In a Nutshell
- Face-to-face advice and personalized customer support
- Extensive education resources
- Very little definite loan information is given on the website
- No clear guidelines about minimum credit scores
OneMain at a Glance
OneMain is a long-established and well-respected direct lender that has been in the business for over 100 years. With a chain of over a thousand branches across the USA, OneMain is in the unique position of being able to offer both speedy online and personalized face-to-face loan services.
- Offers secured and unsecured loans
- 1,700 branches across the country offering face-to-face service
- Borrow for a wide range of purposes
OneMain is ideal for borrowers who want plenty of choice and good service. OneMain offers one-on-one loan meetings to discuss the best options for you even though you can begin your application online. With loan terms that stretch up to 5 years and a range of secured and unsecured loan options, OneMain does all it can to match the borrower to the right loan.
OneMain is willing to lend to borrowers with credit scores as low as FICO 550, thanks to its willingness to consider other contributing factors like income levels, overall credit history, and other financial obligations. OneMain stands out for following up every online application with an in-person meeting in your nearest branch to guide every borrower toward the most suitable loan product. Despite this level of care and attention, the online application takes just a few minutes. The in-branch consultation and final approval can all be completed in a short space of time so that you receive your funds by the next working day. There are no early prepayment fees or overpayment fees, so you can pay off your entire loan in advance. OneMain provides secured as well as unsecured personal loans, so borrowers can put up collateral in order to get lower APRs and also presents an impressive range of educational facilities to help borrowers learn responsible spending and to improve their credit rating.
- Will lend to borrowers with poor credit by considering other contributing factors
- Personalized loan counseling to guide borrowers to the right loan product
- No early prepayment penalties or application fees
- Both secured and unsecured loans available
- Funds can be delivered in as little as one working day
- Strong educational features to teach financially responsible habits
The Application Process
OneMain’s application process begins online with a short application form. It only takes a few minutes to fill out the simple questions about your personal details, how much you want to borrow, and to choose from the drop-down list of loan purposes. OneMain also asks for your employment and basic financial information, such as your monthly net income and whether you have a savings or checking account, as well as if you own any property.
Once you’ve completed this initial application form, you’ll be sent approval and an invitation to book an appointment at your local branch. During your visit you’ll be able to discuss the different loan options ahead of you. You’ll be asked to show proof of your identity, income, employment, and of your collateral for the loan, if relevant.
Although the entire loan application process, from initial online application to receiving the funds, can take as little as one business day, it usually takes a bit longer than that so be prepared to wait a few days until you receive funding.
How Much Can You Borrow?
OneMain is willing to lend from $1,500 up to $30,000 to borrowers who have less than perfect credit. Although it doesn’t disclose its specific credit score requirements online, it does lend to borrowers who have a FICO score as low as 550.
In order to qualify for a OneMain loan, you’ll need to provide a copy of government-issued photo ID, proof of residence, such as a utility bill or lease agreement, and proof of income like a paystub or tax return. If you’re posting collateral on a loan, the collateral can be:
- Car or other vehicle
- Camper or RV van
When you put up collateral it will be appraised to check the value and must be insured against damage for the term of the loan.
OneMain offers loans that last for 24, 36, 48, or 60 months, depending on your choice. This way you can spread your loan payments out across a longer period which makes each payment lower. Although it would be useful to see some shorter loan terms, there are no prepayment penalties so if you’re able to repay the loan over a shorter period of time it’s open to you.
The APR can range from 18.49% - 35.99%, which is a very high uppermost interest rate. OneMain also offers something called a Precomputed Loan, in which the entire cost of the loan is calculated before the loan begins. The total interest is included in the account balance, meaning you know from the very beginning exactly how much your total payments will come to and you can balance your budget accordingly without fearing any surprises if interest rates change in the future. If you pay off your precomputed loan early, you’ll be refunded for the amount of interest that your loan would have “earned” if it had reached the end of its term.
How Safe Is It?
OneMain is clear about the use it will make of your personal information and when it will share your details with third parties. The entire website uses HTTPS secure technology to preserve the security of your information and is protected using Norton protection services.
Help & Support
OneMain is seriously lacking in vital information on its website. Clear details about the necessary credit score, exact APRs, loan terms and penalty fees would all be good additions to the site.
On the other hand, OneMain does excel in customer support. It’s easy to contact the lender via telephone, email, or by walking into a branch, and they give top personalized loan advice. The ‘PointPerson’ setup gives every borrower vital support that’s tailored to their needs.
The FAQ section is extensive and easy to read and there is an impressive amount of educational material on the website’s blog, with articles about loans, budgeting, and financially responsible habits.
OneMain is a trustworthy lender that dedicates time and energy to helping borrowers with poor credit scores access the right type of short-term personal loan. The website could be more comprehensive, but the level of customer support fills in the gaps.
601 NW 2nd St #300