OneMain Financial Personal Loans Review
OneMain Financial Personal Loans is offered by OneMain Financial, a direct lender founded in 1912 and based in Evansville, IN. OneMain Financial Personal Loans is available in 43 states across the USA.
Key Takeaways
- APRs starting at 18%. Personal loan interest rates typically range between 5% and 36%. The starting rates for OneMain Financial Personal Loans are on the higher end of the spectrum.
- Fast access to funds. In some cases, you can get your money within 1 business day*.
- Prequalified rate. You can check your prequalified rate at OneMain Financial with a soft pull that will not affect your credit score.
- Origination fees of up to 10%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
- Cosigner applications accepted. Applying for OneMain Financial Personal Loans with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
- Minimum income of $10,000. You will need an annual income of at least $10,000 to apply for OneMain Financial Personal Loans, which is below average for the lenders in our database
One Main Financial Pros & Cons
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One Main Financial FAQ
What interest rates and personal loan terms does One Main Financial offer?
One Main Financial has higher than average interest rates for lenders reviewed on SuperMoney.
What interest rates does One Main Financial offer?
One Main Financial offers a fixed APR personal loan product that ranges from 18% APR up to 35.99% APR.
How much can you borrow via One Main Financial?
Business loan amounts start at $1,500 and go up to $20,000.
What is the maximum loan term you can get with One Main Financial?
One Main Financial offers loans with terms of up to 60 months.
| Personal Loan Amount | $1500 - $20000 |
| Loan Term | 24 - 60 months |
| APR | 18% - 35.99% |
What fees does One Main Financial charge?
Does One Main Financial charge an origination fee?
One Main Financial may charge a personal loan origination fee of 1% to 10% of the personal loan amount of $25 to $500 One Main Financial deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.
Does One Main Financial charge a late fee?
Yes, One Main Financial may charge borrowers a late payment fee if you miss one of the monthly payments of up to $30.
Does One Main Financial charge prepayment fees?
No, One Main Financial does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
| Origination Fee | 1% - 10% |
| Prepayment Fee | No |
| Late Payment Fee | $5 - $30 |
What do you need to qualify for OneMain Financial Personal Loans?
OneMain Financial Personal Loans does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
To qualify for personal loans with OneMain Financial Personal Loans, applicants need a minimum annual income of $10,000 or higher. OneMain Financial Personal Loans only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via OneMain Financial Personal Loans. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by OneMain Financial Personal Loans. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Recent pay stubs
- Proof of income
- Driver's license
- Proof of citizenship or residence permit
| Minimum Age | 18 |
| Bank Account Required? | Yes |
| Application Types Accepted | |
| Credit Score | N/A |
What is the estimated funding time for a personal loan via One Main Financial?
One Main Financial will typically approve (or deny) a loan application within 24 hours and fund loans within 7 business days of approval.
Does OneMain Financial Personal Loans report your account activity to credit bureaus?
Yes, OneMain Financial Personal Loans reports your account activity to the following credit reporting agencies:
- Equifax
- Experian
- Transunion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
Is OneMain Financial a legit company?
OneMain Financial was founded in 1912, it is a well-established company that has been in business for 110 years.OneMain Financial Personal Loans are mostly not recommended by SuperMoney community users.
OneMain Financial Personal Loans Disclosure:Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. 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 securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message From OneMain Financial
For over 100 years, we’ve been helping hard-working people tackle life’s challenges by providing the help you need when you need it. Our loan experts are from your community, understand your unique situation, and will treat you with honesty, dignity, and respect. Our goal is to deliver the best customer experience and empower you to take control of your finances.
Message From Our Editor
What We Love About One Main Financial Personal Loans
If speed is what consumers need, One Main Financial answers the call. They don’t offer nationwide coverage or the lowest interest rates, and their approval process is quite stringent. Still, however, they’re quick with decisions and processing, and that is a win for the consumers who need it. They do work with those who have less-than-perfect credit, although you’ll pay higher interest rates as a result.
One other thing we love is that consumers can apply with a cosigner or with collateral to access larger loan amounts, even if they’ve already applied on their own and been approved for a lower amount.
What Could One Main Financial Do Better?
As mentioned, One Main Financial doesn’t always have the lowest interest rates or best terms for those who have sub-par credit. This lender is designed specifically to work with people who have good credit and need quick cash. It might serve them well to improve their online processing options, too, as consumers will still need to speak with a loan officer on the phone before being approved.
One Main Financial Backstory
One Main Financial started all the way back in 1912, founded by Alexander Duncan as Commercial Credit. This company was a pioneer in the industry at the time, providing working capital to building contractors and manufacturers, opening branches throughout the U.S., and continuing to expand. They were known as the Travelers Group by 1998 when they merged with Citicorp to become part of CitiGroup, which then became CitiFinancial.
In 2011, the company changed to One Main Financial, and then CitiGroup sold the OMF brand to Springleaf, who merged the company into theirs and kept the One Main Financial brand.
The Verdict
One Main Financial is a standard lending solution for people who need standard lending options with fast approval. Even though you have to talk to a loan officer on the phone, most loans are approved and funded quickly.
FAQs
Is it hard to get approved OneMain Financial? ›
OneMain Financial approves applicants with fair credit and sometimes those with bad credit, and there's an option to apply for a secured loan when borrowers don't qualify for an unsecured loan based on their credit history. Secured loans let borrowers use equity from their car to potentially qualify for lower interest.
How do you get approved for OneMain Financial? ›To be considered, applicants must have a credit bureau file. Those with a very thin file may not qualify. To apply for a OneMain loan, borrowers need a government-issued ID, proof of residence, and proof of income.
How long is the review process for OneMain Financial? ›The entire process can take only 24 hours. The prequalification and pre-approval form that can be filled in online takes only 10 minutes. Upon approval, it can take one business day to sign the agreement and receive funds. This process might take longer if there is outstanding documentation you need to provide.
What is the interest rate on a personal loan from OneMain Financial? ›OneMain Financial may verify income by requesting financial information like paystubs, bank statements, or tax returns. In other cases, they'll just use credit report information. Either way, you will also have to meet other OneMain Financial requirements to be considered for loan approval.
Which credit bureau does OneMain Financial use? ›At Experian, one of our priorities is consumer credit and finance education.
How fast do you get your money from OneMain Financial? ›It takes 2 to 5 business days to get money from a OneMain Financial personal loan, in most cases. That includes both the time it takes to get approved and the time it takes for the funds to be delivered after approval. Keep in mind that this is a typical applicant's experience, and in some cases, it could take longer.
Do I need proof of income for a personal loan? ›Employer and Income Verification
To do this, lenders typically require prospective borrowers to demonstrate their employment history and current earnings as part of the application process. Common forms of income verification for traditional employment include: Paystubs. returns.
You may be offered a secured or unsecured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn't require any collateral at all.
Does OneMain Financial require a drug test? ›No. But they do a background check.
Is OneMain Financial a subprime lender? ›
Law360 (April 29, 2022, 5:54 PM EDT) -- Subprime lender OneMain Financial disclosed Friday that the Consumer Financial Protection Bureau has been investigating some of its refund practices and could take legal action against the company, which is a former subsidiary of Citigroup.
What happens if you don't pay OneMain Financial? ›Reduced credit score.
Lenders are allowed to report a missed payment to credit bureaus after at least 30 days. That could cause your credit score to go down. It may continue to go down if the balance remains unpaid. However, lenders may choose to wait longer to report or simply not report at all.
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How your loan term and APR affect personal loan payments.
| Your payments on a $10,000 personal loan | ||
|---|---|---|
| Monthly payments | $201 | $379 |
| Interest paid | $2,060 | $12,712 |
Your monthly payments would look like this for a $40,000 loan: 36 months: $1,146. 48 months: $885. 60 months: $737.
Which bank provides personal loan easily? ›| Bank | Interest Rate (p.a.) | Repayment Tenure |
|---|---|---|
| HDFC Bank | 10.50% to 21.50% | 12 months to 60 months |
| Kotak Mahindra Bank | 10.25% onwards | Up to 60 months |
| YES Bank | 10.99% onwards | 12 months to 60 months |
| Citibank | 9.99% to 16.49% | 12 months to 60 months |
- Proof of your identity. First and foremost, you have to prove to lenders that you are who you say you are. ...
- Proof of address. ...
- Proof of income. ...
- Recurring monthly expenses. ...
- Your credit score. ...
- Your purpose for the personal loan.
When you're applying for your loan, you'll want to take copies of your pay stubs from the last month, showing the total of what you've been paid year to date. You may also be able to use bank statements to show proof of income — be prepared with up to six months of statements — or a W-2.
Who owns OneMain Financial? ›The OneMain Financial late payment policy provides a grace period of 7 to 15 days. Grace periods vary from lender to lender and due to the coronavirus pandemic, banks have become a lot more lenient with their borrowers.
Where is the main office for OneMain Financial? ›What is OneMain Financial Group? ›
OneMain Financial is the leader in offering nonprime customers responsible access to credit. We are committed to being the partner of choice and empowering our customers to reach a better financial future.
Does OneMain Financial fund the same day? ›Same day money
ACH funds are available approximately 1 to 2 business days after the loan closing date. Funds through SpeedFunds can be accessed on the loan closing date by using a bank-issued debit card.
If you want to pay off your personal loan early, you can do so any time and OneMain will not charge you a prepayment fee. To pay off your loan early, you can: Make a one-time payment for the total outstanding balance. Pay an extra amount when you make your regularly scheduled monthly payment.
Can you add money to a loan you already have? ›If you have an existing personal loan and are hit with unexpected expenses, you may be considering a loan top-up. This allows you to add more funds to your existing loan amount, so you can keep all of your debt in one place and stay with your current lender.
Can you get a collateral loan without a job? ›Yes, you can get a loan without a job, as long as you provide an alternative source of income, put up collateral or find a cosigner. Lenders won't discriminate against you just because you don't have a job, but they will require you to demonstrate the ability to repay what you borrow somehow.
Do all personal loans verify income? ›It is possible to get a personal loan with no income verification. However, it can be challenging to qualify for one since most lenders require a stable income to secure a personal loan. Additionally, it may not be a wise decision to put your financial health at risk if you can't afford to repay the loan.
What is the credit score needed to get a personal loan? ›Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 690.
Does OneMain allow cosigner? ›Because the cosigner promises to pay the loan back if the primary applicant cannot, OneMain Financial takes the cosigner's credit score and income into account during the application process.
Does your vehicle have to be paid off to use as collateral? ›The lien gives a lender the right to take your property if you fail to pay back the loan. But you can still use your collateral, such as a car or home, while you're paying off the loan. Once you've paid off the loan, the lender removes the lien on your property.
Can you use a financed vehicle as collateral One Main Financial? ›In short, yes, it is possible to use your car as collateral for a loan. Secured loans require an asset that the lender can repossess should you fail to repay the loan. Doing so may help you qualify for a loan, particularly if you have bad credit.
Can you still get hired if you fail a drug test? ›
Can You Still Get Hired If You Fail a Drug Test? For the most part, no. If the test result is proven to be legitimate (especially after multiple retests), you will most likely lose your job. If drug testing was part of a screening application, the company will probably revoke your job offer.
How does a urine drug test work? ›After you take drugs, your body gets rid of the chemicals in those drugs. One way your body flushes out these chemicals is through urine. Traces of drugs appear in your urine anywhere from a few days to a few weeks after you take them. Lab tests can detect these traces of drugs in your urine.
Do they pat you down for a drug test? ›You are not frisked or patted down before your drug test. No. The drug test is done through an alternate facility which requests you empty your pockets into a box. The box is then locked and you take the urine analysis.
Is am one loans legit? ›Is AmOne a legitimate company? AmOne has been in business for more than 20 years. The platform has an A+ rating on BBB and hundreds of positive reviews on sites like TrustPilot. In short, this is a legitimate lending network.
What types of loans are predatory? ›- Equity Stripping. The lender makes a loan based upon the equity in your home, whether or not you can make the payments. ...
- Bait-and-switch schemes. ...
- Loan Flipping. ...
- Packing. ...
- Hidden Balloon Payments.
- Make Biweekly Payments, Rather Than Monthly. Making a smaller loan payment every two weeks is one of the best ways to pay off a loan faster. ...
- Make an Extra Payment Toward Your Personal Loan. ...
- Round Up Your Loan Payment. ...
- Look Into Refinancing Your Loan.
Once you're 60 days past due, the lender will again report that you were late to the credit bureaus and your credit score will drop again. After 90 days: Once you are 90 days past due, most lenders will either attempt to settle the debt or begin the litigation process.
How long can you go without paying a loan? ›90 to 120 Days
After three to six months of missed payments (the exact time frame depends on your lender), your account transitions from delinquency to default status. Defaulting on a loan means you've failed to repay the loan according to the terms of your loan agreement.
Don't panic! Having OneMain Financial send your loan to collections isn't the end of the world. While debt collection lawsuits can be a hassle, you still have legal protections.
Does OneMain require collateral? ›You may be offered a secured or unsecured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn't require any collateral at all.
Does OneMain do a soft pull? ›
Hard pull: When you apply for a OneMain Financial personal loan, OneMain Financial will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
What happens if you don't pay OneMain Financial? ›Reduced credit score.
Lenders are allowed to report a missed payment to credit bureaus after at least 30 days. That could cause your credit score to go down. It may continue to go down if the balance remains unpaid. However, lenders may choose to wait longer to report or simply not report at all.
Is AmOne a legitimate company? AmOne has been in business for more than 20 years. The platform has an A+ rating on BBB and hundreds of positive reviews on sites like TrustPilot. In short, this is a legitimate lending network.
How long does it take OneMain Financial to deposit? ›Myth 6: You have to wait a long time to get your funds
Here at OneMain, you could get your money the same day if your application is approved before noon. ** On average, OneMain customers who choose to receive their funds through direct deposit can expect their money in 1-2 business days.
| Bank | Interest Rate (p.a.) | Repayment Tenure |
|---|---|---|
| HDFC Bank | 10.50% to 21.50% | 12 months to 60 months |
| Kotak Mahindra Bank | 10.25% onwards | Up to 60 months |
| YES Bank | 10.99% onwards | 12 months to 60 months |
| Citibank | 9.99% to 16.49% | 12 months to 60 months |
Because the cosigner promises to pay the loan back if the primary applicant cannot, OneMain Financial takes the cosigner's credit score and income into account during the application process.
How can I get a loan without hurting my credit? ›- Open a secured credit card.
- Take out a credit-builder loan, lending circle loan or peer-to-peer loan.
- Become an authorized user on a trusted friend or family member's credit card.
- Apply for a credit card that doesn't require a credit check.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
What is soft approval in personal loan? ›Some personal loan lenders look at your credit report using a soft credit pull, allowing them to prequalify you while letting you know your approved interest rate. It's a win for both sides. The lender gets insight into your credit worthiness while empowering you with more information to make sound borrowing decisions.
Can one main financial garnish my wages? ›Can OneMain Financial Garnish My Wages? Yes, if OneMain Financial has a judgment entered against you. If OneMain Financial is currently garnishing your wages or threatening to do so, contact our office as soon as possible.
How late can you be on a personal loan? ›
Once you're 60 days past due, the lender will again report that you were late to the credit bureaus and your credit score will drop again. After 90 days: Once you are 90 days past due, most lenders will either attempt to settle the debt or begin the litigation process.
Can you pay one main financial early? ›At OneMain, we never charge early payment fees so customers are empowered to take charge of their finances and do what's best for them.
Is AmOne real? ›AmOne is a legitimate, free service that matches consumers to real direct lenders in their states. You fill out one application through our easy form, which is used to match you with direct lenders who take your application and fund the loan.
Is 5k funds legitimate? ›Bottom line: Yes, we recommend 5kFunds. Our team of experts shares the opinion that this is a trustworthy lending platform. The lending process is quick and easy and if you have a good credit score your APR can be as low as 5.99%.
Is OppLoans legitimate? ›Yes! OppLoans is legitimate and is not a scam. OppLoans is one of the highest-rated companies in the non-prime consumer lending space. OppLoans has an A+ rating from the Better Business Bureau and is highly rated on Google and LendingTree for our unmatched customer service.