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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, but watch out for high APRs.

finder.com’s rating: 3.6 / 5.0

★★★★★

  • Best for borrowers with less-than-perfect credit looking for secured loans with fast turnaround.
  • 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 and Auto Loans
Min. Loan Amount$1,500
Max. Loan Amount$20,000
APR18% to 35.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Minimum Loan Term2 years
Maximum Loan Term5 years
Turnaround TimeAs soon as the same day
Go to OneMain's website

Expert review

Aliyyah Camp

Review by


Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

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.

First, 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

Where is OneMain Financial available?

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

Pros

  • Same-day turnaround available
  • Secured and unsecured options
  • Poor-credit applicants considered
  • Seven-day satisfaction commitment guarantee
  • Nearly 1,600 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 5%
  • Must complete process at a branch
  • Full coverage insurance required for collateral

*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.

Case study: Zak’s experience

profile pic

Zak Ali
Assistant Publisher

I took out a personal loan from OneMain 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 other personal loan providers

Updated January 29th, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
$100,000
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Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 20.01%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

What do customers have to say about OneMain Financial?

BBB accreditedYes
BBB ratingA+
BBB customer reviews4 out of 5 stars, based on 1302 customer reviews
Trustpilot score4.8 out of 5, based on 19,450 customer reviews
Customer reviews verified as of20 December 2019

OneMain Financial scores well, but the most recent reviews left on its BBB page are negative. However, positive notes include mentions of excellent customer service and the quick turnaround. Negative notes include problems with OneMain Financial releasing vehicle titles after the loan has been paid and problems with 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 Go to OneMain’s website 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 information do I need to apply?

Be prepared to provide a few important pieces of information:

  • Copy of government-issued ID
  • Social Security number
  • Proof of residence
  • Proof of income
Go to OneMain's site

What happens after I apply?

OneMain Financial will electronically review your application. If you’re prequalified, you will 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?

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. Otherwise, you’ll be on the hook for hefty late and NSF fees.

While OneMain charges monthly repayments, you can 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.

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.

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.

Frequently asked questions

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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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