OneMain Financial Personal Loan Review (2024)

At a Glance:

• Loans between $1,500-$20,000
• Best for those with low credit scores who are facing a financial emergency
• Brick-and-mortar locations are available throughout the country
• Loans for a variety of uses including vacations, weddings, and home renovations
• Extremely high APRs and other fees can make this an expensive option

What is OneMain Financial?

OneMain Financial is an online and in-person lender that is the largest personal loan company in the United States. Although high interest rates tend to make this an expensive option, their high standards of customer service and commitment to financial education can still make it a desirable lender for many.

OneMain Financial Rates and Fees

What type of personal loans does OneMain Financial offer?

OneMain Financial offers personal loans that can be used in a variety of situations including but not limited to:

• Debt consolidation
• Emergency expenses
• Home renovations
• Vacations
• Weddings
• Moving expenses
• Automobile expenses including a new car, repairs, and more

OneMain Financial Pros and Cons

PROS

• There is no minimum credit score
• You have the option to choose your payment date
• Fast funding
• Physical locations available

CONS

• Even the lower end of the APR range is extremely high at 18%
• Origination fees required
• There are no discounts for setting up autopay

Who should use OneMain Financial?

The only borrowers who should seriously consider using OneMain Financial are those who are facing an emergency situation and need funds quickly. The APR rates for loans through this service are incredibly high so it should only be used as a last resort. That said, if you do need funds quickly and have poor credit health, it may be a service you can use as they do not require a minimum credit score.

While the APR is generally extremely high, you could add collateral or a co-borrower to your application when you submit it which can help you receive a lower rate with your offer. Additionally, simply having a decent credit score could help you receive an offer with an interest rate on the lower end of the range they offer.

Compare best personal loans

What are some of the benefits of using OneMain Financial?

OneMain Financial has options for those that have lower credit scores, although those options might include secured loans.

OneMain Financial is a great option for anyone who has fair or bad credit as they don’t require a minimum credit score. This means that anyone who might not qualify for a loan with another lender will likely have an option through OneMain Financial’s services. The only downside to this is that the loans offered for those with lower credit scores are typically secured loans that require you to put up some kind of collateral like a car. If you pay your monthly payments on time, this collateral won’t have to be repossessed by the bank and it won’t end up being a big downside in the end.

You have the option to choose your payment date

When you take out a loan with OneMain Financial you can select your payment date. This can give you a big advantage as you can select a payment date after your payday so that you know you will always be able to pay on time. This perk can end up saving you money by avoiding late fees.

Fast funding

One of the reasons that OneMain Financial is such an ideal option for emergency loans is how fast you can receive funding. In most cases it’s within 24 hours and if you apply early enough in the day, there is even a chance that you’ll see the funds deposited in your account by the end of the business day.

There is no minimum credit score.

OneMain Financial functions well as an emergency loan option as there is no minimum credit score. In fact, there’s a maximum credit score - if your credit score is close to 700 or above, you may not qualify for a loan. While the lack of a minimum credit score does not mean you’re guaranteed a loan offer, those with lower credit scores will find more options when they apply through OneMain Financial.

What are some of the downsides to using OneMain Financial?

OneMain Financial is an extremely expensive option.

When comparing loans through OneMain Financial to those offered by similar services, it’s easy to notice that the high interest rates can make it a supremely expensive option. Those with the ideal credit history can still expect an APR of around 18% at minimum.

You will have to pay an origination fee.

Like many lenders, OneMain Financial charges an origination fee upon the acceptance and implementation of a loan. The exact amount of this fee may vary depending on a variety of factors such as your personal credit history and will typically be deducted from the amount that is deposited into your account at the beginning of your loan.

There is no discount for setting up autopay.

Although some lenders will offer you a discount if you set up autopayments for your monthly charges, OneMain Financial does not. Usually these discounts will be under 1% so you won’t be missing out on significant amounts of cash but a dollar is still a dollar and you may prefer a lender where you can get some kind of discount.

Do I need a credit check to take out a loan with OneMain Financial?

When you are ready to accept an offer, OneMain Financial will run a hard credit check, but this does not have to happen until you are committed to taking out a loan with them. They will do a soft credit check during the pre qualification phase and that will not affect your credit score.

Does OneMain Financial cost any money?

While there is no cost for simply using OneMain Financial’s services, you will likely have to pay an origination fee along with high interest rates.

Where does OneMain Financial operate?

OneMain Financial operates throughout the United States although some states have specific requirements that are unique to their own citizens. For example, the minimum amount a borrower who is a citizen of California can be lent is $3,000.

How is OneMain Financial’s customer service and support?

OneMain Financial offers a robust resource section on their website so you may find that you are able to answer your question yourself after some quick research. If you still find that you need to call OneMain Financial there are several numbers to call based on what you need help with, and they even have a phone number to call in the situation where you are unsure which department would be able to help. The customer service phone line is open between 8:00 AM and 8:00 PM from Monday through Friday.

How to qualify for a Personal Loan through OneMain Financial

OneMain Financial hasn’t published an easy straightforward list detailing what a potential borrower must do to qualify for a personal loan through their services but there are some ways to make an educated guess about what those qualifications might be.

OneMain Financial does not have a minimum credit score that their borrowers must have because they do not look at credit score

How to Apply for a OneMain Financial Personal Loan

You can apply for a personal loan through OneMain Financial on their website. First, you’ll provide some basic information about yourself and your financial and employment situation and once that information is processed you will receive an approval or a rejection, or you may be contacted by a lending agent if more information is required. For example, you may need to offer up some collateral like a car and enter into a secured loan. Once you have a loan offer that fits your situation and that you want to accept, you will sign some paperwork and then receive your funds.

Is OneMain Financial Legit and Trustworthy?

OneMain Financial personal loans are completely trustworthy and secure so you know you will get the service that is advertised. As OneMain Financial personal loans are part of their larger financial institution that includes personal banking and business loans, they have a lot of resources to keep your information encrypted and secure.

Conclusion

Ultimately, OneMain Financial is a trustworthy option that should only be used in emergency situations. While the company offers perks like great customer service and fast funding, the extremely high APR makes OneMain Financial a hugely expensive option that may put you in a bigger financial hole than you were in initially. However, if you need a loan desperately and have a low credit score and other marks against you that make it hard to qualify, you have a better chance of finding a loan option through OneMain Financial than other similar lenders.