OneMain Financial Personal Loans: 2018 Review

OneMain Financial provides personal loans for consumers with good, fair and bad credit. Springleaf Financial purchased OneMain Financial from Citibank in 2015, keeping the OneMain name and creating the largest subprime lender in the United States. Unlike many personal lenders, OneMain Financial has been providing loans since 1912, when it was called Commercial Credit.

OneMain is a crossbreed of online and branch convenience as borrowers have the choice to fill out applications online to get instant approval but need to visit a branch to close the deal. The lender operates around 1,600 branches across 44 states – and 87 percent of Americans live within 25 miles of a OneMain branch.

OneMain Financial loan rates & terms

APR range: 16.05%—35.99%
Available loan terms: 24-60 months
Loan amounts: $1,500—$30,000
Time to fund: 6 days on average
Origination fee: None
Credit needed: 580+
Income needed: Varies
Best for: Those with poor to fair credit

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OneMain Financial personal loan review

OneMain provides loans to consumers with below average credit scores who may have trouble qualifying for a traditional bank loan. The interest rate and amount you can borrow is based off your FICO score and your debt-to-income ratio. While income to qualify varies, most approved applicants have a household income that averages around $46,000.

Because the lender caters to consumers with poor credit, the starting percentage rate of 17.59 percent is higher than what most online lenders charge. Most customers average an Annual Percentage Rate of 27.6 percent.

With OneMain, borrowers can get both secured and unsecured personal loans that can take care of a range of purposes, including:

The biggest benefits

While OneMain doesn’t have competitive APRs and aren’t nation-wide, they do have fast approval decisions and are quick at processing funds. They’re also one of the few lenders that allows multiple borrowers on a single loan. By considering multiple incomes, they can approve a loan it might not otherwise have with a single applicant.

Depending on your financial standing, you may qualify for either a secured or unsecured personal loan. You can secure a loan with a car title or other collateral, which may help you qualify for a lower interest rate, larger loan amount or longer term. The company says 43% of its loans are secured loans.

The drawbacks

Loan details are difficult to find – as the website provides minimal information. To get a better idea of loan terms and fees, you will need to submit an application.

How OneMain compares

While the rates offered by the company are higher than at other online lenders, they are much lower than what you would see with a payday loan or no credit check loan.

OneMain incentivizes its borrowers by offering a rewards program that allows customers to redeem points for gift cards at national stores and restaurants. The rewards program requires customers to make on time payments and learn more about budgeting their money.

According to the lender, you can earn points by consistently paying your bills on time, watching personal financial education videos, completing budgeting tutorials, monitoring your credit score and interacting with the company on social media. Rewards members also have access to a discount and savings portal to save money on everyday purchases. The program is not available at some branches and in some states.

Should you apply?

WIf your credit is in the subprime arena and have had difficulty qualifying for a loan with banks or don’t have a long credit history, you’re a good candidate for a OneMain Financial loan.

How to apply for a OneMain Financial loan

You can start the application process online by submitting your personal, employment and financial information at OneMain’s website. Once your online application is complete, you’ll get an email with a decision on your application, and a representative will contact you to schedule an appointment at a branch office to discuss your options and verify your information. If there is no branch nearby, you may be able do this step remotely.

The application form will ask for personal identifying information.

If you apply online, you will have to go to a local branch to finalize your loan. Whether you go to the local branch to start your application or close on the loan that you applied for online, you’ll need to bring the verification documentation such as a government issues ID, proof of residence, and/or proof of income.

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OneMain Financial Disclosure

Terms vary based on personal information like credit history, income, expenses, debts and available collateral. As an example, if you borrowed $6,000 with a 24.99% APR and 60 month term, your payments would be $176.07 per month. This example is based on an average customer with good credit.

*You should consider that the overall cost of refinancing an existing balance may be greater than the cost of separate financing, if it is available. You should consider that while refinancing your existing debts with a new loan may reduce your total monthly debt payments, the new loan may increase both the total number of monthly payments and the total amount paid over the term of the loan. If you are a current customer with us, we may require that your existing loan balance with us be paid off by the new loan.

** Loan proceeds may be disbursed by check, Automated Clearing House (ACH) deposit, or a prepaid card. ACH disbursements can take approximately one to two business days depending on the time of loan closing. Prepaid card disbursements are limited to the first $10,000 of the loan amount and are available immediately upon activation of the prepaid card. Prepaid cards are not available in all locations and are not available to active duty military, their spouse or dependents covered by the Military Lending Act.”

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