OneMain Financial Review Summary
OneMain Financial loans are best for people with bad credit, as both unsecured and secured personal loans are available. OneMain Financial also has flexible lending terms, allowing borrowers to pay back their loans in 24 to 60 months.
However, OneMain Financial personal loans are not ideal for people with excellent credit. The lowest possible APR is 18%, which is far higher than the minimum charged by many competing lenders (around 6%). There’s also an element of uncertainty when it comes to fees on OneMain Financial loans. You will owe an origination fee, but it depends entirely on the state in which you live.
Below, you can find more information about the major pros and cons of OneMain Financial personal loans, as well as how they rate in three key categories: Terms, Requirements & Application, and Reviews & Transparency. You can also see how OneMain Financial loans compare to offers from other lenders.
OneMain Financial Personal Loan Terms
|APRs||18% - 35.99%|
|Loan Amount||$1,500 - $20,000|
|Loan Terms||24, 36, 48 or 60 months|
|Origination Fee||Based on State|
|Late Fee||Based on State|
|Minimum Credit Score||Bad*|
|Minimum Income||Not Disclosed|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement|
|Time to Receive Loan Money||2 - 5 business days|
*According to multiple third-party sources
OneMain Financial Interest Rates, Fees & Other Terms
Category Rating: 2.9/5
OneMain Financial interest rates range between 18% and 35.99%. That’s quite high, considering many other lenders have interest rates as low as 6% for people with the best credit. In addition, plenty of lenders have interest rate caps at 18% - 25%, much lower than OneMain’s maximum.
The exact rate you get from OneMain Financial depends on your credit, income, other debts and where you live, among other factors. For example, another thing that influences your rate is whether your loan is secured or unsecured, as OneMain offers both types of personal loans.
OneMain Financial does not charge a fee for paying off your loan early. The loan’s origination fee and any fees for late payments will depend on the state in which you live. Origination fees can be a flat fee of $25 to $400, or they can be 1% to 10% of your loan amount.
You can borrow up to $20,000 with OneMain, and you can pay off your loan over 24 to 60 months. OneMain Financial gets credit for their respectable loan sizes and long payoff periods. They also receive a decent score for their APR range, which is high compared to the rates of the best companies but still much lower than the rates charged by many subprime lenders. They lose points for their origination fee, though.
OneMain Financial Personal Loan Requirements & Application Info
Category Rating: 4.8/5
OneMain Financial’s credit score requirements are not publicly disclosed. Third-party sources say customers tend to have scores in the 600 - 650 range, however. Also keep in mind that since OneMain Financial offers secured personal loans, you should have options even if you have bad credit. OneMain does not disclose minimum income requirements.
OneMain Financial has a few other basic requirements for personal loan approval, too. You must be at least 18 years old and live in one of the 44 states that OneMain services. You must also be a U.S. citizen, permanent resident or Visa holder, and you will need a Social Security number or passport to apply.
If you decide to get a secured personal loan from OneMain Financial, you will have to put down some kind of collateral. The most common kind of collateral is a vehicle (car, truck, RV, boat, etc.).
You can check to see if you’re prequalified for a OneMain Financial personal loan online. This will have no impact on your credit, although actually applying for a loan will likely cause a small dip in your score. To apply for a OneMain Financial personal loan, you can fill out an application online, call 1 (800) 742-5465, or visit one of OneMain’s 1,600+ branches. OneMain allows co-applicants.
The biggest positives for OneMain financial in this section are their pre-qualification process and the variety of ways in which you can apply. It’s also notable that OneMain allows non-citizens to apply and allows co-applicants.
OneMain Financial Personal Loan Reviews & Transparency
Category Rating: 3.5/5
- Better Business Bureau: OneMain Financial gets an A+ rating. They have been accredited with the BBB since 1985.
- Consumer Financial Protection Bureau: The CFPB has catalogued over 770 complaints about OneMain Financial’s personal installment loans, which is a lot compared to other lenders. Some complaints are about issues with how the loan is reported to the credit bureaus (e.g. reporting as delinquent when it is not or reporting a higher balance than is actually owed). Others detail trouble making payments. OneMain Financial has provided a “timely” response to all existing complaints.
- WalletHub: OneMain Financial has a user rating of 3.8/5 on WalletHub, so people who have taken out loans in the past have been generally satisfied.
- Transparency: OneMain Financial is transparent about most of their terms. However, they don’t have standard fees, as they depend on the state in which you live. The reason they vary between states is because different states have different laws on how much lenders can charge in fees. OneMain also doesn’t disclose minimum credit or income requirements.
OneMain Financial gets points for their high BBB rating and user score. However, their rating suffers from their large number of CFPB complaints and lack of transparency about overall ranges for certain terms and requirements.
Summary: OneMain Financial Scores by Review Category
|Rates, Fees & Other Terms||2.9/5|
|Requirements & Application Info||4.8/5|
|Reviews & Transparency||3.5/5|
OneMain Financial Personal Loans vs. Popular Competitors
|APRs||18% - 35.99%||8.05% - 35.89%||5.99% - 29.99%|
|Loan Amounts||$1,500 - $20,000||$1,000 - $40,000||$2,000 - $50,000|
|Loan Terms||24, 36, 48 or 60 months||36 or 60 months||Up to 60 months|
|Minimum Credit Score||Bad*||Fair*||Fair*|
In order to provide the most accurate review for OneMain Financial, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. For OneMain Financial, we did not rely on a particular state.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.