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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 rates.

finder.com’s rating: 3.6 / 5.0

★★★★★

Bottom line: OneMain works with bad-credit borrowers and has the option to secure your loan to potentially get a better APR. But its interest rates start high for a personal loan provider.

$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 Fee$25 to $400 or 1% to 10%
Late Fee$5 to $30 or 1.5% to 15%
Loan Term24, 36, 48 or 60 months
Turnaround TimeAs soon as the same day

Pros

  • Same-day turnaround available
  • Secured and unsecured options
  • Poor-credit applicants considered
  • Seven-day satisfaction commitment guarantee
  • Nearly 1,500 branches in 44 states

Cons

  • High APRs and late fees upwards of 15% of the amount due
  • NSF fee as high as $50 per returned payment
  • Origination fee between 1% and 10% or $25 and $400
  • Full coverage property insurance required for collateral

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’re approved. But if your funds are deposited by ACH, it can take an additional one to two business days.

Previously, you needed to visit your local branch to complete the application process, but OneMain has recently started offering online closing options. 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.

OneMain Financial rates, fees and terms

OneMain Financial is expensive compared to other lenders, with a high starting APR of 18% and a high maximum of 35.99%. Also included in the APR is an origination fee of 1% to 10% or $25 to $400, depending on your state — 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 $5 to $30 or 1.5% to 15% of the amount due. You could also be charged up to a $50 fee for any returned payments, so keep an eye on your account to avoid these extra costs. In both cases, the amount that you’re charged depends on which state you live in.

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How OneMain compares to other personal loan providers

Here’s how OneMain stacks up to other providers that don’t require good or even fair credit.

How to qualify

Richard Tambor, the chief risk officer at OneMain Financial, tells Finder that its customers are typically middle-aged Americans with stable employment and established bank accounts who may have experienced issues with their credit in the past.

In general, you’ll need to meet the following requirements to qualify:

OneMain Financial reviews and complaints

  • Proof of income
  • Proof of monthly expenses
  • Established credit history
  • Resident of an eligible state
  • US citizen or permanent resident
  • Meet your state’s minimum age requirement
  • Proof of collateral when opting for a secured loan

Whether you’ve filed for bankruptcy and the reason you’re taking out the loan may also affect your eligibility, along with other requirements applied by OneMain.

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

OneMain Financial reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.52 out of 5 stars, based on 227 customer reviews
Trustpilot Score 4.8 out of 5 stars, based on 25,238 customer reviews
Customer reviews verified as of 12 October 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 the application works

You can apply by visiting a OneMain Financial branch or by filling out an application on its website. After you fill out the form, OneMain will electronically review your application. If you’re prequalified, you may need to visit a branch to have your income, identity and collateral verified. But OneMain does allow for online verification in some cases.

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

Changes to the application process during COVID-19

Since the COVID-19 outbreak, OneMain has adjusted its application process for both repeat and new customers. Many branches now have the option of reviewing your finances over video chat.

Tambor tells Finder, “We’re still going to go through a household budget with you, make sure you have the ability to pay and that you understand all of the terms and conditions of the product you’re going to have. You may just not have to walk into a branch.”

What sets it apart

OneMain Financial is one of the few providers that offers the convenience of an online lender with the guidance you might find with a bank.

Having a conversation with a loan officer can be especially important if you have bad or are new to credit. It gives you the chance to ask questions, explain negative marks on your report and make sure a loan is the right solution. But it’s likely a lot faster to apply and manage a loan online than one from your local bank.

Is OneMain Financial legit?

Yes. It safeguards the personal and financial information you submit on its website through encryption. 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.

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.

* OneMain Disclosures:

Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.

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 annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. 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: Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Frequently asked questions

Answers to commonly asked questions about OneMain Financial personal loans.

What kind of collateral can I use to secure my loan?

You can use cars, trucks, motorcycles, boats, campers, RVs and more to secure your loan. Check with your OneMain Financial loan specialist for even more collateral options.

What happens if my collateral is damaged?

It depends on the extent of the damage and the type of collateral. If that happens, call your OneMain Financial loan specialist right away. Next steps will depend on the terms and conditions of your loan.

Should I take out Involuntary Unemployment Insurance on my loan?

It depends on your personal situation. Involuntary Unemployment Insurance adds an extra cost to an already expensive loan. However, it may not be a bad decision if you think your job may be at risk. “A quarter of our customers have Involuntary Unemployment Insurance that they purchased through us,” Tambor tells Finder, “which right now seems like a pretty good thing for customers to have given the environment that we’re in.”

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2 Comments

    Default Gravatar
    Stephanie
    June 3, 2017

    Are there any loans for immigration purposes?

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