Finimpact

OneMain Financial Personal Loans Review

OneMain 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 deciding whether to approve an applicant. Applicants can also secure a loan with collateral.

OneMain review hero image
onemain_logo
3.8
Please Vote!
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

OneMain offers loans for debt consolidation, auto repair and medical procedures, among others. Before closing on a loan from OneMain, applicants need to provide a copy of a valid, government-issued ID (i.e. driver’s license or passport), proof of residence (i.e. driver’s license with your current address, a utility bill or a signed lease), and proof of income (ie. 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
Option to choose your payment date
Offers joint and secured loans
Can fund a loan the same or next business day
Direct payment to creditors
Accepts low credit borrowers
OneMain Financial Cons
No rate discount for autopay
Origination fee
Rates can be high
Loan limits are only up to $20,000

Types of Personal Loans Offered by OneMain Financial

OneMain offers personal loans for a variety of reasons, ranging from debt consolidation to home repair. There are very few prohibited uses for their personal loans, including gambling and illegal activities, starting a business and student 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

Repayment period

OneMain doesn’t penalize borrowers who want to pay off their loan before the term expires

Loan amount

OneMain offers personal and auto 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 Use Limitations (i.e. only home improvements or only debt consolidation)

No loan use limitations

OneMain Financial Interest Rates and Fees

OneMain charges an origination fee of up to ten percent or $500, 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 but they do charge late payment fees and a fee for insufficient funds. Interest rates vary between 18% and 35.99%.


Borrowing/Origination Fees

$25 to $500 or 1% to 10% of the loan amount subject to certain state limits on the fee amount

Prepayment Fees

No repayment fees.

Late Payment Fees

$5 to $30 per late payment, or 1.5% to 15% of the monthly payment amount, subject to certain state limits on the fees.

Other fees

$10 to $50 per payment returned for non-sufficient funds fees. OneMain also charges fees associated with perfecting its lien on a motor vehicle’s certificate of title.

Interest Rates

18% to 35.99%

OneMain Financial Qualification Requirements

OneMain accepts some applicants with low credit scores and low income. OneMain reviews applicants’ entire credit history, income, expenses and ability to repay a loan when deciding whether to approve an applicant. Applicants can also secure a loan with collateral.

Applicants with a lower credit score are often offered a higher interest rate because they can be deemed to be a riskier borrower. Lenders also want to make sure that you have enough income to make loan payments. Your debt-to-income (DTI) ratio is how much debt you have compared to your gross monthly income. If you have approximately 35% DTI ratio or less, you’re considered a good candidate for a personal loan by most lenders.


Membership Requirement

None

Minimum Credit Score

Unknown

Income Requirements

Unknown

Co-signer/Joint Application Requirements

Co-applicants are allowed and become fully responsible for repayment of the loan and have equal ownership of the funds. Co-signers are not allowed.

OneMain Financial Application Process

Checking your rate on OneMain will not affect your credit score. When you check your rate, OneMain makes a "soft credit inquiry." Soft credit inquiries on your report do not lower your credit score, but you may see when you view your report that this inquiry was made. 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 will be recorded as an inquiry on your report and it may impact your credit score.

To begin the application process for a personal loan, enter how much you would like to borrow, 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. Make sure you adhere to these laws if you live in one of these states.
onemain financial personal loans

Next, fill out personal information like:

  • Your address
  • Your email address and phone number
  • Your monthly income
  • Your source of income
  • Whether you own or lease a vehicle, or neither.
  • Your birthday and last four digits of your social security or tax ID.

Finally, confirm to 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 seven days.

Collateral Requirements

OneMain accepts collateral to secure a loan during the application process. Examples of accepted collateral include automobiles, trucks, motorcycles, boats, campers and RV’s. All collateral will undergo appraisals to determine whether it is of sufficient value. Vehicles used as collateral must be insured against physical damage for the term of the loan. Active duty military, their spouses and all dependents covered by the Military Lending Act may not pledge any vehicle as collateral.

OneMain Financial Customer Support

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

  • Phone
    • Monday - Friday 8 am - 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
  • Online ticketing form

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
  • “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 customers who had a mixed experience with customer service.

  • “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, but are mixed. 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 or 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 but doesn’t offer a rate discount for autopay.
  • 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 articles.

OneMain Financial Compared to Other Lenders

There are a few other lender websites that you can compare to OneMain. Loan terms, loan amount, interest rates, minimum credit score and co-signer requirement differ by lender.


OneMain Financial

Upstart

Best Egg

Upgrade

Loan Terms

2 to 5 years

2 to 5 years

2 to 7 years

Loan amount

$1,500 to $20,000

$2,000 to $50,000

$1,000 to $50,000

Interest Rates

18% to 35.99%

4.99% to 35.99%

5.94% to 35.97%

Min Credit Score

Unknown

600

580

Co-signer Requirement

Co-applicants allowed but co-signers not allowed

Co-applicants and co-signers not allowed

Co-applicants allowed but co-signers not allowed

Final Thoughts

OneMain is a lending platform that is accessible to borrowers with poor credit and low income. OneMain offers loans for debt consolidation, auto repair and medical procedures, among others. OneMain offers joint and secured loans, the ability to choose your payment date and funds a loan on the same or next business day. 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

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