OneMain Financial Personal Loan Review
on the secure website of OneMain Financial
What we like:
Same day financing
|Tariffs (APR)||12.99 – 35.99|
|Loan conditions||35 years|
|Loan amounts||$ 1,500 – $ 20,000|
|Fresh||Penalty for early repayment: Nothing
OneMain Financial has been in business for over 100 years, providing financial products such as personal and auto loans. First founded in Maryland in 1912 as Commercial Credit, the company changed its name to OneMain Financial in 2015.
With more than 1,600 locations in 44 states, excluding Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island and Vermont, the company caters to borrowers who do not have the best credit scores and may be refused elsewhere.
This review will cover the rates, terms, pros and cons of OneMain Financial personal loans.
In this review:
Apply for a OneMain personal loan
To be considered for an unsecured loan, you will need to complete an online application indicating the loan amount you wish to receive, the purpose of the loan and whether you will apply for the loan on your own or with a co-applicant.
Although they ask what the loan is for, the company does not disclose which reasons are acceptable and which are not. Common reasons for applying for a personal loan include paying for medical bills, consolidating or refinancing debt, unexpected auto repairs, credit cards, home repairs, and even vacations.
When applying, you will be asked to provide personal information such as your date of birth, address, and social security number. Finally, you will disclose your employment history, such as who your employer is or if you are self-employed, and details of your monthly net income. You will also be asked if you own a property and have a bank account.
But unlike some online personal loan companies, with OneMain, you cannot complete the entire online application process. If you applied online and are approved, you will still need to visit a branch to discuss your options and verify your identity and other information such as expenses, employment, income, and guarantees.
Unlike some other lenders, OneMain does not list the minimum credit score you will need to secure a loan. They will look at the full financial situation to make their decision on whether to grant a loan. This can be good news for people with low credit scores.
Since applying for a loan online is just a soft credit check, the initial stages of applying don’t hurt your credit score. Flexible credit checks don’t impact your credit score, so there is no risk to you if you apply and are refused.
OneMain Financial Loan Rates, Conditions, Fees and Limits
OneMain is upfront about its loan terms, which it clearly details on its website. Their prices range from 16.05 at 35.99, depending on the applicant’s credit profile. The profile includes information such as the applicant’s income, debts, whether they have collateral, and credit history.
While you can still get approved for a loan if you don’t offer any collateral, such as a paid off vehicle, it can help you get a better interest rate or a bigger loan. But if you put up collateral for your loan, you could lose that asset if you don’t make the necessary payments. For this reason, you should carefully consider whether adding collateral would be the best option for you.
The minimum loan amount starts at $ 1,500 and go up to $ 30,000. Terms of reimbursement of 24, 36, 48 or 60 months are available.
If you want to pay off your loan early, you can do so by adding a monthly supplement to your payment or by making a lump sum payment. You also won’t have to pay a prepayment charge.
Benefits of a OneMain personal loan
If you’re the type who likes to have physical branches to visit if you have any questions, OneMain has the edge over the rest. online lenders such as SoFi and Loan Club, which have no branches, only a head office.
OneMain offers a decent range of repayment terms ranging from two to five years. And, if approved, you’ll get the cash quickly, often in just a few days, but you have to go to a branch for the verification process.
Another advantage of these loans is that the approval is less dependent on your credit score and your credit report than the approval of some other lenders. So if your credit is low, you can still get approved for a OneMain loan.
Another plus point is that OneMain has been in business for over 100 years, so you can think of them as less risky than a start-up.
Disadvantages of a OneMain personal loan
There are two main drawbacks to getting a loan with OneMain.
The first is the fact that you have to go to a branch to get the loan and set up your monthly payment. Again, you cannot do everything online like you can with other lenders. If you live in one of the six states that don’t have a branch, you won’t have a chance to get this loan.
The second downside is the high interest rate you might face to get a loan. If you need cash and your credit is low, you can check out our list of best loans for bad credit. Fully explore your choices before committing.
>> Read more: The best places for a personal loan
Depending on your situation, OneMain Financial personal loans might be an option for you. They can be attractive if you:
- You’ve had financial problems in the past and you don’t have a strong credit rating
- Live near a branch
- Like the idea of doing business with an established company
- Need to get money fast
Beware, however, of potentially high interest rates – there may be better loan options for you, especially if you have good or excellent credit.