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Loans like oneblinc®

loans like oneblinc

Oneblinc offers personal loans for Federal employees, mainly those in the public and healthcare sectors, but on their website, they do state that even if your employer isn’t a part of their list, people can still apply. 

Most people need some financial help from time to time, and according to CNBC, 62% of Americans are living paycheck to paycheck.1 If you also need some extra financial help and are thinking about an extra loan for a short-term financial solution, you will likely find a lender called Oneblinc. 

If you are considering Oneblinc or want to learn more about them, then you are in the right place. In this article, we’ll walk you through Oneblinc’s loan process, any unique qualities they have, and what kinds of products they offer. You’ll also learn about our loans at CreditNinja and about personal loans in general. With all this information, you can figure out what works best for you.

Finding the Right Personal Loan

Personal loans are one of the many loans that are available. Personal loans are extremely common and can come in all kinds of loan amounts, repayment terms, and interest rates. A few common reasons that people seek out these loans include:

PurposeDescription
Personal Loans as Debt Consolidation LoansCombining various debts into a single loan for easier management and potentially lower interest rates.
Home Repair ProjectsFunding renovations, repairs, or improvements to a person’s residence.
Car RepairsCovering unexpected or significant costs associated with vehicle maintenance.
Everyday ExpensesManaging day-to-day living costs, including rent, groceries, gas, and other necessities.
Emergency TravelDealing with sudden and unplanned travel expenses, such as for family emergencies.
Down Payment for Large PurchaseAccumulating funds for a significant acquisition, like a down payment on a house.
Tuition for Higher EducationFinancing educational pursuits, including college or other advanced studies.

These are just a few of the uses for a personal loan; there are many others. When choosing to find the right personal loan, there are a few essential pieces of information that you should pay attention to

The Potential Lender You Are Considering

The lender that you are considering is an essential factor to keep in mind with any loan, regardless of whether you are thinking of payday loans, personal loans, mortgages, etc. Before choosing a lender to work with, it will be essential to do extensive research on them. Check out past customer reviews, learn more about their history as a lender, and even take a look at what their loan process entails—all of this will give you insight into what kind of potential loan experience you may have. 

The Loan Payments That You Will Have To Make 

Your monthly payments are essential to figuring out what your loan will look like on your day-to-day and monthly budget. Before you sign a loan contract, you should know what your monthly payments will look like. In most cases, with a personal loan, you will have equal monthly payments until the loan is repaid in full. If you need help calculating your monthly payments, you can use CreditNinja’s loan calculator. Ensure that your monthly payments fit well with your current financial situation. 

Any Fees Involved With the Loan

Almost every loan comes with fees. For example, there will almost always be loan origination fees and late fees if you miss a payment date. However, some lenders may have more built-in fees than others. For example, some lenders may have prepayment penalties, while others allow for early payments without any fees. 

How Much Interest You Will Be Paying Monthly and Overall

Your lender will let you know about interest rates with your loan usually right after applying. The better your credit scores and credit history, the better interest rates you will get all across the board. So, if you have a poor credit score and can wait for funding, then it may be worthwhile to try to improve your credit score before applying for funding. When looking at interest rates, it’s essential to pay attention to how much you will pay on a monthly basis and overall with the loan.

And so, overall, a loan is more than just what the interest rate is (although everyone should aim for affordable loans) and whether you will have the amount that you need. By paying attention to several different factors at once, you can effectively filter out options to find the best fit for your financial needs. The best news is that this doesn’t take a ton of time, so even if you need to apply for funds quickly, it’ll only take a few minutes to look at these factors. 

Loans Like Oneblic: What You Need To Know

Oneblic is an online lender that, as mentioned before, caters mainly to the public, healthcare workers, and other federal employees. These loans work differently than standard loans; they are sometimes called employee loans. To better understand Oneblic, it may be helpful to get a better idea of how these types of loans work; continue reading to learn more.

How Do Employer Loans Work?

When you borrow money from a standard loan from a bank, federal credit union, or online lender, you will borrow the funds from the lender and repay them; most people have experience with this kind of lending. With employer loans such as the ones with Oneblic, you will also have to go to an external lender to apply for a loan. Within the application itself, you will have to choose your employer, who, if they participate with the lender, should be listed as an option to choose from. 

Once you take out the loan, the funds will come straight from your paycheck during payroll, and so, you won’t need to make payments yourself (in most cases). 

What Are the Basic Requirements for a Loan With Oneblic?

Before learning about how to apply for one of these loans, it may be helpful to know exactly what the basic requirements are for borrowers. Here is what Oneblic will ask that borrowers have/meet at a minimum:

  • Applicants must reside in one of the following states: Alabama, Arizona, California, Colorado, D.C., Florida, Georgia, Idaho, Illinois, Kentucky, Louisiana, Maryland, Minnesota, Missouri, Montana, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Virginia, or Washington.
  • Be employed by the Federal government or one of their employer clients.
  • Borrowers must be U.S. citizens or permanent residents.
  • Borrowers must not be in active bankruptcy

Can I Still Apply for a Loan with Oneblic If I am Not a Federal Employee?

Yes, you can still apply for one of these loans even if you are not a federal employee, in the loan application, you can select “other” as your employer, and Oneblic will let you know about whether they can service you. 

What Does the Loan Process Look Like With Oneblic? 

Now that you know more about the types of loans that Oneblic offers, we can dive deeper into how Oneblic works. 

  1. Begin a loan application — Here, you will have a dashboard you can come back to. You’ll have to put in some personal and financial information. You’ll also have to pick your employer and connect to the bank that you have a bank account with. 
  1. Upload loan documents that they ask for — Different colors for each uploaded document will show its status after review. Red means that something will need to change, yellow means that review is pending (which will take up to 24 hours for review), and green means that documents have been reviewed and are approved. For red, there will be a note on why something has been denied and what Oneblic will need from you. 
  1. Find out about approval — Once all the documents on your dashboard have been turned green, you will find out about final approval. 
  1. Get Funding — Once approved, the funds can be sent to a checking account
  1. Loan Repayment — Your loan will need to be repaid, which will automatically happen during payroll. 

What Can I Expect With Loan Amounts and Loan Terms?

When working with OneBlinc, you can expect loan amounts to range from $1,000 to $6,000 and interest rates to range between 23.0% to 44.9% per year, with a maximum APR of 49.9%. Interest with these loans is fixed. Both loan amount and interest will depend on your state and, of course, your financial situation. When it comes to the loan length, you can expect 5-20 months in length.

FAQS

What are some upfront fees that I should know about with Oneblic?

There is a loan origination fee with Oneblic, which can go up to $88.90. There is also a fee for those who want same-day funding, however, that fee is not clearly stated on their website, like their loan origination fee.

Is there a minimum credit score requirement when applying for Oneblic? 

No, there is no minimum credit score needed to apply for a loan with Oneblic; the same goes for CreditNinja. These loans can fall under bad credit loans, so even with bad credit scores, you can apply for one of these loans.

Why do I need to connect my bank account information with a loan from Oneblic or CreditNinja?

When applying for a loan with either Oneblic or CreditNinja, there is a process called bank verification, which entails connecting with your bank account. This gives a lender a better idea of the funds coming in and going out of a person’s account and gives them the ability to look beyond just a credit score.

Can you make extra payments with Oneblic?

Yes, you should be able to do so through the online dashboard that you will need to create with Oneblic when you get started.

Does Oneblic report to the three credit bureaus?

Yes, Oneblic reports to all three credit bureaus, Experian, Transunion, and Equifax, on a monthly basis. And so making payments on time will be essential, not only to avoid late payment fees but also to help your credit score.

Will a better credit score mean more affordable loans? 

In general, yes, the higher your credit score, the more affordable your loan will be, while a bad credit score will mean paying more for borrowing money. This is because your credit score gives loan companies an idea of risk. A bad credit score means a higher risk for a loan company.

Can I apply for an employer loan if I am self-employed?

In some cases, employer loans may or may not be available for self-employed individuals. Your best bet is to talk to a lender directly. If you don’t qualify for one of these loans as a self-employed individual, the good news is that there are many borrowing options such as small business loans for the self-employed.

CreditNinja: How Does It Compare?

At CreditNinja, we are an online lender that offers alternatives to payday loans. Unlike traditional personal loans, we don’t weigh your credit score as heavily as a bank or credit union may do so. Instead, we focus on your ability to repay the loan and your income. 

Do You Need to Fulfill Specific Requirements for a Loan With CreditNinja?

There are some requirements with CreditNinja:

  • You must be at least 18 years old 
  • You must have a bank account
  • You will need to have ongoing income
  • You will need to live in a state that we fund in
  • You must be a U.S. citizen or permanent resident

Some of these requirements overlap with Oneblinc; however, you may have noticed that we don’t require that you work for a specific employer. And so, if you don’t work for the federal government and need a loan, CreditNinja may still be able to help you.

What Does the Loan Process Look Like With CreditNinja?

When inquiring about a loan with CreditNinja, here is what you can expect with the process:

  1. Inquire for a loan online — The first step is to fill out an online application; you’ll need to provide some basic information about yourself and your finances and connect your checking account for bank verification.
  2. Finish the application — Once you fill out your application, you will need to go over the loan agreement and submit things.
  3. Find out about approval — Once you submit your application, you will find out about approval
  4. Get funding — Once approved, you can get your funds. The fastest way to get funding is to your checking account. 

Why Choose CreditNinja for a Loan?

There are some unique advantages that come with working with CreditNinja for installment loans; here are some of them:

  • Get fast funds once approved — Once approved for a loan with CreditNinja, you could get the funds on the same day.*
  • Pay off your loan early without any penalties — You can pay back your loan early at any point without any penalties or fees. You can make extra payments or repay the entire loan early. 
  • Competitive interest rates.
  • Steady monthly payments for easy repayment — unlike single-payment loans, our loans are repaid in several monthly payments; this can be a huge advantage and make a loan more manageable to repay. 
  • Convenient loan terms for a variety of budgets — We offer various repayment terms, which may fit all kinds of budgets.
  • Use the funds for almost any expense — Unlike some loans that have very strict requirements for use, a CreditNinja loan can be used for several different kinds of expenses.

*Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan, if approved, will be funded the business day after such additional verification is completed.

References:

  1. 62% of Americans are still living paycheck to paycheck, making it ‘the main financial lifestyle,’ report finds | CNBC
  2. Website | OneBlinc
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