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OneMain Financial Review

Reviews 61,947
OneMain Financial
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OneMain Financial
OneMain Financial
Excellent
Reviews 61,947
Ashlyn Jackson
Dec. 01, 2021
4 min read
Ashlyn Jackson
OneMain Financial Summary
OneMain Financial is a subsidiary of OneMain Holdings, Inc., a publicly traded financial services company founded in Baltimore in 1912. It specializes in providing unsecured and secured personal loans to consumers across America. It operates online and in branches around the country. As of the end of 2019, it had around 1,400 branches in 44 states.

Pros

  • Trusted, hundred-year old lender
  • Excellent customer service reviews
  • Flexible repayment options

Cons

  • High minimum APR
  • Loan must be signed in branch

OneMain Financial OneMain Financial Visit OneMain Financial

Suitable For?

Not many personal loans lenders can claim to have the level of experience and trust OneMain Financial has. With OneMain Financial, you get a lender with more than a century’s experience serving the American public. What’s more, it has an almost-perfect Trustpilot rating from 20,000+ reviews – with 95% of people rating it excellent or great. That alone is enough to consider OneMain Financial for your next loan.

Range of Loans on Offer

OneMain Financial specializes in secured and unsecured personal loans. Automobiles are the usual collateral for secured loans. Its unsecured personal loans are installment loans with fixed interest rates that you can use for many purposes.

Application Process & Requirements

The process of applying for a personal loan from OneMain Financial is fairly straightforward. You can apply online or in branch, although a branch visit is a requirement once approved.

Here are the 3 steps to getting a personal loan:

  1. Complete an online application. Provide personal, employment, and financial information to apply.
  2. Meet with your loan specialist. If approved, you’ll have to visit a branch in your local area to verify your identity, income, expenses, and employment.
  3. Sign and receive your funds. After reviewing and accepting the loan terms, you’ll sign your loan documents and receive the funds.

APRs, Loan Amounts & Repayment Terms

The great thing about OneMain Financial is they’re completely transparent about the loan amounts, APRs, and terms. The downside is their lowest rates aren’t all that competitive. If you have good or even very good credit, you can probably find a competitive rate here. But if you have excellent credit, then you should look elsewhere for market-beating rates.

Here are the key figures:

  • Loan amount: $1,500 - $20,000 (higher minimums and lower maximums apply in some states – see OneMain Financial website for full details)
  • APR: 18.00% - 35.99%*
  • Term lengths: 24, 36, 48, or 60 months*

Privacy & Security

OneMain Financial is a subsidiary of OneMain Holdings, Inc., a NYSE-listed company. As such, it is subject not only to consumer lending standards but also to the strict laws imposed by the SEC on public financial services companies. To protect your personal information from unauthorized access, OneMain Financial says it uses security measures that comply with applicable law. These include computer safeguards and secured files and buildings.

Help & Support

As mentioned earlier, OneMain Financial has an excellent 4.8/5 Trustpilot score from more than 22 thousand reviews. It doesn’t get much better than that. To enquire about a personal loan from OneMain Financial, use the quote request form or contact form on its website. Alternatively, use the ‘branch search’ tool on the OneMain Financial website to find a branch in your area.

How OneMain Financial Compares


onemain
sofi
APR18.00% - 35.99%*
7.99% - 23.43% (with all discounts)
Min credit scorePoor +
Good +
Loan amounts$1,500-$20,000
$5,000-$100,000
Loan term24-60 mo.
24-84 mo.
Suitable forBorrowing from a trusted lenderBorrowing on excellent credit

The most obvious advantage OneMain Financial has over online only lenders is its experience. While OneMain Financial doesn’t have the lowest APRs, it makes up for this with strong customer service and attention to your individual credit profile. Unlike some of the top online lenders, OneMain Financial serves borrowers with less-than-excellent credit, making it a solid choice for anyone unable to qualify for a top rate elsewhere. 

FAQs

Aside from personal loans, what else does OneMain Financial offer?

Currently, OneMain Financial also offers loans secured by motor vehicle collateral like an automobile.

What are the payment methods?

You can make your loan payment online, in-branch, by mail, or by phone. Cash payments may be made at select retailers. OneMain also offers the Direct Pay program that deducts your payments automatically from your checking or savings account.

Where does OneMain Financial have branches? It has branches in 44 states. The only states where it doesn’t operate are: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont.

How soon will you receive the funds? Electronic funds will normally arrive within two business days. If your receive your funds by check, it may be available the same day if you are approved by noon.

Summary

When you borrow money, you want to know you’re dealing with someone you can trust. OneMain Financial provides a high level of trust backed by excellent customer service ratings and more than a century’s experience as a lender. It offers competitive rates to anyone with good-to-average credit.

Physical Address

OneMain Holdings, Inc.

601 N.W. Second Street

Evansville, IN 47708-1013

OneMain Financial OneMain Financial Visit OneMain Financial

Disclaimers:

*Example Loan: If you borrowed $6,000 with a 24.99% APR and 60-month term, your payments would be $176.07 per month. This example is based on an average customer with good credit.

Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, 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. OneMain charges 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 proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

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

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Ashlyn Jackson
Written by
Ashlyn Jackson
Ashlyn is a financial writer and civil engineer. She's on a mission to show others how to save and spend smarter through budgeting and good money habits. She also manages the blog dearyoungprofessional.com that focuses on personal finance. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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Excellent • Reviews 61,947
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We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
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Si
Simon
21 hours ago
Loan application.
The customer representative (Debbie) was excellent. The interest rate was low as I wanted and the processing was quick.
AH
Ann Hodson
23 hours ago
The loan agent was very knowledgeable…
The loan agent was very knowledgeable and friendly.
mh
melinda hodge
24 hours ago
That Ashley was a great help
That Ashley was a great help
TK
Thomas Koch
1 day ago
All the employees are knowledgeable…
All the employees are knowledgeable helpful. The Franklin NC office is the best !!
RC
Robert Cosgrove
1 day ago
Everything went smoothly.
Everything went smoothly.
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