OneMain Financial Loans Review

OneMain loans are potentially a quick source for cash, especially if you have less-than-perfect credit. Borrowers typically use these loans for personal expenses, such as home improvement costs, weddings, and debt consolidation, as well as for auto loans

Many customers apply for OneMain Financial loans online, but it’s certainly not a requirement to do so. If borrowers are looking for a more personal experience, it’s possible to connect with a live loan specialist to begin the One Main Financial approval process. There are also brick-and-mortar branch locations nationwide for those who prefer to speak with an agent in person.

OneMain loans are typically approved in amounts ranging from $1,500 to $20,000, with interest rates between 18.00% and 35.99%*. It’s possible to have cash in hand the same day you apply, provided your application is approved by noon.

Be aware, though, that OneMain loans are accessible to most people, regardless of financial background, so borrowers who have higher credit scores are likely to find better rates through other lenders. If you’re having trouble securing a loan through a traditional lender,  OneMain is a good place to turn.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

OneMain Financial Loan Specs

Interest Rates 18.00% – 35.99%*
Loan Amounts $1,500 – $20,000*
Term Lengths 24, 36, 48, or 60 months*
Minimum Credit Score None
Best For Those with less than perfect credit who need money quickly
Not For Borrowers with above-average to excellent credit scores
Better Business Bureau Rating A+
In Business Since 1912
Standout Features No minimum credit score
Possibility to get your funds the same day
Nearly 1,700 branch offices
OneMain Rewards program

The Claim

OneMain Financial looks at every prospective borrower as an individual, offering fixed auto loan and personal loan rates after examining the total financial picture—not just a credit score. You will have an opportunity to work closely with a local loan specialist who helps you to uncover personalized solutions to your financial needs.

Is it True?

In short, it depends. At the start of the One Main Financial review and research process, borrowers will find that this company is a popular choice in the personal and auto loan industry, likely because there’s no minimum credit score to apply and the application isn’t intimidating. It’s easier to qualify for a personal or auto loan because they examine your income and financial history, not just your black-and-white credit score. In that respect, borrowers are given a more personal experience with OneMain Financial than some other lenders.

However, they charge annual percentage rates (APRs) between 18.00% to 35.99%*, which is higher than your average bank loan. Bank and credit union loans often boast lower interest rates, so if your credit is average or above, OneMain loans may not be your best option. If you are denied credit through these traditional lending institutions, it could still be a good choice, and if you need extra cash, they could be your saving grace.

If you prefer speaking to a person about your financial needs, loan specialists are also available to chat about funding options, availability of funds, and other related information. This adds a more human element into the application process as well. Along the same lines, OneMain Financial has physical branch locations in 44 states, so if you like working through your finances in person, you may also have the choice to do so. Working with expensive payday loan lenders or virtual lenders does not provide this experience.

Why We Like It

  • The application is super simple. Prospective borrowers can visit OneMain Financial’s website to apply for a personal or auto loan. If you prefer, the application can be completed over the phone or by visiting a branch office. The application involves straightforward questions and can be completed in just a few minutes. Simply answer some basic questions about yourself, your job, and your finances, and the approval process begins.
  • There’s no minimum credit score. Unlike most personal loan providers, they don’t require a minimum credit score to apply or be approved. Several factors are considered, including loan purpose, financial background, and work history.
  • You get cash in your hand quickly. If you are approved, a local specialist will contact you to set up a time to come into the branch, complete the loan process and receive your funds. If you are approved by noon, you may be able to receive your funds on the same day. You can contact a specialist for additional information about funding options and funds availability.
  • OneMain loans make it personal. If you prefer to work with a loan specialist in person, OneMain Financial currently boasts brick and mortar branch offices in 44 states.
  • They can help you to be smart about money. OneMain Financial’s website resources and calculators can help you learn how to responsibly budget and manage your finances. One of the most useful resources is a free money management course that covers all the basics of personal finance.
  • You get perks. Do you pay your bills on time and enjoy the ease of online billing statements? They reward customers with points when they choose certain preferences, like online billing, for their accounts. Points can be redeemed for gift cards and discounts as long as the account is in good standing. The rewards program is not available in all states.

Things to Consider

The cost of your loan depends on your creditworthiness, loan amount, interest rate and the length of the loan term. When determining the total cost of your loan, it’s important to factor in the total amount you’ll be repaying, not just the monthly payment itself. Be sure to do your homework and compare your OneMain loan rate with offers from other lenders. It doesn’t take much to save a lot over the life of your loan.

It’s also important to know that while it may be easier to qualify, you may be able to get a better rate elsewhere. The only way to know you’re getting the best deal is to apply for multiple loans with various lending institutions.

Check rates from your local bank first—chances are that you already have a relationship with them, so they may be able to provide the most attractive numbers. If you don’t qualify, compare the numbers from online companies, such as Best Egg, LendingClub and Avant before deciding on OneMain loans. Be sure to opt for a fixed interest rate or your APR could change, causing your monthly payment to become increasingly expensive over time.

The Competition

Best Egg: Offering three- and five-year loan terms with no prepayment penalties. You may be able to borrow up to $35,000, and interest rates begin as low as 5.99%, depending on your credit score. You’ll need at least at 640 to qualify, and a score of 700 FICO score might secure their lowest APR. However, you can see if you’re qualified without affecting your credit score.

Disclaimer: Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. All uses of “Best Egg” on this site mean and shall refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,500; in NM and OH must exceed $5,000; in GA must exceed $3,000.

LendingClub: Known as a peer-to-peer lender, LendingClub may allow you to borrow up to $40,000, and its interest rates are very competitive when compared to OneMain loans. Borrowers with good credit may be offered a 10.68% APR, and you can check your rates without affecting your current credit score.

Disclaimer: All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. In this example, you will receive $5,700 and will make 36 monthly payments of $192.97. The total amount repayable will be $6,925.32. Your APR will be determined based on your credit at time of application. The origination fee ranges from 2% to 6%; the average origination fee is 4.86% (as of 9/30/19 YTD). There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the website. All loans via LendingClub have a minimum repayment term of 36 months or longer.

Avant: Avant offers access to personal loans from $2,000 to $35,000 with fixed rates and no prepayment fees. APRs vary from 9.95% to 35.99%. Most borrowers have credit scores between 600 and 700.

Disclaimer: The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state.

Avant branded credit products are issued by WebBank, member FDIC.

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The Bottom Line

OneMain Financial is a respected name in personal and auto lending. It’s less strict in its approval process, so it can be a great option for borrowers with credit that’s not quite top-notch. Their loans are available to those who need money quickly, but if you have above average to excellent credit, you may find more affordable options at your local bank or credit union. Not only does OneMain Financial provide services online, over the phone and in person, they also offer tools and a library of resources on how to manage your money, making them a solid choice for your personal loan needs.

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