Loans » Personal Loan Lender Reviews » OneMain Financial Loan Review 2021
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This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

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OneMain Financial Loan Review 2021

OneMain Financial is best for borrowers with less than perfect credit and could be a good fit for you if you have issues getting funding through traditional methods.

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

OneMain is unique to other online personal loan providers in that they have over 1,500 physical locations or branches. This is helpful to borrowers who may have issues getting lending with traditional banks. OneMain Financial is best for borrowers with less than perfect credit and could be a good fit for you if you have issues getting funding through traditional methods. OneMain rates are higher than average, but it is a much better deal than payday lenders. There is also have a quick turnaround time, so if you are in a financial jam they might be a good choice. 

However, if you have good to excellent credit, you may want to look at other providers first. This review will cover mostly OneMain Financial personal loan offerings, even though OneMain considers auto loans like personal loans.

OneMain could be a good fit for you if you have issues getting funding through traditional methods. OneMain does have high rates, but it is a much better deal than payday lenders.

APR

18.00% – 35.99%

Loan Amount

$1,500 -$20,000

Term

24-60 months

Min score

No Minimum

OneMain Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Pros

Cons

What Can a OneMain Personal Loan Be Used For?

OneMain offers personal loans for many different reasons including debt consolidation, home improvements, life events, recreation and auto. OneMain Financial personal loans cannot be used for any post-secondary education expenses, to fund a startup or an existing business, to purchase securities, gambling or illegal activities

The OneMain home improvement loan can be used for home repairs or renovations. The advantage of using a OneMain home improvement loan is that you do not have to use your home as collateral and you get funds much quicker with lessdocumentation.

Typically, it takes a month or more to get an equity line of credit on your home. OneMain has a very quick turnaround so if those repairs were unexpected you can use OneMain to get repairs started quickly.

You can use a OneMain loan to start your home improvement project immediately. Another advantage over a home equity line of credit is that it’s based on the credit worthiness of the borrower, not the equity of a home.

OneMain offers auto loans that are both secured and unsecured. Unsecured loans can be used to cover auto repairs. The other offerings can be secured by your car.

If you are interested, you can review the following links depending on what you are trying to do: auto refinancingauto purchase and cash out refinance. The rate ranges on the secured loans are the same for the unsecured loans.

The OneMain Financial debt consolidation loan pays off one or more prior unsecured loans with the new loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender.

A OneMain personal loan can be used for a number of recreational activities including vacation, buying a boatRV, or motorcycle. This type of loan also can be used with collateral.

OneMain’s life event personal loan can be used for wedding costsmedical costs, or funeral costs. Whether the events were expected or unexpected, OneMain turnaround is quick and easy to help you cover those costs.

OneMain Reputation

  • A+ on BBB:  BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  • 1.35/5  on BBB customer reviews (+200 reviews): BB customer reviews allow customers to post positive, negative, or neutral reviews about marketplace experiences.
  • 4.8/5 on Trustpilot ( +27,000 reviews): TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
  • 821/1000 points on J.D Power: OneMain got 821 out of 1000 possible points in the 2020 research, lower than industry average. .J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. 

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings +200 reviews.

Application Process

OneMain Financial allows borrowers to apply online, over the phone, or in person. Most of the time an online applicant will need to go to the local branch to meet with a loan specialist. The online application process is simple and quick.

OneMAin Financial Personal Loan

 The online application requires basic information about yourself and your finances. The borrower usually gets a response quickly. 

OneMAin Financial Personal Loan

 This includes the amount you want to borrow, loan use, name, address, email, date of birth, social security number, phone number, employment, and monthly income. 

OneMAin Financial Personal Loan

You then will have to make an appointment with a local branch to review loan options with a loan specialist. The specialist will verify information and ask for proof of ID, address, and employment or income. 

OneMAin Financial Personal Loan

Once loan documents have been signed, you walk out of the branch with a check. You can also have the money transferred to your checking account.
If you live remotely and do not live close to a branch, OneMain will try to work with you. They may call you or you can call them at 1-800-961-5577 to move the loan forward.

OneMAin Financial Personal Loan

OneMain Financial FAQs

 Is OneMain a good place to get a loan?

OneMain is a great place to get a loan if you have a less than perfect credit score. There are no credit score minimums to qualify. Instead, OneMain uses its in house algorithm to evaluate applications. The lender prioritizes ability to repay, credit stability and whether the loan is secured, rather than a credit score.

However, this flexibility does come at a cost. The typical rates are quite high and you can only borrow up to $20,000 over a maximum of five years.

Does OneMain ask for proof of income?

Before you can finalize your loan, OneMain does require documentation to support your application. This includes proof of residents, a copy of a valid, government issued ID and proof of income in the form of tax returns or pay stubs.

Additionally, OneMain may ask for additional documentation based on your unique situation.

Is OneMain better than Avant?

Although OneMain and Avant offer similar loan products, there are some crucial differences. Generally speaking, applicants with a decent score are likely to enjoy a more favorable rate with Avant, but if your score isn’t greatl, OneMain’s flexibility could offer you a great deal.

Avant also offers a higher lending potential. Which is better will depend on your circumstances. If you have a credit score below 620 or you can put up some collateral for your loan, OneMain is likely to be the better option. But, if your score is above 620 and you want an unsecured loan, opt for Avant.

Is OneMain better than Lending Club?

Lending Club does offer a higher maximum loan amount for personal loans, with rates that are lower than OneMain. However, this is attached to more stringent requirements. Lending Club requires a minimum credit score of 660 and there is a loan minimum of $5,000. Additionally, Lending Club is also slower to release funds, as you may be waiting up to seven business days.

So, if you are looking for a larger loan and can meet the credit score minimums, Lending Club is a better choice for you.

Is LendingPoint better than Onemain?

If you cannot meet the credit score minimums of LendingPoint, Onemain may be an option. This provider works with all credit profiles, but this does come at a cost. The rates are higher. So, if you do have a credit score of 585 or more, LendingPoint is the better choice.

However, Onemain does allow you to use collateral to back your loan and help you to qualify for a lower rate. But, there is an origination fee of up to 10% that you’ll need to consider.

Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Credible

APR

2.49%-35.99%

Credit Score

Varies, Based on Lender

SoFi

APR

4.99%-19.63%

Credit Score

680

OneMain Financial

APR

18.00% – 35.99%

Credit Score

No Minimum
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

SoFi

8.99% – 29.99%
620

Credible

2.49%-35.99%
Varies

OneMain Financial

18.00% – 35.99%

No Minimum

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to OneMain personal loan: 

This company is an online lender that offers very high loan amounts yet at low interest rates. LightStream is part of the Trust Bank group, formerly the SunTrust Bank. You can use the loan for any purpose, including home improvements, debt consolidation, etc.

LightStream does not charge fees. So, there are no late payment fees, processing fees, or pre payment fees. They even offer $100 to customers if they are unsatisfied with their loan processing experience and are willing to beat competitor’s rates by 0.1%.

If you find a lender offering a better rate than LightStream, the company will offer you a 0.1% decrease to highlight that they are a better option.

Most of the loans have a term of two to seven years, but this may be extended to 12 years for solar financing, home improvement loans, or swimming pool loans.

This company mostly caters to people with great credit. They offer fixed rate loans to consolidate debt with a two to five year repayment period. The lowest interest rates are typically reserved for borrowers with the best credit scores.

FreedomPlus is one of the few lenders willing to offer joint or co-signed loans to those with poor credit. Approximately 30% of FreedomPlus borrowers have taken advantage of this, as it helps borrowers to access lower interest rates.

For example, if you qualify for a loan at 15% interest, it may reduce to 10% if you use a co signer with good credit.

Marcus is an online only lender offered by Goldman Sachs. It offers personal loans with no fees including late fees, prepayment fees or sign up fees. Since you’re only required to pay the principal loan sum and interest, the interest rates are a little higher than the competition. However, this can be a good option for those with a good credit score who want to avoid annoying fees.

Where Marcus personal loans are a little different is that there is the option of prequalification. If you’re not sure if you will be eligible for a loan, you can complete a basic, short form. This only involves a soft check, so you can avoid triggering a hard credit check and potentially compromising your credit score. Prequalification will allow you to check and compare your Marcus loan options.

You can also receive a 0.25% discount if you opt for autopay. This involves a larger portion of your monthly payment being applied to the loan principal, so less interest will accrue on your account. You can have a loan with a term from three to six years.

OneMain Financial Loan is Best for..

OneMain Financial is best for borrowers with limited credit. OneMain could be a good fit for you if you have issues getting funding through traditional methods. OneMain does have high rates, but it is a much better deal than payday lenders.

There is also have a quick turnaround time, so if you are in a financial jam they might be a good choice. But eventually, you should take the time to find more favorable financing. If you have good to excellent credit, you should look at other providers first because they may have better rate offerings.

OneMain Disclosures:

Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.