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OneMain Financial

formerly Springleaf Financial

OneMain Financial
Overall Satisfaction Rating 1.58/5
  • 5 stars
    11
  • 4 stars
    0
  • 3 stars
    2
  • 2 stars
    1
  • 1 stars
    45
Based on 59 ratings submitted in the last year
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This company is not yet accredited. See reviews below to learn more or submit your own review.

OneMain Financial offers personal loans online and at 1,500 physical locations in 44 states. Customers can choose between unsecured personal loans, secured personal loans and auto loans. You can secure your personal loan with an automobile, RV or boat. In many cases, loans are available the same day you’re approved. OneMain Financial offers loans from $1,500 to $20,000.

BOTTOM LINE

OneMain Financial offers secured and unsecured loans with APRs up to 35.99% and terms up to 60 months. OneMain loans have fixed rates and payments and no prepayment penalties.

PROS

  • Flexible term lengths
  • Secured and unsecured loans
  • Loans from $1,500 to $20,000

CONS

  • Charges an origination fee

Top OneMain Financial Reviews We Found

Rated with 5 stars
Verified Reviewer

The ladies at OneMain Financial of Chesapeake were so prompt and professional. The experience that I received was excellent and I would recommend OneMain Financial to anyone. The ladies would keep you up to date on what is going on with your loan and they were always working for me instead of feeling like a number.

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Rated with 5 stars
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Verified Reviewer

They made my experience very smooth, easy and worked with me to get the loan approved. Best experience ever with a lending company. I will go back again if I ever need another loan. I highly recommend contacting OneMain Financial for all of your Loan needs.

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    What is OneMain Financial?

    OneMain Financial is a lender that offers secured and unsecured loans to customers in 44 states. OneMain Financial’s loans have fixed rates and payments, and the company doesn’t charge prepayment penalties. You can check for loan offers on OneMain Financial’s website without affecting your credit score.

    To apply for a personal loan with OneMain Financial, visit its website and complete the online application. You provide details like your:

    • Desired loan amount
    • Name
    • Email address
    • Address
    • Date of birth
    • Social Security number
    • Monthly income and source of income

    Once you complete the application, OneMain provides a quick loan decision. If you’re approved, visit a local OneMain Financial branch to verify the information you entered online and discuss possible loan options with one of its trained loan specialists.

    OneMain Financial rates and terms

    OneMain Financial charges APRs ranging from 18% to 35.99%. Rates vary depending on factors like credit history, income, debts and more. Term lengths start at 24 months and extend up to 60 months.

    OneMain charges all customers a loan origination fee that is either percentage-based or flat, depending on the state you live in and the size of your loan. Flat fees range from $25 to $300, and percentage-based fees range from 1% to 10% of your loan total.

    OneMain may also charge late payment fees, insufficient funds fees and government fees. Carefully read your loan contract for more information regarding these fees.

    OneMain Financial FAQ

    What kind of credit score do you need for OneMain Financial?
    OneMain Financial doesn’t have a minimum credit score requirement. Your credit score is still an essential factor in determining your interest rates, loan terms and conditions with OneMain, though.
    Does OneMain Financial hurt your credit?
    Yes, your credit score typically drops a few points when you take out a personal loan with OneMain Financial because it involves a hard credit check. If you make timely payments, you can make up the difference over the life of the loan.
    Can I get a loan with OneMain Financial with bad credit?
    Yes, you can apply and qualify for a loan with OneMain Financial if you have bad credit. However, your interest rates are typically higher.
    Can you skip a payment with OneMain Financial?
    No, you can’t skip a payment with OneMain Financial. Skipping or missing a payment on your loan may result in late fees and interest charges.
    Does OneMain Financial require collateral?
    OneMain Financial’s secured loans require collateral. If you qualify for a secured loan, work with your loan specialist to determine what item you should use as collateral.

    Is OneMain Financial legit?

    OneMain Financial has more than 100 years of lending experience and offers unsecured and secured loans in 44 states. If you’re searching for a large loan company with in-store services, OneMain Financial may be a good option. Visit OneMain Financial’s website to start your application and see what rates you qualify for.

    OneMain Financial Reviews

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    Rated with 5 stars
    profile pic of the author
    Verified Reviewer
    Original review: Dec. 30, 2019

    Hello! I'm from Jacksonville, FL and this is my personal view of One Main Financial. I found One main financial through CreditKarma.com. Since then I have acquired 2 loans so far, both of which have been paid back in full. The approval process is of course very easy, NO pain whatsoever in the experience. The entire process can be done online, over the phone, or in person. You won't be examined or questioned on every little mistake on your credit report. Once approved and all the final paperwork is completed the loan is deposited in your account fairly quickly.

    All One main financial agents at my location were friendly, honest, and quick to answer any question I had. You do need to be very clear about not wanting extra add-on charges that are unnecessary (like "dining rewards" or something like that). However, they do have a reward point system on the website from which you can earn points towards getting gift cards. I got like a $20 gift card at Walmart one time.

    You also need to understand fully the payback process and interest charges which are DIFFERENT than your major bank loans. How I think of it is like those "Advance Payday Loans", you know the loans you have to pay back on your following payday. One main financial is like that to me only in a LARGER form and ALL of your paydays are spent paying them back. LOL At least that's how you should think of it if you want the lowest interest possible as it will keep growing higher the longer the loan is open (as with any loan, but One main interest rates are high). Yes, I do recommend One Main Financial to those who need loans (I recommend small loans under $4000 if you are just starting out) but can pay them back quickly!

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    12 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Oct. 19, 2019

    The ladies at OneMain Financial of Chesapeake were so prompt and professional. The experience that I received was excellent and I would recommend OneMain Financial to anyone. The ladies would keep you up to date on what is going on with your loan and they were always working for me instead of feeling like a number.

    8 people found this review helpful

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      Rated with 5 stars
      Verified Reviewer
      Original review: Sept. 4, 2019

      The process of applying and getting the funding is pretty easy with OneMain. All their fees and the process are upfront. They have very high interest rates, but keep in mind that they finance the high risk group. If you have a bank account with stable income, it's hassle free to make payments from checking account. As long as you are responsible there are no trouble. Personally my experience with OneMain was great. Their local branch staff are very helpful and they don't judge you based on your situation. The borrower needs to be responsible in paying back on time. I would highly recommend them to my friends who might be in urgent need of money with average credit.

      13 people found this review helpful
      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: Aug. 28, 2019

      I had money troubles and started looking around and my Credit Karma told me to look into OneMain Financial for help consolidating credit cards. All it took was getting online, filling out the application, and they called right away. I was informed about what to do next. It couldn't have been any easier. Very professional, the staff. I would and will tell everyone I Know about this experience. Christopher.

      8 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: Aug. 15, 2019

      It was fast and easy. They were courteous and I was in and out the same day. I was not humiliated. They were very professional. I didn't expect it to be that easy. I had been in there before as a co-borrower and that could be a reason. I had spent more on pest control than usual but I am on a fixed income.

      6 people found this review helpful
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      Rated with 1 star
      Verified Reviewer
      Original review: June 26, 2020

      A Rule of 78 loan a loan where the interest is "pre-computed". You likely remember hearing this terminology in your loan interview, but when you asked them to explain to you what that means, they simply say the loan interest is computed in advance. This is a false explanation. Precomputed means the loan is calculated using what is known as a "reverse sum of digits". In English, this means your interest payments are moved as far as possible to the front end of your loan. Meaning, if you were to make 12 payments on a 60 payment loan with OneMain you will pay about 7.63% of the principle of your loan, vs 35.74% of the interest! To be clear, you can not win by paying off this loan early under almost any circumstances as I will breakdown below..

      The loan is structured to protect OneMain and punish you for paying off the loan early, particularly on a high-interest loan, mine is 25.7%. With rates this high combined with the use of the reverse sum of digits, you will be forced to pay the entirety of the 9 or $10,000 of interest you will be charged over the life of the loan. This leads to tons of profit for OneMain and a lot of loss for you.

      I am paying off my loan today and I have only reduced my principal balance by $780 in $4,900 of payments over the last 11 months. I am essentially am paying 39.7% interest as a result of paying off my loan early, costing me thousands. The numbers speak for themselves, you are basically being forced to stay in their loan with little to no ability to refinance or restructure the debt due to this reverse allocation of interest. Protect yourself. Do your future self a favor and do not take a loan from OneMain under any circumstances, no matter how dire your situation. Hopefully, someone will come along that is willing to teach the public about their personal finances and provide honest, straightforward options for so-called “sub-prime” borrowers like us. I wish you all the best.

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      Rated with 1 star
      Verified Reviewer
      Original review: June 17, 2020

      In the beginning of March 2020 I called One Main to let them know that my full payment would not be available because of the beginning of the stay at home and no one called me back. They went into my bank acct and took what was available causing 3 overdraft fees which they refused to take responsibility for. When I finally talked to someone at the branch I was told that they had allowed customers to not have to make a March payment, that's funny because they went into my bank acct in March.

      I was hit by an uninsured driver and One Main failed to remind me of a benefit I was offered and paying for which would allow me to get my deductible back since my car insurance had to cover the repairs, instead I had an employee at the branch hang up on me and report me to corporate and they sent out a letter telling me that I could not go into the branch. I have no idea what the employee said to them, but I do know that she didn't tell them that she hung up on me while I was trying to get information about getting my money back for the deductible. Then all of a sudden I got an email telling me that my payment was due on the 1st of the month for June, which is weird because my payments have always been on the 15th so someone went into my customer file and changed my payment due date. This company is trash. They don't return phone calls, they lie on you and lie to you! PLEASE DO NOT GET A LOAN WITH THIS COMPANY!

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      Rated with 1 star
      Verified Reviewer
      Original review: June 2, 2020

      Horrible to be honest as someone fixing their credit. I have about a 60% utilization on $5300 in total credit which was paid down by $1600 this month. I make $4200 a month and my debts are low regardless sp paying off cards and merchant accounts are easy as pie. Without even verifying income they denied me, and of course, I get hit with a hard inquiry without an offer of even a $1500. I'll bet my life on it by spring I'll have almost a 700 credit score starting from the low 500s 9 months ago, which I am now around 600 and will NEVER ask them for money again. I'd rather pay 29.9% interest through another bank than give them my money.

      When these cards I just paid off hit I will be around a 622. Credit scoring system is so broken it really hurts people from mistakes they made 15 years ago or debts that aren't even theirs. They can't get removed because of the crappy service from VA and Medical debt collectors and companies like this do NOT take this into consideration.

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      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: May 13, 2020

      If I would've gone the full term on my loan payments I would've ended up paying 10k for a 5k loan. They pull you in with quick money or dept consolidation of you have bad credit. I own a small business and because of COVID have been shut down since March. They send out this thing saying how they'll help by deferring my payment and glamorize it, when in reality they only deferring half my payment and tacking on that 100% interest rate making my payoff amount go up by $200! Of course, they don't mention that. Basically just kicking you while you're already down. Stay away!!

      8 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: April 14, 2020

      Please do not ever get a loan with One Main Financial, they are a rip off! Their interest rates are extremely high, they have hidden fees that are not explained in the beginning and once you are in a contract they are putting your payment majority to the interest and only a small amount to the principal. I first got insurance through them to ensure security if a crisis occurred during the loan, I canceled it in a few weeks, they did not totally deduct correctly from my balance from the insurance taken off.

      Also I had car insurance through them for a few months due to expensive full coverage with my insurance and that raised my payment higher, once I deducted that insurance and got my own back, the principal balance barely changed. They are still adding extra fees and my payoff is wrong. When I took the loan out in July of 2019, it was for 14,500. I have paid a little over 3000 dollars in that time frame, as of today my payoff balance is 15,121.13! Go figure, they are a scam!!!! Sophia ** is my name.

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      18 people found this review helpful
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      OneMain Financial Company Information

      Company Name:
      OneMain Financial
      Company Type:
      Public
      Ticker Symbol:
      OMF
      Year Founded:
      1912
      Formerly Named:
      Springleaf
      Address:
      NTBS-2320 6801 Colwell Blvd.
      City:
      Irving
      State/Province:
      TX
      Postal Code:
      75039
      Country:
      United States
      Phone:
      (877) 550-6246
      Website:
      www.onemainfinancial.com