Top Reasons Why OneMain Customers Took Out a Personal Loan

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By: OneMain Financial

Aug 30, 2019

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2 minute read

Summary

When it comes to borrowing money, people increasingly turn to personal loans. Find out the reasons why OneMain customers took out personal loans.

A growing number of people these days, currently over 10% of all U.S. adults, take out personal loans to help with their financial needs.1 This type of funding can offer an alternative to other options because a loan can be used for a large variety of reasons. Some use the money to pay off multiple debts. Others need it for home or auto repairs.

To better understand the top reasons why people take out a personal loan, we looked into why new OneMain customers applied for a loan. We pulled internal data for both secured and unsecured loans to build the report. (Secured loans are backed with something of value that the applicant owns, called collateral. Examples include a car, truck, boat or RV. An unsecured loan is money borrowed without using collateral.)

Here are the results of our research:

Infographic by OneMain Financial on the top reasons why our customers took out a personal loan, including debt consolidation and household bills.

Loan offers from $1,500 to $20,000†

See offers, apply online and get a response in minutes‡

Check for offers Checking for offers won’t affect your credit score.

1 Tatham, Matt. "Experian Data Shows Personal Loan Debt Continues to Grow." https://www.experian.com/blogs/ask-experian/research/personal-loan-study/ (accessed August 14, 2019).

Published on August 28, 2019. Matt Diehl contributed to this article. Infographic design by Zac Willett.

This article is for general education and informational purposes, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any purpose and is not intended to be and does not constitute financial, legal, tax, or any other advice. Parties (other than sponsored partners of OneMain Financial (OMF)) referenced in the article are not sponsors of, do not endorse, and are not otherwise affiliated with OMF.

Frequently asked questions

Here are a few things that affect your eligibility

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

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

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

We may ask for more info based on your unique situation. Take the next step and start your loan application today

  • From the start of the application to receiving the funds could be as quick as one day.*
  • Completing the online loan application: Takes just minutes to complete and see your offers*
  • Signing your loan documents: After final loan approval, signing your closing documents takes about 30-45 minutes.
  • Receiving your funds: When using your debit card to receive funds, you can get your money as soon as an hour after signing the loan docs.1 Funds can also be paid out by direct deposit (ACH), which are available approximately 1-2 banking days after loan closing. A check can be issued as soon as the same day as the closing.

*Timing may vary based on: when you submit your application, how many documents are needed for approval, and how long it takes for OneMain to receive, review, and verify those documents, and whether your loan is secured by collateral, among other factors.

Are you still wondering "Is a personal loan right for me?" Don't worry – we're here to help. Just call (800) 961-5577 or find a branch near you.

If you're approved for a loan, you may see secured or unsecured next to your offer. A secured loan requires that you provide collateral, like a vehicle. An unsecured loan doesn't require any collateral from you.

Keep in mind that there are eligibility requirements such as the condition and age of your motor vehicle and proof of insurance. Also, if a borrower defaults on a secured loan, the lender has the right to take the collateral.

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