OneMain Financial Personal Loans Review: Murky Terms and Mixed Experiences

onemain financial reviews

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.

Loan terms

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.

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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
  • Vacation
  • Furniture

Once your application is approved, you can also choose to receive your funds in one of three ways:

  • Check
  • 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.”

onemain financial reviews

Image credit: OneMain Financial

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.

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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (
  2. Personal LoansFixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 4.98% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 21, 2017 and are subject to change without notice. Not all rates and amounts available in all states. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.98% APR assumes current 1-month LIBOR rate of 1.34% plus 3.89% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 5.99% – 16.24% (5.99% – 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.39% - 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
4.98% - 14.24%1$5,000 - $100,000
Check rate nowon SLH's secure site
8.00% - 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
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