OneMain Financial Review

A Trusted and Efficient Lender

If you are looking for a lender that is more traditional and offers a highly personalized experience, OneMain Financial presents a tremendous borrowing choice. The company, which has been around for over a century, offers both an online service as well as a wide number of branches that can help you access the financing you need. The company's strong commitment to a personalized and face-to-face service sets it apart from its competition. Additionally, their excellent educational resources help you stay afloat and thrive with your finances.

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OneMain Financial Highlights

  • Nearly 1,700 physical locations across the US
  • One-on-one customer service and support
  • Both secured and unsecured loans


  • No application fees
  • Outstanding customer support
  • Strong educational resources
  • Available in 44 states


  • Website could use more information
  • APR is on higher end of industry

Loan Term Options

If you are looking for personal loans that lean more towards longer repayment terms, then OneMain is an excellent alternative. The company’s loan terms range from 3 to 5 years, and enable you to pay down loans at a less hurried pace. While we were happy to see that the company allows for this range, we would have liked to see some options on the shorter end of the spectrum despite the fact that these are two of the most popular term structures for personal loans. However even with this slight drawback, we were pleased that OneMain does not charge you any prepayment penalties if you have the ability to pay back the entirety of your loan earlier than planned. The company’s loans have interest rates that range from 18.49% to 35.99%.

Loan Purpose and Amounts

Unlike some lenders, it was nice to see that OneMain is very unrestrictive when it comes to letting you use your loan for almost any purpose. OneMain loan proceeds can be used for a variety of reasons including debt consolidation, large purchases, home improvements, unexpected expenses, and many others. The company even offers auto loans if you are looking to purchase a new car. Although a larger range of loan amounts would have made OneMain a more attractive lender, the company currently offers personal and auto loans in amounts ranging from $1,500 to $25,000. Higher loan amounts may be available to highly qualified applicants who can provide collateral. This puts them on the higher end of the industry, but there is still some room for improvement on the upper end of the range.

Lending Qualification Process

To apply for a OneMain Financial personal loan, there are a few requirements. The company requests that you provide the following to verify your information:

  • A copy of valid government-issued ID (such as a license or passport)
  • Proof of residence that may include your lease, a utility bill, or a license with your current address
  • Proof of income such as a paystub or tax return.

The process of being qualified is not complicated, and you’ll know your application status the same day after the company reviews your information to determine creditworthiness and ability to pay back the loan. Approved applicants will typically go into a OneMain branch to verify information after being contacted by a loan specialist. Once your information is verified, you are eligible to receive your loan terms and funds. Although the company does not list any credit score requirements on their site, they do work with customers that have poor and less-than-stellar credit, even as low as a FICO score of 550.

Information and Support

Despite some shortcomings, we were mostly happy with the amount of educational resources and support OneMain Financial offers. One of the things OneMain can improve on their site is providing some more specific information regarding their loans. The company does not list loan terms, interest rates, or even minimum credit scores. However, they do make it incredibly easy to contact them in person, via telephone, or even through email. Additionally, we were very happy with the company’s dedication to financial education, with a whole section of their website dedicated to articles that give great insight into loans, budgeting, and other topics related to financial health.

Quote Application Process

Applying for a quote from OneMain can take some time, as the application is not completed entirely online. The initial steps are handled through an online form directly on their website. However, to receive a quote, OneMain requires an in-person meeting at one of their many branches. We were impressed that the company takes the time to speak with each customer in order to find the best possible borrowing option.


OneMain Financial offers a great alternative to the online personal lender. With a strong physical presence and over 1,800 branches, you can always find someone to help you with any questions or issues related to your personal loan. Even with some areas for improvement on their website, OneMain’s service is a welcome change to the online-only trend in personal lending.

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