OneMain Financial Reviews [Loan Requirements, Process]

OneMain Financial is a loaning company that offers secured personal loans, unsecured personal loans, and auto loans. With over 1,500 branches in the US, this lending company has lent over $152 billion to people in need of a cash injection since 2005.

Looking through hundreds of OneMain Financial reviews, we aimed to find out whether or not the company lives up to expectations. We will compare it to its competitors and look deeper into their offers, considering the following factors:

  • Product Overview and Features
  • Criteria and Eligibility
  • OneMain Financial Loan Process
  • Pricing and Costs
  • Pros and Cons
  • Alternatives
  • OneMain Personal Loan Reviews and Testimonials
  • FAQs

OneMain Financial Product Overview and Features

Depending on your personal needs and situation, you can apply for a secured or unsecured personal loan from OneMain Financial. A secured loan requires the client to provide collateral in the form of a motor vehicle or property, whilst an unsecured loan doesn’t require any collateral.

The terms of your offer will depend on your income, available collateral, debts, expenses, and credit history. OneMain Financial personal loans reviews show that many customers got a larger loan than expected since OneMain Financial accepts even customers with bad credit.

Let’s take a closer look at the features of the personal loan:

Expected Loan Amount

The loan amount ranges between $1,500 and $20,000.


The estimated annual percentage rate (APR) ranges between 18%-35.99% and is fixed upon agreement.

Loan Term

Loan terms vary between 24, 36, 48, and 60 months.

Fees and Penalties

There is no prepayment fee, but late payments can be penalized between 1.5%-15% usually ranging from $5-$30. Origination payment fees are also charged at 10% of your loan amount or a flat $400.

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OneMain Financial offers fixed interest rates to its clients. The interest rate will depend on the area you live in.

Receiving Funds

Clients receive their funds either in person by checking in at a branch or via a direct deposit. As seen from OneMain Financial reviews, funds that are approved are deposited into the customer’s account within 24 hours.

Personal Loans Features

There are many perks to applying for a personal loan with OneMain Financial. Not only do its bad credit loans come with guaranteed approval, but when you add collateral to your loan, you can qualify for lower interest rates as part of the secured personal loans product.

The company offers an intuitive mobile app through which clients can make payments and track their loans. Clients with bad credit will benefit from the qualified customer care agents who can give you tips on fixing your credit score for a brighter future.

Approval and Funding Time

Overall, reviews on the OneMain Financial approval process and funding time have been really positive. The entire process can take only 24 hours. The prequalification and pre-approval form that can be filled in online takes only 10 minutes. Upon approval, it can take one business day to sign the agreement and receive funds.

This process might take longer if there is outstanding documentation you need to provide. OneMain Financial carries out a thorough verification process that is important for approval. So, have all your documents ready for quick verification and funding.

Other Products

Apart from its personal lending services and personal loans for bad credit, OneMain Financial also offers mortgage repayment solutions, military family support, insurance coverage, bad credit score solutions, and COVID-19 assistance.

Making Payments

Numerous reviews for OneMain Financial have said that there are many payment options available. You can pay online, through the mobile app, via phone, in a OneMain Financial branch office, with cash at participating retailers, and through the mail.

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COVID-19 Assistance

The global outbreak of COVID-19 has left many of us in financial ruins. OneMain Financial assists their clients by giving them access to account managing tools. Clients can contact customer care agents for additional funds or to arrange different payment schedules. COVID-19 products are combined with free assistance on how to get out of debt with no money and bad credit.

OneMain Financial Eligibility and Requirements Criteria

The OneMain Financial loan application is a quick and easy process and can take only 10 minutes. For personal loan eligibility, you should provide your government-issued ID, social security card, passport, or driver’s license, proof of residence, and proof of income. Based on your situation, OneMain Financial might request additional information and documentation.

Applicants should be 18 years or older and be US citizens or residents. Many lending companies also take into account credit score factors. With OneMain Financial even individuals with bad credit scores are eligible.

The only requirements are that loans aren’t used for:

  • Gambling
  • Illegal activities
  • University expenses
  • Business endeavors

Pros Cons Quick funding time High APR and interest rates Fast and easy application process Minimum lending amounts differ from state to state COVID-19 assistance and relief program Choice between providing or not providing collateral Branches available in 44 US states Excellent customer service Doesn’t require a minimum credit score Hundreds of positive OneMain Financial loans reviews

OneMain Financial Reviews and Testimonials

The internet is filled with reviews on OneMain Financial. On the company’s website itself, there are over 27,000 reviews. 87% of these reviews give the company a 5-star rating. Only 3% of the company’s reviews are negative. One negative OneMain Financial review expresses a client’s dissatisfaction because the lending company impounded his car as collateral due to non-payment. Even though no company can have all 5-star ratings, it is clear that most negative reviews are because of the high APR rates or collateral being taken.

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The company proves its credibility and reliability with numerous positive OneMain Financial reviews on BBB and an A+ rating. Here are a few other ratings:

From OneMain Financial Glassdoor reviews: 4.8-star rating (Atlanta), 3.4-star rating (Chicago) NerdWallet: 4-star rating WalletHub: 3.8-star rating Bankrate: 3.9-star rating ConsumerAffairs: 4-star rating

Privacy and Security Policy

The lending company has a very strict and thorough privacy policy to ensure the client’s information remains private and safe. You can read through the policy here.

Alternatives and Competitors

Since the market is flooded with different companies offering personal loans, it can be difficult to pick one that best suits your needs. Let’s compare the company’s features to that of its competitors, PayOff and Avant:

One Main Financial PayOff Avant Loan Term 24-60 months 24-60 months 24-60 months Estimated APR 18%-35.99% 5.99%-24.99% 9.95%-35.99% Min. Credit Score None 640 580 Loan Amount $1,500-$20,000 $5,000-$40,000 $2,000-$35,000

By looking at the above comparison it is clear that applicants with bad credit scores will unfortunately not get good APR rates. PayOff can offer its clients higher loan amounts with low APR rates if they have a good credit score.

OneMain Financial interest rates and APR rates are higher because the risk of lending to an applicant with a bad credit score is much higher.

Wrap Up

Your personal loan can be used for debt consolidation, buying a car, home improvements, personal events like weddings, or for going on holidays. As long as you stick to your repayment plan, OneMain Financial won’t ask any further questions.

Clients don’t have to worry about how to get a loan with bad credit, since OneMain Financial doesn’t require a minimum credit score. Even though the APR rates are a bit high, OneMain Financial reviews clients with bad credit and can guarantee approval.