When you apply for a personal loan online, it’s important to compare as many lenders as possible — especially if you’re rebuilding your credit, as interest rates can vary wildly.
OneMain Financial is one option for taking out a personal loan, although OneMain Financial reviews from customers are mixed at best.
This lukewarm feedback likely rests on the fact that OneMain doesn’t offer the best interest rates on the market, nor does it provide much upfront information about its terms.
In this 2018 review, you’ll learn more about the lender’s personal loans and see OneMain Financial reviews from existing customers.
OneMain Financial review: Personal loans
OneMain Financial traces its roots back to Commercial Credit in 1912. Over the years, acquisitions and name changes have morphed the lender into what it is today.
The most recent big change came when Springleaf Financial personal loans became OneMain Financial personal loans in 2015.
With OneMain, you can borrow between $1,500 and $25,000, but those amounts might differ based on the state in which you reside. For example, California’s minimum loan amount is $3,000, and Georgia’s minimum loan amount is $1,500 for present customers and $3,100 for others.
Repayment terms range from 12 to 60 months, allowing you some flexibility in your monthly payments.
Getting other details about the lender’s personal loans can be difficult, though. Its website provides little information, and when I called, I didn’t learn much.
For an accurate picture of your loan’s terms and conditions, you probably can’t know for sure until you submit an application.
Rates and fees
As for OneMain Financial’s rate, the lender advertises APRs ranging from 17.59% to 35.99% as of Feb. 2018, which are relatively high for personal loans.
The rate you get will ultimately depend on a variety of factors, including your income, credit history, and where you live.
OneMain Financial doesn’t charge application or prepayment penalty fees. But it does charge an origination fee, which isn’t specified and again varies depending on your state and loan terms.
How can you use your OneMain Financial personal loan?
Most personal loan companies don’t limit how you can use your funds. With OneMain, there might be restrictions based on the information you provide on your application.
For example, if you have a lot of credit card debt, you might be restricted to using your personal loan for debt consolidation.
Otherwise, you can use your personal loan for a wide range of uses, including,
- Home improvement
- Auto refinance
- Car purchase
Once your application is approved, you can also choose to receive your funds in one of three ways:
- Prepaid debit card
- Bank transfer
Make sure to come up with a plan for repayment before finalizing your loan. Our personal loan calculator can help you estimate monthly payments and understand the long-term costs of borrowing.
Financial and credit requirements
There are no minimum credit or income requirements for OneMain personal loans. Instead, the lender will review several factors, including:
- Financial history
- Credit history
- Income and expenses
- Loan purpose
- State of residence
- Whether you’ve filed for bankruptcy
- Value of your collateral (secured loans only)
How to apply for a OneMain Financial personal loan
You can apply for a OneMain Financial personal loan online, by phone at 855-877-6246, or at a local branch.
If you choose to apply online, visit OneMain’s personal loans page and click “Apply Now.”
The application is just one page and asks for the following information:
- How much you’re applying for
- The purpose of the loan
- Whether you’re applying on your own or with a co-applicant
- Name, address, and phone number
- Date of birth
- Social Security number
- Employment and income information
- Whether you have a checking or savings account
After you view some disclosures and submit your application, you’ll need to verify your information with the following:
- A copy of a valid, government-issued ID
- Proof of residence (e.g., signed lease, utility bill, or driver’s license)
- Proof of income (e.g., pay stubs or tax returns if self-employed)
OneMain Financial reviews
OneMain Financial has an A-plus rating with the Better Business Bureau. There are, however, both positive and negative customer reviews on the site.
People who posted positive reviews shared their great experiences with OneMain’s customer service. Here are a couple of examples:
- “Everyone was professional and went beyond what I expected to finalize the loan.”
- “Friendly staff, easy and fast process, no gimmicks. Consolidated my credit cards in one low monthly payment. One of the best decision[s] I made this year.”
Others who had negative experiences mentioned a lack of transparency with the application process and complained about pre-approval offers being inflated.
Be sure to read other OneMain Financial reviews to see whether you might share the same concerns as other customers.
Should you apply for a OneMain Financial personal loan?
When it comes to specifics, OneMain isn’t forthcoming with information until after you apply. Since it doesn’t give you a chance to see offers without a hard credit check, you might be better off checking out other personal loans for bad or average credit.
For example, Upstart and LendingClub are a couple of lenders that show preliminary offers with a soft credit check, which won’t impact your credit score. They also share more information upfront, so you don’t need to commit to anything before you know what you’re getting yourself into.
It’s always a good idea to compare several lenders to make sure you’re getting the best offer.
Rebecca Safier contributed to the reporting of this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||Rates (APR)||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|7.39% - 29.99%||$1,000 - $50,000|
|4.98% - 14.24%1||$5,000 - $100,000|
|8.00% - 25.00%||$5,000 - $35,000|
|5.99% - 16.24%2||$5,000 - $50,000||Visit Citizens|
|5.99% - 35.89%||$1,000 - $40,000||Visit LendingClub|
|5.25% - 14.24%||$2,000 - $50,000||Visit Earnest|
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