One Main Financial Reviews: Types of Loans, Fees, and APR Key Points:
OneMain Financial is an online loan company that offers different types of personal loans. APR : 18%-35.99% Origination Fees : $25 to $500 or 1% to 10%. Late Fees : $5 to $30 or 1.5% to 15% of the amount. Loan Amount : $1,500 to $20,000 Repayment Terms : 2–5 years Going through a financial crunch? You can get help from OneMain Financial loans to overcome the crisis.
OneMain Financial is a renowned online lending platform that offers personal loans, title loans , and other insurance products. With its exceptional features, it is trusted by tens of thousands of people in the US.
Read our One Main Financial Reviews to learn about the application process, fees, OneMain Financial interest rates, and other charges.
OneMain Financial Loans – An Overview OneMain Financial was founded in 2010 and is the consumer finance division of OneMain Holdings, Inc., a reputable financial services company with roots in 1912. It offers two different kinds of consumer credit cards, in addition to secured and unsecured personal loans.
The company has a mixed customer review. While many consumers say they are satisfied with their loans and the service team, others are upset about loan denials and mediocre assistance.
The good news is that applicants with poor credit can apply for OneMain Financial personal loans in 44 states across the United States. Though some states have state-specific limits, most states allow loans with maximum amounts between $1,500 and $20,000.
Now that you’re introduced to the platform, let’s look at its positives and negatives in the next section.
One Main Financial Loans Review – Pros and Cons Please be aware that other people may have different opinions from ours since these are based on our own experiences.
Pros Cons For borrowers with poor credit. Limits only up to $20,000. Provides safe loan options. Does not offer business loans. Examines the full credit and income history rather than just the credit score. High APR. No prepayment penalty. Charges origination fees. High interest rates compared to other lenders.
These are the pros and cons that you must know about the platform. If it appeals to you, read on for more information on its features and benefits.
One Main Loan Features The personal loan lender provides numerous extraordinary features that you can take advantage of. Let’s go through each of these features carefully.
Multiple Secured and Joint Loan Options You can find a wide array of secured loans on the platform, which also helps in building credit scores . It permits borrowers to apply for loans using a car, truck, motorcycle, boat, or recreational vehicle. A pre-approval appraisal is necessary, and the vehicle must be less than ten years old. One can also get joint personal loans with a co-applicant.
Both choices may increase your eligibility and lower your interest rate, but they may also have drawbacks. The lender may take your collateral if you do not repay a secured loan. Also, note that your co-borrower is responsible for repaying the loan if you stop making payments on it.
Fast Funding Options A loan application can be approved instantly. The fastest funding loan has a time limit of one hour for applicants who apply in person; online applicants may need to wait one to two business days to receive their funds.
Access to Multiple Branches The company has more than 44 operating branches where customers can go and apply for loans and insurance. The in-person service is best for people who wish to visit the branch and gain more understanding.
Cancellation Policy If a borrower decides to change their mind, they can cancel the loan within seven days without having to pay back the interest. This feature is not widely available, and it is what makes this platform more likable.
Change Payment Date Customers get to pick their payment date while signing the loan agreement and can change the date twice during the repayment tenure. This feature is helpful for people having payday jobs.
Now that you know the features, let’s go ahead and look at its fees and other charges.
OneMain Financial Loan Reviews – Fees and Other Charges Gaining a thorough understanding of the card’s features requires being aware of the interest rates, annual fees, and other costs. It is also a good idea to check to see if it fits your budget.
APR : 18%-35.99%
Origination Fees : $25 to $500 or 1% to 10%.
Late Fees : $5 to $30 or 1.5% to 15% of the amount.
Loan Amount : $1,500 to $20,000
Repayment Terms : 2–5 years
Time to Fund for Approval : 2-3 business days.
Availability : Loans are not available in AK, AR, CT, MA, RI, VT or Washington, D.C.
So, these are the fundamentals that make it stand out from others. Moving ahead, let’s take a look at the requirements and how to apply for OneMain Financial loans through the platform.
What are the Requirements to Qualify for OneMain Financial Personal Loans? There are some basic requirements that you need to fulfil in order to apply and qualify for personal loans by this lender. Let’s look at the prerequisites here:
Applicants must be a citizen of the US. Borrowers must be 18 and above. Should have Social Security Number or individual taxpayer identification number. Borrowers must have a stable income to support expenses and monthly loan repayment. (Average income between $55,000-$60,000 per annum) You can check offers on the platform and apply for the personal loans.
How to Apply for One Main Financial Personal Loans? Applying for loans via OneMain Financial is straightforward. Here are the steps for the same:
Step 1: Apply for the Pre-qualification process Visit the official website to pre-qualify. On the website, select the “Check for offers” button and input the desired loan amount . Next, provide your email address, name, income, and address. Provide information about your employment and whether you own a paid-off car. Lastly, input your SSN or ITIN along with your birthdate.
Step 2: Check Loan Offers You can see what kinds of loans you qualify for with OneMain. You won’t see the terms of repayment or your possible APR at this time. Rather, eligible candidates might receive an offer for an unsecured loan, a secured loan, or both. Your credit score will temporarily drop because the lender requires a formal application before extending you a loan offer.
Step 3: Apply and Submit the Application According to OneMain Financial, the majority of applicants receive immediate notification if they have been conditionally approved. Additional verification is needed for final approval. The lender claims it can fund the majority of loans in one or two days after final approval.
So these are the steps to apply and obtain a One Main Financial personal loan.
One Main Financial Customer Support Info The business boasts a committed group of professionals who are constantly ready to address clients’ problems. Therefore, you should get in touch with the customer support team if you have any questions about the fees or require help with the application process.
Existing Loans : 833-390-2034Loan Applications : 800-525-0451Web and Mobile Help : 800-325-2146Loan Insurance : 800-307-0048Availability : Monday-Friday, 6 pm to 6 am.These are the contact details of the company. You can get dedicated assistance in your time of need.
Is OneMain Financial Legit? Yes, Onemain Financial is a legit online lending company headquartered in Evansville, Indiana, and with offices throughout the US. The company deals in consumer finance and insurance, offering many products and services.
In case of any doubt, customers can visit their website or office and gain a better understanding.
Who Shouldn’t Choose OneMain Financial? Even though OneMain Financial is among the top lenders for borrowers with bad credit, it is still not suitable for everyone. Why is that so? The biggest obstacle is its high APR starting from 18%, origination fee of 10% combined with late payment fees and other charges.
Additionally, it may ask for collateral to secure the loan. So if you are someone who is having a really hard time financially, you must look for other lenders giving generous offers and have minimal fees.
Customer Reviews of OneMain Financial Loans You can find more than 60,000 reviews about the company on Trustpilot. 89% of customers have rated it 5 stars, 6% have given 4 stars, and 3% have given 1%.
The platform provides extraordinary features and great services. Do not just take our word for it; contact customer support to see what they can do for you.
OneMain Financial Vs Other Loan Platforms It is good to explore other platforms as well to find out the best. We have listed the best ones in the market in the table below.
Loan Company Loan Amount States Excluded Not Eligible Minimum Income CIBIL Score True American Loans $100-$35,000 NY, CT, VT, WV, AK, GA Non-US CitizensNo Military Personnel $800 >540 Reprise Financial $2,500-$25,000 None $750 24/7 Loan Pros $1,000-$35,000 NY, VT, WV, AK No Military Personnel $800 >540 Grace Loan Advance $100-$35,000 None $800 540 100 Lenders $100-$40,000 CT, NH, WA, VT No Military Personnel $1,000/m Zippy Loans $100-$15,000 NY N.A. N.A. Viva Loans $100-$15,000 NY, WV, DC N.A. N.A. – Signature Loans $100-$35,000 N.A. N.A. N.A. – Next Day Personal Loans $100-$40,000 CT, NH, WA, VT No Military Personnel N.A. – Life Loans CT, NH, WA, VT No Military Personnel $1000/m – Honest Loans $400-$50,000 NY No Military Personnel $8000/m – Excel Online Loans $500-$20,000 NY, DC, WV No Military PersonnelNo Federal Employee N.A. – Bad Credit Loans $100-$10,000 N.A. No Military Personnel N.A. – Fast Loan Direct $100 – $35,000 N.A. N.A. N.A.
These are some trustworthy lenders in the market. You can use the table above for the comparison.
We have covered all the important details through our One Main financial reviews. We hope this will help you make the right financial decisions.
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Frequently Asked Questions Ans: The company sends money via direct deposit and check after the approval.
Ans: To apply for personal loans, applicants must provide proof of their residence and address.
Ans: Yes, you can consult the customer support of One Main Financial about your situation, and they will further evaluate and find the best solution.
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FAQs – By One Main Financial
