About Lender
OneMain Financial, a subsidiary of OneMain Holding, Inc., is a bank and financial institution based in Evansville, IN with branches across the United States. They operate in the consumer finance and insurance space and its subsidiaries. OneMain Financial offers personal loans, secured and unsecured loans to customers with bad or good credit and limited access to traditional lenders like banks and credit card companies.
OneMain Financial was founded in 1912 as CitiFinancial or Springleaf Financial. It was founded to offer the best loan terms and financial protection. After several joint venture agreements, the company was officially established in November 2010 and went public in October 2013. Today, OneMain Financial offers personal loans in the US with over 1500 branches in 44 states.
OneMain Financial is the leader in offering responsible loans to non-prime customers. Their personal loans are a good option for individuals with FICO scores of 689 or lower. They offer some payment flexibility and loan options for lower interest rate. You can either provide collateral or a co-signer for the application.
Key Features
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Loan amounts. OneMain Financial offers loan amounts from $1,500 to $20,000 based on individual creditworthiness and loan requirements.
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Repayment terms. The company offers repayment terms of 24 to 60 months so customers can choose a repayment plan that works for them.
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Fast and easy application process. OneMain Financial has a fast and easy application process, most customers get a loan decision in minutes of applying.
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Flexible use of funds. Customers can use the loan funds for debt consolidation, home improvements, medical expenses and more.
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Responsible lending. OneMain Financial is committed to responsible lending and helping customers achieve their financial goals.
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Personalized service. The company has a large network of branches and personalized service so customers can get the financing they need.
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Online account management. Customers can manage their loans and make payments online, convenient and flexible.
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No prepayment penalties. OneMain Financial does not charge prepayment penalties so customers can pay off their loans early if they want to.
Pros and Cons
Pros
High limits. Up to $20,000 with 60 month repayment terms, so payments are manageable.
Fast online application. Applications are processed on website, decisions in minutes.
Loyalty to credit score. Accepts FICO scores as low as 689, flexible with borrowers credit history.
Large network of branches. Branches in 44 states so financial support is available.
No prepayment penalties. OneMain Financial does not charge prepayment penalties so customers can pay off their loans early.
Cons
High interest rates. OneMain Financial personal loans may have higher interest rates than other types of loans like home equity loans or secured personal loans. APRs 18% to 35.99%.
Required collateral for secured loans. Secured loans require collateral like a car or savings account which may not be an option for some individuals.
High origination fee. Origination fee varies by state, some states have a flat fee and others have a percentage of the loan amount. Flat fee amounts vary by state from $25 to $500 depending on your state’s requirements. In some states the percentage fee is 1% to 10% of your loan amount subject to various restrictions on the fee amount.
Potential hidden fees. Some customers have reported hidden fees or unexpected charges with their loans so be sure to review the loan terms and conditions before accepting a loan from OneMain Financial.
Limited loan purposes. OneMain Financial loans are for personal purposes only, debt consolidation or home improvements and not for larger expenses like starting a business.
Reliability
Wide acceptance. Over 100 years in business OneMain Financial is a leading consumer finance company in the U.S. with financing available online and through its large branch network.
Strong reputation. As one of the largest consumer finance companies OneMain Financial has built a strong reputation by being a responsible lender and helping customers achieve their financial goals.
Clear terms and conditions. The company makes sure all loan terms and conditions are transparent and easy to understand to create a trustworthy lending environment.
Consumer protections. OneMain Financial is committed to responsible lending practices and protecting consumers and ensuring they are treated fairly.
Positive reviews. While individual experiences vary the company’s long history and commitment to financial goals has gotten positive reviews from many customers.
How to Apply for a OneMain Financial Loan?
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Offer Verification. Go to OneMain Financial’s website and use the “Check for offers” feature. This will not affect your credit score.
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Registration. Enter the required information for the system to process your application. This includes your personal details and address of residence. You will also need to provide your SSN or ITIN, contact information and income details.
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Application Submission. Fill out the application and provide all required information. Make sure to enter accurate and up-to-date information to avoid delays in processing your application.
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Awaiting Decision. After submitting your application you will get a decision in a few minutes. OneMain Financial promises quick decision making, usually in 10 minutes or less.
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Signing the Contract. Once approved you will be asked to sign a loan agreement. Review the terms of the agreement and loan details before signing.
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Receiving Funds. After signing the loan documents and completing all necessary steps you will receive the funds by your preferred method. OneMain Financial offers the option to receive money on a bank debit card through the SpeedFunds® network. Funds can also be transferred to your bank account via ACH network.
Conditions and Requirements
Conditions
Use of loan funds. Loan funds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Loan approval and terms. Loan approval and actual loan terms depend on your state of residence and your ability to meet OneMain Financial’s credit standards, including a responsible credit history, sufficient income after monthly expenses and availability of collateral. APRs are generally higher on loans not secured by a vehicle.
Disbursement of funds. Funds can be accessed in as little as an hour after loan closing if using a bank-issued debit card and disbursed through the SpeedFunds® debit card network. Or funds can be disbursed by electronic deposit to the borrower’s bank account through the ACH network (available in 1 to 2 business days after closing) or by check.
Credit Score. OneMain Financial looks at many factors when considering your loan application including your credit score and credit history. While they consider borrowers with less-than-perfect credit you may need to have a minimum credit score to qualify.
Requirements
Age and residency. You must be at least 18 years old and a U.S. citizen or permanent resident. Also you must be a resident of the state where you are applying for a loan.
Income. You must have a stable source of income, such as a job or benefits, that is sufficient to cover your loan payments.
Debt-to-Income Ratio. Your debt-to-income ratio (DTI) is calculated by dividing your total monthly debt payments by your gross monthly income. OneMain Financial considers your DTI when evaluating your loan application and you may need to have a certain DTI to qualify for a loan.
Collateral. For larger loan amounts a first lien on a motor vehicle no more than ten years old, meeting OneMain Financial’s value requirements, titled in your name with valid insurance may be required. Not all applicants will qualify for larger loan amounts or most favorable loan terms.
Minimum and maximum loan sizes. Loan sizes are subject to state-specific regulations. For example, borrowers in Alabama must borrow at least $2,100, in California the minimum loan size is $3,000. Maximum unsecured loan sizes also vary, North Carolina unsecured loans are capped at $7,500 for all customers and secured loans at $11,000 for present customers. General values range from $1,500 to $20,000.
Refinancing or debt consolidation. If refinancing or consolidating existing debt be aware that this may result in higher total finance charges if the interest rate is higher or the loan term is longer. Consider the impact of increasing your debt, monthly obligations and the length of your repayment term.
Origination fees. Charged as either a flat amount ($25 to $500) or a percentage fee (1% to 10%) of the loan amount depending on the state.
Late payment fees. Flat fees for late payments may be a flat amount ($5 to $30) or a percentage (1.5% to 15%) of the payment amount, subject to state regulations.
Non-sufficient funds fees (NSF). Fees ranging from $10 to $50 are charged for payments returned due to insufficient funds, where state laws allow.
Governmental fees. Charges related to securing a lien on a vehicle’s title, passed through at cost from state or county fees.
Ways to Receive the Money
You have several options to get your loan funds. You can choose direct deposit, where the funds are deposited into your checking or savings account. Or you can get a check in person at the branch during the loan closing. Or SpeedFunds, where funds are deposited into the bank account linked to your debit card on the loan closing date if you have a bank issued debit card.
Products
Personal loans. These loans are unsecured and based on your creditworthiness and ability to repay the loan. OneMain Financial personal loan amounts range from $1,500 to $20,000 in most states and you have 2 to 5 years to repay. You can apply for unsecured or secured loan with no prepayment penalties but with fixed rates. Personal loan is one way to cover the wide range of expenses in your life from debt consolidation, vacations and medical bills. The rate and product you qualify for is based on several factors including loan term lengths, amount, credit history, income, spending, other financial commitments and collateral availability.
Credit cards. OneMain Financial BrightWay℠ credit card, designed to reward your financial milestones. With just 6 payments you can unlock rewards such as potential credit limit increase (subject to credit approval) or APR decrease. By paying on time consistently you can upgrade to the BrightWay+ card with no annual fee. Monitor your spending, payment progress and milestones through the user friendly BrightWay app. Get a credit limit of up to $3,000 and unlimited cash back rewards. Qualify for benefits like credit limit increase or APR reduction in as little as 6 months, makes the BrightWay℠ credit card a valuable tool for your financial journey.
Auto loans. These loans are designed to help individuals finance the purchase of a new or used vehicle. A car purchase loan is a type of loan used to finance the purchase of a new or used vehicle. This vehicle becomes collateral to repay the debt. If you’ve been approved for the loan you can start looking for your vehicle.
Additional services. OneMain Financial offers a wide range of financial services including credit insurance options for various circumstances, debt consolidation services to consolidate payments, online account management, personalized customer service through its extensive branch network and community outreach programs to serve the areas it operates. Committed to help individuals achieve their financial goals, OneMain Financial is ready to provide personal loans, debt consolidation solutions and support to meet your needs.
Other Personal Loans
Reasons for Loan Refusal
When it comes to loan applications, it’s important to recognize that denials can happen for many reasons and understanding those reasons is key to improving your chances of approval in the future. Factors such as your credit history, income verification and debt-to-income ratio play a big role in the decision making process. Lenders like OneMain Financial practice responsible lending and want to make sure borrowers can manage their loan obligations. Inaccurate or incomplete information provided during the application process can also lead to a denial. By understanding these factors and addressing any areas of concern you can position yourself better for future loan opportunities. Personal and auto loans from OneMain Financial are not available in certain states including Alaska, Arkansas, Connecticut, District of Columbia, Massachusetts, Rhode Island, Vermont.
How to Repay a OneMain Financial Loan?
When it comes to paying your OneMain Financial loan, convenience is key and there are many options to choose from. You can pay online through the OneMain website, either as a one-time payment or by enrolling in Direct Pay for recurring payments. Online payment options include ACH transfers and debit cards. You can also visit any OneMain branch to pay in person where you can pay with debit cards, personal checks and money orders. You can also pay by phone through customer service or the automated phone system and can pay with ACH transfers and debit cards. If mailing your payment is more convenient, simply send a check to the address on your monthly statement. You can also use the OneMain Mobile app to pay or use the PayNearMe service at participating retailers for added flexibility with your loan payments. More information on each payment option is available on the website in the FAQ section under Payments & Fees.
Loans like OneMain Financial
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- OneMain Financial Account Review
- How to Apply for a OneMain Financial Loan
- How to Repay a OneMain Financial Loan
- OneMain Financial Mobile Apps
- OneMain Financial Reviews
- All OneMain Financial Coupons and Promo for January 2025
- OneMain Financial Loans for January 2025
