Best for Poor Credit : OneMain Financial

Best for Poor Credit : OneMain Financial

If you default on your loan, Wells Fargo will use your CD or savings account to repay the outstanding loan amount. This means you may have an early withdrawal penalty if a CD is used.

The minimum loan amount is $3,000. No matter the amount you borrow, the origination fee is still $75. While it offers rates as low as 5.25%, that’s for well-qualified borrowers. Your rate may be as high as %, which is still better than many lenders offer. Usually, the shorter the repayment term, the better your rate is. Plus, some checking accounts qualify you to receive a 0.50% interest rate discount.

To get a loan with Wells Fargo, even though it’s secured by your collateral, you must have a credit score of at least 670 and sufficient income. Apply online, provided you have an account, and receive a decision in minutes. Once approved, you can track your loan progress using Wells Fargo’s yourLoanTracker.

If you have poor credit, you can still obtain a secured personal loan with OneMain Financial. There’s no minimum credit score because it goes by your current debt, credit history, collateral, and ability to pay. However, a higher score will still earn you a better interest rate.

OneMain Financial strictly provides personal loans to consumers and specializes in helping those with poor credit. In fact, because it has no minimum credit score, https://installmentloansgroup.com/installment-loans-sd/ it’s the best secured personal loan option for people with less-than-stellar credit. Interest rates are 18% to %, based on the borrower’s credit score. Loan terms are 24, 36, 48, or 60 months, but you won’t pay a prepayment penalty if you pay it off early.