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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

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. 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

18-35.99%

APR. Fixed Rate

$2K-$20K

Loan Amount

24, 36, 48, 60 Months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

$25-$500 or 1-10% of loan amount, State Dependent

Origination Fee

None

Prepayment Fee

1-2 days

Funding Time

Pros & Cons

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  • con-icon Fast time to funding
  • con-icon 7-day cancellation policy
  • con-icon Offers secured and joint loans
  • con-icon Payment date flexibility
  • con-icon Charges numerous fees
  • con-icon Loan amount limited to $20,000
  • con-icon Comparatively high rates
  • con-icon No rate discounts

Loan Purpose

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  • Car
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase
  • Household Expenses
  • Other

Loan Type

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  • Secured Personal Loans
  • Unsecured Personal Loans

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 might be considered quite low, ranging between $1,500 and $20,000. The minimum and maximum loan amount depends on the state.

The term lengths range between 24 and 60 months, and the APRs are usually somewhat high. Origination fees, late fees, and non-sufficient funds penalties are subject to occur. OneMain Financial does not have minimum any credit score requirements in place, but an applicant should have some credit history.

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.

OneMain personal and auto loans are not offered in Alaska, Arkansas, Connecticut, the District of Columbia, Massachusetts, Rhode Island, Vermont, and the U.S. territories.

How To Apply

In order to apply for a loan with OneMain Financial you need to:

  • Be 18 years of age
  • Have an SSN or individual Tax ID

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 - Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, Wyoming,

Not Available - Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont,

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

18.00-35.99%

APR. Fixed Rate

$2K-$20K

Loan Amount

24-60 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

25

Origination Fee

None

Prepayment Fee

10 Years

Max Vehicle Age

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 or DC

Auto Loan Types

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  • Secured Auto Loans
  • New Car Loan
  • Used Car Loan

Vehicle Types

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  • Car
  • Motorcycle
  • Truck
  • EV
  • Auto Repair
  • Watercraft

OneMain Financial Auto Loans Terms & Requirements

OneMain Financial does not disclose details about the maximum vehicle mileage, but the vehicle must be under 10 years old and also requires an appraisal before approval. Depending on the state, you can get loans of between $1,500 and $20,000. 

The typical term length for OneMain Financial auto loans is between 2 and 5 years. A variety of fees are associated with a OneMain Financial auto loan, including origination fees, late payment fees, non-sufficient funds fees, and governmental fees. OneMain Financial does not require a minimum credit score but prefers that the applicant have some sort of credit history in order to qualify for an auto loan.

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 follow the link from our site to the application wizard through Bankrate.com. 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 choose to continue with the loan offer from OneMain Financial, you then need to go through a more thorough application process. This requires providing and verifying more personal information 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 - Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, Wyoming,

Not Available - Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont,

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?

OneMain Financial personal and auto loans between $1,500 and $20,000.

Does OneMain Financial charge an origination fee?

Yes, OneMain Financial charges an origination fee on personal loans. This could be a flat fee of $25-$500 or a percentage of 1% to 10% of the total borrowed sum.

Does OneMain Financial charge late fees?

Yes, the late fees will range between $5 and $30 or 1.5% to 15% of the payment amount.

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. 

Brand Disclaimer

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. Active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.

Borrowers in these states are subject to these maximum loan sizes: North Carolina: $11,000 for unsecured loans to all customers; $11,000 for secured loans to present customers. Maine: $7,000. Mississippi: $12,000. West Virginia: $13,500. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes.

State Licenses: OneMain Financial Group, LLC (NMLS# 1339418) – CA: Loans made or arranged pursuant to Department of Financial Protection and Innovation California Finance Lenders License. PA: Licensed by the Pennsylvania Department of Banking and Securities. VA: Licensed by the Virginia State Corporation Commission – License Number CFI-156. OneMain Mortgage Services, Inc. (NMLS# 931153) – NY: Registered New York Mortgage Loan Servicer.

For residents of the State of Washington only: OneMain Financial Group, LLC – Consumer Loan Company License – NMLS # 1339418.

Loan Fees
Origination Fees: OneMain charges loan origination fees. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount.

Loan origination fees will be disclosed on the first page of your Loan Agreement and Disclosure Statement, near the bottom, under the heading “Prepaid Finance Charges.” The name of these fees varies by state. They may be called a Loan Processing Fee, Document Preparation Fee, Credit Investigation Fee or other similar name.

Late Payment Fees: OneMain charges late payment fees when payments are made after any grace period allowed by state law. These fees will vary, depending on the state where you open your loan. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%, subject to certain state limits on the fees.

Late fees will be disclosed on the first page of your Loan Agreement and Disclosure Statement, near the top, under the heading “Truth in Lending Disclosures” in the row titled “Late Charge.”

Non-Sufficient Funds Fees: In states where permitted, OneMain charges a fee when a payment made by check or electronic ACH debit is returned due to insufficient funds. These are commonly referred to as “Non-Sufficient Funds” or “NSF” fees. The amount of these fees varies depending on state law and ranges from $10 to $50 per payment returned.

Governmental Fees: OneMain charges fees associated with perfecting its lien on a motor vehicle’s certificate of title. Where allowed by law, these fees are passed through to customers, without mark-up, in the same amount as is charged by the state or county to OneMain.

Note: This fee information is provided for general informational purposes only and is subject to change from time to time. This information does not supersede the fee disclosures which are printed on your Loan Agreement and Disclosure Statement. Contact your local branch for more details about the type and amount of fees that may be charged on your loan.

Loan Amounts
OneMain makes personal and auto loans from $1,500 – $20,000.

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. Active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.

Borrowers in these states are subject to these maximum loan sizes: North Carolina: $11,000 for unsecured loans to all customers; $11,000 for secured loans to present customers. Maine: $7,000. Mississippi: $12,000. West Virginia: $13,500. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes.

OneMain personal and auto loans are not offered in the following states: Alaska, Arkansas, Connecticut, District of Columbia, Massachusetts, Rhode Island, Vermont, and the U.S. territories.