An online and in-store lender with reasonable turnaround times.
OneMain Financial has been helping people with loan solutions since 1912, and is a large network of local branches. The company provides personalized loan solutions, and one-on-one local services.
OneMain Financial offers a variety of repayment and term options. You can make payments by phone, online or through a local branch. The company works to provide you with money when you need it.
|Product Name||OneMain Financial Personal and Auto Loans|
|Min Loan Amount||1500 (subject to state minimum size restrictions)|
|Max. Loan Amount||$30,000|
|Loan Term||Typically from 24 to 60 months|
|Requirements||Loan approval and actual loan terms depend on your ability to meet OneMain’s standard credit criteria (including credit history, income, and debts) and if applicable, the ability to provide collateral. Collateral offered must meet OneMain’s criteria.|
OneMain Financial overview
If you need a personal or auto loan, OneMain Financial can get you funded quickly with a term that works with your circumstances. OneMain Financial personal loans can be used for a variety of purposes, like debt consolidation, home repairs, travel costs and unexpected bills.
The company works with a “no surprise” approach, and rate, payment and term are all fixed. You will know exactly when you are expected to pay off your loan.
If you have bad credit, you can still apply for a loan. In most cases, if you are approved by noon, you can receive your loan as soon as the same day. OneMain loan proceeds may be disbursed by check, Automated Clearing House (ACH) deposit, or a prepaid card. Receipt and availability of loan proceeds varies based on the funding option selected. You can contact a OneMain loan specialist for additional information about funding options and funds availability.
OneMain Financial offers loans with a fixed rate and many credit decisions are communicated the same day after the company reviews your information to determine creditworthiness and ability to pay back the loan. Depending on your state of residence, you can get a loan between 1500 (subject to state minimum size restrictions) and $30,000. Higher loan amounts may be available to highly qualified applicants who can provide collateral. Collateral offered must meet OneMain Financial’s criteria.
Compare OneMain financial to other top loan providers
Benefits of OneMain Financial personal and auto loans
- Online application and in-store processing. If you are approved by noon during a business day, you could get funding the same day. A OneMain loan specialist can provide additional information about funding options and funds availability.
- 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.
- Apply with a co-applicant. OneMain Financial allows you to apply with a cosigner. This can help boost your chances of approval or qualify for a better rate.
More features to consider
- Loan products. OneMain Financial offers personal loans to fit a variety of needs, in addition to auto loans. The terms are clear, and typically from 24 to 60 months.
- Rates. All rates are fixed, and APRs are 16.05%–35.99%**.
- 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. You can talk to a OneMain loan specialist for more details.
- Branches. The company has nearly 1,700 branch locations in 44 states.
- Loan amount. You can typically borrow up to $30,000 with OneMain. Higher loan amounts may be available to highly qualified applicants who can provide collateral. Collateral offered must meet OneMain’s criteria. Loan amounts are also subject to state specific minimum and maximum size restrictions. California minimum loan amount is $3,000. Georgia minimum loan amount is $1,500 for present customers and $3,100 for others.
- Eligibility. Loan approval and actual loan terms depend on your ability to meet OneMain Financial’s standard credit criteria (including credit history, income, and debts) and if applicable, the ability to provide collateral. Collateral offered must meet OneMain Financial’s criteria.
- Loan purpose restrictions. OneMain Financial loan proceeds cannot be used for postsecondary educational expenses as defined by the Consumer Financial Protection Bureau’s Regulation Z, such as college, university or vocational purposes; for any business or commercial purpose; to purchase securities; or gambling or illegal purposes.
- Minimum income requirement. OneMain Financial has no minimum income requirement.
*Annual percentage rate (APR) of 18.49% 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
- 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.
- High APR. OneMain Financial charges higher average interest rates than some competition. Even applicants with good credit could expect interest rates in the teens- to high-20% range.
- Must complete process at a branch. If you’re looking for a loan that’s completely online, you’ll want to compare other lenders. Even if you apply online, OneMain Financial requires borrowers to visit a branch to get funding.
- Minimum amounts. If you’re a resident of California, you must borrow at least $3,000 to qualify for a loan. If you’re a resident of Georgia and not a current customer, you must borrow at least $3,100.
- 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.
What does the Internet have to say about OneMain Financial?
OneMain Financial is a Better Business Bureau (BBB) accredited company with an A+ rating and over 1,200 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 the loan has been completed.
How to apply for a OneMain Financial loan
Once you’ve confirmed you meet OneMain Financial’s eligibility criteria, you can start the application online or at a local branch. If you apply online, you’ll still have to complete the process at a branch location to get the funds.
- Be a US citizen or permanent resident.
- Meet your state’s minimum age requirement.
- At least some established credit history.
Required documents & 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.
If you have poor credit but need money fast, OneMain Financial offers loans that can help. Before choosing OneMain Financial, be sure to compare it with other lenders.