Both options are very fast and efficient, with OneMain aiming to have your funds sent to you within one business day. OneMain gives you the flexibility of applying for a personal loan in person or online. Applicants also need to either be a US visa holder, permanent resident, or citizen. All of these different lenders will only provide loans to people who are at least 18 years old. For Payoff personal loans, applicants need to showcase at least three years of credit history. OneMain and SoFi do not outline any specific income or debt-to-income (DTI) ratio requirements for applicants. Payoff deals with lower credit scores, accepting anything beginning at 600. SoFi mainly deals with people who have good credit, accepting applications from people who have a credit score of 680 or greater. OneMain looks at each application in an independent manner and it does not have an out and out minimum required credit score for applicants. Payoff is like SoFi as it also has a minimum loan size of $5,000, with its biggest loan being $40,000. SoFi has a high minimum loan of $5,000 and this rises to a significant $100,000 loan size. OneMain allows you to borrow funds of as little as $1,500 and up to $20,000. It also does not charge any late fees and has a seven-day cancellation policy. OneMain personal loan can be a good option if you need to get quick access to funds or you are looking for a secure loan or joint loan options. OneMain also is not going to provide loans to people in every state and there is no autopay discount on offer. However, there can be significant origination fees charged by OneMain depending on your situation and your state. There is also a cancellation policy that allows you to avoid paying any fees or charges if you cancel within seven days of taking out the loan. It caters to people who only need a small loan and it aims to have the funds processed within a single business day. OneMain has a good range of loan types available, such as secured loans, unsecured loans, and joint loans. It looks after borrowers with a wide range of loan types, as well as the provision of fast access to funds. OneMain Financial has over 1,500 physical branches dotted around the country, as well as being an online lender. All products are presented without warranty. Learn more about how we review products and read our advertiser disclosure for how we make money. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This website does not include all card companies or all card offers available in the marketplace. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The product offers that appear on this site are from companies from which this website receives compensation. This website is an independent, advertising-supported comparison service.
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