Is OneMain Financial legit or a scam? What you need to know

Is OneMain Financial legit or a scam?

Find out what OneMain Financial offers to protect its borrowers information and money.

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OneMain Financial is a lender that has provided loans and other financing products 1912. Its online application — and its entire website — is protected by Norton security software.

Is OneMain Financial legit?

Yes, OneMain Financial is a legitimate lender. OneMain has provided loans and other credit-related products to more than 10 million customers for more than 100 years. This branch lender provides an online application process with an entire website protected by Norton security software. It’s available in most states — all except for Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C. The specific loan terms and fees you’re eventually offered will vary by your state of residence.

What makes OneMain Financial unique?

OneMain Financial hasn’t forgotten its roots in traditional banking experience. It offers fair, affordable loans along with financial education to help you plan for the future. Other qualities that make OneMain Financial stand out are:

  • Flexible loan terms. You can repay your loan over two or five years.
  • No prepayment penalty. If you can pay off your loan early, you’ll pay no penalty.
  • Secured loans available. You have the option to apply for a secured loan with collateral, which may result in a larger loan amount.
  • Holistic application process. OneMain looks beyond your credit score when determining approval.
  • Fast turnaround. If approved before noon on a business day, you could get your funds the same day. A OneMain loan specialist can provide additional information about funding options and funds availability.

What to look out for

  • 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.
  • Potentially high APRs. OneMain Financial’s starting APR is higher than what many other lenders advertise. Keep in mind most people ultimately don’t qualify for the lowest rate advertised anyway.
  • The fine print. Because loan policies and fees vary by state, carefully read your contract and ask your specialist about anything you don’t fully understand.
  • Limited availability. OneMain Financial is not available in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C.

Compare OneMain Financial to other legit lenders

Rates last updated February 21st, 2018

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Is applying for a loan with OneMain Financial safe?

Yes, OneMain Financial safeguards your personal and financial information through website encryption. OneMain encrypts all communication between your browser and its website.

What else do I need to know?

OneMain Financial loans can come with higher APRs than other personal loans. But if you’ve had problems getting a loan because of your credit history, a OneMain Financial loan could work to help build your credit if you make payments on time. Once your credit improves, you can look for a lender with a lower APR.

Bottom line

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.

Frequently asked questions about OneMain

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US Personal Loans Offers

Important Information*
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Get connected to competitive loan offers instantly from top online consumer lenders.

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Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

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Borrow up to $100,000 with a competitive APR and no fees.

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