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OneMain Financial Reviews

8.8

bestfor-icon Fast funding options

andrewo
Written by Andrew Omalley

About OneMain Financial | Read More

9

LS Score

10

Credibility

8

Support

8

Accessibility

Visit Site
Opening Hours Opening Hours drop-down-btn
Mon - Fri 1am - 1pm
Sat - Sun Closed
Contact Information Contact Information drop-down-btn
  • customerservice@omf.com
  • 800-525-0451
  • Headquarters: OneMain Holdings, Inc. 601 N.W. Second Street Evansville, IN 47708-1013
Social Media Social Media drop-down-btn
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OneMain Financial Personal Loans Review

OneMain Financial provides you with both secured and unsecured personal loans. Joint applications are a possibility, something which is not always the case.

OneMain Financial provides great flexibility if you wish to choose your payment date, while there are fast funding times and you have access to physical branches. You even have a 7-day cancellation policy in case you want to cancel your loan.

OneMain Financial Personal Loans Highlight

300

Min Credit Score

18-35.99%

APR. Fixed Rate

18-35.99%

APR. Variable Rate

$2K-$20K

Loan Amount

24-60 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

$25-$500

Origination Fee

None

Prepayment Fee

1 day days

Funding Time

Pros & Cons

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  • con-icon Fast time to funding
  • con-icon Long track record in the space
  • con-icon Offers secured and joint loans
  • con-icon Payment date flexibility
  • con-icon Charges numerous fees
  • con-icon Max possible loan is only $20,000

Loan Purpose

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  • Business Loans
  • Car
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Medical Expenses
  • Household Expenses
  • Mortgage
  • Relocation
  • Student Loan Refinance
  • Car Bike Loans
  • Vacation
  • Wedding
  • Other

Loan Type

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  • Secured Personal Loans
  • Unsecured Personal Loans
View rates

OneMain Financial Personal Loans Terms & Requirements

OneMain Financial caters to the needs of people in a variety of ways, including offering secured and unsecured loans. The loan amounts are generally quite low, ranging between $1,000 and $20,000. The minimum loan amount can be a bit higher in certain states.

The term lengths will range between 24 and 60 months, with the APRs usually being somewhat high. Origination fees are charged, as well as late fees and non-sufficient funds penalties. OneMain Financial does not have any hard and fast credit score requirements in place.

You have the ability to change and choose your repayment days. If you’re engaging in debt consolidation, you can decide to make direct payments to creditors.

Qualification Requirements

  • Social Security Number
  • At least 18 years old
  • US permanent resident or citizen

Required Information

  • Credit history
  • Financial history
  • Copy of government-issued ID
  • Social Security card
  • Loan purpose
  • Proof of residence
  • Proof of income 

Application Steps & Time Frames

You can pre-qualify for a OneMain Financial personal loan if you wish. This sees you answering a few key questions such as how much you wish to borrow, your annual income, and your current credit score. This process takes a few minutes and there is only a soft credit check.

You will then be presented with some loan options from OneMain Financial. If you want to proceed with a given loan, you can then submit an official application. This requires a bit more detail and you will have to supply certain documents. A hard credit check is necessary at this point. After your application gets approval, next-day funding will usually be available.

State Availability

- Available in all states

OneMain Financial Auto Loans Review

OneMain Financial provides auto loans to people who are looking to buy a new or used vehicle. The vehicle that you end up purchasing will be used as collateral for the loan. OneMain Financial allows you to avoid getting financing directly from the car dealership and you are able to have more flexibility in choosing a loan that meets your exact needs.

OneMain Financial Auto Loans Highlight

300

Min Credit Score

18-35.99%

APR. Fixed Rate

18-35.99%

APR. Variable Rate

$2K-$20K

Loan Amount

2-5 years

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

25

Origination Fee

None

Prepayment Fee

Pros & Cons

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  • con-icon Fast approval times when compared to competitors
  • con-icon Loans available to those with bad credit
  • con-icon Secured or unsecured loans available
  • con-icon High APRs
  • con-icon Maximum loan amount of $20,000
  • con-icon OneMain doesn’t provide loans in six states

Auto Loan Types

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  • Secured Auto Loans
  • Auto Refinance Loans

Vehicle Types

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  • Car
  • Car loans refinance
  • Motorcycle
  • Truck
  • EV
  • Snowmbile
  • Auto Repair
  • Watercraft
View rates

OneMain Financial Auto Loans Terms & Requirements

OneMain Financial does not disclose details about what the max vehicle mileage and age must be in order to get an auto loan. You will be able to get loans of between $1,500 and $20,000. The max loan amount can be a bit bigger in certain states.

The typical term length for OneMain Financial auto loans is between 2 and 5 years. A variety of fees feature with a OneMain Financial auto loan, including origination fees, late fees, and non-sufficient funds fees. There is currently no minimum credit score you need to have in order to get one of these auto loans.

Qualification Requirements

  • Social Security Number
  • At least 18 years old
  • US permanent resident or citizen

Required Information

  • Credit history
  • Financial history
  • Copy of government-issued ID
  • Social Security card
  • Vehicle details
  • Proof of residence
  • Proof of income 

Application Steps & Time Frames

To get started with a OneMain Financial auto loan, you just need to go to the OneMain Financial website and select the auto loans section. You can then pre-qualify for a loan by providing key info like the total loan size you seek, your annual income, and some details about the vehicle. You will then be presented with a loan offer, with no hard credit checks occurring at this point.

If you want to go ahead with the loan offer from OneMain Financial, you then need to go through a more thorough application process. This sees you having to verify key info, such as your income and Social Security Number. Once you have submitted the application, approval times tend to be quite fast. Once you get the go-ahead from OneMain Financial, you can often have access to the funds by the following day.

State Availability

- Available in all states

andrewo
Written by Andrew Omalley facebook-icon twitter-icon

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

faq-icon

FAQ’s

Does OneMain Financial only offer personal loans?

As well as offering personal loans, OneMain Financial also provides credit cards and auto loans.

Does OneMain Financial charge an origination fee?

Yes, OneMain Financial charges an origination fee on personal loans. This could be a flat fee or a percentage of the total borrowed sum.

Does OneMain Financial charge late fees?

Yes, the late fees will range between $5 and $30, depending on the state that you are in.

Customer Support

OneMain Financial is more transparent than a lot of other lenders in relation to the terms of its loans, including the fee structure. It is something that is welcomed, as it allows you to quickly get a good idea as to what sorts of loans it can offer you.

If you want to contact the support team at OneMain Financial directly, then there are many ways to do so. The phone lines are open five days a week, with live chat and email also being viable options. Email responses can take a day or so, but the replies tend to be of a high standard.

Privacy & Security

OneMain Financial has built up a strong track record, having been in business for more than a century. It has physical branches located all around the country, as well as catering to online borrowers. OneMain Financial holds an A+ rating with the Better Business Bureau, so you can be confident that it is a legit lender.

In terms of security, OneMain Financial takes the private information that a person shares with it very seriously. This means implementing all sorts of protections, including encryption technology and much more.

In Conclusion

OneMain Financial does have an array of fees in place when you get a personal loan, but it does shine in other areas. It offers you a lot of flexibility when it comes to making repayments, while there is fast funding time and joint loans are an option. This makes OneMain Financial an ideal fit for many people. 

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Information on the Site is not intended for distribution to, or use by, any persons or entities in any jurisdictions or countries where such distribution or use is not authorized or licensed, or where any content displayed on or transaction offered through the Site is unlawful. You use the Site on your own initiative and are responsible for compliance with local laws.

The Site may provide general information about OneMain and the products and services offered by OneMain. Information on publicly-accessible pages of the Site (prior to authentication of your identity) does not constitute an offer to sell or a solicitation of any particular product or service. Some products and services may not be available in all states, and no product or service is available outside the United States. Your eligibility for particular products and services is subject to final determination, restrictions and acceptance by OneMain.

OneMain may discontinue or make changes to the information, products, licenses, or services described herein at any time. Any dated information is published as of its publication date only. OneMain does not undertake any obligation or responsibility to update or amend any such information. OneMain reserves the right to terminate any or all offerings without prior notice. Furthermore, by offering information, products or services through the Site, no solicitation is made by OneMain to any person to use such information, products or services in jurisdictions where the provision of information, products or services is prohibited by law. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07 to a total of $10,565.2.