OneMain Financial is a leading provider of sub-prime personal loans with over 1.3 million customers spread over 1,141 branches in 43 states. 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 1,141 branches. 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 Interest Rates?
OneMain Financial does not offer a range of interest rates on its websites or when you call their customer service. It requires applicants to fill in an application before it provides information on interest rates. The 10% to 30% 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 $300 to $15,000. However, online applications have a cap of $10,000.
Which States Does OneMain Financial Operate In?
OneMain Financial operates in 43 states. These include Delaware, Alabama, Arizona, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Maine, Minnesota, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Utah, Virginia, West Virginia, Oregon, Washington, Michigan, Mississippi, North Carolina, Wisconsin, Tennessee 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 interest rates and fees with you.
OneMain Financial considers applicants with a credit score of over 550. If you are approved 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 1,141 branches in 43 states.
OneMain Financial offers loan amounts of up to $15,000 and is available to borrowers with low credit scores. The interest 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.