OneMain Financial is a leading provider of sub-prime personal loans, having extended over $120 billion in loans to over 10 million customers. It is a subsidiary of Citigroup and has been operating as a lender since 1912 when its founding company, Commercial Credit Company, was founded in Baltimore by Alexander Duncan.

How Does OneMain Financial Work?

The application process can start online or at one of their branches operating in 44 states. If you apply online, your form will be sent to a branch near you and a loan specialist will get in touch with you. OneMain Financial offers fixed rates loans and the cash is available within the next business day or even the same day, if approved by noon. There is no need for collateral or home-ownership. You also get to choose your own due date and either pay online over the phone or at one of the branches.

What Are OneMain Financial Rates and Fees?

OneMain Financial does not offer a range of rates on its websites or when you call their customer service. It requires applicants to fill in an application before it provides information on rates. The 16% APR to 36% APR range is an estimate based on customer reports. OneMain Financial also charges substantial fees, which makes it difficult to estimate an APR.

How Much Money Can I Borrow from OneMain Financial?

OneMain Financial offers loan amounts of $1,500 to $25,000. 

Which States Does OneMain Financial Operate In?

OneMain Financial operates in 44 states. These include Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Maine, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, West Virginia, and Wyoming.

What Is OneMain Financial's Application Process Like?

OneMain Financial's application form is short and easy to fill in. It also requires borrowers to provide verification of their personal identification and income details. This includes a driver's license or passport, a current bank statement, W-2, two years of tax returns for self-employed workers, and a utility bill. Once you complete an application a loan specialist will go through your options and discuss rates and fees with you.

If you are approved for a loan and you accept the terms, you could get your cash within 24 hours.

How Is OneMain Financial Better Than Other Lenders?

As the sub-prime consumer lending arm of Citigroup, OneMain Financial has the backing of a large multinational bank. It also has over 100 years of experience in the consumer lending business and over a thousand branches throughout 44 states.

OneMain Financial offers loan amounts of up to $25,000 and is available to borrowers with low credit scores. The rates are higher than those offered by traditional banks and peer-to-peer lenders but these are generally only available to borrowers with good or excellent credit.

  • Credit Score Range
    540 - 640
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Joint Loan Applications Accepted
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Minimum Annual Income
  • Supported Income Types
    Direct Deposit (W2, SSA, SSDI)
  • Verification Documents Required?
    • Proof of Income
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence
  • No Prepayment Fee
  • Origination Fee
    1% - 5%
  • Approval Speed (Hours)
  • Funding Time Range (in days)
    1 - 7
  • Joint Loans Available
  • Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
    • Storefront
  • Pre-Approved Soft Credit Inquiry
  • Loan Amount
    $1500 - $25000
  • Loan Term Range (Months)
    24 - 60
  • APR
    16% - 36%
  • Max Loan Term (Months)
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