iLoan

Overview

iLoan is an online lending company that offers unsecured personal loans from $2,550-$25,000. Our goal is to create a simple, convenient, and personalized customer experience. We use proprietary data and analytics to review loan applications and provide approved applicants with personalized online loans. iLoan launched in 2015 and is part of the OneMain family.

ILoan is a good fit for those who:

1. Have average to below-average credit scores. There is no minimum credit score requirement.
2. 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.
3. 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.

Loan Features

iLoan offers unsecured loans in all states of operation, meaning they do not require collateral. In the state of Wisconsin, iLoan also offers secured loans, which require an automobile as collateral. We are planning to add secured loans in additional states in the near future. Such loans are used for a variety of reason, including:

Auto Repairs
Debt Consolidation
Vacation Expenses
Medical or Dental Expenses
Major Purchases

All collateral will undergo appraisals to determine whether it is of sufficient value. Additionally, automobiles used as collateral must be insured against physical damage for the term of the loan. Active duty military, their spouse and all dependents covered by the Military Lending Act may not pledge any vehicle as collateral.

Application Process

Applicants will generally need proof of identity, proof of income, proof of residence, and their checking account and routing number. Identity Verification is a series of questions provided to you about yourself that help us protect your identity by verifying that you are who you say you are. The questions are based on public and private information. Instant Verification is a free, optional service that allows iLoan to securely access a summary of your bank account in order to help us verify your income. This is an alternative to providing copies of your pay stubs or W2 to verify your income and may result in a faster processing time.

A loan decision normally takes anywhere from a few minutes to an hour (though it may take longer due to your specific circumstance or our current application volume) from the time we receive all your application information and documents during normal business hours. Funds are usually deposited through Automated Clearing House (ACH) on the next business day if the application is approved and all information provided is verified by 4 pm CT Monday–Friday. We do not have a minimum income requirement; however, we do require that applicants have sufficient income to repay their loan obligation, all other credit expenses, and still have enough leftover to cover their living expenses.

Repayment Terms

iLoan APRs vary by state and range from 11.24%–36.00%, with actual APR depending on the applicant’s credit history. Your interest rates are impacted by such things as your creditworthiness, length of your repayment term, the laws of the state in which you live, and other factors. iLoan may charge an origination fee on all loans that are funded if allowed by state law. The amount may vary from state–to–state and will be clearly stated in your loan agreement.

iLoan may charge a late fee on missed payments if allowed by state law. The late fee charged may vary in form depending on your state’s laws. The loan’s late fee will be clearly stated in your loan agreement. iLoan does not charge a prepayment fee if you choose to pay off your loan early.

Customer Support

1-800-675-0200
Hours of Service
Monday – Friday 7am – 6pm PST

iLoan
PO Box 1090
Evansville, IN 47706-1090

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