ILoan Personal Loans: 2017 Review

Loans, Personal Loan Reviews, Personal Loans
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3 stars out of 5

NerdWallet rating: 3.0 / 5.0
Good for: Bad credit

iloan_white_bg_rILoan is the online arm of brick-and-mortar lender OneMain Financial.

ILoan is a good fit for those who:

  • Have average to below-average credit scores. There is no minimum credit score requirement.
  • Want an online-only borrowing experience. The entire loan application can be completed online, unlike at OneMain, which accepts loan applications online but typically requires a branch visit to complete the process.
  • Live in states where iLoan is available: Alabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah and Wisconsin. OneMain, its parent, has more than 1,800 branches in 44 states.

iLoan at a glance

Typical APR17.60% to 35.99%
Loan amount$2,550 to $25,000
Time to fundingTypically next day
Origination feeVaries by state; average is $211
Soft credit check with application?No

Clicking “Check rates” will take you to an application on iLoan’s site.

iLoan personal loan review

To review iLoan, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Launched in 2015, iLoan is part of the OneMain family.

The site is an option for customers who prefer not to visit a branch, says Jean Joe, a digital marketing director at iLoan. Borrowers tend to be younger and have higher credit scores than their OneMain counterparts, she says. The average iLoan borrower is 44 years old and has a FICO score of 650.

More than half of borrowers use their loans for debt consolidation, while 13% use them to pay off bills and 4% for auto repairs, the company says.

The starting annual percentage rate at iLoan, 17.60%, is about the same as OneMain’s. ILoan has an APR range and loan amounts comparable to those offered by other online lenders. It doesn’t offer any special features to help debt consolidation borrowers, such as paying off creditors directly or tools to stay disciplined, as some other lenders do.

All iLoan applicants undergo a hard credit check, which can affect your credit score. Most online lenders allow you to check your rate with only a soft credit check, so it pays to shop around for a personal loan.

iLoan’s secured loan and co-borrower options

For some borrowers, options to secure a loan with collateral or include a co-borrower’s income and credit score on the application may increase the likelihood of loan approval. Currently, iLoan offers automobile-secured loans only in Wisconsin and accepts co-borrowers only in California. Both options will be rolled out in more states soon, the company says.

How to apply for an iLoan personal loan

You can apply on iLoan’s website, entering your requested loan amount, the purpose of the loan and your personal details.

If you want to compare an offer from iLoan with those from other lenders, you can check rates on NerdWallet using the button below. NerdWallet’s lender marketplace checks multiple lenders and displays all the loans for which you pre-qualify based on the information provided in your application. You can compare rates in one place, and filling out an application won’t affect your credit score.

Minimum requirements for an iLoan

  • Minimum credit score required: Not provided, but average is 650
  • Minimum gross income required: None
  • Minimum credit history: None
  • Maximum debt-to-income ratio: 65% to 85%

iLoan lending terms

  • APR range: 17.60% to 35.99%
  • Minimum loan amount: $2,550
  • Maximum loan amount: $25,000
  • Loan duration: Two to five years
  • Time to receive funds: Typically next day

iLoan fees and penalties

  • Origination fee: Varies by state.
  • Prepayment fee: None.
  • Late fee: Varies by state.
  • Personal-check processing fee: None.
  • Other fees: None.

Before you shop for a personal loan

Updated July 20, 2017.


Personal Loans Ratings Methodology

NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. To ensure accuracy and consistency, our ratings are reviewed by multiple people on the NerdWallet Personal Loans team.

5 stars out of 5— Among the very best for consumer-friendly features

4.5 stars out of 5— Excellent; offers most consumer-friendly features

4 stars out of 5— Very good; offers many consumer-friendly features

3.5 stars out of 5— Good; may not offer something important to you

3 stars out of 5— Fair; missing important consumer-friendly features

2.5 stars out of 5— Poor; proceed with great caution

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