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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 2023, it has more than1,300 branches in 44 states.
OneMain Financial Pros & Cons
Pros
Hundred-year old lender
Excellent customer service reviews
Flexible repayment options
Cons
High minimum APR
Loan must be signed in branch
OneMain Financial at a glance
7.6
Editorial scoreVariety of loan types
Offers all loan types
10.0
Online experience
Has learning resources, access to rates, mobile app
10.0
Customer services and support
Multiple ways of reaching lender but limited hours
6.0
Loan amount range
Loan amount up to $20K
4.0
Repayment flexibility
Loan terms up to 60 months
8.0
Suitable For?
Not many personal loans lenders can claim to have the level of experience 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:
- Complete an online application. Provide personal, employment, and financial information to apply.
- 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.
- 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
 | ||
| APR | 18.00% - 35.99%* | APR*: 6.99%-35.49% (with all discounts) |
| Min credit score | Poor + | Good + |
| Loan amounts | $1,500-$20,000 | $5,000-$100,000 |
| Loan term | 24-60 months | Loan term: 2-7 years |
| Suitable for | Borrowing from an experienced lender | Borrowing 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.
Summary
When you borrow money, you want to know you’re dealing with someone that has experience. OneMain Financial provides more than a century’s experience as a lender backed by excellent customer service ratings. 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
Disclaimers:
You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant’s state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral.
Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant’s name with valid insurance. APRs are generally higher on loans not secured by a vehicle. 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.
OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount. For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees.
Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options.
Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans.
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 cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
FAQsAside 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.
Written byBestmoney Staff
The BestMoney editorial team is composed of writers and experts covering a full range of financial services. Our mission is to simplify the process of selecting the right provider for every need, leveraging our extensive industry knowledge to deliver clear, reliable advice.