OneMain Financial Personal Loans Reviews (Aug. 2020) | Personal Loans

Highlights
Community Rating	Strongly not recommended
APR (Fixed APR)	18% - 35.99%
Loan Amount	$1,500 - $20,000
Loan Term (Months)	24 - 60 months
Number of Reviews	29

OneMain Financial Personal Loans Review

OneMain Financial Personal Loans is offered by OneMain Financial, a direct lender 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 cash. In some cases you can get your money within 1 business day.
Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 540 are considered for OneMain Financial Personal Loans.
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.
Cosigner applications accepted. Applying for OneMain Financial Personal Loans with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
Minimum income of $7,200. You will need an annual income of at least $7,200 to apply for OneMain Financial Personal Loans, which is below average for the lenders in our database

OneMain Financial Personal Loans Pros and Cons:

Pros	Cons
$0 prepayment fee. Considers applicants with poor credit. Fast funding.	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.

What rates and terms does OneMain Financial Personal Loans offer?

OneMain Financial Personal Loans has higher interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does OneMain Financial Personal Loans offer?

OneMain Financial Personal Loans offers a fixed APR personal loan product that ranges from 18% APR up to 35.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via OneMain Financial Personal Loans?

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

What can a personal loan from OneMain Financial Personal Loans be used for?

Personal loans from OneMain Financial Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.

What is the maximum loan term you can get with OneMain Financial Personal Loans?

OneMain Financial Personal Loans offers personal loans with terms ranging from 24 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

OneMain Financial Personal Loans Rates & Terms
Loan Amount	$1500 - $20000
Loan Term	24 - 60 months
APR	18% - 35.99%

What fees does OneMain Financial Personal Loans charge?

Does OneMain Financial Personal Loans charge an origination fee?

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

Does OneMain Financial Personal Loans charge a late fee?

Yes, OneMain Financial Personal Loans may charge borrowers a late payment fee of up to $30.

Does OneMain Financial Personal Loans charge prepayment fees?

No, OneMain Financial Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

OneMain Financial Personal Loans 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 are 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 $7,200 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. Active duty service members and their covered dependents are eligible to apply for a loan via OneMain Financial Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by OneMain Financial Personal Loans. Permanent resident / green card holders are also eligible to apply.

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

Recent pay stubs
Proof of income
Driver's license
Proof of citizenship or residence permit

OneMain Financial Personal Loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	No
Application Types Accepted	Cosigners Individual Applications
Credit Score	540 - 700

What is the estimated funding time for a personal loan via OneMain Financial Personal Loans?

OneMain Financial Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.

OneMain Financial Personal Loans Disclosure: Not all applicants will qualify for larger loan amounts or most favorable loan terms. 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). 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. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. 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 $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; 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. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. 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.

Contact

Headquarters
601 NW 2nd Street, Ste 300
Evansville, IN 47708
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Other Services by OneMain Financial

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Availability

Available in 44 states

Alaska
Arizona
California
Colorado
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
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
West Virginia
Wisconsin
Wyoming

Feature Breakdown

No Prepayment Fee
Late Fee Amount	$5 - $30
Origination Fee ($)	$25 - $400
Origination Fee (%)	1% - 10%

OneMain Financial Personal Loans Community Reviews

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Immigration Status Considered	U.S. Citizen U.S. Permanent Resident
Joint Loan Applications Accepted	Cosigner Individual Applications
Military Status	Active Duty Military Military Dependent Non-Military Veterans
Minimum Age	18
Minimum Annual Income	$7,200
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 (Green Card)
Credit Score Range	540 - 700 850 300 540 700

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