NerdWallet rating: 3.0 / 5.0
Good for: Bad credit
ILoan 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 APR||27.59% to 35.99%|
|Loan amount||$2,550 to $25,000|
|Time to funding||Typically next day|
|Origination fee||Varies 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, 27.59%, is higher than OneMain’s starting rate of 17.59%. ILoan has 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, click the button below to fill out a pre-qualification form. NerdWallet will check its lender marketplace and display the loans and rates for which you qualify. Pre-qualifying 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: 27.59% to 35.99%
- Minimum loan amount: $2,550
- Maximum loan amount: $25,000
- Loan duration: Three 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.
- Learn how personal loans work
- 4 ways to consolidate credit card debt
- Read more personal loan reviews
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.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution