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OneMain Financial Review

OneMain Financial is a lending platform that is accessible to borrowers with low credit scores and low income. OneMain reviews applicants’ entire credit history and ability to repay a loan when evaluating applicants. Applicants can also secure a loan with collateral.

OneMain review hero image
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3.8
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Est. APR
Loan Repayment Up to 60 months
Loan Amounts
Loan Amount $1.5K-$20K
Min. Credit Score
Min. Credit Score Undisclosed
Jason Steel
Written by:Jason Steel
Personal Finance Journalist

Reviewed by: Carrie Pallardy, Freelance Writer and Editor

OneMain offers loans for debt consolidation, auto repair, medical procedures, and more. Before closing on a loan from OneMain, applicants need to provide:

  • A copy of a valid, government-issued ID, such as a driver’s license or passport
  • Proof of residence, such as , a driver’s license with your current address, a utility bill, or a signed lease
  • Proof of income, such as pay stubs or tax returns

Summarized Rating

This parameter considers loan term lengths, loan minimums and maximums, and the extent of loan use limitations. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

OneMain gets a worst-in-class 2.5 for Loan Features. This reflects the lender’s average term lengths, minimum loan limits and loan use limitations. A 1.0 for the lowest possible maximum loan is a drag.

OneMain Financial Pros
Flexible payment date
Joint and secured loans
Loan funding the same or next business day
Direct payment to creditors
Options for low credit borrowers
OneMain Financial Cons
No autopay discount
Origination fee
Rates can be high
Loan limit of $20,000

Types of Personal Loans Offered by OneMain Financia

OneMain offers personal loans for a variety of reasons, but there are very few prohibited uses for their personal loans.

Common loan uses

Prohibited uses

Debt consolidation

Gambling 

Home repair

Illegal activities

Auto repair

Starting a business

Medical procedures

Student loans

Wedding expenses

Investing in securities 

OneMain Financial Loan Features

OneMain offers multiple loan types, including personal loans for home repair, debt consolidation and medical bills. Borrowers have access to personal loan terms of 24, 36, 48, or 60 months. OneMain offers personal loans between $1,500 and $20,000.

However, there are state-specific minimums in Alabama ($2,100), California ($3,000), Georgia ($3,100), North Dakota ($2,000), Ohio ($2,000), and Virginia ($2,600). Borrowers in North Carolina are subject to a maximum secured loan of $7,500.

Loan terms

24, 36, 48, or 60 months

Loan amount

$1,500 to $20,000 

Loan use limitations 

None 

OneMain Financial Interest Rates and Fees

OneMain charges an origination fee, which is a one-time fee that’s deducted from the loan proceeds before they are delivered to the borrower. OneMain doesn’t charge prepayment penalties. They do charge late payment fees and a fee for insufficient funds. Origination fees and late payment fees may be subject to certain state limits.

OneMain also charges fees associated with perfecting its lien on a motor vehicle’s certificate of title.

Interest Rates

18% to 35.99%

Prepayment fees

None

Late Payment fees

Flat fee: $5 to $30 1.5% 

Percentage-based fee: 1.5% to 15%

to 15%

Other fees

on-sufficient funds fee: $10 to $50  

OneMain Financial Qualification Requirements

OneMain accepts some applicants with low credit scores and low incomes. OneMain reviews applicants’ entire credit history, income, expenses, and ability to repay a loan. Applicants can also secure a loan with collateral.

Applicants with a lower credit score can typically expect a higher interest rate because they can be deemed to be a riskier borrower. In addition to your credit score, One Main will consider your debt-to-income (DTI) ratio. If you have a DTI ratio of 35% or less, most lenders will consider you a good personal loan candidate.

Membership requirement

None

Minimum credit score

Unknown 

Income requirements

Unknown 

Co-signer/joint application requirements

Co-applicants are allowed. 

Co-signers are not allowed.

OneMain Financial Application Process

Checking your loan offers on OneMain will not affect your credit score. When you check your rate, OneMain makes a "soft credit inquiry." You may see this inquiry when you view your credit report, but it will not impact your credit score.

If you are offered a loan and proceed with the application, a "hard credit inquiry" will be completed to verify the accuracy of your application. This action may impact your credit score.

OneMain accepts collateral to secure a loan during the application process. Examples of accepted collateral include automobiles, trucks, motorcycles, boats, campers, and RVs. Any potential collateral will be appraised to determine whether it is of sufficient value.

Vehicles used as collateral must be insured for the term of the loan. Active duty military, their spouses, and all dependents covered by the Military Lending Act cannot use  any vehicle as collateral.

Application Process Step-by-Step

To begin the application process for a personal loan, enter how much you would like to borrow. Make sure you adhere to any state-specific minimum laws.

Next, fill out your name and zip code.

Fill out your address.

OneMain then asks for your email address and phone number.

Next, input your net monthly income, which is your income each month after taxes and deductions. This may include your monthly salary, Social Security, pensions, or other sources of income. You don’t need to include alimony, child support, or separate maintenance income unless you want to have it considered as a basis for repaying this loan.

Then, select your source of income.

Answer whether you own or lease a vehicle, or neither.

Next, complete your birthday and last four digits of your social security or tax ID.

Finally, agree to the terms of use.

If you are approved for a loan, OneMain allows seven calendar days from the date of your loan to cancel. When canceling a loan for purchase of a vehicle or other item, make sure that your seller agrees to cancel the sale. After your seller refunds your money, return it to OneMain within the allotted seven days.

OneMain Financial Customer Support

Onemain offers a variety of ways to contact customer support, including:

  • Phone

- Monday to Friday 8 am to 8 pm EST

- Loans: 800-290-7002

- Loan applications: 800-525-0451

- Web and app help: 800-325-2146

  • Mail

- OneMain Holdings, Inc., 601 N.W. Second Street, Evansville, IN 47708-1013

  • Email

- customerservice@omf.com

In general, people seem satisfied with the customer support from OneMain. Here is what a few customers said about their experience:

  • “The customer service reps were very helpful and patient. They walked me through every step that needed to be done as to not have to redo the paperwork. They were very courteous and I appreciate that as I have worked in customer service as well.”
  • “Absolutely AMAZING customer service and explained everything to me etc.. I will definitely use them again when and if needed!!”

However, there were a few people who had a mixed experience with customer service.

  • “I have been a customer of One Main Financial since 2016. I have NEVER experienced such poor service from their customer representatives. They are unprofessional, do not have a clue on how to review your account, cannot answer intelligent questions are abrasive...... basically SIMPLETONS! If I had a choice, I would never have done any business with this wanna be lender. Once the papers are signed, you need good, qualified customer service reps to deal with until the loan has been satisfied. You WILL NOT find great customer service at One Main Financial. Do yourself a favor and RUN from this predator.”
  • “This was the worst customer experience I have ever dealt with. Insane. The closer missed a number on my account number and my money is hanging in limbo somewhere so that’s that.”

OneMain Financial Online Reviews

Overall, reviews of OneMain are mostly positive. OneMain received 88% “excellent” ratings on truspilot.com. People frequently comment on the quick and easy loan approval process. Many were happy with the experience and had no complaints. The negative reviews are mostly related to high interest rates. Some reviewers reported entering their information and having a hard pull on their credit, only to have been denied for a loan after.

The positive reviews are related to

The negative reviews are related to 

Quick and easy loan approval process

High interest rates

Customer service

Hard pull only to get denied for a loan



OneMain Financial Perks and Bonuses

Flexibility:

  • OneMain doesn’t offer discounts.
  • Onemain doesn’t allow for payment deferral or payment skipping optionality during times of hardship.
  • OneMain doesn’t allow for modification of loan terms.

Transparency:

  • OneMain maintains a professional website that is informative, intuitive, and free of misleading advertising and sales gimmicks.
  • OneMain has no history of complaints from customers regarding poor sales practices.

Technology:

  • OneMain offers the ability to pay online.
  • OneMain allows automatic payments.
  • OneMain has a mobile application, where you can make payments, track your VantageScore credit score monthly, view your statement, and more.
  • OneMain provides loan management tools in its mobile app to learn budgeting, how to manage credit, and more.
  • OneMain offers quick courses, calculators, and educational content.         

OneMain Financial Compared to Other Lenders

There are a few other lenders that you can compare to OneMain.


OneMain Financial

Upstart

Best Egg

Upgrade

Loan terms

2 to 5 years

3 to 5 years

3 to 5 years

2 to 7 years

Loan amount

$1,500 to $20,000

$1,00 to $50,000

$2,000 to $50,000

$1,000 to $50,000

Interest rates

18% to 35.99%

5.6% to 35.99%

5.99% to 35.99%

6.95% to 35.97%

Minimum credit score

Unknown

300

600

560

Co-signer requirement

Co-applicants allowed but co-signers not allowed

Co-applicants and co-signers not allowed

Co-applicants and co-signers not allowed

Co-applicants allowed but co-signers not allowed

Final Thoughts

OneMain is an accessible lending platform for borrowers with poor credit and low income. OneMain offers loans for many common purposes, such as debt consolidation, auto repair, and medical procedures. OneMain offers joint and secured loans. Loan funds can be available as quickly as the same or next business day. Borrowers have the ability to choose their payment date. Although interest rates can be high, Upstart can be an accessible and quick option for customers looking for a loan who may otherwise not qualify for a loan.

About the Author

Jason Steel

Written by: Jason Steel

Personal Finance Journalist

Jason Steele is one of the nation’s leading personal finance journalists, specializing in credit cards, consumer credit and travel rewards. Since 2008, his work has appeared in over 100 outlets including The Points Guy, Money.com, CreditCards.com, SlickDeals and Business Insider.

More about me
Carrie Pallardy

Reviewed by: Carrie Pallardy

Freelance Writer and Editor

Carrie Pallardy has six years of experienceas as a dedicated freelance writer and editor. She covers a wide variety of topics, including personal finance, insurance, and cybersecurity. Carrie has written for Investopedia, Policygenius, and more.

More about me
Somer G. Anderson

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

More about me