OneMain Review

Sarah Pritzker

In a Nutshell

OneMain Financial is a subsidiary of OneMain Holdings, Inc., a publicly traded financial services company founded in Baltimore in 1912. It specializes in providing personal loans to consumers across America. It operates online and in branches around the country. As of the end of 2019, it had more than 1,500 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 OneMain Visit Site

OneMain at a Glance

Direct lender or marketplace: Direct

Loan types: Unsecured personal loans

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

Repayment terms: 24-60 months

APR: 18.00% - 35.99%

Best for: Borrowing from a longstanding, trusted brand

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 unsecured personal loans and secured auto loans. Its unsecured personal loans are installment loans with fixed interest rates that you can use for any purpose you wish. If approved, OneMain Financial will transfer you the funds by next business day. Then, it’s up to you to pay off the loan with monthly payments for the duration of the pre-agreed payment term.

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. The minimum credit score to get accepted is 620 – which is fairly standard among personal loan lenders.

Here are the 3 steps to getting a personal loan:

  1. Complete an online application. Provide personal, employment, and financial information to get a pre-approved rate.

  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 money by next business day.

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 (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 standards 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 federal 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 Financial
SoFi
Credible

APR

18.00% - 35.99%

5.99% - 18.82%

3.99% - 35.99%

Minimum credit score

620

680

680

Loan amounts

$1,500 - $20,000

$1,000 - $100,000

$1,000 - $100,000

Loan term

24-60 months

24-84 months

24-84 months

Best for

Borrowing from a trusted lender

Borrowing on excellent credit

Comparing best rates from top lenders

The most obvious advantage OneMain Financial has over other online 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 secured auto loans.

What are the payment methods? You can pay your monthly fee manually each month or enrol for Direct Pay to have the payment automatically deducted from your checking or savings account each month.

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

How soon will you receive the funds? If you’re approved by midday, you should receive your money the same day. If you’re approved after midday, the money will arrive by next business day (or 2 business days at latest).

OneMain OneMain Visit Site

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

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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01 Oct 2020

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