Is OneMain Financial a Good Loan Company for Your Needs?

OneMain Financial is a well-established loan company with a long history of providing financial services to individuals and families. Their loan products cater to a wide range of needs, from personal loans to auto loans.

They offer a variety of loan options, including installment loans and lines of credit, with flexible repayment terms and competitive interest rates. This makes them a viable option for those who need access to credit but may not qualify for traditional loans.

OneMain Financial has a strong presence in the market, with over 1,000 branches across the United States. This widespread availability makes it easy for customers to find a location near them.

Their customer service team is available to assist with any questions or concerns, providing support and guidance throughout the loan process.

OneMain Financial is a lending group that offers both online and in-person financing options. This unique approach allows borrowers to start the process online, but they'll need to visit one of the branch offices for an interview before receiving their funds.

OneMain Financial has a large presence in the United States, with almost 2,000 offices across the country, excluding Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont. This wide reach provides borrowers with more locations to choose from.

The lender offers both secured and unsecured personal loans to borrowers with fair or poor credit. These loans tend to be smaller than what most lenders offer, which is a result of the higher risk involved with lending to borrowers with lower credit scores.

OneMain Financial offers unsecured personal loans that don't require collateral, making them a common type of loan with the company.

The company has a fast approval process, and if your application is approved before noon on a business day, you could receive your money the same day.

OneMain Financial charges a high minimum interest rate, so borrowers with good credit may find a better rate with a different lender.

You can make early payments on your OneMain loan without any prepayment penalties, giving you flexibility to pay off your loan early.

OneMain offers unsecured personal loans that don't require collateral, which is a common option with the company and other lenders.

The company's unsecured loans have a high minimum interest rate, so borrowers with good credit may find a better rate elsewhere.

You can receive your money the same day if your application is approved before noon on a business day.

OneMain doesn't charge prepayment penalties, so you can make early payments without incurring extra fees.

OneMain offers some flexibility when it comes to repayment terms. You can request a payment due date change by calling, mailing, or emailing your local OneMain branch.

To qualify for a due date change, you'll need to meet certain conditions. These include requesting only one due date change in a 12-month period, and no more than two due date changes over the life of a loan.

One condition is that you can't change your due date if your account is 10 or more days past due. This makes sense, as it would be unfair to borrowers who are already struggling to make payments.

Due date changes can't be made until the first contractual loan payment has been made. This ensures that borrowers are committed to making payments before they can change their due date.

Here are the specific conditions for due date changes:

OneMain offers both secured and unsecured personal loans. Unsecured loans are more common with OneMain and competing lenders.

OneMain Financial uses your application information to determine your loan eligibility and type. You don't get to choose which kind of loan you apply for.

Unsecured loans don't require collateral, meaning you won’t have to offer up anything valuable to your lender in case you can’t keep up with loan payments. This is a common type of loan with OneMain and other lenders.

Secured loans require collateral, which can help borrowers with bad credit qualify for loans because the collateral lowers the risk in the eyes of lenders.

Larger loan amounts may require collateral, such as an insured motor vehicle titled in your name that’s no more than 10 years old and meets One Main Financial’s requirements. This is a specific requirement for larger loans, not smaller ones.

OneMain Financial offers personal loans between $1,500 and $20,000. You can borrow up to $20,000, but to qualify for the higher loan amounts, you may need to provide collateral.

Here are the loan terms you can expect:

Some states have minimum and maximum loan sizes. In these states, you can borrow:

You can make as many early payments as you'd like on a OneMain Personal Loan, which can help you pay off your loan faster and save on interest.

OneMain does not charge prepayment penalties, so you won't be penalized for paying off your loan early.

This flexibility can be a huge plus for borrowers who want to pay off their loans quickly and efficiently.

OneMain's repayment terms are monthly, but you can make extra payments to pay off your loan faster.

To give you a better idea, here are some key benefits of early repayment with OneMain:

By taking advantage of these benefits, you can save money on interest and pay off your loan faster.

OneMain Financial charges origination fees, which are typically a percentage of the loan amount, and can range from 1% to 10% depending on the state you live in. These fees are deducted from the loan amount upfront.

Late payment fees vary by state, ranging from a flat fee of $5 to $30 per late payment, or a percentage of your monthly payment amount, ranging from 1.5% to 15%. If you pay your loan late, you'll be charged this fee, which can add up quickly.

OneMain also charges insufficient funds fees, which can range from $10 to $50 per returned payment, depending on state law. This fee is charged when a check payment or electronic ACH debit is returned due to insufficient funds.

It's worth noting that OneMain does not charge prepayment penalties, which means you can pay off your loan early without incurring extra charges.

Here's a breakdown of the fees you can expect with OneMain Financial:

Keep in mind that these fees can vary depending on your state of residence, so be sure to check with OneMain Financial for more information.

OneMain Financial's customer satisfaction scores are a mixed bag. In the J.D. Power 2024 U.S. Consumer Lending Satisfaction Study, it ranked 13th to last out of 19 personal loan lenders with a score of 653.

Customers, however, have a more positive view of the company. On TrustPilot, OneMain Financial has an "excellent" rating of 4.7 out of 5 stars based on over 65,000 reviews, with frequent praise for great customer service, easy application process, and fast loan disbursement speed.

The company's ratings on other review platforms are similarly high, with a 4.68 out of 5 score on the Consumer Review metric, which aggregates Trustpilot, Google, and Better Business Bureau reviews.

OneMain Financial has a mixed customer satisfaction record, ranking 13th to last out of 19 personal loan lenders in the J.D. Power 2024 U.S. Consumer Lending Satisfaction Study with a score of 653 out of 1,000.

However, customers on TrustPilot have given the company an "excellent" rating of 4.7 out of 5 stars based on over 65,000 reviews, citing great customer service, easy application process, and fast loan disbursement speed.

OneMain's rating on TrustPilot is consistent across multiple review platforms, with a Combined Consumer Review metric score of 4.68 out of 5.

The company has received a 4.08/5 stars rating on the Better Business Bureau, with an A- rating from the BBB itself.

On Lending Tree, OneMain has a 4/5 star rating, and on Yelp, they have received a 5-star rating for their work.

Here are some common praises and complaints from borrowers:

OneMain Financial has been accredited by the Better Business Bureau since March 1985, with a current rating of A+. The company has received an average score of 7.65/10 based on reviews from multiple platforms, including the BBB, Best Company, Consumer Affairs, and Credit Karma.

OneMain Financial's target audience is made up of individuals who prefer traditional banking methods. They offer a more personalized experience, where you can start the application process online but finish it in person with a representative.

If you have below-average credit, you're not alone - OneMain doesn't have a minimum credit score requirement. In fact, the average credit rating for their borrowers is around 622.

OneMain also welcomes joint applicants, which can increase your chances of getting approved. This is because multiple incomes on one application can make a big difference.

A modest income is also within the company's target range, with an average annual earnings of $47,700 for their borrowers.

If you're struggling to get approved for an unsecured loan, OneMain offers the option to use a vehicle or RV as collateral for a secured loan.

Here's a snapshot of an average OneMain Financial borrower:

If you're considering OneMain Financial for a personal loan, it's worth exploring other options to find the best fit. OneMain Financial's minimum credit score requirement is 500, which is lower than some other lenders.

OneMain Financial's APRs range from 18.00% to 35.99%, which is comparable to other lenders. LendingPoint, for example, offers APRs from 8.98% to 35.99%, while Upstart's APRs range from 8.49% to 35.99%.

If you need a larger loan, LendingPoint and Upstart offer more generous loan amounts, with LendingPoint offering up to $40,000 and Upstart offering up to $50,000.

OneMain Financial's funding timeline is relatively quick, with funds available as soon as one business day. However, LendingPoint also offers same-day funding.

Here's a comparison of OneMain Financial with other lenders:

Ultimately, the best lender for you will depend on your individual circumstances and needs. Be sure to research and compare different options before making a decision.

OneMain Financial has a relatively straightforward application process that can be completed in as little as 10 minutes.

You can apply for a personal loan online by filling out an application on their website, which will ask for basic information such as your loan amount, income, and contact information. The application also asks about your loan's intended purpose.

OneMain Financial will perform a soft credit check to verify your credit rating, and if you pass, they will do a hard check to pull your credit report. If you're approved, you'll receive a confirmation within minutes, and the entire process typically takes around 10 minutes to complete.

To repay your loan, OneMain Financial offers several options, including online payments, in-branch payments, by-phone payments, by-mail payments, and payments via the OneMain app. You can also make payments at participating retailers using the free PayNearMe service.

OneMain Financial allows you to make as many early payments as you'd like, without charging prepayment penalties. This can be a huge plus for borrowers who want to pay off their loans early.

Here are the steps to apply for a OneMain Financial personal loan:

It typically takes up to two business days from the time you're approved to receive your loan funds.

OneMain Financial has no minimum credit score requirement, but you'll need to have a credit history to qualify for a loan.

To be eligible for a OneMain Financial loan, you must be at least 18 years old, or the age of majority in your state. You'll also need to provide government-issued identification, proof of residence, and proof of income.

The lender considers your credit history, income, and expenses when reviewing your application. You'll need to have enough income to cover your expenses and monthly loan payments.

OneMain Financial allows borrowers to use loan money for almost any purpose, except for college expenses, business/commercial costs, purchasing securities or cryptocurrency, gambling, and illegal activities.

Here are some additional requirements to keep in mind:

Note that OneMain Financial loans are not available in certain states, including Alaska, Arkansas, Connecticut, District of Columbia, Massachusetts, Rhode Island, Vermont, or in U.S. territories.

OneMain Financial allows you to use various assets as collateral for a secured loan, including vehicles, motorcycles, boats, campers, and recreational vehicles (RVs).

If you're offered a secured loan, you'll need to use your property as collateral, and OneMain Financial will appraise its value. You must also carry full coverage insurance on the property, such as comprehensive and collision auto insurance.

You can use a car or motorcycle to secure a loan, but it must be owned by you and not still be under a loan. OneMain Financial will determine your loan eligibility and type based on your application information, and secured loans may be required for larger loan amounts.

Secured loans can help borrowers with bad credit qualify for loans because the collateral lowers the risk for the lender. However, you'll need to own the property and meet OneMain Financial's requirements.

Here are some examples of assets that can be used as collateral for a OneMain Financial secured loan:

Keep in mind that secured loans may have different requirements and benefits compared to unsecured loans, so it's essential to understand the terms and conditions before applying.

To understand how we rated OneMain Financial, it's essential to know that LendingTree considered 22 data points across three categories: accessibility, rates & terms, and repayment experience. These data points reflect every step of the process to shop and apply for, borrow and repay personal loans.

OneMain Financial has branches located across 44 states, making it a good fit for consumers who want a face-to-face experience during the loan process. However, high interest rates are a concern, with APRs ranging from 18.00% to 35.99%.

We scored lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around. This means that you can trust our ratings to give you an accurate picture of what to expect from OneMain Financial.

The data points used to determine our rating include whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. OneMain Financial primarily serves non-prime customers with “limited access to credit from banks, credit card companies, and other traditional lenders.”

Our rating system takes into account whether lenders offer soft credit pulls and are transparent about eligibility criteria other than credit scores. OneMain Financial allows you to apply for a secured loan if you have bad credit and aren’t sure if you’d qualify for an unsecured loan.

Here are the three categories used to determine our rating: