You can learn more about daily simple interest at omf.com/DSI.

3. Making Your First Payment and Avoiding Delinquency

To receive a OneMain CheckConnect loan, you will be required to schedule a separate ACH or debit card payment to pay your first contractual loan payment. This separately scheduled payment is required to ensure your loan’s first contractual payment does not become delinquent due to delay in your employer’s processing your enrollment in OneMain’s CheckConnect program. The OneMain team member helping you at your loan closing will assist you in scheduling your first payment via ACH or debit. If your enrollment in CheckConnect is finalized by your employer before your first loan payment comes due, OneMain will take all steps necessary to attempt to cancel your previously authorized ACH or debit card payment. If OneMain is not able to cancel your authorized ACH or debit card payment prior to your first payment being withdrawn, you may request a refund of the payment from your servicing branch. OneMain will issue the refund so long as doing so will not cause your account to become delinquent.

4. How to Cancel CheckConnect

You are free to cancel CheckConnect at any time. You must contact your employer if you wish to cancel or make changes to the amount of the payroll transfer. OneMain will not be able to make these changes for you, as they are set up on your employer’s payroll system. If you cancel CheckConnect, you should be prepared to resume making payments manually until your loan is repaid in full or consider our AutoPay option to have payments automatically withdrawn from your bank account.

Important Note: Upon canceling or repaying your loan, it is your responsibility to contact your employer to cancel the payroll transfer to OneMain. If you completed setup of CheckConnect but did not close the loan from OneMain, it is also your responsibility to contact your employer to cancel the payroll transfer to OneMain.

REV. 2-18