OneMain Financial Personal Loan Review 2022

OneMain offers unsecured and secured personal loans. Interest rates are lower for secured loans. Cars that are owned free and clear are the asset used most often as collateral. If you can’t get approved for an unsecured loan and have a valuable asset, consider an OneMain loan.

Daniel CohenSep 14, 2021

Editor’s Note

Advertising Disclosures

At Bills.com, we strive to help you make financial decisions with confidence. While many of the products reviewed are from our Service Providers, including those with which we are affiliated and those that compensate us, our evaluations are never influenced by them.

Best for small, secured loans

Overall rating:

3.7

Bills.com rating

Check Rates

Fixed APR	18% - 35.99%
Loan Amounts	$1,500 - $20,000
Repayment	24 to 48 months
Fees	Origination fee 1% - 10%, late fees
Time to fund	As soon as 24 hours.
Min. Credit Score	None

Pros:

Option to have a secured loan.
Lower rate available for a secured loan.
No minimum credit score required.

Cons:

You need to go into a physical branch location.
The lowest rate they offer is high, 18%.
An origination fee of up to 10%.

OneMain Financial: Top loan features

OneMain Financial has two unique features. They are the only online lender that accepts applications online but requires you to come to an office to get the money. They also offer secured and unsecured loans and report to the major credit bureaus.

Loan limits: OneMain offers loans from $1,500 to $20,000 repayable between 2 and 5 years.

High rates: Interest rates range from 18% to 35.99%. The high rates reflect OneMain accepting borrowers with bad credit.

Expensive fees: The most significant fee is your origination fee, which is deducted from the loan upfront. OneMain says, “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." OneMain also charges late fees and a fee for having a payment not go through due to insufficient funds.

Secured and Unsecured: If you own a car outright and use it as collateral., you will be able to borrow more and get a better rate than taking an unsecured loan.

Fast Funding: Though you have to come into a branch location to finalize your loan, online applications approved by noon can be funded the same day.

44 States: You can get a OneMain Financial loan in every state and Washington DC except for Arizona, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont.

Qualifying for a OneMain loan

OneMain has no minimum credit score requirements, but they do factor your score to decide whether to offer you a loan and what interest rate you get.

OneMain doesn’t state a specific debt-to-income requirement, but they focus on your ability to repay your loan. They look at your financial and credit history, income and expenses, the reason you want a loan, whether you have filed for bankruptcy, and the state you live in.

Suppose your credit and ability to pay are borderline. In that case, you may still qualify for a loan if you offer valuable collateral to secure your loan.

How to apply for a OneMain loan

OneMain Financial offers a simple online process. You can start by getting a rate quote and preliminary loan decision without affecting your credit score.

Applying is also simple. You are asked for:

Loan amount Loan purpose.
Their website lists bills consolidation, medical expenses, auto repair, auto purchase, vacation expenses, and others.
If you own a vehicle
Whether you are applying on your own or with a co-applicant
Some basic personal information

Your online application requires you to permit OneMain to pull your credit report and state that you can receive emails and PDF files. Applying for a loan results in a hard pull on your credit, which can lower your score.

Loan approval and getting money from OneMain Financial

Once you apply, OneMain moves very quickly. The part that takes the longest is that you have to visit a local branch to review any paperwork and supply them with:

A valid, government-issued ID (e.g. driver’s license or passport)
Your Social Security card
Proof of residence (e.g. a driver’s license with your current address, a utility bill, or a signed lease)
Proof of income (current pay stubs or tax returns)

If you can prove the income you stated on your application and have the other documents, you can receive funds the same day, if your loan is approved before noon. If after noon, your loan will fund on the next business day. Funds deposited via ACH can take a day or two to clear. OneMain offers a SpeedFunds option that gives you access to the money the day the loan closes if you use a bank-issued debit card.

OneMain Financial- Customer service and customer satisfaction

OneMain makes it easy to manage your account online.You can view your statements, set up a payment date or make a payment, set up direct payment or update your contact information.

OneMain Financial has an A+ rating with the BBB.

OneMain offers a 7 day no questions asked cancelation period. Return the money you borrowed and the loan is canceled.