PERSONAL LOANS

There are many factors that determine your eligibility for a personal loan, such as:

• Financial history
• Credit history
• Income and expenses
• Loan purpose
• Whether you have filed for bankruptcy
• State of residence

For more information, please call 1-800-961-5577 or find a branch.

Before you close your loan, OneMain will need you to provide the following documents:

• A copy of a valid, government-issued ID (e.g. driver’s license or passport)
• Your Social Security card
• Proof of residence (e.g. a driver’s license with your current address, a utility bill, or a signed lease)
• Proof of income (e.g. paystubs or tax returns)

We may ask for additional items based upon your unique situation. Ready to apply? Start your loan application today.

On average, from the start of the application to the receiving of funds, the process takes about one day. The amount of time may vary, however, based on what time you submit your application, the number of documents required in order to approve your application, and how long it takes to receive those documents, among other factors.

Average lengths of time for the online application process (may vary depending on your circumstances):

• Completing the application and receiving a decision: Less than 10 minutes*
• Signing the agreements and receiving funds: By the next business day after approval

* May take longer depending upon the amount of time required for the verification process.

Ready to apply? Get your loan application started today.

A precomputed loan is a loan where the interest for the term is calculated when the loan is made. The interest is included in the account balance. Because interest is calculated when the loan is made and not as payments are made, the interest is "precomputed".

A precomputed loan is made up of the amount borrowed (also called the amount financed), plus precomputed interest, plus any prepaid finance charges. Prepaid finance charges are loan fees charged in addition to interest. Examples include an origination fee and an administrative fee. The amount financed and loan fees are called the "principal".

As payments are received, the account balance goes down by the amount of the payment. Payments are not applied separately to principal and interest because the account balance already includes both principal and interest.

If a precomputed loan is paid off early, all of the precomputed interest may not have been "earned". The earned interest will be calculated based on how long it took to pay off the loan. The unearned interest is then refunded by subtracting it from the account balance. The payoff amount is the remaining account balance plus any unpaid fees and charges, like late charges.

There are different methods for calculating the interest refund. These include the Rule of 78s or the actuarial method. Prepaid finance charges are usually considered earned at the time of the loan, so there is no refund if the loan is paid off early. Refer to your loan agreement to see the method for calculating the refund and if you are entitled to a refund of prepaid finance charges.

Interest on a daily simple interest loan is calculated by using the daily simple interest method. This means that interest accrues on a daily basis on the amount of the loan (current outstanding principal balance) from the date the interest charges begin until you repay the loan. The daily simple interest method counts the number of days between the date your last payment is received and the date your current payment is received. To avoid paying additional interest, you should regularly and consistently make your standard monthly payment amount on or before your payment due date.

For more information, download a comprehensive review of how daily simple interest works. Included is the calculation used to determine the interest on a daily simple interest loan and various examples to illustrate how different payment patterns can affect unpaid accrued interest.