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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.
Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
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.
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
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
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?
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
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.
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
OneMain charges monthly repayments, though you can make additional repayments at no extra cost to save on interest.
No. Since OneMain Financial doesn’t charge any prepayment penalties, you can pay off your loan early without being charged the interest for the remaining loan term.
You can use cars, trucks, motorcycles, boats, campers, RVs and more to secure your loan. Check with your a OneMain Financial loan specialist for even more ways to secure your loan.
It depends on the extend of the damage and the type of collateral. If the collateral you used to secure your loan gets damaged, call your OneMain Financial loan specialist right away. Next steps will depend on the terms and conditions of your loan.
Contact a loan specialist at your local branch immediately. OneMain might be willing to extend your loan term or otherwise offer lower monthly repayments depending on your unique situation.
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.
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