OneMain Financial

• 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 1,300 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)
• North Dakota — $2,000
• 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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• 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:

• North Carolina — $11,000 for unsecured loans to all customers; $11,000 for secured loans to present customers
• Maine — $7,000
• Mississippi — $12,000
• West Virginia — $13,500.

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.