OneMain Financial Review: Good for Fair Credit Borrowers
- Max. Loan Amount
- $20,000
- APR
- 18% to 35.99%
- Min. credit score
- Not specified
Our verdict
An online and in-store lender with reasonable turnaround time, but watch out for high rates.
OneMain Financial personal loans are best for fair credit borrowers who may not qualify elsewhere. It doesn’t have any hard-and-fast credit requirements, and you can secure your loan with collateral to increase your chances of approval. But beware of high APRs that drive up the cost of borrowing.
Best for: Fair-credit borrowers who don’t qualify with less expensive lenders.
Pros
-
Apply with bad credit
-
Get funds as soon as tomorrow
-
Secured and unsecured options
Cons
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High APR for a personal loan
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May require collateral
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High origination, returned payment and late fees
Is OneMain Financial legit
Yes. The company claims to have been providing loans and other credit-related products to millions of customers for more than 100 years. And while no company can guarantee that your information is 100% safe, it encrypts the personal and financial information you submit online. It also has a standard privacy policy that outlines how the company uses your personal information.
What makes OneMain Financial shine?
With no minimum credit score requirement, flexible repayment terms and fast funding, OneMain Financial is a solid choice for borrowers with less-than-perfect credit looking for a personal loan. The company reports to the three major credit bureaus, which gives borrowers a chance to improve their credit scores through timely payments.
OneMain Financial is also one of the few providers that offers the convenience of an online lender with the support of physical branches in most states. Speaking with a loan officer in person can be important if you have bad credit or are new to credit, allowing you to ask questions, explain negative marks on your report and make sure a loan is the right solution.
Where OneMain Financial falls short
OneMain Financial is expensive compared to other lenders, with a high starting APR of 18% and a high maximum of 35.99%. Also included in the APR is an origination fee of 1% to 10% or $25 to $500, depending on your state — a fee that’s not charged by many other lenders.
If you’re late on a payment, expect to pay a late fee of $5 to $30 or 1.5% to 15% of the amount due. Late payments are also reported to the three major credit agencies within days of being past due, which damages your credit score. You could also be charged up to a $50 fee for any returned payments, so keep an eye on your account to avoid these extra costs. If you’re in the market for a similar loan, but want to see if you can score less fees and lower rates, you may check out loans like OneMain Financial instead.
OneMain Financial loan details
| Loan amount | $1,500 to $20,000 |
| APR | 18% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | Not specified |
| Origination Fee | $25 to $500 or 1% to 10%, depending on state laws |
| Loan term | 24, 36, 48 or 60 months |
| Turnaround time | As soon as one hour with a debit card 1–2 business days via ACH deposit |
| Availability | Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont |
| Fees | Late payment fee of $5 to $30 or 1.5% to 15% of your monthly payment, depending on state laws NSF fees of $10 to $50 when permitted by state law No early payment fees |
OneMain Financial contact information
| Phone number | 800-525-0451 new loan applications 833-390-2034 existing loans |
| Customer service hours | 8 a.m. – 8 p.m. ET, weekdays |
| customerservice@omf.com | |
| X (formerlyTwitter) | @OneMain |
| @OneMain | |
| Youtube | @OneMain |
| @OneMain |
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How to qualify for OneMain Financial
Chief risk officer at OneMain Financial, Richard Tambor, tells Finder that its customers are typically middle-aged Americans with stable employment and established bank accounts who may have experienced issues with their credit in the past.
In general, you’ll need to meet the following requirements to qualify:
- US citizen or permanent resident
- Resident of an eligible state
- Meet your state’s minimum age requirement
- Established credit history
- Valid government-issued identification
- Proof of residence
- Proof of income
- Proof of monthly expenses
- Proof of collateral when opting for a secured loan
How to apply
The simplest way to apply for a personal loan through OneMain Financial is through its website. Here’s how it works:
- Prequalify. Select the “Check for Offers” button on the OneMain Financial website, then provide basic personal and financial information to receive loan offers without damaging your credit.
- Review loan offers. Compare offers, choose one, then complete your application, provide supporting documentation, and authorize a hard credit check. (This step may require an in-person visit to a OneMain Financial branch.)
- Accept loan terms. Read over the loan terms carefully and sign the document to accept them.
- Receive funds. You may receive funds as fast as one hour after closing, though it could take up to two business days if you choose ACH deposit. Note that debt consolidation loans are sent directly to you, not your creditors.
If you prefer, you can go into any of OneMain Financial’s more than 1,300 physical locations to fill out a loan application.
How OneMain Financial compares to other lenders
OneMain Financial reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A- |
| BBB customer reviews | 4.1 out of 5 stars, based on 2338 customer reviews |
| Trustpilot Score | 4.7 out of 5 stars, based on 66,549 customer reviews. |
| Customer reviews verified as of | 23 September 2024 |
OneMain Financial gets high marks on the Trustpilot website from thousands of reviewers, with the vast majority of customers giving it an “excellent” or “great” rating. Positive reviews mention excellent customer service and fast turnaround. Negative reviews include persistent collection efforts and customers being preapproved for a loan, then ultimately turned down.
The company has been registered with the Better Business Bureau (BBB) since 1985 and has an A- business rating for how it has handled more than a thousand complaints over the past three years. It has a slightly lower rating on the BBB site, with a mix of positive and negative reviews. Satisfied borrowers report an easy application process, helpful customer service and fast funding. Unhappy customers mention issues with collateral, high interest rates and lowered credit scores.
What do people on Reddit say?
Frequently asked questions
Is it hard to get approved with OneMain Financial?
No, OneMain Financial is known for offering loans to borrowers with less-than-perfect credit.
What credit score is needed for OneMain Financial?
There is no minimum credit score listed on the company’s website.
Is OneMain Financial considered a predatory lender?
OneMain Financial is a legitimate lender, but it was fined by the Consumer Financial Protection Bureau (CFPB) in 2023 for failing to refund interest on canceled purchases and pressuring customers to buy add-on products. However, online reviews show many satisfied customers, with the company earning more than 4 stars on both the BBB and Trustpilot websites.
Can I pay off my OneMain Financial loan early?
Yes, you can pay your OneMain Financial loan off early with no prepayment penalty.
How long does OneMain Financial take to approve a loan?
You can get initial offers in just a few minutes. The full application process will likely take longer, depending on what supporting documents you need to supply and how long it takes to provide them.
Your reviews
Christi Finder
Contributor
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haroldjacob Finder
June 19, 2017
Hi Stephanie,
Thank you for your inquiry.
Out list of loans for nonresidents in the United States might be helpful for you. Since you have plans in moving to the United States, our guide below might come in handy.
Your checklist for moving to the United States
I hope this information has helped.
Cheers,
Harold
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Stephanie
June 03, 2017
Are there any loans for immigration purposes?