Where Onemain Personal Loans Stand Out
Secured and joint loan options: OneMain lets borrowers use a vehicle to secure a loan or add a co-applicant to an application. Either option can help improve a borrower’s chance of qualifying and getting a lower rate than they would on their own. With a secured loan, the lender will appraise the vehicle and require it to be insured.
Choose and change your payment date: A borrower can pick their payment date when they sign a loan agreement, as long as its within 45 days of the day they accept the offer. After that, they can change the payment date twice during the life of the loan.
Fast funding: The lender is one of few that says it can fund a loan the same day a borrower submits an application. With other lenders, the time from application to funding can be one or two days.
Branch access: OneMain operates branches in each of the 44 states where it offers personal loans. Though a borrower can get a loan without visiting a branch, those who are more comfortable interacting with a loan officer in person can do so at a OneMain branch.
Seven-day cancellation policy: Borrowers have seven days to change their mind and cancel the loan without having to make payments. Few lenders offer this feature.
» MORE: Personal loans for fair credit
Onemain Financial Application Process
Start by getting pre-qualified with OneMain. This helpful step allows you to find out what rates they will offer you without affecting your credit score. Simply enter your personal and contact information, along with the last four digits of your social security number, to get started.
If you like the terms you see, you can continue with the online application process. This includes entering information on what kind of loan youd like, plus some additional financial and employment items. Youll get a near-instant response as to whether your loan application has been approved.
From there, youll need to schedule an appointment with a loan specialist at a local branch or remote location. At that time, youll talk about what your funding options are, as well as verify your personal and financial information.
Youll need to provide required documentation, including your drivers license, proof of income, and proof of employment. Lastly, you simply sign your loan agreement to receive your funds. The entire process can take as little as one day.
How To Qualify For A Onemain Loan
OneMain doesnt disclose many of its hard requirements, but says it focuses on applicants ability to meet their monthly financial obligations including mortgage or rent payments and other debt payments and still afford the loan.
The lender doesnt have a minimum credit score requirement because it doesnt rely on a credit score to help determine whether someone qualifies. Instead, it uses its own underwriting system to review applicants credit information as well as alternative data.
Three of the most important factors on a loan application are ability to repay, credit stability and whether the loan is secured with collateral, according to a spokeswoman.
OneMain doesn’t underwrite applicants who dont have a credit bureau file, and says its difficult for borrowers to be approved if their credit history is very thin.
Here are OneMain borrower and loan averages:
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Average net income: $45,000.
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Average loan term: 5 years.
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Average APR: 25%.
Loan example: A three-year, $10,000 loan with an APR of 25.3% would have a monthly payment of $399. A borrower would pay $4,371 in total interest on that loan.
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Who Is Onemain Financial For
OneMain Financial caters primarily to borrowers who have limited or poor credit scores. This lender could be good for you if you:
- Have been denied personal loans elsewhere because of your credit history
- Need to borrow between $1,500 and $20,000
- Dont mind accepting a higher interest rate on a loan
- Need fast loan funding
- Have the opportunity to add a co-signer or collateral to the loan, which could reduce your interest rate
- Are comfortable with paying an origination fee for a personal loan
- Live in a state in which OneMain Financial originates loans
If you have a higher , say 660 or better, then you may want to consider another personal loan option.
A score in that range or higher could help you to qualify for personal loans at lower rates and with potentially fewer fees.
The good news is that if you have poor credit, a OneMain Financial loan could help you to improve your credit score.
Loan activity is reported to the three major credit bureaus. So if youre making payments on time and you pay the loan off in full, that could help add points to your credit scores.
Final Verdict: Is A Onemain Financial Personal Loan Right For You
If you dont have great credit and you need money quickly, then the answer could be yes. Ideally, these loans are designed for people with fair to bad credit.
But, be very careful. You are paying for it in the form of a higher APR than what you’d get from the competitors.
Other online lenders have fewer fees with lower APRs, which will save you much more money in the long run .
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How Onemain Financial Compares
*While Avant does not charge an origination fee, it does charge an administration fee of up to 4.75%.
OneMain Financial and Avant personal loans have similar loan terms and loan amounts, but borrowers looking for same-day funds might find that OneMain has an advantage. Additionally, a minimum credit score requirement of 580 might exclude some borrowers.
LendingClub‘s minimum 600 credit score requirement might leave some borrowers out. With interest rates starting higher, borrowers who qualify with LendingClub could get lower rates from Avant or OneMain.
Avant could be a stronger option than OneMain due to OneMain’s higher interest rates. Avant fees could be lower, as this lender caps its origination and administrative fees at 4.75%, while OneMain’s fees could go up to 10%, or $500 depending on your state.
LendingClub doesn’t offer a secured loan option, which could give OneMain an advantage for anyone who wants to lower their interest rate with collateral. Funding through LendingClub will take at least four business days, according to the lender’s site, giving OneMain’s same-day funding another advantage.
Today’s personal loan rates
Onemain Financial Personal Loan Reviews & Transparency
Category Rating:70%
- Better Business Bureau: OneMain Financial gets an A+ rating. They have been accredited with the BBB since 1985.
- Consumer Financial Protection Bureau: The CFPB has catalogued over 770 complaints about OneMain Financials personal installment loans, which is a lot compared to other lenders. Some complaints are about issues with how the loan is reported to the credit bureaus . Others detail trouble making payments. OneMain Financial has provided a timely response to all existing complaints.
- WalletHub: OneMain Financial has a user rating of 3.7/5 on WalletHub, so people who have taken out loans in the past have been generally satisfied.
- Transparency: OneMain Financial is transparent about most of their terms. However, they dont have standard fees, as they depend on the state in which you live. The reason they vary between states is because different states have different laws on how much lenders can charge in fees. OneMain also doesnt disclose minimum credit or income requirements.
OneMain Financial gets points for their high BBB rating and user score. However, their rating suffers from their large number of CFPB complaints and lack of transparency about overall ranges for certain terms and requirements.
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The Young Man Was Very Helpful And
The young man was very helpful and polite he made the experience a comfortable one but he remained professional we need more people like him in this world he was truly a breath of fresh air. I will definitely recommend people to One Main.
Date of experience:September 24, 2022
I appreciate your time and patience to sit and talk about a personal loan. Being a customer of OneMain for many years I have had the pleasure of experiencing great service and care thank you for understanding my needs.
Date of experience:September 23, 2022
I am very thankful for OM to give me the opportunity to borrow and pay off debt with higher interest rates. I worked with Kristina. She was very helpful and prompt. I would recommend OM to anyone.Thanks again
Date of experience:September 28, 2022
Our Agent was really awesome. She answered our questions and really cared about our problem. Beatrice was really well worth talking to and again, she cared about what we needed. Thank you One Main.The Lowes
Date of experience:September 26, 2022
What Is A Debt Collection Lawsuit
A debt collection lawsuit is the nuclear option for lenders. High court costs and attorneys’ fees generally means that lenders save debt collection lawsuits as a last resort.
Every lawsuit starts with a Complaint, called a Petition in some states. The Complaint will detail OneMain Financial’s case against you. It’ll cover how much money you allegedly owe and include any relevant documents to prove it.
The Complaint will use some specific legal language. Knowing what these terms mean is essential to understanding the case against you.
Each Complaint has at least two parties. These are the people or groups that the case is about. The Plaintiff is the party that files the Complaint. In your debt collection lawsuit, that’s OneMain Financial. In contrast, the Defendant is the party that allegedly harmed the Plaintiff. In this case, that’s you.
If OneMain Financial wins their debt collection lawsuit against you, they have several options.
These are just two of the most extreme outcomes from a debt collection case. Never ignore a Complaint from OneMain Financial. While it may be tempting to pretend there’s nothing wrong, your legal problems won’t go away by themselves. Instead, you need to take action.
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How To Apply For A Onemain Financial Personal Loan
Like most lenders, OneMain Financial makes it fairly easy to apply for a personal loan. Hereâs what the process looks like:
Excellent Customer Service Stellar
Excellent! Excellent! Excellent! I am still in awe of the warm inviting very professional service I received. Extremely clear instructions. It was explained so well until I had no questions once the agent was done. Unbelievably the best customer service ever! The whole office was nice, kind and pleasantly inviting. Thank you! You Rock!
Date of experience:September 28, 2022
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How Onemain Financial Compares To Other Personal Loan Companies
Even if you believe OneMain Financial aligns with what youre looking for in a personal loan, it never hurts to shop around and compare lenders. Heres how a OneMain Financial loan stacks up against similar lenders.
| Lender | |||
|---|---|---|---|
| Receive funds as soon as one business day | Receive funds as soon as one business day | Receive funds as soon as one business day | |
| Bottom line | OneMain Financial may be right for borrowers with low credit scores who need funds quickly and may not get better rates elsewhere. | Avant may be a good fit for consumers who need loan funds quickly and have a less-than-perfect credit score. | LendingPoint may also be a good option if you have a low credit score. This lender offers higher loan amounts than both OneMain Financial and Avant. |
How We Rated Onemain Financial
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isnt paid for conducting these reviews, and lenders dont have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
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Onemain Financial Personal Loan Requirements & Application Info
Category Rating:96%
- Minimum credit score: Not disclosed, but third-party sources place it in the 600-650 range.
- Minimum income: OneMain Financial does not disclose minimum income requirements.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen, permanent resident, or visa holder.
- Residence: You must live in one of the 44 states where OneMain Financial operates or the District of Columbia. OneMain Financial is not currently available in Alaska, Arizona, Arkansas, Connecticut, Massachusetts or Rhode Island.
- Identification: You will need a Social Security number or passport to apply.
- Pre-qualification: You can check to see if you are pre-qualified for a OneMain Financial personal loan online. Unlike actually applying, this will have no impact on your credit score.
- Ways to apply: If you decide to apply for a OneMain Financial personal loan, you can do so online, over the phone, or at a branch.
- Joint Loans: OneMain Financial accepts joint loan applications, which means they allow two co-applicants to be considered together for approval and share responsibility for the loan.
- Collateral: If you decide to get a secured personal loan from OneMain Financial, you will have to put down some kind of collateral. Most commonly, this will be a vehicle such as a car, truck, RV, or boat.
Onemain Financial Personal Loan Review
Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.
Personal loan rating: 4/5
- Loan terms: 24 to 60 months
- Loan amount: $1,500 $20,000
Our verdict:
OneMain Financial is a lender that offers personal loans ranging from 18.00% to 35.99% at fixed rates. Unlike some online lenders, OneMain Financial has branches located across 44 states and may be a good fit for consumers who want a face-to-face experience during the loan process.
On this page
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Charges an origination fee High interest rates Small loan amounts Larger loan amounts require collateral |
One of the great things about this lender is the short amount of time it takes to receive your loan funds. According to OneMain Financials website, the process takes as little as one day from start to finish. This lender doesnt charge a prepayment fee, and consumers who dont meet OneMain Financials credit requirements can instead apply for a secured loan.
Unfortunately, if you take out a loan with OneMain Financial, youll have to budget for an origination fee, which will be taken out of your total loan balance. OneMain Financial also has much higher interest rates than some competitors and may not be a good fit if youre looking for a large loan.
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Way Better Than What I Expected
I had no idea how much opportunity was available to me! Megan not only explained my best and worse case scenario, she took the time to teach me about how credit actually scores. I ended up in a better situation than I was before, lower APR, more money, and consolidated my debts. The customer service is respectful, honest and reliable. It was worth my call just to inquire, it was a bucket of savings in my pocket!
Date of experience:September 29, 2022