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OneMain Financial personal and auto loans review

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An online and in-store lender with reasonable turnaround time.

finder.com’s rating: 3.6 / 5.0

★★★★★

OneMain Financial has been helping people with loan solutions since 1912. With a large network of branches, it provides personalized loan solutions and one-on-one local services. Although you won’t have access to the largest loan amounts out there, you’ll be able to get your loan quickly — saving you time.

$20,000

Max. Loan Amount

18% to 35.99%

APR

Varies

Min. Credit Score

Details

Product NameOneMain Financial Personal and Auto Loans
Min. Loan Amount$1,500
Max. Loan Amount$20,000
APR18% to 35.99%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term5 years
Turnaround TimeAs soon as the same day
Go to OneMain's website

What makes OneMain Financial unique?

OneMain Financial hasn’t forgotten its roots in traditional banking experience. It offers loans along with financial education to help you plan for the future, and it accepts applicants who may not have the best credit.

Unlike many other providers, OneMain Financial allows you to receive your loan as a prepaid card or as a direct deposit into your bank account. The loan process isn’t completely online. If you’re preapproved, you’ll be able to meet with someone face-to-face to discuss your loan and finalize your application — which can be nice, but may be inconvenient for busy borrowers.

What types of loans does OneMain Financial offer?

OneMain Financial offers unsecured and secured personal loans that can be used for a variety of purposes, including debt consolidation, home repairs, travel costs and unexpected bills. It works with a “no surprise” approach. Your interest rate, payment and loan term will all be fixed.

Loan decisions are made after OneMain Financial reviews your application. Acceptance or denial is based on your financial situation, credit score and ability to pay back the loan. Depending on your state of residence, you may be able to get a loan between $1,500 and $20,000. Higher loan amounts may be available to highly qualified applicants who can provide collateral.

Some states have minimum loan amount restrictions. Residents of California must borrow at least $3,000. If you’re a resident of Georgia and not a current customer, you must borrow at least $3,100.

Benefits of OneMain Financial personal loans

  • Fast turnaround. If approved before noon on a business day, you could receive your funds the same day. A OneMain loan specialist can provide additional information about funding options and funds availability.
  • Secured loans available. You have the option to apply for a secured loan with collateral, which may result in a larger loan amount.
  • Poor credit applicants considered. If you have a poor credit score, you can still apply for a loan. OneMain Financial doesn’t have a hard minimum credit score requirement.
  • Seven-day satisfaction commitment guarantee. If you change your mind about a loan with OneMain Financial, you have seven days to cancel. Return all loan proceeds and sign a cancellation agreement within seven calendar days from the date of the loan.
  • Multiple branches. OneMain Financial has nearly 1,700 branch locations in 44 states.

*Annual percentage rate (APR) of 18% represents APR for top 10% of loans booked in January 2017 through March 2017. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan.

What to watch out for

  • Loan purpose restrictions. Like many lenders, OneMain Financial doesn’t allow its loans to be used for postsecondary education or business-related expenses.
  • Stiff penalties for late payments. If you miss or make a late payment on a loan, you could pay high late fees. If you continue to miss payments and default on a secured loan, you risk losing your collateral.
  • State availability. OneMain Financial doesn’t operate in the following states: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C. If you live in one of those states, you’ll have to look elsewhere for a loan.
  • Must complete process at a branch. If you’re looking for a loan that’s completely online, you’ll want to opt for another lender. Even if you apply online, OneMain Financial requires borrowers to visit a branch to get funding.
  • Full coverage insurance required for collateral. If you take out a secured loan, OneMain Financial requires you to have full coverage on the vehicle you use as collateral.

Case study: Zak’s experience

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Zak Ali
Assistant Publisher

I took out a personal loan from One Main Financial when I was around 19 years old as a way to consolidate my debts and build my credit. My loan was for around $5,000 and I was approved the same day I applied, though it did require a visit to my local branch.

The loan was meant to be paid in full after five years, with a monthly payment of around $240. However, due to my own immaturity and inexperience with finances, I failed to understand just how much I’d be paying in interest over the course of the loan. Spoiler alert: It would have been nearly two times what I borrowed.

That’s because OneMain uses a daily simple interest method to calculate monthly payments. According to its site, this means “interest accrues on a daily basis on the amount of the loan (current outstanding principal balance) from the date the interest charges begin until you repay the loan.”

After discovering how much of my monthly payment would actually be put toward paying down the principal balance versus interest, I was unpleasantly surprised. As a result, I began calling the branch ahead of each scheduled monthly payment to put as much as I could toward my principal balance and avoid paying unnecessary interest.

Because of that, I was able to repay the loan within a year — likely saving thousands.

Compare OneMain Financial to other top loan providers

Updated October 21st, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
Varies by lender
Available for all credit scores
$100,000
Get connected with a lender — or get debt advice.
6.49% to 17.99%
650
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With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.98% to 35.89%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.99% to 35.99%
500
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
34% to 155% (Varies by state)
550
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
4.99% to 35.99%
Good to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
5.99% to 17.66%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.

Compare up to 4 providers

What does the Internet have to say about OneMain Financial?

OneMain Financial is accredited by the Better Business Bureau (BBB) and has an A+ rating based on factors like business practices and advertising. It has and over 1,200 reviews as of April 2019, 80% of which are positive. It also scores a 9.3 out of 10 on Trustpilot, based on over 8,000 reviews.

Positive notes include the excellent customer service offered by the employees at individual locations and the quick turnaround for approval. Negative notes include the borrower not understanding the full information about a loan before signing, problems with OneMain Financial releasing vehicle titles after the loan has been paid and problems with credit reports not being immediately updated after customers paid off the loan.

Is OneMain Financial legit?

Yes. OneMain Financial is a legit business that has been providing loans and other credit-related products to more than 10 million customers for more than 100 years. It safeguards your personal and financial information through website encryption protected by Norton Security. It also has a standard Privacy Policy that outlines how your personal information is used by the company.

Am I eligible?

To apply for a personal loan at OneMain Financial, you’ll need to meet the following requirements:

  • Established credit history
  • US citizen or permanent resident
  • Meet your state’s minimum age requirement

How do I apply?

You can apply by visiting a OneMain Financial branch or by filling out its online application. Either way, be prepared to provide a few important pieces of information:

  • Your full name and contact information
  • Proof of a government-issued ID, like a driver’s license or passport
  • Your Social Security number and date of birth
  • The loan amount and what you intend to use it for
  • Your employment status and income
Go to OneMain's site

I got the OneMain Financial personal loan. Now what?

It’s time to start thinking about repaying your loan. You can make a payment online, at a branch, by mail and by phone. You can also set up autopay — just be sure to check that your payment has gone through each month. If you’re unable to make a payment, you should reach out to OneMain Financial as soon as possible to discuss your situation.

If you need to change your payment due date, you can request one by sending an email or letter to your local branch. When you’re ready to pay off your loan, you can request a payoff amount. Until then, there are no prepayment penalties, so you can pay as much as you’re able to reduce the amount you owe on your loan.

Bottom line

OneMain Financial can be a good fit for people who have a credit score of 600+ but may have dings on their credit report from other factors. Before making a final decision regarding a loan, make sure to look at all of your options and read the fine print and browse your other personal loan options so you know you’re making a positive financial decision. And if it isn’t the right choice for you, consider other lenders like OneMain Financial.

Frequently asked questions

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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4 Comments

  1. Default Gravatar
    Cocoa
    June 12, 2017

    I’m asking you guys to please help me! By looking at my background, I did’t make the right choices in life (in late payments and minimum payments monthly), cause my Credit being ruined. Now I understood for awhile (Months later), in order to pay your bills on time and send more than the minimum I will go far. I’m asking and begging you to help and loan me $22,000? $1, 000 or $2, 000 isn’t really helping because of Doctor bills, money towards my caf and other bills I owe. I need to start over and Not making the same mistake Again.

    • Default Gravatar
      Liezl
      June 18, 2017

      Hi Cocoa,

      Thanks for reaching out. Just to confirm, though, you have reached finder.com – a comparison website and general information service, not actually OneMain Financial.

      If you want to apply for a personal loan, please contact OneMain Financial directly. Please make sure you confirm that you meet the eligibility criteria before you submit your application.

      Alternatively, you can check this page for other lenders who might offer you a loan. Better still, speak to a personal loan broker who can help you find a suitable lender.

      I hope this has helped.

      Kind regards
      Liezl

  2. Default Gravatar
    Stephanie
    June 3, 2017

    Are there any loans for immigration purposes?

    • AvatarStaff
      Harold
      June 19, 2017

      Hi Stephanie,

      Thank you for your inquiry.

      A guide here might be helpful for you.

      I hope this information has helped.

      Cheers,
      Harold

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