OneMain Financial is a particular loan lender that operates branches in 44 countries around the country and makes loans available to aspirants with bad credit. Loan quantities from$ to$ are available in utmost countries, but some countries set state-specific limits. Still, the company does charge advanced-than-normal rates for its loans, starting around 18. 



  •  Designed for low credit borrowers 
  •  Offers secured options 
  •  Evaluates entire credit and income history rather of credit score 


  • Limits only over to $20,000
  • Can’t be used for business purposes 
  • High APRs 



 Who Is OneMain Financial Best For? 

 OneMain Financial is stylish for people with poor credit and income, who may not have numerous other options. That’s because OneMain Financial does n’t really have hard cut-off points for your credit score, debt or income when deciding whether to authorize you for a loan. Rather, it looks at your entire credit history and capability to repay a new debt obligation. 


 What’s more, OneMain Financial gives aspirants the option to secure their loan with collateral, which can reduce the threat an aspirant with a lower credit score poses to the lender and help them qualify for a loan. 



 OneMain Financial Personal Loan Details 

 Loan Amounts & Terms 

  •  Loan quantities.$1,500 to $20,000 in utmost countries. The minimal loan quantum is different in some countries, including Alabama ($$2,100), California ($3,000), Georgia ($3,100), North Dakota ($2,000), Ohio ($2,000) and Virginia ($2,600). Still, the maximum loan quantum you can qualify for is$ 7, 500, If you live in North Carolina. 
  •  Loan term lengths. 24, 36, 48 or 60 months. 

 Loan Costs 

  • APR.18.00 to35.99. The better your credit, income and overall fiscal situation, the more likely you ’ll pay a lowerAPR. * All rates accurate as ofOct. 27, 2021.
  •  Fabrication figure. OneMain charges either a flat figure or a chance, depending on state laws. Flat freights range from$ 25 to$ 500 while chance freights range from 1 to 10 of your loan quantum.
  •  Late payment figure. Again, whether you pay a flat figure or a chance figure depends on your state’s law. Flat freights range from$ 5 to$ 30. Chance freights range from1.5 to 15 of either your yearly payment quantum or your outstanding loan balance.
  •  Repayment penalty. OneMain Financial doesn't correct borrowers who want to pay off their loan before the term expires.
  • Non-sufficient financesfee.However, OneMain Financial may charge you between$ 10 and$ 50 depending on state laws, If you make a payment and it’s returned due to inadequate finances.
  •  Governmentfees.However, OneMain Financial may pass certain government freights onto you in order to register its lien against your auto’s title, If you put your auto up as collateral. 

 Gratuities & Features 

  •  Branch locales. OneMain Financial is unique among particular loan lenders in that it operates a network of physical branch locales around the country. According to the company, 89 of people live within 25 country miles of abranch.However, you may really appreciate this, If you prefer doing business in person. 
  • Mobile app. OneMain Financial offers a bare- bones app that you can use to manage your account, including looking up payment details, making payments and checking your VantageScore.

 How to Qualify for a OneMain Financial Personal Loan 

 Personal loan operations are approved or declined grounded on a number of factors. All lenders have their own unique underwriting conditions, but these generally include information from an aspirant’s credit profile and other factors that demonstrate the capability to repay the loan, similar as income. 


 We verified with a OneMain Financial rep that it does n’t list set conditions you ’ll need to meet in order to qualify for a loan. Rather, it takes into account your capability to pay and your credit history, among other factors, before approving an operation. 


 Credit Score Conditions 

 OneMain Financial does n’t expose or put a minimal credit score and rather looks at your entire credit history when reviewing your operation. 


 A OneMain Financial verified it does n’t “ use FICO scores in (its) underwriting, and there's no minimal credit score for a OneMain loan. In assessing loan aspirants, OneMain takes into account a client’s capability to pay and their credit history, among other factors. Eventually, we want to insure borrowers aren't creating overdue fiscal strain on themselves in accepting a loan from us.” 


 Numerous other websites report that you can still qualify for a loan with OneMain Financial indeed if you have bad credit, although you may have to pay a high rate for it. 


 Income Conditions 

 OneMain Financial does n’t expose its conditions for yearly or periodic income and the outside allowed debt-to- income (DTI) rate to qualify for a loan. Still, it ’ll still look at these factors when deciding your capability to repay the loan. 


Co-signers &Co-applicants 

 Still, you can apply with aco-applicant, If you ’re not suitable to qualify for a loan on your own or need a larger loan quantum. Co-applicants also come completely responsible for prepayment of the loan and have equal power of the finances. Still, OneMain fiscal doesn't permit the use ofco-signers. 


 Affiliated Co-Borrowers Vs. Co-Signers 



 Still, OneMain Financial accepts collateral of sufficient value to help reduce this threat you pose, If you need fresh coffers to help qualify for a loan or admit a larger loan quantum. It accepts vehicles, similar as buses, exchanges, motorcycles, boats and RVs, as collateral but requires they first be rated and ensured against damage. Military members are n’t allowed to use collateral. 


 How to Apply for a OneMain Financial Personal Loan 

 Like utmost lenders, OneMain Financial makes it fairly easy to apply for a particular loan. Then’s what the process looks like 


  1.  Check your rate. OneMain Financial allows you to check your rate fluently on its website by entering a many quick details about yourself, similar as your income and particular details. There are no strings attached, and OneMain Financial does n’t do a hard credit check at this point, so there’s no threat to your credit.
  2.  Submitdocumentation.However, a OneMain Financial will communicate you to go over the rest of the loan operation process and the documents demanded, If you ’re conditionally approved for a loan. This includes documents like a dupe of your ID, evidence of income ( similar as duty returns or pay remainders) and evidence of occupancy.
  3.  Subscribe the loan agreement. OneMain Financial will draw up a formal contract with all of the rates, terms and freights for your loan. Once you subscribe it, you ’ll be suitable to admit your finances. 
  4.  Admit your plutocrat. You can admit your plutocrat in two ways in person via a check from a OneMain Financial branch or as a direct deposit into your bank account. The time varies depending on the system you choose. 

 Time to Admit Finances 

 Once you ’re approved for a loan, you can admit your plutocrat fairlyquickly.However, you can admit a check at the same time you ’re there, If you subscribe your loan agreement at a OneMain Financial branch. Else, you ’ll admit your plutocrat within one to two business days via direct deposit. 


 Client Reviews 

 Reviews tend to be mixed across the internet for OneMain Financial. The company maintains a2.13 out of 5 standing with the Better Business Bureau (BBB), although reviews tend to be better on other websites like Trustpilot (4.8 out of 5). 


 Since OneMain Financial operates physical branch locales, it can be hard to get an overall palpitation on how the company operates civil. For illustration, if you search for Google reviews of OneMain Financial, you ’ll come up with dozens of results, each for a unique position. 


 OneMain Financial Vs. SoFi 

 SoFi differs from OneMain Financial in that it requires a minimal credit score of 680 to be approved. In exchange, however, your loan would be a lot more affordable, with a much lower interest rate and indeed zero freights ( including late freights). SoFi is a solid choice if you need larger loan limits, as it offers loan quantities between$ to$. 


 SoFi is also an especially good choice if you ’re upset about losing your job in the near future because it offers an severance protection program where the company will temporarily break your payments and indeed help you find a new job. 



 OneMain Financial Vs. LightStream 

 LightStream is also geared more toward people with a good credit score, as it requires a minimal score of 660. It also offers the smallest interest rates in the assiduity, depending on the loan purpose, and charges no freights ( indeed late freights). What’s more, LightStream offers loan quantities between$ to$ and terms between two and 12 times, both of which depend on the loan purpose. 



 OneMain Financial Vs. Marcus 

 Marcus offers particular loans between$ and$ compared to OneMain Financial, which offers limits between$ and$. 


 Marcus also differentiates itself from other particular loan lenders by offering gratuities to help make your payments easier. For illustration, it has a one- time payment price if you make all of your payments on time for 12 successive months, you ’re allowed to skip one payment, simply extending your loan lucre date by one month. You can also customize your due date to plan your payments around your budget. 




 We reviewed OneMain Financial grounded on 16 data points in the orders of loan details, loan costs, eligibility and availability, client experience and the operation process. We rated OneMain Financial grounded on the weighting assigned to each order 


  •  Loan cost 35 %
  •  Loan details 20 %
  •  Eligibility and availability 20 %
  •  Client experience 15 %
  •  Operation process 10 %

 Within each order, we also considered several characteristics, including available loan quantities, prepayment terms, APR ranges and applicable freights. We also looked at credit score conditions, whether the lender acceptsco-signers or common operations and the geographic vacuity of the lender. Eventually, we estimated OneMain Financial’s support tools, borrower gratuities and features that simplify the borrowing process — like prequalification options and mobile apps. 


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