2020 OneMain Financial Personal Loan Review
Quick Review: OneMain Financial loans are best for people with less than perfect credit, as both unsecured and secured personal loans are available. OneMain also has flexible lending terms, allowing consumers to pay back their loans in 24 - 60 months. However, OneMain personal loans are not ideal for people with excellent credit. The lowest possible APR is 18.00%, 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 and see how they compare to offers from other lenders.
OneMain Financial Personal Loan Terms
|APRs||18% - 35.99%|
|Loan Amount||$1,500 - $20,000|
|Loan Term||24, 36, 48 or 60 months|
|Credit Score Requirement||Fair*|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement|
|How long does it take to receive the funds?||N/A|
OneMain Financial Interest Rates & Fees
OneMain Financial interest rates range between 18.00% 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.
OneMain Financial Personal Loan Requirements & Application Info
Unfortunately, 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 either.
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 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 Financial Personal Loan Reviews & Transparency
OneMain Financial has a good reputation with the Better Business Bureau, but has a large number of complaints logged with the Consumer Financial Protection Bureau. In addition, their customers aren’t especially satisfied.
- 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 2,300 complaints about OneMain Financial. Among the complaints, 706 are about personal installment loans, which is high 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.
- WalletHub: OneMain Financial has a WalletHub user rating of 2.5/5. WalletHub’s editors give OneMain Financial personal loans 2.5/5.
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 Personal Loans vs. Popular Competitors
|APR||18% - 35.99%||7.24% - 24.29%||5.99% - 19.99%|
|Loan Amounts||$1,500 - $20,000||$3,000 - $100,000||$2,000 - $35,000|
|Loan Term||24, 36, 48 or 60 months||12, 24, 36, 48 or 60 months||36 or 60 months|
|Credit Score Required||Fair||Excellent||Good|
WalletHub’s editors decided the rating for OneMain Financial personal loans by using a combination of 23 metrics in 7 major categories: the application process, loan requirements, loan amounts, APR, fees, customer satisfaction and transparency. Metrics that matter more for consumers, like APRs, received higher weights. Below, you can see WalletHub’s scoring criteria.
- Application process: We checked the application options (e.g. online, in person) and whether joint applications are accepted. We also looked into whether there is a way to pre-qualify, how long approval takes and how long it takes to get the loan funded.
- Requirements: WalletHub considered the OneMain Financial credit score requirements and income requirements. We also checked OneMain Financial’s citizenship and identification requirements (e.g. whether you can use ITIN instead of SSN).
- Loan amounts: We considered the minimum and maximum loan amounts offered. We also looked at the range of months offered in which to pay off the loan.
- APR: We looked at the minimum and maximum OneMain Financial interest rates and whether the rates are fixed or variable.
- Fees: We examined OneMain Financial’s origination fees, prepayment penalties and late fees.
- Customer satisfaction: We looked at OneMain Financial’s BBB rating, the number of CFPB complaints registered against them, and WalletHub user reviews.
- Transparency: We assessed how clear OneMain Financial is about the terms and requirements of their loans.
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