What is OneMain Financial?
OneMain Financial is a new-ish lender with a long history. It began in 1912 as Commercial Credit, which provided loans for building contractors. After changing hands and names several times, OneMain Financial took its current form in 2015.
OneMain Financial now offers personal and auto loans and has more than 1,600 brick-and-mortar locations in 44 states. This review focuses on OneMain Financial’s unsecured personal loans.
OneMain Financial personal loan highlights
- Less strict credit requirements: OneMain Financial may lend to those with fair credit scores — a good alternative if you don’t qualify with another lender.
- High APRs: If you have good to excellent credit, you may get lower rates elsewhere.
- No prepayment fees: OneMain Financial won’t penalize you for paying off your loan early. If your financial situation improves, you can pay down your balance and save on interest.
- Multiple payment options: You can make payments online (one at a time or automatically via Direct Pay), at a OneMain Financial branch, by phone, by mail, via OneMain Financial’s mobile app or at a Walmart service desk.
OneMain Financial Personal Loan Details | ||||
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OneMain Financial product details
OneMain Financial’s personal loan offerings are pretty basic — the company doesn’t offer much in the way of extra services. You do have the option to enroll in Direct Pay, which will automatically deduct your payment from your connected account so that you don’t have to remember due dates.
OneMain Financial also allows you to change your payment due date, which you can do by putting in a request by mail or email.
Finally, OneMain Financial’s website has a variety of free financial resources, including calculators, educational articles and a money management course called MoneySKILL®.
Eligibility requirements
- Minimum credit score: Not specified
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
While OneMain Financial doesn’t provide specific eligibility requirements, it does consider a number of factors when reviewing loan applications:
- Financial history
- Credit history
- Income and expenses
- The purpose of your loan
- Any history of bankruptcy
- State of residence
You also must be 18 and a U.S. resident to qualify. Depending on where you live, you may face certain restrictions on the minimum or maximum loan amount you can receive.
Applying for a personal loan from OneMain Financial
You can check whether you qualify for a personal loan without any impact to your credit on OneMain Financial’s website. When you’re ready to apply, you can start your application online as well. You’ll have to enter some basic personal information:
- Name and contact information
- Loan amount
- Loan purpose
- Social Security number and date of birth
- Employment information
- Financial information, including income and any property owned
The application takes about 10 minutes to complete, and you should get a decision shortly after.
If you’re approved, you’ll have to visit a brick-and-mortar location to submit documents and finalize your application. This is a limiting factor if you live in one of the six states — Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island and Vermont — without a physical branch.
To complete the loan process, you’ll have to provide, at a minimum, government-issued identification, proof of residence and proof of income.
Once you accept your offer and sign your loan documents, you could receive your money as soon as the same day. If you choose to receive an Automated Clearing House payment — or if OneMain Financial requires additional verification — it could take longer.
Pros and Cons of a OneMain Financial Personal Loan | ||||
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Who’s the best fit for a OneMain Financial personal loan?
OneMain Financial is a good pick for those who have less-than-perfect credit. The company works with borrowers whose scores are in the low 600s, so try OneMain Financial if you don’t qualify with another lender.
OneMain Financial also offers a quick turnaround on personal loans ranging from $1,500 to $20,000. If you have an emergency (medical expenses or major car repairs, for example) and need a big chunk of change fast, it may be the right lender for you.
You can also use a loan to consolidate debt, pay for a vacation or make repairs around your home. That said, OneMain Financial’s APRs are high: They start at 18.00% even for those with good credit. This means your personal loan might be more expensive than other types of credit, including some credit cards. Compare offers and options before you make any decisions.
Finally, keep in mind that you cannot use your OneMain Financial loan for educational expenses, business expenses, investing, gambling or illegal activities.
Alternative personal loan options
Before you commit to OneMain Financial, shop around for your best rates and terms.
Peerform
- APR range: 5.99% to 29.99%
- Credit requirements: 600 minimum credit score
- Terms: 36 or 60 months
- Origination fee: 1.00% - 5.00%
Peerform is a peer-to-peer lender — borrowers apply for a loan, which is then listed on the company’s marketplace for investors to fund. The company assigns a proprietary rating based on an applicant’s credit, which determines the interest rate offered. Like OneMain Financial, Peerform has options for borrowers with less-than-stellar credit, but it also has much cheaper rates for those with higher scores. Keep in mind: While OneMain Financial pays quickly, it could take more than a week to get funding through Peerform’s marketplace.
LendingPoint
LendingPoint is an online lender that specializes in working with borrowers who have fair credit. You can qualify with an annual income of just $20,000 or a discharged bankruptcy (at least 12 months in the past). LendingPoint has similar APRs and funding times to OneMain Financial, which makes it a good alternative if you have a lower score or need your money fast.
Upstart
Like OneMain Financial, Upstart offers loans to those with lower credit scores. While Upstart does have some strict requirements about what you can and can’t have in your credit history — bankruptcies, delinquencies and too many inquiries could disqualify you — it takes into account your education when reviewing your application.
Interested in a personal loan?
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How Student Loan Hero Gets Paid
Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.
Student Loan Hero Advertiser Disclosure
Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
Lender | RATES (APR) | loan amount | |
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5.99% – 19.16%1 | $5,000 to $100,000 | ||
8.27% – 35.99% | $1,000 to $50,000 | ||
6.94% – 35.97%* | $1,000 to $35,000 | ||
99.00% – 199.00%2 | $500 to $4,000 | ||
5.99% – 24.99%3 | $5,000 to $40,000 | ||
7.99% – 29.99%4 | $7,500 to $40,000 | ||
compare rates on Lendingtree now | |||
1 Includes AutoPay discount. Important Disclosures for SoFi. SoFi Disclosures
Opploans DisclosuresDirect Deposit required for payroll. Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.
Payoff Disclosures
FreedomPlus Disclosures
Upgrade Bank DisclosuresPersonal loans made through Upgrade feature APRs of 6.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/. |