OneMain Financial Review

Sarah Pritzker

In a Nutshell

OneMain Financial is a leading service provider in the personal loans industry. It offers a range of personal financial loans and is known for providing loans to customers regardless of low credit score or income. The company prides itself on its simple application process and quick provision of service. OneMain Financial ensures customers have easy access to a customer service representative to make informed and financially secure decisions.


  • Offers fixed rates and payments
  • No minimum credit score
  • Over 1500 locations in 44 states


  • An origination fee is charged
  • High APR compared to companies offering similar service
  • Additional fees, such as late payment, may be charged

OneMain Financial at a Glance

Direct lender or marketplace?: Direct lender

Loan types: Debt consolidation, life events, recreation, home projects, and auto loans

Loan amount: $1,500-$20,000

Repayment terms: 24, 36, 48, or 60 months

APR: 18.00%-35.99%

Minimum credit score: None

Suitable for: Borrowers with a lower credit score who need money urgently

Suitable For?

OneMain Financial is ideal for prospective borrowers who have a low credit score or income, as there is no minimum requirement. In addition to its liberal financial requirements, the company also has a quick turnaround time, often providing customers with the funds on the day they complete the application. These factors, coupled with the $20,000 maximum loan, make it suitable for customers with lower income who need a smaller amount of funds within a short timeframe. The network of branches located in most states makes it accessible to customers who prefer to deal with their finances in person.


OneMain Financial aims to assist its customers with securing financial stability and does away with the need to rely on car-dealership loans. As well as offering quick and simple loans, the company makes resources such as financially informative articles available. It also offers a free application to check if the customer prequalifies. Included in the company's perks and benefits are highlights such as:

  • A network of branches throughout the US

  • Quick turnaround on loan application

  • Services provided to customers with a range of credit scores

  • Fixed payments and interest rates

  • A rewards program (not available in all states)

  • Allows joint applicants

Application Process

OneMain Financial's application process is simple and easy. Prospective borrowers fill out an online application form, or the application can be handled via phone or by visiting a branch office. The form involves providing basic personal, employment, and financial information. In order to complete the initial application, the customer needs to provide a copy of a government-issued ID, their proof of income, and proof of residence. Additional items may be requested, depending on the individual circumstances of the customer. The application is then processed. Customers will often receive a yes or no answer within 10 minutes.

If the initial application is approved, the borrower will be contacted by a local specialist to schedule an in-person appointment at a local branch. The borrower is generally required to come to the branch in order to verify the information provided and finalize the process. Where no local branch is accessible, the company is willing to accommodate the customer. In the event that the loan is approved by midday, the customer may be able to receive their funds on the same day.

Loan Types and Terms

OneMain Financial offers a selection of loans for debt consolidation, life events, recreation, home projects, and auto loans. The auto loans provided include auto refinance, auto repair, car purchase, and cash-out refinance loans. The company uses the vehicle in purchase loans as collateral.

  • The company accepts any credit score, including low to none

  • The range of loan amounts is $1,500-$20,000

  • APRs from 18.00%-35.99%

  • Loan terms ranging between 24-60 months

  • Origination fee is charged

  • The company may charge additional late or governmental fees

Repayment Options

The loan term options can vary, with a difference of 12 months between each option. The minimum term offered is 24 months, and the maximum is 60 months. Late fees will be charged for late payments, which can range from a flat amount to a percentage of the customer's monthly payment.

How Safe Is It?

OneMain Financial does collect customer’s personal, financial, and employment information, and the company reserves the right to share sensitive information for business and marketing purposes, as per federal law.

Help & Support

Customer support can be reached via the company’s website or via telephone at (800) 742-5465 for general account support. This line is available from Monday through Friday between 7:00 AM and 7:00 PM CST.

How OneMain Financial Compares

OneMain Financial



9.95%- 35.99%

7.95% - 35.99%

Minimum credit score




Loan amounts


$2,000 - $35,000

$2,000 - $40,000

Loan term

24, 36, 48, or 60 months

2 to 5 years

3 to 5 years

Suitable for

Borrowers with a lower credit score who need money urgently

Borrowers with low credit score

Borrowers with good credit and high income


OneMain Financial is a veteran of the industry, with over 100 years of experience providing loans to customers. Its exemplary customer service ensures a quick turnaround, and the application process is easy and manageable. The company has extremely liberal requirements of prospective borrowers, catering to customers with a low credit score or low income.

Physical Address

OneMain Holdings, Inc.

601 NW. Second Street

Evansville, IN 47708-1013

Sarah Pritzker is a content writer with years of experience and a keen interest in the vast world of online consumer products. She enjoys helping readers make sense of the options on the market in a variety of fields.

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26 Jan 2021

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