OneMain Financial Personal Loans Review 2024 (2024)

Why Trust Us

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Pros Explained

• Pre-qualification is available: If you're someone who already had lower credit, shopping for personal loans that perform hard credit checks could ding your score even further. OneMain’s pre-qualified offer lets you get a rate quote without a hard pull.
• Works with less-than-stellar credit: Many lenders may turn away borrowers with poor credit or without a solid banking history or accounts. OneMain primarily lends to those with a credit score of 619 or lower.
• Co-applicants allowed: Adding a co-applicant may improve your odds of qualifying for a loan or a larger loan amount. Not all personal loan lenders allow co-applicants, but OneMain Financial does.
• Low minimum late fees: If you forget to pay, One Financial’s late payment fees are on the lower end. At the high end, the fees are fairly average but not excessive. This is important because paying late fees adds to the total you must repay.

Cons Explained

• High origination fees: While many personal loan lenders don’t charge origination fees, OneMain Financial does. Depending on where you live, fees can be as high as 10% or a flat fee of up to $500.
• Higher-than-average APRs: OneMain Financial’s loans have higher-than-average APRs, likely reflecting the risks taken on lower credit scores. The loans carry APRs ranging from 18% to 35.99%, though the average borrower will pay less than 26%.
• Not available in all states: Residents of Alaska, Arkansas, Connecticut, the District of Columbia, Massachusetts, Rhode Island, and Vermont must look elsewhere for a loan.
• Precomputed interest used: OneMain Financial uses a repayment method called precomputed interest. According to the Consumer Financial Protection Bureau, this may not be the best option for consumers who want to pay down their loans quickly or with larger amounts.

Types of Personal Loans Offered by OneMain Financial

OneMain Financial issues both secured and unsecured personal loans. You don’t get to choose which kind of loan you apply for. Instead, OneMain Financial uses your application information to determine your loan eligibility and type.

Depending on your credit and the requested loan amount, OneMain Financial could require property as collateral to secure the loan. The institution states that larger loan amounts require collateral of an insured motor vehicle titled in your name that’s no more than 10 years old and meets One Main Financial’s requirements.

All of OneMain Financial’s loans have fixed interest rates.

Time to Receive Funds

When you submit your application, you’ll likely receive a loan decision within 10 minutes. If you’re approved and sign the loan agreement, you could get the requested money as soon as the next business day.

Borrower Requirements

To qualify for a loan, you must be at least 18 years old—or the age of majority in your state. OneMain Financial will ask you for a copy of a government-issued ID, proof of residence, and proof of income.

OneMain Financial Personal Loan Features

Change of Due Date

As long as your loan isn’t already past due, you may request one due date change per year and two over the life of your loan. You can call, visit a branch, or email your local branch to request a different due date.

Secured Loans

When you submit your application, OneMain Financial may offer you a secured or unsecured loan. With a secured loan, you may be eligible for a lower rate or a larger loan amount.

You may If you are offered a secured loan, you’ll use your property as collateral. Options include:

• Cars
• Motorcycles
• Boats
• RVs and campers

OneMain Financial will appraise the property value, and you must carry “full coverage” or physical damage insurance on the property (comprehensive and collision auto insurance, which isn’t typically required). You must own the property—so a vehicle you’re still paying off won’t qualify.

Seven-Day Cancellation Policy

If you take out a loan from OneMain Financial and change your mind, you can take advantage of the lender’s seven-day cancellation policy and return the funds without interest charges. You have seven days from the date of your loan agreement to cancel the loan.

Precomputed Interest

OneMain Financial Loans rely on precomputed interest. This method calculates total interest due right at the loan’s initiation and isn’t reduced by early or larger loan payments. This is fine if you’re sure the loan’s repayment timeline is perfectly suited to your repayment schedule. But if you hoped to pay less interest, a precomputed interest loan isn’t as beneficial as a simple interest-rate loan.

Co-Signers and Co-Applicants

If you want to improve your loan qualification odds or borrow a larger loan amount, you can apply with a co-applicant for a OneMain Financial personal loan. For the best results, a co-applicant generally should have excellent credit and stable income. This co-applicant will be equally responsible for the loan’s repayment.

This is distinct from allowing a co-signer, which is when a second person is the backup if the primary borrower does not make their payments.

Can You Refinance a Personal Loan With OneMain Financial?

OneMain Financial allows you to refinance existing loans and use personal loans to consolidate debt from other creditors.

Customer Service

OneMain Financial’s customer service department is only available in person, via phone, and through an email contact form. Phone lines aren’t staffed on the weekends. To contact a representative, call 1-800-290-7002 or use the search tool to find a branch near you.

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