OneMain Financial Review for 2023

OneMain Financial offers both unsecured and secured loans for individuals with bad credit. If your credit is shaky and you need quick access to cash, OneMain could be a good option.

OneMain logo

They have various options available for you to provide personal property as collateral and a low minimum credit score requirement.

Read on to find out more about what OneMain offers when it comes to personal loans.

OneMain Financial Personal Loans

Personal loans have a loan amount range of $1,500 to $20,000. Loan amounts vary depending on what state you live in. You can get either a secured or an unsecured loan; however, you’ll likely need to go with a secured loan to get approved if you have less than average credit scores.

Interest rates vary depending on the borrower, but we’ve seen annual percentage rate estimates ranging between 18.00% and 35.99% and loan terms that range from 24 to 60 months.

Your credit history and your requested loan amount affect your APR, with smaller loans incurring higher rates. The origination fee varies depending on the size of your personal loan but typically ranges between $25 and $40.

You can use personal loans from OneMain Financial for home improvement, weddings, medical expenses, vacations, and debt consolidation. They also offer auto loans.

If you’re looking to pay off high-interest credit card debt, a personal loan from OneMain Financial may not be the best option as interest rates are a bit higher. To consolidate your credit cards, check out Payoff or look into 0% balance transfer credit cards.

OneMain branches may not be available in every state, so make sure your location is eligible for personal loans before you get too far into the application process.

Get started with OneMain on OneMain’s secure website

Borrower Profile

OneMain doesn’t have any set requirements for borrowers but instead considers your credit history and financial ability to repay the personal loan. They analyze your income, budget, and other financial responsibilities to help determine whether your application is approved.

OneMain Website

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 you’d like, plus some additional financial and employment items. You’ll get a near-instant response as to whether your loan application has been approved.

From there, you’ll need to schedule an appointment with a loan specialist at a local branch or remote location. At that time, you’ll talk about what your funding options are, as well as verify your personal and financial information.

You’ll need to provide required documentation, including your driver’s 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.

Get started with OneMain on OneMain’s secure website

Once You’re Approved

You have two options for receiving your loan proceeds: either through direct deposit or by check from a branch location. To pay your monthly balance, you can either submit payment online, in a branch, by mail, through the OneMain mobile app, or at a Walmart service desk.

There is a $1.00 to $1.50 fee when you pay at a Walmart service desk and a $15 fee for any late payments.

If you already have a OneMain Financial loan and need more funds, you can apply for another loan. Of course, qualifying depends on your current debt, credit, income, and other factors, but multiple loans are a service some lenders don’t offer.

OneMain Financial Special Features

In case you didn’t qualify for the requested amount, you can potentially get a larger loan from OneMain by either using a cosigner on the loan application or by using collateral to back your loan. Acceptable forms of collateral for secured loans include automobiles, trucks, motorcycles, campers, and RVs.

Any collateral you decide to use has to undergo an appraisal to figure out how much value it has. If you choose to use a vehicle, it must be insured to qualify. Remember that anytime you use personal property as collateral on a loan, you’re at risk of losing that property in the event you default on your loan.

OneMain also allows you to change your payment due date in certain situations. However, you must mail or email the request to your local branch, so it’s not an automated process.

You can’t extend your due date if your account is past due or if it’s before your first payment, and the proposed due date would be more than 45 days after receiving the funds.

Another feature offered by the lender is known as OneMain Rewards. When you enroll in this program, you earn points by completing tasks such as visiting OneMain Financial’s website or interacting via social media. You can eventually redeem your points for gift cards and other discounts.

OneMain Financial’s History

OneMain has been around for 100 years and is one of the nation’s largest lenders with a physical presence. They’ve had over 3.5 million loan customers, totaling $10 billion in loan volume.

OneMain Financial Reviews

One of the best ways to research online lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.

OneMain Financial currently has a Better Business Bureau (BBB) rating of A+, indicating excellent customer service. They also have very few complaints. You can find more OneMain Financial reviews at other review sites as well.

What to Know About OneMain Financial Personal Loans

A OneMain Financial personal loan may not be suitable for everyone, but it could be right for you. Here are a few key considerations to take into account before you apply.

How is your credit?

OneMain caters to lower credit individuals, so if you have good or even excellent credit, you’ll probably find a better fit elsewhere.

That being said, just because OneMain provides loans to many individuals with poor to fair credit scores doesn’t mean it’s an automatic perfect fit. Carefully review your loan offer details, paying particular attention to any upfront fees you’ll be charged as well as your interest rate.

Make sure you can afford the proposed monthly payment, being sure to leave some extra room in your budget for savings and emergencies. Also, be aware of your loan term. Even if you have a low monthly payment, you could end up paying a large sum of interest if it’s spread out over a long period of time.

No matter how good any deal sounds, remember to shop around at a few other personal loan lenders for comparison. It can’t hurt, particularly if you can get pre-approval offers that don’t affect your credit score.

Many lenders provide that service these days, and OneMain is one of them. It helps you make a more informed decision without worrying about what will happen to your credit.

Is there a OneMain near you?

Although OneMain is available in most states and provides an online application, you do need to go to a physical branch location to verify your personal and financial details.

Most online lenders don’t require this extra step, but it might feel good to talk to a real-life person who can help clarify any questions you have about your loan terms.

As long as it doesn’t feel like a huge trek or burden to make the appointment, it may be in your best interest to have that additional layer of customer service before you agree to sign on the loan.

Get started with OneMain on OneMain’s secure website

Still Searching?

Check out our other personal loan reviews below to continue exploring your options.

Meet the author

Crediful is your go-to destination for all things related to personal finance. We're dedicated to helping you achieve financial freedom and make informed financial decisions. Our team of financial experts and enthusiasts brings you articles and resources on topics like budgeting, credit, saving, investing, and more.