Last Updated: August 7, 2020
OneMain Financial offers unsecured and secured personal loans to borrowers with bad credit.
If you are on the fence about applying, then check out our OneMain Financial review which will give you information about:
- What type of personal loan services OneMain Financial offers and who they are best for
- How to borrow money from OneMain Financial
- OneMain Financial’s terms and requirements
- Third-party OneMain Financial reviews
- The pros and cons of using OneMain Financial
- The costs associated with using OneMain Financial
- How to contact OneMain Financial’s customer service
- Frequently asked questions (FAQ) about OneMain Financial
- Low borrower requirements
- Applicants with bad credit are accepted
- Funding is available within a few business days
- High cost
- A branch visit is required
OneMain Financial Recap
$1,500 - $20,000
2 to 5 years
18% - 35.99%
Min. Credit Score
Based on State
1 - 3 business days
Years in Business
44 states, excluding AK, AR, CT, MA, RI and VT
What Is One Main Financial?
OneMain is a finance company with branches across 44 states in the U.S. They have lent more than $152 billion to 15 million customers since 2005.
OneMain Financial offers the following types of personal loans:
- Unsecured personal loan
- Secured personal loan
- Auto loan
Who Is OneMain Financial Best For?
OneMain Financial is best for people who need emergency funding but have limited lending options.
The requirements for their personal loans are lenient, making OneMain Financial one of the best places to apply for personal loans for bad credit.
Getting Started With OneMain Financial
Here is how you can start your application process with OneMain Financial:
- Visit the official website
- Click on CHECK FOR OFFERS
- Fill out a free application
The following information is required in the online form:
- Desired loan amount
- First name and last name
- Email address
- Home address
- Phone number
- Date of birth
- Last 4 digits of your Social Security Number
- Whether you own a vehicle
- Monthly net income
- Source of income (employed, retired, etc.)
Completing the online form won’t affect your credit score. It usually takes around 10 minutes after completing the form to find out if you have been approved. If that is the case, you will need to visit a loan specialist to verify the information provided and discuss your personal loan options.
If you accept the offer, you can sign the loan documents and receive your funds. After you have signed the agreement, the amount can be deposited in your account within two business days.
Terms & Requirements
In order to apply for a personal loan, you will need to provide the following documents:
- A valid, government-issued ID
- Your Social Security card
- Proof of residence (e.g. a utility bill)
- Proof of income (e.g. pay stubs)
The factors that can determine your loan eligibility are:
- Financial and credit history
- Leftover income after expenses
- The purpose of your loan
- Your location
- Whether you have filed for bankruptcy
There are no other One Main Financial loan requirements disclosed prior to applying. According to some sources, the average credit score of applicants is 600. Yet, there is no minimum credit score requirement, nor a minimum income requirement.
You cannot use the One Main Financial loan for the following purposes:
- College, university or vocational expenses
- Business or commercial
- Purchasing securities
- Illegal purposes
OneMain Financial Loan Terms
Minimum loan amount: $1,500
Maximum loan amount: $20,000
APR range: 18.00% — 35.99%
Loan term length: 24, 36, 48 or 60 months
Collateral: both secured and unsecured loans are offered
The amount you can borrow from the One Main finance company ranges from $1,500 to $20,000. Depending on where you reside, you may be subject to minimum loan amounts and maximum unsecured loan amounts.
Minimum loan amounts by state:
- Alabama: $2,100
- California: $3,000
- Georgia: $3,100, unless you are a present customer
- Ohio: $2,000
- Virginia: $2,600
Maximum unsecured loans by state:
- Florida: $8,000
- Iowa: $8,500
- Maine: $7,000
- Mississippi: $7,500
- North Carolina: $7,500
- New York: $20,000
- Texas: $8,000
- West Virginia: $14,000
OneMain Financial gives you the option to cancel your loan within 7 days from the loan date. So, if you change your mind about borrowing, all you need to do is contact them and sign a cancellation agreement.
To secure a loan, you need to meet the following One Main Financial collateral requirements:
- The collateral needs to undergo an appraisal
- The vehicles must be insured against physical damage for the term of the loan
Active duty military, their spouse, and all dependents may not pledge their vehicle as collateral.
Accepted collaterals include automobiles, boats, motorcycles, RVs, etc.
Now, let’s sum up what customers are saying about their lending experience with OneMain Financial.
There are 23,987 OneMain Financial reviews on Trustpilot with an average rating of 4.8 stars. In the majority of the OneMain Financial reviews from 2020, customers mentioned how fast and easy the process was. They were satisfied with how the employees helped them with their application and explained their loan options. Out of the total number of One Main Financial reviews, 95% had 4 or 5-star ratings.
The negative OneMain Financial reviews on Trustpilot were mostly from applicants that were denied a loan because they couldn’t provide collateral.
OneMain Financial has a profile on Consumer Affairs, though it hasn’t been accredited yet. They have a 2-star rating based on 58 reviews submitted in the past year.
In their reviews on Consumer Affairs, customers were mostly complaining about the high One Main Financial interest rates, the negative impact on their credit score, as well as the difficulty to defer payments.
In the top OneMain Financial reviews, customers praised the professionalism of the employees. The high One Main interest rates were also mentioned in the positive reviews, the difference being that the company was upfront about all the costs of the loan.
There are 559 One Main Financial reviews on Credit Karma from last year. The company has an average rating of 4.3 stars.
We found some helpful One Main personal loan reviews on this site. Customers claimed that the best way to pay off the loan is to pay more than the required monthly payment. This is because the majority of the payment goes towards the interest and a smaller amount goes toward paying off the principal balance.
OneMain Financial also has an accredited profile with an A+ rating with the Better Business Bureau. There are 1,326 One Main Financial reviews on the BBB, giving the company an average rating of 4 stars.
Lastly, we looked up One Main Financial reviews on Reddit. In general, users had similar complaints. There was an OneMain Financial review on Reddit from a user that had been trying to pay off their loan for a few years, managing only to pay off the interest. Other users also complained about the high interest rates, which made it impossible to pay off the loan quickly.
Applicants further mentioned that they weren’t approved for the amount they requested, and they were also asked to provide collateral, even though they tried applying for an unsecured loan. It seems that it is easier to get approved for a One Main Financial secured loan than for an unsecured one.
Here are some important features of One Main Financial to consider.
Rates & Fees
Now, let’s discuss the One Main Financial personal loan rates.
You can expect the following loan fees:
- Origination fees
You will be either charged a flat fee (ranging from $25 to $400) or a percentage-based origination fee (ranging from 1% to 10% of your loan amount).
- Late payment fees
You will be either charged a flat fee (ranging from $5 to $30) or a percentage-based fee (ranging from 1.5% to 15%).
- Non-sufficient funds fees (ranging from $10 to $50)
- Governmental fees
Privacy & Security
OneMain Financial collects personal and non-personal information about you.
The information is used to provide you with the services requested, verify your identity, communicate with you, etc.
You can get in touch with the OneMain Financial customer support team via the contact form on their website, or via phone.
The support numbers are the following:
- General Account Support (800) 742-5465 (M-F 7 am-7 pm Central)
- Technical Web Assistance (877) 520-6246 (M-F 7 am-7 pm Central)
OneMain Financial Alternatives
What are some other companies like One Main Financial?
OneMain Financial vs LendingClub
LendingClub is a marketplace platform where you can borrow money online — without the need to visit a branch at all.
The amount you can borrow is higher than the maximum loan size offered by OneMain Financial: $40,000 vs $30,000.
If you have a good personal credit score, you may get better rates, which start at 6.95%. OneMain Financial’s lowest rate is 18.00%.
The better borrowing terms come with a trade-off: you need a credit score of 600 or higher.
Nonetheless, LendingClub is one of the top One Main Financial competitors.
If you would like to find out more about LendingClub, check out our lending platform review.
OneMain Financial vs Avant
Avant is also one of the best personal loan companies where you can get quick loans.
The rates range between 9.95% and 35.99%. The amount you can borrow ranges between $2,000 and $35,000.
Most Avant borrowers have a score that ranges between 600 and 700, whereas OneMain Financial borrowers have scores lower than 620.
And while 1 Main Financial does offer unsecured loans for bad credit, most applicants are required to put up collateral.
To find out more about Avant, check out our review.
Now, let’s sum up the main points of our OneMain Financial review.
What we liked most is that you can apply even if your credit is not exactly great. The lenient One Main Financial personal loan requirements make this company one of the best available lenders for people with limited loan options.
And as it was pointed out in one of the One Main Financial loan reviews, the process of getting a loan is pretty straightforward. The employees are also there to guide you every step of the way.
The talking point of the majority of the OneMain Financial complaints were the rates. A customer left an OneMain Financial review that summed it up well: you can be making payments for months and still paying off the interest alone.
There are also a lot of complaints regarding the One Main Financial collections practices. Before you take out a loan with them, we suggest reading the loan agreement carefully.
However, if you are able to pay more than the minimum required, you may be able to save money on interest.
Common Questions About OneMain Financial
Is One Main Financial legit?
Yes, OneMain Holdings, Inc. is a legitimate company founded in 1912 with headquarters in Indiana.
Does One Main Financial hurt your credit?
Checking to see if you prequalify for a One Main Financial loan won’t impact your credit score. If you, however, decide to proceed with your application, a hard inquiry will be performed on your credit report which can damage your score by a few points.
What kind of credit score do you need for One Main Financial?
The One Main Financial credit score needed to apply for a personal loan with the outfit is not officially disclosed. However, your credit history will affect your chances of loan approval, as well as the rates you are offered.
How long does it take for One Main Financial to approve your loan?
The research for our One Main Financial review showed that filling out the online form, you can find you if you are approved within 10 minutes. Then, you will need to visit a branch to verify your identity and discuss loan offers. A final lending decision should be reached within 2 days. Once you have signed the loan agreement, you can expect the funds within a few business days.
Is it easy to get a loan from OneMain Financial?
Due to the low loan requirements, the One Main Financial approval odds are pretty good. However, lenders that accept applicants with bad credit have high rates and worse terms in general. A credit score indicates a person’s creditworthiness and is used to evaluate the risk of lending money. Applicants with bad credit are high-risk borrowers, which is why most lenders require collateral in addition to the higher rates.
Is One Main Financial a good lender?
If you are looking for a bad credit loan, then One Main Financial may be a good lending option for you. As was pointed out in an OneMain Financial review, it is fairly easy to get funding when you are in a tight financial spot and have no other options. On the other hand, if you qualify for other options, it is a good idea to research and compare multiple loan offers in order to find the best loan offer for you.