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OneMain Financial

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LAST UPDATED: May 9th, 2023

Formerly known as CitiFinancial, OneMain Financial has been offering financial solutions since 1912 and has over 1,500 local branches in 44 states. Springleaf Financial acquired OneMain Financial in 2015 and the combined companies are now known as OneMain Financial, which focuses on providing personal loan and auto loan solutions to consumers of all credit levels.

OneMain Financial offers personal loans from $1,500 to $20,000, with term lengths of 24, 36, 48, or 60 months available. Funds can be deposited an hour after loan closing using an eligible debit card. 

  • Loan amounts — $1,500–$20,000*
  • Term lengths — 24, 36, 48, or 60 months*
  • APR range — 18.00%–35.99%*
  • Minimum credit score — Undisclosed
  • Origination fee — $25–$400, or 1%–10%, depending on your state 

Potential borrowers can check to see if they are pre-qualified by filling out a quick form online. The form requires the basic information to do a soft credit check, including your name, monthly income, and the last four digits of your social security number. Checking for prequalified loan offers will not affect your credit score, but your credit score may be impacted if you apply for an offer.

The lender's customer base is extremely satisfied with OneMain Financial's services and highlight quality customer service, attentive staff, and a simple loan application process.

Want to read more OneMain Financial reviews like the one below? Click here to see what else consumers are saying about the loan provider

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Customer Review: Eddie from Utah

"My experience with OneMain Financial was an extremely positive one. It helped clear up some financial messes, with a structured repayment plan. They were flexible and while they had rules to follow, they still treated you like a human being. They helped the one time and it made all the difference."


The Good

  • Wide Availability
  • Low Credit Borrowing Option
  • Same-Day Funds Using Your Debit Card
  • Fixed Rate and Monthly Payments
  • No Prepayment Fees
  • Minimum Loan Amount
  • Secured Loan Available
  • Loan Payment Options
  • OneMain Financial Mobile App
  • OneMain Financial Reviews

Wide Availability

OneMain Financial has over 1,500 branches in 44 states, providing a large portion of the country with the opportunity to take advantage of its services. 

Additionally, OneMain Financial offers three ways to apply for personal installment 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.

Low Credit Borrowing Option

This consumer loan company is more geared towards borrowers with average or poor credit than excellent. Its personal loan rates are more similar to credit cards than personal loans that only want good credit borrowers. 

Borrowers with excellent credit will likely be better suited towards a loan elsewhere, as they will be able to get more competitive rates and loan terms based on their credit history. But, borrowers with less-than-perfect credit may be accepted for a loan with OneMain Financial if they are able to meet lending requirements and provide collateral.

Please note that acceptance is not guaranteed for everyone, and rates are generally higher on unsecured personal loans.

Same-Day Funds Using Your Debit Card

After discussing your particular case with a professional, qualified loan processor, funds can be dispersed by check, or deposited into your checking or savings account, as soon as one business day after approval using an eligible bank-issued debit card. 

OneMain Financial loan proceeds may also be dispersed by check or Automated Clearing House (ACH) deposit. Receipt and availability of loan proceeds vary based on the funding option selected. ACH funds are available approximately 1 to 2 business days after the loan approval. Potential borrowers may contact a OneMain Financial loan specialist for additional information about funding options.

Fixed Rate and Monthly 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 stay the same for the length of the repayment term. This allows borrowers to plan ahead and be fully prepared for their personal loan payments. Please remember that if you don't make your monthly payment on time or within your applicable grace period, late fees and non-sufficient funds (NSF) fees from your financial institution will still apply. 

No Prepayment Fees

Unlike some other personal loan lenders, OneMain Financial does not charge a prepayment fee if you choose to repay the loan earlier your loan term requires. This allows borrowers to save money in interest charges if they decide to do so. 

Minimum Loan Amount

OneMain Financial allows you to borrow as little as $1,500 in some states, which is relatively low for a personal loan lender; many other lenders have a minimum amount of $5,000. However, some states are subject to different minimum loan amounts with OneMain Financial:

  • Alabama — $2,100
  • California — $3,000
  • Georgia — $3,100 (unless you are a present customer)
  • Ohio — $2,000
  • Virginia — $2,600

It is important to note certain states are also subject to specific maximum loan amounts.

Secured Loan Available

Many personal loan lenders only offer unsecured loans. OneMain Financial, however, offers secured and unsecured loans. This means you have the option to provide collateral to help qualify for a loan or to simply receive a lower rate. 

Offering secured and unsecured personal loans helps this lender cater 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.

Loan Payment Options

Many personal loan companies have set monthly payment options. With a OneMain loan, you can make loan payments by automatic checking account withdrawal, debit card, check, money order, and more. Options vary, depending on whether you make a payment online, over the phone, in the mail, or on the OneMain mobile app. Customers can also make a cash payments with the PayNearMe service at participating Family Dollar, CVS®, 7-Eleven, and Casey's General Store® locations.

OneMain Financial Mobile App

You can access your OneMain Financial account on the go with the OneMain Financial mobile app. The app can be used by current customers to view and manage their loans.

The app is available for both Android and iOS devices, but it doesn't offer the ability to submit new loan applications on either operating system.

OneMain Financial Reviews

With hundreds of reviews, OneMain Financial has a high star-rating from consumers, demonstrating a satisfied 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 this lender, browse OneMain Financial reviews below. 

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The Bad

  • Limited Max Loan Amount
  • State Borrowing Limitations
  • Not Best for Debt Consolidation Loans

Limited Max Loan Amount

OneMain Financial personal loan options max out at $20,000 for personal loans, which is relatively low compared to maximum loan amounts offered by other online lenders in the industry. 

It is important to note that maximum unsecured Loan amounts vary state by state (see below). You can also contact your local branch for further information about maxiumum loan amounts:

  • Iowa — $8,500
  • Maine — $7,000
  • Mississippi — $7,500
  • North Carolina — $7,500
  • New York — $20,000
  • West Virginia — $14,000

However, 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. 

State Borrowing Limitations

OneMain Financial's loan products and services are not available in Alaska or Hawaii. 

Not Best for Debt Consolidation Loans

OneMain's loan service isn't for everybody. One example of this is people looking to manage credit card debt with a personal consolidation loan. 

When people consolidate debt, it is usually for credit cards with high interest rates. To save money, you need to have a debt consolidation loan with a lower annual percentage than you have on your credit cards. The personal loan rate at OneMain ranges from 18.00 percent to 35.99 percent, including origination, which is significantly higher than you might see with other lenders. OneMain Financial's rate range is also similar to rates you would see with credit cards, indicating that the company might not be the best choice for debt consolidation because you may not actually get a lower interest rate.


The Bottom Line

OneMain Financial allows consumers to apply for a personal 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 soon as the same day by depositing the funds into your bank account with an eligible bank-issued debit card. The lender does not charge prepayment fees, so you can pay off your OneMain Financial loan any time you'd like, even if it's well before the end of your loan term; this allows you to save money in interest charges.

With a high star rating from consumers, this OneMain Financial is known for its excellent customer service, simple application process, and quick dispersal of loan funds.

Read OneMain Financial reviews below to learn more about the personal loan provider and its customer satisfaction. 

OneMain Disclosures: 

*Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
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 annual percentage rate (APR) is 35.99%, subject to state restrictions.  APRs are generally higher on loans not secured by a vehicle. 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. 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: Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

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John Ben Bancroft Calera, AL

My loan with CitiFinancial was secured by a vehicle. Subsequently, OneMain purchased CitiFinancial. The loan was satisfied over a year ago in 2014. I have not received my automobile title back. I received a letter dated April of 2016 from OneMain that the loan was paid and the collateral could be released, but it did not reference the VIN so it cannot be used as lien release letter. I called the provided phone number and asked that title be returned to me or to the appropriate state authorities...the OneMain agent asked for the last six digits of my SSN. I refused to give her the last six digits, but told her the last four digits, my name and my OneMain account account number should be sufficient for identification purposes. she insisted that I had to give her the last six of my SSN. I refused and told her I would review State Law to determine what is required. she said "do what you need to do, John" and she hung up. So, I'm doing what I have to do and will be obtaining the name of their agent for service of process.

6 years ago

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Martha Moncks Corner, SC

A few years ago I obtained a loan from One Main Financial the paperwork was easy and the people seem to be very nice but the loan itself was a real problematic in the interest rates and how it structured. The goal of the company is to get you to refinance your loan repeatedly that way the employees continue to make money and they make money re-setting up the same loan over and over again

2 years ago

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Trevene ,

I had a loan with this company in 2013. They were easy to work with, however, their interest rate was very high

2 years ago

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valasi polataivao

it help to consolidate some of my bill but its very high in rate

7 years ago


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MFlower Richmond, VA

They are great when you need the help but beware of high interest rates.

9 months ago

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amycray Bangor, ME

Did follow through with what they advertised

2 years ago