OneMain could be a good fit for you if you have issues getting funding through traditional methods. OneMain does have high rates, but it is a much better deal than payday lenders.
APR
18.00% – 35.99%
Loan Amount
$1,500 -$20,000
Term
24-60 months
Min score
No Minimum
OneMain could be a good fit for you if you have issues getting funding through traditional methods. OneMain does have high rates, but it is a much better deal than payday lenders.
APR
18.00% – 35.99%
Loan Amount
$1,500 -$20,000
Term
24-60 months
Min score
No Minimum
On Credible Website
Our Verdict
OneMain Financial offers personal loans for people who need money but might not have the best credit. They operate in many states across the country and provide loans from $1,500 to $20,000, depending on where you live. The good thing is, they look at more than just your credit score when deciding if you qualify for a loan. They consider things like your income and overall financial history.
If you need a loan, you can easily check your rate online without affecting your credit score. Once you're approved, you can get your money pretty quickly, usually within one to two business days. Plus, they have both secured and unsecured loan options. Secured loans mean you put something like a car or a boat as collateral, which can help you get a better deal.
But there are some things to watch out for. OneMain Financial charges higher interest rates compared to some other lenders, and they also have fees like origination fees and late payment fees. In May 2023, the CFPB ordered OneMain to pay $20 million for misleading loan customers into purchasing add-on products.
Meeting OneMain Financial Loan Requirements
Before applying for a personal loan with OneMain Financial, it's important to understand the eligibility criteria. Here are the key requirements you'll need to meet:
Credit Score Requirements: OneMain Financial doesn't have a strict minimum credit score requirement, but they consider your entire credit history. Even if you have bad credit, you may still qualify for a loan, but you might have to pay higher interest rates.
Income Requirements: While OneMain Financial doesn't disclose specific income requirements, you'll need to have enough income to show you can afford the loan payments. They consider various sources of income, including employment, alimony, and Social Security payments.
Co-signers & Co-applicants: If your credit or income isn't strong enough on its own, you can apply with a co-applicant to increase your chances of approval. However, OneMain Financial does not allow the use of co-signers.
Documentation: To complete your loan application, you'll need to provide documentation such as a government-issued ID, proof of income (like pay stubs or tax returns), and proof of residency. Having these documents ready can speed up the application process.
Collateral: If you're considering a secured loan to increase your chances of approval or get better terms, you'll need to provide collateral such as a car, boat, or RV. These assets must be appraised and insured.
Meeting these requirements can improve your chances of qualifying for a personal loan with OneMain Financial. Be sure to gather all necessary documents and information before applying.
Navigating OneMain Financial Repayment Options
OneMain Financial Personal Loan Pros & Cons
Like all lenders, OneMain has its own set of advantages and drawbacks that potential borrowers should consider:
Pros | Cons |
|---|---|
Designed for Low Credit Borrowers | Higher APRs |
Secured Options Available | Fees |
Joint Applicants | Not Available in All States |
No Prepayment Penalty | Limits on Loan Amounts |
Fast Funding | Lack of Rate Discounts |
Branch Locations | CFPB Penalty |
- Designed for Low Credit Borrowers
OneMain helps borrowers that may have less than perfect credit. If you have issues getting lending from traditional banks or other personal providers because of credit issues, OneMain may be willing to work with you.
- Secured Options Available
Borrowers have the option to secure their loans with collateral, potentially reducing the risk and improving their chances of approval or obtaining better terms.
- Joint Applicants
OneMain allows loans with joint borrowers. This can help improve your chances of getting approved.
- No Prepayment Penalty
The borrower can pay off the loan early without any fees.
- Fast Funding
With options like SpeedFunds and ACH transfers, borrowers can receive their loan funds quickly, sometimes within one to two business days after approval.
- Branch Locations
Unlike many online lenders, OneMain Financial operates physical branch locations across the country, providing in-person support for those who prefer face-to-face interactions.
- Higher APRs
OneMain Financial typically charges higher-than-average interest rates, especially for borrowers with lower credit scores, potentially increasing the overall cost of borrowing.
- Fees
Borrowers may face origination fees ranging from $25 to $500 or 1% to 10% of the loan amount, reducing the net funds received.
Apart from origination fees, borrowers may incur late payment fees, insufficient funds fees, and other charges, increasing the overall cost of borrowing.
- Not Available in All States
OneMain is not available the following states: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C.
- Limits on Loan Amounts
Maximum loan amounts are capped at $20,000 in most states, limiting options for borrowers who require larger sums.
- Lack of Rate Discounts
Unlike some lenders, OneMain Financial does not offer rate reductions or discounts, potentially resulting in higher overall borrowing costs.
- CFPB Penalty
OneMain Financial faced enforcement action from the Consumer Financial Protection Bureau (CFPB) for unlawful and deceptive practices.
OneMain Financial Customer Experience
Customer reviews for OneMain Financial are mixed. While some borrowers report satisfaction with their loans and positive experiences with customer support, others express frustration with the application process and dissatisfaction with the terms and fees.
The company maintains a rating of 2.13 out of 5 with the Better Business Bureau (BBB), with mixed feedback from customers.
However, on Trustpilot, OneMain Financial has a higher rating of 4.8 out of 5 stars, indicating more positive experiences overall.
OneMain Financial | |
|---|---|
iOS App Score | 2.8 |
Android App Score | 2.8 |
TrustPilot Rating | 4.8 |
BBB Rating | A+ |
Contact Options | phone |
Availability | 7 am – 7 pm (CT) |
You can reach OneMain Financial offers support via email at [email protected]. Additionally, you can contact them by phone at 800-525-0451 for inquiries related to loan applications or 800-290-7002 for existing loans, available Monday to Friday from 5 a.m. to 5 p.m. Pacific Time.
Borrowers can also access their online account or utilize the mobile app to manage payments, view statements, and track their credit score progress.
Additional Insights to Keep in Mind
Before applying for a personal loan with OneMain Financial , it's important to understand additional factors that could impact your borrowing experience:
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What is the funding time?
The funding time for a loan with OneMain Financial varies depending on the method chosen. If applying in person, borrowers may receive funds within an hour of approval.
For online applications, funds are typically disbursed within one to two business days after approval. The speed of funding can be advantageous for covering immediate financial needs or consolidating debts quickly.
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What is the enforcement action against OneMain Financial?
OneMain Financial faced enforcement action from the Consumer Financial Protection Bureau (CFPB) for unlawful and deceptive practices.
In May 2023, the CFPB ordered OneMain to pay $20 million for misleading loan customers into purchasing add-on products. These products were often presented as mandatory for loan approval, leading customers to believe they were required to secure a loan.
The enforcement action highlighted the importance of transparency and fair practices in lending, emphasizing the need for lenders to provide clear and accurate information to borrowers.
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What Happens If I miss a payment?
Which Loan Purposes Are Allowed? Which Aren't?
Is OneMain Loan Right for You?
OneMain Financial personal loans cater to individuals facing financial challenges or seeking funding for specific needs. Consider applying for a OneMain Financial personal loan if:
- You have poor credit: OneMain Financial is designed for borrowers with less-than-stellar credit histories, making it a suitable option for those who may struggle to qualify for loans elsewhere.
- You prefer in-person assistance: OneMain Financial operates physical branch locations, offering personalized assistance and support for borrowers who prefer face-to-face interactions when managing their finances.
How to Apply For OneMain Financial Personal Loan?
OneMain Financial allows borrowers to apply online for a loan, over the phone, or in person. Most of the time an online applicant will need to go to the local branch to meet with a loan specialist. The online application process is simple and quick.
The online application requires basic information about yourself and your finances. The borrower usually gets a response quickly.
This includes the amount you want to borrow, loan use, name, address, email, date of birth, social security number, phone number, employment, and monthly income.
You then will have to make an appointment with a local branch to review loan options with a loan specialist. The specialist will verify information and ask for proof of ID, address, and employment or income.
Once loan documents have been signed, you walk out of the branch with a check. You can also have the money transferred to your checking account.
If you live remotely and do not live close to a branch, OneMain will try to work with you. They may call you or you can call them at 1-800-961-5577 to move the loan forward.
FAQ
Is OneMain a good place to get a loan?
OneMain is a great place to get a loan if you have a less than perfect credit score. There are no credit score minimums to qualify. Instead, OneMain uses its in-house algorithm to evaluate applications. The lender prioritizes the ability to repay, credit stability, and whether the loan is secured, rather than a credit score.
However, this flexibility does come at a cost. The typical rates are quite high and you can only borrow up to $20,000 over a maximum of five years.
Does OneMain ask for proof of income?
Before you can finalize your loan, OneMain does require documentation to support your application and improve eligibility chances. This includes proof of residents, a copy of a valid, government-issued ID, and proof of income in the form of tax returns or pay stubs.
Additionally, OneMain may ask for additional documentation based on your unique situation.
Is OneMain better than Avant?
Although OneMain and Avant offer similar loan products, there are some crucial differences. Generally speaking, applicants with a decent score are likely to enjoy a more favorable rate with Avant, but if your score isn’t greatl, OneMain’s flexibility could offer you a great deal.
Avant also offers a higher lending potential. Which is better will depend on your circumstances. If you have a credit score below 620 or you can put up some collateral for your loan, OneMain is likely to be the better option. But, if your score is above 620 and you want an unsecured loan, you may want to opt for Avant.
Is OneMain better than Lending Club?
Lending Club does offer a higher maximum loan amount for personal loans, with rates that are lower than OneMain. However, this is attached to more stringent requirements. Lending Club requires a minimum credit score of 600 and there is a loan minimum of $5,000. Additionally, Lending Club is also slower to release funds, as you may be waiting up to seven business days.
So, if you are looking for a larger loan and can meet the credit score minimums, Lending Club personal loan is a better choice for you. Check out Lending Club review for more info.
Is LendingPoint better than Onemain?
If you cannot meet the credit score minimums of LendingPoint, Onemain may be an option. This provider works with all credit profiles, but this does come at a cost. The rates are higher. So, if you do have a credit score of 585 or more, LendingPoint is the better choice.
However, Onemain does allow you to use collateral to back your loan and help you to qualify for a lower rate. But, there is an origination fee of up to 10% that you’ll need to consider.
Personal Loans Online Marketplaces
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|---|---|---|---|
APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 6.99% – 35.99%
| 4.99% – %35.99
| 5.99% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 12-84 months | 6-84 months | 3-72 months |
Loan Amount | $600 – $200,000 | $1,000 – $100,000 | $1,000 – $35,000 |
Review Personal Loan Top Lenders
Avant
Best Egg
CitiBank
Credible
Discover
Payoff
LendingPoint
LendingTree
OneMain Financial
RocketLoans
SoFi
Upgrade
Upstart
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Alternatives Lenders For Consideration
OneMain vs SoFi vs Happy Money
Each of these three lenders will be appropriate for a different type of person. OneMain is generally beneficial for accepting applications from people with less-than-perfect credit.
SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. Happy Money is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Happy Money Vs SoFi Vs OneMain: Compare Personal Loan Providers
OneMain vs Avant vs LendingClub
LendingClub is a peer-to-peer online lending marketplace that prefers to work with people who have poor credit. The California-based company has over three million customers in the United States.
Avant is a Chicago-based lender that provides personal loans to people with bad credit. It also gives you quick access to funds as well as flexible repayment options. While OneMain is an online lender, it also has over 1,500 physical locations throughout the United States. This lender offers quick access to funds as well as a variety of loan options.
Read Full Comparison: OneMain Vs Avant Vs LendingClub: Which Personal Loan Suits You Best?
OneMain vs Mariner Finance vs NetCredit
All three of these lenders have a lot of similarities. They each cater to people with poor credit scores and can have quite high rates of interest.
NetCredit and OneMain are very good for providing fast access to funds, while these all offer small loans. Out of all of these offerings, OneMain stands out the most when it comes to its range of options.
Read Full Comparison: OneMain vs Mariner Finance vs Netcredit: Which Personal Loan Is Better?
OneMain vs Upstart
Both of these lenders make it possible for people with bad credit to obtain a personal loan. OneMain's offering is a little more limited, with loans that are relatively smaller in size but with more flexible repayment term lengths.
Read Full Comparison: OneMain Vs Upstart: Compare Personal Loan Providers
