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OneMain Financial Personal Loans
in Personal Loans from OneMain Financial
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OneMain Financial Personal Loans

Claimed
in Personal Loans from OneMain Financial
SuperMoney Net Recommendation Score -35  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -35, equating to 2.3 on a 5 point rating scale.

-35

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly not recommended

11 users recommend
6 users are unsure
26 users don't recommend
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Highlights
Community Rating Mostly not recommended
APR 18% - 35.99%
Loan Amount $1,500 - $20,000
Loan Term (Months) 24 - 60 months
Number of Reviews 43

OneMain Financial Personal Loans Review

OneMain Financial Personal Loans is offered by OneMain Financial, founded in 1912 and based in Evansville, IN. OneMain Financial Personal Loans is available in 44 states across the USA.

Key Takeaways
  • Fast access to funds. In some cases, you can get your money within 1 business day*.
  • Prequalified rate. You can check your prequalified rate at OneMain Financial with a soft pull that will not affect your credit score.
  • Origination fees of up to 10%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
  • Minimum income of $10,000. You will need an annual income of at least $10,000 to apply for OneMain Financial Personal Loans, which is below average for the lenders in our database
One Main Financial Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • APRs as high as 35.99%.
  • Charges an origination fee of up to 10% of the loan amount.
  • OneMain Financial Personal Loans does not report to credit bureaus.
  • Charges a late fee of up to $30.
One Main Financial FAQ

What interest rates and personal loan terms does One Main Financial offer?

One Main Financial has higher than average interest rates for lenders reviewed on SuperMoney.

What interest rates does One Main Financial offer?

One Main Financial offers a personal loan product that ranges from 18% APR up to 35.99% APR.

How much can you borrow via One Main Financial?

Business loan amounts start at $1,500 and go up to $20,000.

What is the maximum loan term you can get with One Main Financial?

One Main Financial offers loans with terms of up to 60 months.

One Main Financial Interest Rates & Loan Terms
Personal Loan Amount $1500 - $20000
Loan Term 24 - 60 months
APR 18% - 35.99%

What fees does One Main Financial charge?

Does One Main Financial charge an origination fee?

One Main Financial may charge a personal loan origination fee of 1% to 10% of the personal loan amount of $25 to $400 One Main Financial deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.

Does One Main Financial charge a late fee?

Yes, One Main Financial may charge borrowers a late payment fee if you miss one of the monthly payments of up to $30.

Does One Main Financial charge prepayment fees?

No, One Main Financial does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

One Main Financial Fees
Origination Fee 1% - 10%
Prepayment Fee No
Late Payment Fee $5 - $30

What do you need to qualify for OneMain Financial Personal Loans?

Applicants with a credit score of at least 540 and up to 700 may be eligible for OneMain Financial Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for personal loans with OneMain Financial Personal Loans, applicants need a minimum annual income of $10,000 or higher.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the OneMain Financial Personal Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
One Main Financial Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
Credit Score 540 - 700

What is the estimated funding time for a personal loan via One Main Financial?

One Main Financial will typically approve (or deny) a loan application within 24 hours and fund loans within 7 business days of approval.

Is One Main Financial a legit company?

One Main Financial was founded in 1912, it is a well-established company that has been in business for 110 years. OneMain Financial Personal Loans are mostly not recommended by SuperMoney community users.

OneMain Financial Personal Loans Disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From OneMain Financial

For over 100 years, we’ve been helping hard-working people tackle life’s challenges by providing the help you need when you need it. Our loan experts are from your community, understand your unique situation, and will treat you with honesty, dignity, and respect. Our goal is to deliver the best customer experience and empower you to take control of your finances.

Message From Our Editor

What We Love About One Main Financial Personal Loans

If speed is what consumers need, One Main Financial answers the call. They don’t offer nationwide coverage or the lowest interest rates, and their approval process is quite stringent. Still, however, they’re quick with decisions and processing, and that is a win for the consumers who need it. They do work with those who have less-than-perfect credit, although you’ll pay higher interest rates as a result.

One other thing we love is that consumers can apply with a cosigner or with collateral to access larger loan amounts, even if they’ve already applied on their own and been approved for a lower amount.

What Could One Main Financial Do Better?

As mentioned, One Main Financial doesn’t always have the lowest interest rates or best terms for those who have sub-par credit. This lender is designed specifically to work with people who have good credit and need quick cash. It might serve them well to improve their online processing options, too, as consumers will still need to speak with a loan officer on the phone before being approved.

One Main Financial Backstory

One Main Financial started all the way back in 1912, founded by Alexander Duncan as Commercial Credit. This company was a pioneer in the industry at the time, providing working capital to building contractors and manufacturers, opening branches throughout the U.S., and continuing to expand. They were known as the Travelers Group by 1998 when they merged with Citicorp to become part of CitiGroup, which then became CitiFinancial.

In 2011, the company changed to One Main Financial, and then CitiGroup sold the OMF brand to Springleaf, who merged the company into theirs and kept the One Main Financial brand.

The Verdict

One Main Financial is a standard lending solution for people who need standard lending options with fast approval. Even though you have to talk to a loan officer on the phone, most loans are approved and funded quickly.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 5:00am - 5:00pm
  • Tuesday 5:00am - 5:00pm
  • Wednesday 5:00am - 5:00pm
  • Thursday 5:00am - 5:00pm
  • Friday 5:00am - 5:00pm
  • Saturday Closed

Other Services by OneMain Financial

Availability

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

Feature Breakdown

No Prepayment Fee
Late Fee Amount $5 - $30
Origination Fee ($) $25 - $400
Origination Fee (%) 1% - 10%
Checking Account Required
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Cosigner
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Annual Income $10,000
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Income
Credit Score Range 540 - 700
Loan Amount $1,500 - $20,000
APR 18% - 35.99%
Loan Term 24 - 60 months

OneMain Financial Personal Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -35, equating to 2.3 on a 5 point rating scale.

-35

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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