OneMain Financial

OneMain Financial

formerly Springleaf Financial

 4.1/5 (489 ratings)
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OneMain Financial

About OneMain Financial

OneMain Financial looks at factors beyond credit scores to help people financially, offering personal loans and credit cards online, by phone and in person at nearly 1,400 community branches across 44 states. You can use OneMain funds for emergency bills, a vehicle, home improvement, debt consolidation, medical bills, a vacation or nearly any other purpose. Loan amounts range from $1,500 to $20,000, and funds are typically available by the following business day. It takes about five minutes to get pre-qualified, with no effect on your credit score.

Overall Satisfaction Rating

  • 5 stars
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Pros

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

Cons

  • Charges an origination fee

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.

Top OneMain Financial Reviews

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Rated with 5 stars
Verified

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 we...

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Rated with 5 stars
Verified

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 loa...

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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 customers a loan origination fee (where allowed by law) 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 $500, 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 taking out a personal loan with 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 and you may not always qualify.

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. Secured loans generally have lower APRs than unsecured loans.

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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How do I know I can trust these reviews about OneMain Financial?
  • 4,191,395 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Jan. 21, 2023

I took a loan with OMF in 2018 for $6k and provided my vehicle title as collateral and to this date have paid on time every time. Recently I found myself in need of a bit more cash to take care of some home repairs and was told no sweat, I qualified for a higher amount, so I submit all the required docs and wait. The next day I get a call saying they won't approve me because my debt-to-income ratio is not quite where they need it to be. OK, I said, my current payment is X which is considerably higher than the new payment Y would be which would then put me into your "comfort zone" and they still refused and offered nothing but excuses and hollow platitudes, even worse I have a hard inquiry on my credit report. Once this loan is paid I will *never* do business with them again, because quite frankly the excuses they gave is a load of you know what, and if this review convinces even one person to avoid them I'll consider that a win.

3 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 17, 2023

    These people are a joke. I guess they only let you get a loan 1 time approved and deny you other times. Either way I’m okay with knowing I will never do business with this company again. Waste of time and no communication. I know I have good credit without a doubt. I do own a 2023 genesis so stating I was denied especially after I paid the 1st loan off in 4 months. Now I’m guessing they didn’t want that because it seems like the last 2 times I have applied I was denied even after I was told I was qualified. I do not recommend this company to nobody ever.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 16, 2022

    I took out a loan to help cover cost and I have been on time for the last 2 years paying off this loans. Monthly payment is S415. Of which $5.00 goes to principal and the rest interest. These people are ripoffs.

    17 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 12, 2022

    Just wanted to inform the worst experience I had with OMF.. I applied towards end of August.. No status update just email to submit docs.. Once submitted I wasn’t able to find out status of application.. I've called every time to find out what’s going on.. Supposedly I was approved.. It is the 12 of September and last week I submitted more pics of cars all needed again.. Since I applied I have never received a call nor email to notify me me of status or declining my application.. Come on all. At least 12 days telling me I was approved and today I call, they saying I was declined.. What kind of communication do you have?? I’m very dissatisfied and disappointed.. Definitely bad review from me..

    72 people found this review helpful
    Rated with 2 stars
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    Verified Reviewer
    Original review: Aug. 22, 2022

    I have been getting pestered by Onemain for over 1 year. So I was at a point where I needed to get some funds to tide me over until my Heloc loan in January 2023. I supplied them with bank information, documents and ID etc.. Received a call saying I was qualitied for $8600. They asked that I send further documentation and did two "Hard Pulls" on my credit.

    I supplied them with my most recent tax returns-2020, bank statements for 6 months, brokerage account information etc. Then they asked that I prove that my 2021 tax return had been processed. It had been submitted to the IRS April 2022 but has still not shown as processed. I sent a duplicate to the IRS last month. The IRS has informed me they are months behind for paper returns- it can take between 6-9 months. I had proof both were sent along with TaxAct documentation. BTW- how can a company only use process-same year returns with the IRS in the rears? I offered to get them a copy from Tax Act etc.. then I was told that I would only qualify for $3000 which included a lien on my Suburban! Waste of time.. Very high interest rates! Untruthful and untrustworthy.

    71 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Aug. 18, 2022

    I have received personal loans from OneMain Financial over the years and while the interest rates I received have not been reasonable compared to other companies and credit unions I have dealt with; I took advantage of personal loans on a short-term basis. My most recent experience with One main Financial Centerville branch to secure a small unsecured personal loan could have gone better. I received a prequalified offer online and, in the mail, to take advantage of a personal loan for $18000 which was to pay off my existing loan balance and provide me with another $3800 for home improvements. I provided the branch representative with bank and annuity statements to verify my income and retirement status.

    I assumed from my phone conversations with the Branch representative and when I physically arrived at the Branch office that my loan application was vetted and approved. However, after I provided the documents and my ID and I assumed everything was a go, the Branch representative told me that my application was being declined based upon a further review of my income and debt ratio. Since I was prompted to apply and I was told that my application for $18000 looked good, I assumed that it was appropriate for me to drive to the Centerville Branch and that I was good to go.

    One Main should have approved my application or told me prior to driving to the Branch that my loan could not be approved and the reasons for declination. This was important not only because I am a current customer in good standing, but also because I was led to believe that my loan application would be approved based upon a review of my credit file and long history as a customer. Customers such as me who receive a pre-qualified approval of a loan must know if their loan applications have been approved before they drive many miles and waste time only to be declined and hit with a hard pull on their consumer credit reports. With very high interest rates and harsh terms, One Main should strive to please its current customers and avoid blindsiding them with a disapproval after they have gone through the effort of providing all the necessary paperwork and being subjected to a hard pull on their consumer credit file.

    57 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 4, 2022

    I applied for a secured loan. Sent them all the requested documents they asked for. I spent $75.00 faxing over my tax return at Office Depot, which they asked me to do because the file was too large to upload. They led me to believe up until the final underwriting that everything looked great and even scheduled me an appointment to come in and sign the loan agreement. An hour before my appointment, I was told I was denied because there was a discrepancy between my tax return and IRS tax transcripts. How can this be? I got my tax return from H&R Block which was accepted by the IRS and my tax transcripts directly from the IRS website. I offered to log on and retrieve these documents from their office, in front of them. How can there be a discrepancy?

    The local branch put in a complaint for me and said I would receive a call from the Customer Care department, which I did the following week. I was then told there is nothing they can do and I will get a letter in the mail which will have a number I can call. She did not address my issue, just an automated response. I thought this was the resolution department? This customer service employee stated she did not even look into this. This experience has been aggravating and caused me a hit on my credit, a waste of weeks of my time, and a cost of $75 out of my pocket. I got nowhere and was denied of no fault of my own.

    55 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: May 18, 2022

    Due dates are the 20th of the month. The next statement is not issued until the 5-7th of the following month. That makes 12 days accumulating daily interest. If trying to make payment for next month say on the 1st or 2nd there is no closing or ending date for the monthly statement so that payment posts to same cycle does not reflect for following month. Worse is next month's is considered a missed payment unless you pay again. The delay in issuing a statement until almost 2 weeks after due date is predatorial in nature as daily interest accumulates.

    54 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 28, 2022

    I'm telling you please do not get a loan here. They are the Worst loan company I have ever seen in my life. If you are late 2 days they keep calling. I have a Netspend account, I have a regular bank account which this payment is taking out of. I have credit cards that are in good standing. They do not want to take any credit cards or netspend. I wish I would have just stayed with my original loan company. I am going to get a second job just to pay them off early. Because I cannot deal with these loan sharks. They will make your life stressful, depressed, and just think everyday why you got this crappy loan. DON'T DO IT.

    90 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 1, 2022

    I took out a loan to catch up on some finances. I paid 138.58 on the loan on Nov 26th for the Dec payment. On Dec 5th they automatically took out another 138.58 and threw my bank account into a negative 165.00. I called them on the 7th Dec and they told me they would reverse the charges if I showed them proof. I sent a bank statement showing two payments were made to them for Dec. payments. They reversed it on their end but never reimbursed my bank account so where is my 138.58. I hope whoever reversed my payment and pocketed my money had a nice Christmas. It now January 1, 2022 and I have still not seen my 138.58 that they were suppose to put back in my bank account.. I will pay off my loan but will never use them again. Don't use these guys at any cost.

    79 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
    Website:
    www.onemainfinancial.com