OneMain Financial Review for 2024

Finding the right lender for your unique financial needs can be a challenge. OneMain Financial, with its century-long history and comprehensive range of loan services, helps borrowers of all kinds.

OneMain logo

From individuals grappling with bad credit to those in need of substantial loan amounts, OneMain offers tailored solutions. Our in-depth review explores the details of their loan options, customer experiences, and overall standing in the financial world. This can help you discern whether OneMain Financial is the ideal choice for your lending needs.

Exploring OneMain Financial’s Personal Loan Options

OneMain Financial caters to a diverse range of borrowing needs, offering personal loans that range from $1,500 to $20,000. However, the amount you can borrow varies based on where you live. You’ll need to check the specific loan limits in your state.

When it comes to choosing between a secured or unsecured loan, your credit score plays a significant role. Generally, if your credit score is below average, you might need to opt for a secured loan. This means you’ll have to provide collateral, like a vehicle, to secure the loan.

Interest Rates and Terms

  • APR range: The annual percentage rates (APR) for OneMain Financial loans can vary widely, typically falling between 18.00% and 35.99%.
  • Loan terms: These loans come with terms ranging from 24 to 60 months, giving you flexibility in how long you take to pay back the loan.
  • Impact of credit history: Your credit history influences your APR, often resulting in higher rates for smaller loans.
  • Origination fees: Expect origination fees that usually range between $25 and $40, depending on your loan size.

Loan Purposes

  • OneMain Financial loans are versatile. You can use them for various purposes, like home improvements, weddings, medical bills, vacations, and debt consolidation. They also offer auto loans.
  • If you’re considering a loan for credit card debt consolidation, be mindful that OneMain’s interest rates may be higher than some alternatives. It might be worth exploring options like Payoff or 0% balance transfer credit cards.


It’s important to note that OneMain Financial branches are not present in every state. Before getting deep into the application process, check if your location is eligible for their personal loans.

Get started with OneMain on OneMain’s secure website

Who can benefit from OneMain Financial loans?

OneMain Financial stands out for its flexible lending criteria, focusing on the broader financial picture rather than just credit scores. This approach makes their loans particularly suitable for:

  • Individuals with less-than-perfect credit histories who might struggle to secure loans from traditional lenders.
  • Those who need a lender to consider their entire financial situation, including income, budget, and existing debts.
  • Borrowers seeking flexible options, such as choosing between secured and unsecured loans, and a range of loan amounts and terms.

In essence, OneMain Financial caters to those who may have unique financial circumstances or who have previously faced challenges in obtaining traditional loans.

OneMain Website

OneMain Financial Application Process

Applying for a loan can feel overwhelming, but OneMain Financial makes it straightforward. Here’s a simplified run-down:

  1. Pre-qualification: Start here, without impacting your credit score. Just provide basic personal and financial info to see the rates you might qualify for.
  2. The online application: Liked what you saw in pre-qualification? Great! Now, fill in more details about the loan you want and your financial situation. This step includes employment information and income verification.
  3. Response and appointment scheduling: You’ll quickly find out if you’re on the right track. Once approved, it’s time to schedule a chat with a loan specialist. This can be at a local branch or remotely, depending on your preference.
  4. Meeting and document verification: In your meeting, discuss your loan options and verify your personal and financial details. Bring your ID, proof of income, and employment details. It’s all about making sure everything’s in order.
  5. Signing the agreement: The final step! Once everything checks out, you sign the loan agreement, and that’s it – you’re all set to receive your funds.
Get started with OneMain on OneMain’s secure website

Post-Approval: Receiving and Managing Your Loan

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.

Unique Benefits of Choosing OneMain Financial

OneMain Financial offers several distinctive benefits that set it apart from other lenders:

  • Collateral flexibility: You can secure a larger loan amount by using personal property, like a vehicle, as collateral. This is especially beneficial for those with lower credit scores.
  • Cosigner option: If you don’t qualify on your own, adding a cosigner can increase your chances of approval and potentially get you better loan terms.
  • Loan variety: They provide both personal and auto loans, catering to a wide range of financial needs, from debt consolidation to vehicle financing.
  • Payment flexibility: OneMain allows you to adjust your payment due date under certain circumstances, adding a layer of convenience to your loan management.
  • Rewards program: Their OneMain Rewards program lets you earn points for engaging with their services and can be redeemed for various perks.

OneMain Financial’s History

OneMain Financial boasts a remarkable history spanning a century, marking it as a steadfast presence in the lending industry. Over these 100 years, the company has established itself as one of the largest lenders in the United States, notable for its substantial physical footprint across the nation.

This long-standing institution has served over 3.5 million loan customers, a testament to its extensive reach and trusted reputation. The total loan volume managed by OneMain Financial is equally impressive, amounting to $10 billion. This figure not only reflects the scale of their operations but also their significant role in providing financial solutions to a diverse range of borrowers.

OneMain Financial’s enduring legacy and substantial impact in the lending sector underscore its commitment to serving the financial needs of its customers through decades of changing economic landscapes.

Customer Insights: Reviews & Ratings of OneMain Financial

Researching OneMain Financial reveals a strong reputation in the lending community, especially reflected in their Better Business Bureau (BBB) rating of A+. This high rating signifies excellent customer service and a commitment to effectively addressing customer issues.

Customer reviews across various platforms consistently highlight satisfaction with OneMain Financial’s customer support and loan services. While experiences naturally vary, the trend leans towards positive feedback regarding their handling of loans and customer interactions.

The relatively low number of registered complaints further emphasizes OneMain Financial’s focus on customer satisfaction and their proactive approach in resolving issues. Exploring reviews on different sites provides a well-rounded view of their services, helping potential borrowers make informed decisions.

Key Considerations Before Applying for a OneMain Loan

Before applying for a loan with OneMain Financial, consider these key points:

  • Credit impact: Your credit score plays a significant role, but OneMain also looks at your overall financial picture.
  • Loan costs: Pay attention to interest rates and origination fees. Although higher for smaller loans, compare these with other lenders to ensure you’re getting a competitive deal.
  • Loan purpose and amount: Clearly define your need for the loan and how much you require. OneMain offers a range from $1,500 to $20,000, suitable for various purposes.
  • Compare options: Even if OneMain seems like a good fit, it’s wise to shop around. Check out other lenders, especially those offering pre-approval without impacting your credit score, to find the best deal for your situation.

These factors will help you deal with the OneMain Financial loan process more effectively, ensuring you select the right loan based on your financial goals and capabilities.

Bottom Line

OneMain Financial presents itself as a significant and reliable option in the personal lending market. With a century-long history, a diverse range of loan products, and a customer-centric approach, it stands out as a choice worth considering for those with varying financial needs and credit histories.

The company’s flexibility in offering both secured and unsecured loans, coupled with its personalized assessment process, makes it accessible to a broader audience, including those with less-than-perfect credit. Moreover, its high BBB rating and positive customer feedback speak to its commitment to quality service and customer satisfaction.

Whether you’re seeking funds for debt consolidation, home improvement, or auto financing, OneMain Financial’s legacy and current standing suggest a lender that combines traditional values with modern-day lending practices. As with any financial decision, be sure to weigh their offerings against your personal financial situation and goals to determine if OneMain Financial aligns with your borrowing needs.

Get started with OneMain on OneMain’s secure website

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