OneMain Financial offers personal loans that are unsecured (no collateral required) and and secured (collateral required), depending on your credit score, credit history, income, and expenses.
OneMain Financial's target customer has a lower than average credit score. OneMain will approve some borrowers with FICO scores below 600.
Related to OneMain's focus on borrowers with less than good credit, OneMain's interest rates are at the high end. Their lowest interest rate, which was 16.05% on an unsecured loan (as of December 2018) is higher than the lowest rate from many personal loan lenders. That is less important to you than who is offering you the best loan. OneMain's looser requirements around credit score means that they are good source to check out if your credit score is below 640.
OneMain Financial charges an origination fee that is taken out of the funds before you get them.
OneMain Financial has a website with nice design that is easy-to-use. You can start an application online, but, in most cases, you will have to visit a branch location in order to finalize your loan.
With over 1600 branches, OneMain Financial has wide coverage. For example, in California, they have over 100 branches. In Montana, they have 6. Still, there are going to be consumers who don't want to go into a branch or for whom doing so is inconvenient.
OneMain Financial has been in business for over 100 years, but has changed ownership. At one point, CitiFinancial owned it. Springleaf bought it in 2015.
OneMain offers unsecured and secured loans. Loans are available for debt consolidation, home improvement, and to cover unforeseen expenses or emergencies.
Loan amounts range from $1,500 - $30,000. Interest rates from 16.05% - 35.99% APR. Repayment terms are 24, 36, 48 or 60 Months.
OneMain has an extensive branch network, with over 1,600 branch locations nationwide, located in 44 states. States they do not work in are Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont, as well as Washington D.C.
Borrowers can start the process online. If approved, One Main requires borrowers to come into a local branch to verify documents and discuss options.
Rates are high, but some lenders wouldn't even give me the time of day. Not super convenient to have to go into a branch, but, again, if that is what it takes to get a loan and other lenders turned me down, there was no better option.