OneMain Financial was founded in 1912 as CitiFinancial or Springleaf Financial. It was created to bring you the best loan terms and financial protection. After several joint ventures and acquisitions, it was officially established in November 2010 and went public in October 2013. Today OneMain Financial offers personal loans in the United States with over 1500 branches in 44 states.

Pros and Cons

Pros

1. Choose And Change Your Payment Date. One of the biggest benefits of OneMain Financial loans is the ability to choose and change your payment date. This can help you better manage your monthly budget and make on time payments, avoiding late fees.

2. Joint And Secured Loans. OneMain Financial offers joint and secured loans. If you need a bigger loan or have bad credit, a joint loan with a co-applicant or a secured loan with collateral can increase your approval chances and potentially better loan terms.

3. Fast Cash. For those who need cash fast, OneMain Financial has fast funding. Once approved, you can get your funds deposited into your bank account the same day or next business day, making it perfect for emergencies or unexpected expenses.

Cons

1. Higher Rates Than Other Lenders. One of the downsides of OneMain Financial loans is their rates are higher than other lenders. This can add up to more overall loan cost, especially for bad credit borrowers.

2. Origination Fee. OneMain Financial loans have an origination fee, a fee for processing the loan. This fee is a percentage of the loan amount and is taken out of the funds you receive, so you’ll have less money for what you need.

3. No Rate Discounts. Unlike some lenders that offer discounts for automatic payments or good credit, OneMain Financial doesn’t offer rate discounts. So you might miss out on savings available with other lenders.

How to Apply for a OneMain Financial Loan?

1. Pre-Qualify On OneMain Financial’s Website. Go to OneMain Financial’s website and click the “Check for offers” button. Enter your loan amount and personal information like name, address, email and income. You’ll also need to answer questions about your employer and if you have a paid off vehicle. Finally, enter your birth date and SSN or ITIN. This step doesn’t do a hard credit pull so your credit score won’t be affected.

2. Preview Loan Offers And Accept The One That Fits Your Budget. After pre-qualifying, OneMain Financial will show you the types of loans you qualify for. At this point you’ll see if you qualify for a secured loan, unsecured loan or both. But you won’t see the repayment terms or APR yet. To get a full loan offer with terms and rates, you need to submit a formal application which will do a temporary hard credit pull.

3. Submit An Application. Once you decide on the type of loan that fits your needs, submit a formal application. OneMain Financial will typically give you conditional approval instantly. But final approval requires additional verification. Once approved, the lender can fund most loans in 1-2 days.

4. Make A Plan To Repay The Loan. It’s important to have a repayment plan in place. OneMain Financial reports payments to all 3 major credit bureaus. So on time payments will help build your credit score and missed payments will hurt it. To manage your loan payments, consider setting up automatic payments and monitoring your budget closely.

Conditions and Requirements

Conditions

1. APR. OneMain Financial’s APR ranges from 18.00% to 35.99%. This is higher than some other lenders so make sure to consider the total cost of the loan over its term.

2. Origination Fee. OneMain Financial has an origination fee of $25 to $500 or 1% to 10% of the loan amount. This fee is taken out of the loan funds you receive.

3. Late Fee. If you miss a payment you may be charged a late fee of $5 to $30 or 1.5% to 15% of the payment amount depending on the state laws and loan terms.

4. Nonsufficient Funds Fee. If a payment is returned due to insufficient funds a fee of $10 to $50 may be charged.

5. Loan Amount. OneMain Financial offers loan amounts from $1,500 to $20,000. This gives you options whether you need a smaller loan for unexpected expenses or a larger loan for big financial needs.

6. Repayment Terms. OneMain Financial’s repayment terms are 2 to 5 years. This gives you flexibility to choose a repayment term that fits your situation, balancing monthly payment amounts with total interest paid over the life of the loan.

Requirements

• Social Security Number Or Individual Taxpayer Identification Number. To apply for a OneMain Financial personal loan you must have a valid Social Security number (SSN) or individual taxpayer identification number (ITIN).

• Age Requirement. Applicants must be at least 18 or 19 years old in most states to apply for a loan from OneMain Financial. Some states may have different age requirements so check the specific laws in your area.

• Minimum Credit Score. OneMain Financial doesn’t have a minimum credit score requirement. However, they do expect applicants to have some credit history. So OneMain Financial is an option for those with bad credit or limited credit history.

• Minimum Income. There is no minimum income requirement from OneMain Financial. However, borrowers must show enough income to cover their personal expenses and the new loan’s monthly payments.

How to Choose a Lender

1. Confirm Licensing. Make sure the lender is licensed in your state. Check with your state regulator or attorney general to verify this information. This is important to avoid illegal lenders and protect your consumer rights.

2. Check Membership In Reputable Associations. Look for lenders that are members of reputable associations like the Community Financial Services Association of America. Membership in these organizations means they are reliable and follow industry standards.

3. Review Terms And Conditions. Review all the terms and conditions of the loan contract. Read the fine print to understand the lender’s policies, fees and your obligations as a borrower.

4. Examine Interest Rates And Total Loan Cost. Examine the interest rates on the loan and make sure your contract has a detailed breakdown of the total cost of the loan. This will help you understand the full financial impact of borrowing and compare offers from different lenders.

5. Understand Your Right Of Rescission. Take advantage of your right of rescission which is usually 3 days after signing the agreement. Or use the “cooling-off” period to review the contract and make an informed decision before committing to the loan.

OneMain Financial. Apply Online