OneMain Financial Reviews

OneMain Financial is a lender that offers secured and unsecured loans and credit cards (though cards are currently limited) 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 your eligibility for potential loan offers on OneMain Financial’s website without affecting your credit score. Once you’ve prequalified, you can apply for a personal loan or credit card with OneMain Financial. To complete the online application, you’ll need to provide the following:

• Desired loan amount
• Proof of identity, such as a driver’s license or passport
• Proof of residence, such as a driver’s license or signed lease
• Proof of income, such as pay stubs or tax returns
• Social Security number
• Offer code (if applicable)

Once you submit your application, OneMain Financial typically provides a decision within minutes or by the next business day. If approved, the company verifies your information and presents loan options for you to review. Depending on your situation, you may finalize the loan online, by phone or by visiting a local branch to confirm details and sign the loan agreement.

OneMain Financial offers personal loans and credit cards, both online and at physical branch locations.

Personal loans

OneMain Financial offers unsecured and secured loans ranging from $1,500 to $30,000. Funds can be used for debt consolidation, home or auto expenses, medical bills and more. Loan terms range from 24 to 60 months, with fixed annual percentage rates (APRs) that vary based on creditworthiness and loan type. Applications can be completed online, over the phone or in person at one of its 1,300 branches.

Credit cards

OneMain offers three credit cards: BrightWay, BrightWay 1.5% Cashback and BrightWay+ credit cards, issued by WebBank. All three are unsecured cards designed to help users build or improve credit.

Note that OneMain is offering a limited number of cards right now but plans to expand soon.

Features include:

• Credit limits up to $3,000 (based on creditworthiness)
• 1% to 1.5% cash back on eligible purchases
• Monthly milestone rewards for on-time payments, such as an increased credit limit or a decreased APR
• Starting APR of 35.99%
• BrightWay and BrightWay 1.5% Cashback charge an annual fee (up to $89), while BrightWay+ does not
• Cards can be managed via mobile app or online account

When considering a loan or credit card with OneMain Financial, it's important to understand the rates and terms that apply. Here’s a breakdown of the key details to help you make an informed decision.

Personal loan rates and terms

• APR: OneMain Financial charges APR rates ranging from 11.99% to 35.99%, depending on factors like credit history, income and debts.
• Loan term lengths: Loan terms range from 24 to 60 months.
• Origination fees: OneMain charges a loan origination fee (where allowed by law), which may be percentage-based or flat, depending on the state and loan size. Flat fees range from $25 to $500, while percentage-based fees range from 1% to 10% of your loan total.
• Late payment fees: Late fees may be a flat rate of $5 to $30 per late payment, or a percentage of either your entire monthly payment amount or the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.
• Insufficient funds fees: OneMain may charge fees for insufficient funds ranging from $10 to $50 per returned payment (amount varies by state).
• Government fees: Additional government fees may apply depending on your state.

Credit card rates and terms

• APR: All BrightWay credit cards have a 35.99% APR on purchases, cash advances and balance transfers.
• Annual fee: BrightWay and BrightWay 1.5% Cashback have an annual fee of up to $89; the BrightWay+ card does not have an annual fee.
• Cash advance and balance transfer fees: The greater of $10 or 3% of the amount advanced or transferred
• Foreign exchange fee: 1% of each transaction made in a foreign currency
• Late payment fee: Up to $40, depending on your account status
• Minimum interest charge: $0.50.

Yes, OneMain Financial is a legitimate company that 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.