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OneMain Financial personal loans review

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An online and in-store lender with reasonable turnaround time, but watch out for high APRs.

finder.com’s rating: 3.6 / 5.0

★★★★★

  • Best for borrowers with less-than-perfect credit who need a loan fast.
  • Pick something else if you have a tendency to pay late — it'll cost you.

$20,000

Max. Loan Amount

18% to 35.99%

APR

Varies

Min. Credit Score

Details

Product NameOneMain Financial Personal Loans
Min. Loan Amount$1,500
Max. Loan Amount$20,000
APR18% to 35.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Origination Fee1% to 5%
Late Fee15%
Loan Term24, 36, 48 or 60 months
Turnaround TimeAs soon as the same day

Expert review

Kellye Guinan

Review by


Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

Expert review

Don’t have the best credit? OneMain Financial may be for you. It doesn’t have any hard-and-fast credit requirements, and you can secure your loan with collateral to increase your chances of approval. It also could be a good option if you’re in a rush — it’s possible to get your funds the same day you apply.

But you’ll need to visit your local branch to complete the application process. And you’ll find better rates elsewhere if you have good to excellent credit. You’ll also want to stay away from OneMain if you’re trying to avoid fees — its loans come with hefty origination, late and non-sufficient funds (NSF) fees.

Not sure OneMain is the one for you? Compare your other options below.

How much will this loan cost me?

OneMain Financial is expensive compared to other lenders, with a high starting APR of 18% and a high maximum of 35.99%. An origination fee of 1% to 5% is also deducted from your loan funds before they’re disbursed — it’s possible to find lenders that don’t charge this at all.

And if you’re late on a payment, expect to pay a late fee of up to 15% of the amount due. You could also be charged a $50 fee for any returned payments, so keep an eye on your account to avoid these extra costs.

To see how much you might pay, enter your preferred loan amount, term and potential APR into the calculator below.

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How it works

OneMain Financial is geared toward borrowers who may not have the best credit. Its starting APR is much higher than many other lenders’ maximum APR. And if you don’t have fair credit, expect a higher APR of 35.99%.

You also may need to supply collateral. This can potentially get you a lower rate, but you’ll risk losing it if you’re unable to pay back your loan.

What do I need to qualify?

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

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

What states is OneMain Financial available in?

OneMain offers loans to residents of 44 states. However, it doesn’t service Washington, DC and these six states:

  • Alaska
  • Arkansas
  • Connecticut
  • Massachusetts
  • Rhode Island
  • Vermont

See other personal loan options

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
4.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
SoFi personal loans
5.99% to 16.19%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingTree Personal Loans
Starting from 3.99%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
LightStream
Varies
Good to excellent credit
$100,000
Borrow up to $100,000 with low rates and no fees.
Fiona personal loans
4.99% to 35.99%
Good
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
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Compare up to 4 providers

Is OneMain Financial legit?

Yes. It safeguards the personal and financial information you submit on its website through encryption protected by Norton Security. It also has a standard privacy policy that outlines how your personal information is used by the company. The company claims to have been providing loans and other credit-related products to millions of customers for more than 100 years.

Does OneMain Financial get good customer reviews?

BBB accreditedYes
BBB ratingA+
BBB customer reviews4 out of 5 stars, based on 1310 customer reviews
Trustpilot score4.8 out of 5 stars, based on 22,191 customer reviews
Customer reviews verified as of13 March 2020

OneMain Financial scores well, but the most recent reviews left on its Better Business Bureau (BBB) page are almost all negative. However, positive notes include mentions of excellent customer service and fast turnaround. Negative reviews include problems with OneMain Financial not releasing vehicle titles in a timely fashion after the loan has been paid, and issues with incorrect marks on credit reports.

How do I apply?

You can apply by visiting a OneMain Financial branch or by filling out an application on its website. Follow these steps to get started online:

  1. Click the Check my rate button to be redirected to its application.
  2. Enter your desired loan amount and select your loan purpose.
  3. Select if you’re applying by yourself or with a coapplicant.
  4. Enter your personal details, including your net monthly income and Social Security number.
  5. Read OneMain Financial’s disclosures, then click Submit loan application.

What happens after I apply?

OneMain Financial will electronically review your application. If you’re prequalified, you’ll need to visit a branch to have your income, identity and collateral verified.

If you’re approved, OneMain Financial will either transfer your funds directly into your bank account or give you a check.

How do repayments work with OneMain Financial?

OneMain Financial’s personal loans come with monthly repayments you can pay 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, reach out to OneMain Financial as soon as possible to discuss your situation. Otherwise, you’ll be on the hook for hefty late and NSF fees.

You can also make additional repayments at no extra cost to save on interest and pay off your loan early. If you need to change your payment due date, you can submit a request by sending an email or letter to your local branch.

Not sure OneMain Financial is right for you? Check out these lenders that are similar to OneMain or compare even more options with our guide to personal loans.

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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?

    • Avatarfinder Customer Care
      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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