• Availability
• Same-Day Funds
• Fixed Rates and Fixed Payments
• No Prepayment Penalty
• Industry Pioneer
• Minimum Loan Amount
• Secured Loan Available
• OneMain Financial Reviews

Availability

OneMain Financial has nearly 1,700 branches in 44 states, providing a large portion of the country with the opportunity to take advantage of its services. OneMain Financial offers three ways to apply for personal installment loans or auto loans: online, over the phone, or in person. It is one of only a few loan companies to offer three application options, as many newer providers only offer an online option. For those customers who like a personal touch, OneMain can provide it.

Same-Day Funds

After discussing your particular case with a professional, qualified loan processor, you can receive your loan offer and money as soon as the same day if you are approved by noon. OneMain loan proceeds may be disbursed by check, Automated Clearing House (ACH) deposit, or a prepaid card. Receipt and availability of loan proceeds vary based on the funding option selected. Potential borrowers may contact a OneMain loan specialist for additional information about funding options and funds availability.

Fixed Rates and Fixed Payments

OneMain Financial loans have fixed rates and fixed payments, so you never have to worry about being bombarded with higher interest rates or increased monthly payments. When you receive your official loan offer, it will not change. This allows borrowers to plan ahead and be fully prepared for their personal loan payments. 

No Prepayment Penalty

Unlike many other personal loan lenders, OneMain Financial does not charge a prepayment fee if you choose to repay the loan earlier than the due date requires. This allows borrowers to save a great deal of money in interest charges if they decide to do so. 

Industry Pioneer

Originally established in 1912 under the name Commercial Credit, OneMain Financial touts itself as a pioneer in the finance industry. Just four years after its founding, the company began offering installment loans for automobiles, which was an exciting new phenomenon at the time. Since 1944, the company has been operating a credit insurance unit known as OneMain Solutions. As such, the company is an experienced player in the financial services industry.

Minimum Loan Amount

OneMain Financial allows you to borrow as little as $1,500, which is relatively low for a personal loan lender. Many financial institutions require minimum loan amounts closer to $5,000 or more. This is useful for borrowers who are looking to take out smaller personal loans.

Secured Loan Available

Many personal loan lenders only offer unsecured loans. OneMain Financial, however, offers secured loans as well as unsecured loans. This means you have the option to offer up collateral to help you qualify for a loan or simply to receive a lower annual percentage rate. Offering both types of loans caters more fully to a larger number of borrowers and gives them more loan options to work with. This is also useful for borrowers who have a less-than-excellent credit score, don't have enough credit history on their credit report, or have a higher debt-to-income ratio. A secured loan gives lenders the guarantee they need to ensure the borrower is a reliable customer. 

OneMain Financial Reviews

With hundreds of reviews, OneMain Financial has a high star-rating from consumers, demonstrating a satisfactory customer base. Positive reviews note excellent customer service, a simple loan application process, and quick payment. If you want to learn more about the customer experience with the lender, browse OneMain Financial reviews below. 

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• Limited Max Loan Amount

Limited Max Loan Amount

OneMain Financial loan options max out at $15,000 for personal loans, which is relatively low compared to loan amounts offered by other online lenders in the industry. However, borrowers do have the option to take out $30,000 with OneMain if the loan is for a car. OneMain Financial also has a lower minimum loan amount than most lenders, which creates more opportunity for borrowers who are looking for smaller personal loans. 

OneMain Financial allows consumers to apply for a loan online, over the phone, or in person, making the process simple and convenient for many individuals. The company, which is a pioneer in the financial industry, can provide borrowers with funds as early as the same day. The lender does not charge prepayment fees, so borrowers can pay off their OneMain Financial loan anytime they'd like, even if it's well before the due date. This allows borrowers to save money in interest charges and gives them more versatility in their loan options. With a high star rating from consumers, the lender is known for its excellent customer service, simple application process, and quick funds availability. Read OneMain Financial reviews below to learn more about the personal loan provider and its customer satisfaction. 

*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 APR is 35.99%, subject to state restrictions.  APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. 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: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.