The best secured personal loans for 2022

If you have bad credit, you can still get a secured personal loan with OneMain Financial. There is no minimum credit score, as it depends on your current debt, credit history, collateral, and ability to pay. However, a higher score will always earn you a better interest rate.

  • No minimum credit score

  • Can often fund the loan the same day

  • Offers a rewards program for setting up an autodeposit and reading her personal finance articles to build financial literacy

The inconvenients
  • Rates are generally much higher than those of other lenders.

  • It can take more than two weeks to release the lien on the motor vehicle after the loan is paid off.

  • Assembly fee invoice

OneMain Financial strictly provides consumer personal loans and specializes in helping people with poor credit. In fact, since there is no minimum credit score, this is the best secured personal loan option for people with less than stellar credit. Interest rates range from 18% to 35.99%, depending on the borrower’s credit rating. The terms of the loan are 24, 36, 48 or 60 months, but you won’t pay a prepayment penalty if you repay it early.

To get a OneMain Financial personal loan, you can apply online, but then you have to visit one of its 1,500 branches in 44 states.

Often your interest rate and the amount available to borrow doesn’t quite match what the site tells you that you’re pre-approved for. This is because OneMain Financial uses stricter guidelines than you would when determining your debt and income. For example, you might think you make $60,000 a year and have a debt-to-income ratio (DTI) of 15%, but OneMain Financial might not be counting your $25,000 of variable income for safekeeping. dogs, which impacts both your DTI ratio and the income they consider for the loan.

This lender offers free financial literacy courses and even offers incentives for taking them. If you are a current customer, earn points by participating in courses, registering for direct payment, reading his articles and interacting with the site. Redeem your points for gift cards at places like Amazon, Lowe’s, and Target.

About Judith J. George

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