OneMain Financial: Everything You Need to Know Before You Borrow

Introduction

Thinking about taking out a personal loan? You’ve probably come across OneMain Financial during your search. With catchy commercials and over 100 years in the business, this lender is hard to miss. But before you sign anything, let’s unpack everything there is to know about them — the good, the not-so-great, and the must-knows.

What is OneMain Financial?

OneMain Financial is a personal loan company that’s been around since 1912 — yeah, over a century! They specialize in helping people with less-than-perfect credit get access to loans that other banks might not approve. With over 1,400 branches in 44 states, they blend old-school service with modern lending.

How OneMain Financial Works

Application Process

Getting started is pretty straightforward. You can apply online or in person at one of their branches. You’ll need to provide:

Proof of income (pay stubs or bank statements)
A valid government-issued ID
Information about your expenses and debts

Once submitted, you might get pre-qualified within minutes. If approved, you’ll finalize your terms in a branch or over the phone.

Loan Disbursement

Once everything checks out, the funds are usually available the same day or by the next business day. That’s a huge plus if you’re in a pinch.

Types of Loans Offered

OneMain offers two primary types of personal loans:

Unsecured Loans: No collateral needed. These are based on creditworthiness.
Secured Loans: You’ll need to put up something of value, like your car, which can lower your interest rate.

Loan Terms and Amounts

Loan amounts typically range from $1,500 to $20,000, but this varies depending on state regulations and your credit profile.

Repayment terms go from 24 to 60 months, giving you some flexibility depending on how much you borrow and your monthly budget.

Who Is Eligible for a OneMain Financial Loan?

OneMain is more forgiving than many other lenders. They often work with people who have fair or poor credit.

Credit Score Requirements

There’s no hard minimum, but most approved borrowers have scores in the 600 range.

Income and Employment Criteria

You’ll need a steady source of income — doesn’t have to be a 9-to-5 job. Gig work, social security, or retirement income can all count.

States and Locations Covered

OneMain is available in 44 states with over 1,400 physical branches. They also support online applications, which is great if you’re not near a branch.

Pros and Cons of OneMain Financial

Pros

Fast Funding: Often same-day.
No Prepayment Penalty: Pay off early without extra charges.
In-Person Help: Great if you prefer face-to-face service.
Accepts Bad Credit: More flexible than traditional banks.

Cons

High Interest Rates: Can go up to 35.99%.
Origination Fees: Depending on your state, fees can run from 1% to 10%.
Lower Loan Limits: Maxes out at $20,000 for most borrowers.

How Does OneMain Compare to Other Lenders?

OneMain vs. LendingClub

LendingClub offers peer-to-peer loans, with potentially lower rates but stricter credit requirements.

OneMain vs. Avant

Avant is also great for bad credit, but they don’t offer in-person service.

OneMain vs. Upgrade

Upgrade might offer higher loan amounts and slightly lower rates — but OneMain wins on speed and accessibility.

Customer Reviews and Ratings

Trustpilot: 4.8/5 stars – Customers praise helpful service.
BBB Rating: A+ – Good handling of complaints.
Google Reviews: Varies by branch, but generally positive.

Common Fees and Costs

Here’s a quick breakdown:

Origination Fee: 1% to 10% of the loan.
Late Payment Fee: Varies by state.
Returned Payment Fee: Around $15–$30.

There’s no prepayment penalty, which is a nice perk.

Managing Your Loan

You can manage your loan through the OneMain website or mobile app. Set up autopay, check balances, or even refinance directly online.

Tips to Get Approved for a OneMain Loan

Check your credit first.
Apply with a co-applicant if your credit isn’t strong.
Consider a secured loan for a better rate.
Reduce other debts before applying.

Is OneMain Financial Legit and Safe?

Absolutely. It’s one of the most established personal loan companies in the U.S. They use encryption to protect your data and have transparent loan agreements.

Final Thoughts

OneMain Financial is a solid option if your credit isn’t perfect and you need money quickly. The interest rates can be high, but the company makes up for it with accessibility, fast funding, and personal service.

If you want a lender who says “yes” more often than “no,” OneMain might be your match. Just be sure to read the fine print and compare rates before signing on the dotted line.

FAQs

1. What credit score do I need for OneMain Financial?

You don’t need perfect credit. Many borrowers have scores in the 600s or even lower, especially if they choose a secured loan.

2. How fast can I get the money?

Often within one business day, sometimes even the same day you’re approved.

3. Can I apply with a co-signer?

Yes, applying with a co-applicant can boost your approval odds and lower your interest rate.

4. Is OneMain Financial a direct lender?

Yes, they lend their own money, unlike platforms that connect borrowers to third-party lenders.

5. Are there penalties for paying off early?

Nope — OneMain doesn’t charge prepayment penalties, so you can save on interest by paying early.