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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

OneMain Financial

Finanso.Multilogin™

About lender

OneMain Financial under OneMain Holding, Inc. is a banking and financial institution based in Evansville, Indiana, with main branches across the United States of America. It operates in the consumer finance and valid insurance sector and its subsidiaries. OneMain Financial offers personal loans, secured and unsecured loans to customers who have poor or excellent credit and limited access to traditional lenders, like banks and credit card firms.

OneMain Financial was established in 1912 under its original name CitiFinancial or Springleaf Financial. It was founded to provide service with the most favorable loan terms and financial protection. After the company's several acquisitions by different joint venture agreements, it was officially established in November 2010 and made public in October 2013. Nowadays, OneMain Financial provides personal loans in the United States with over 1500 branches in 44 states.

OneMain Financial is the leader in providing responsible loan options to non-prime customers. Its personal loans are a good choice for individuals with minimal credit FICO scores of 689 or lower. They give some payment flexibility and loan options to foe lower interest rate. You can either provide collateral or a co-signer for the application.

Personal Loans

OneMain Financial personal loans amounts range from $1,500 to $20,000 in most states, and you will have two to five years to repay them. You can apply to either unsecured or secured loans without prepayment penalties, but with fixed rates. The loans carry APRs ranging from 18% to 35.99%. OneMain Financial charges an origination fee of either a flat fee or a percentage, depending on state rules. Flat fees range from $25 to $500, while percentage fees range from 1% to 10% of the loan amount.

Personal loan is one method to cover the wide range of monthly expenses in your life, from debt consolidation, vacations, and medical bills. The rate and product you qualify for are based upon several criteria, including the loan term lengths, amount, credit history, income, spending, other financial commitments, and collateral availability.

Car Loans

Aside from personal loans, OneMain Financial also provides auto loans as a viable alternative. With this financing, you may acquire your ideal vehicle and save time on the hassles of dealerships. A car purchase loan is a type of loan used to finance the acquisition of a new or used vehicle. This vehicle becomes collateral to repay the debt. If you've been approved for the loan, you may start looking for your motor vehicle. OneMain Financial offers a convenient and straightforward funding process that enables you to get paid in your bank account as soon as the next business day. You can complete the application process entirely online, and you will have several options to make payments. The company allows making your repayments through OneMain Financial's website or Mobile App, or you can also visit their branch or pay by mail and participating retailers.

Pros and Cons of OneMain Financial

Pros:

  • Quick funding process.

  • On debt consolidation loans, OneMain Financial offers direct payment to lenders.

  • Does not require a minimum credit score.

  • Designed for borrowers with bad credit.

  • No prepayment penalties.

  • Has various payment options.

Cons:

  • High APRs, ranging from 18% to 35.99%.

  • High origination fee. The origination charge varies by state, with some states charging a fixed amount and others relying on a percentage of the loan amount. Flat fee amounts differ by state, ranging from $25 to $500, depending on your state's requirements. In certain states, the percentage fee ranges from 1% to 10% of your loan quantity, subject to various restrictions on the fee amount.

  • The amount you can borrow is only up to $20,000.

  • Not available in Vermont, Alaska, Arkansas, Connecticut, Massachusetts, and Rhode Island.

OneMain Financial is a perfect option for personal loans, especially for borrowers with bad credit scores. However, the interest rate might be heavier than any other loan.

OneMain Financial Conditions

Conditions For the First Loan

You can apply for OneMain Financial loan as long as you provide the loan documents needed to verify your identity and repayment ability. OneMain Financial personal loan amounts to $1,500 to $20,000 in terms of up to two to five years in most states.

First Loan Amount

The maximum loan strictly amounts to $20,000. Alabama ($2,100), California ($3,000), Georgia ($3,100), North Dakota ($2,000), Ohio ($2,000), and Virginia ($2,600) all have varying minimum loan amounts. If you live in North Carolina, the highest loan amount you may get is $7,500. There is no interest rate for setting up automatic payments with OneMain.

Conditions For the Following Loans

Before you qualify for a loan, you will be required to provide a copy of a valid, government-issued ID (e.g., driver's license or passport), proof of residence, and income. OneMain loan doesn't have any complicated requirements, but it focuses on your capability to meet the monthly payment schedule. If you have sufficient income and a responsible credit history of supporting the actual loan terms, you will be an eligible candidate for the OneMain loan.

Funding A Loan

OneMain Financial loan funding can be obtained by direct deposit or in person. You can receive your loan funds directly into your bank account or get them at the branch during the loan closing. You can get your first loan that same day your loan is qualified. Actual loan terms depend on your ability to fulfil our credit requirements.

Reviews

FAQ

What is OneMain Financial?

OneMain Financial is an online loan provider that accepts applications online or at its locations. It primarily services non-prime borrowers, with the majority of OneMain personal loans coming to customers with a credit score of 689 or below. Customers may borrow between $1,500 and $20,000 and have up to five years to repay the loan.

Who owns OneMain Financial?

Springleaf Holdings, Inc. purchased OneMain Financial from Citigroup for $4.25 billion in November 2015. OneMain Financial was retained as the new company's name.

How do you qualify for the OneMain Financial?

You must be at least 18 years old in the majority of states to qualify for a loan. OneMain Financial will require a copy of your government-issued identification, proof of residency, and income. The company also needs to know your financial and credit history, income and expenses, loan purpose, state of residence, and whether you have filed for bankruptcy to qualify you to get personal loans.

How much can you borrow from OneMain Financial?

OneMain Financial loans amount to up to $1,500-$20,000 without a minimum credit score. It has a loan term of two to five years with an estimated 18-35.99% APR. Based on your financial situation, OneMain Financial may opt to accept you for a new personal loan immediately after paying off a previous personal loan.

Is OneMain Financial a legitimate company?

Yes, since 1912, OneMain Financial has been a reputable loan provider. Furthermore, OneMain Financial is licensed to operate in the states it serves, which is a legal requirement for a viable lender.

Company documents

Legal & Privacy

We’ve served millions of customers nationwide. Now it’s time to help you.

© OneMain Financial Group, LLC

Financial products

OneMain Financial
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
1500-20000
Rate
i

Effective interest rate on the product

up to 35.99%
Term
i

Loan term for the financial product

24-60 months

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Recommended FinScore™
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650
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$1,000 - $25,000
Rate
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Effective interest rate on the product

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Calculate loan payments in OneMain Financial

OneMain Financial calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

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USD
1500 $
20000 $
Loan term
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Specify the loan term for the calculation

months
days
24
60

What to focus on before applying for a loan with OneMain Financial

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between OneMain Financial and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All OneMain Financial’s reviews by September 2022
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