OneMain Review 2024

This review of OneMain is dedicated to an independent firm with a head office in Evansville, Indiana. OneMain Holdings Inc. operates through Springleaf Finance and its branches in the consumer finance and insurance industry. The main goal of the OneMain Financial online application is to offer personal loans for customers who have restricted access to conventional lenders.

The loan from OneMain doesn’t require any minimum credit score. Our OneMain review aims to inform you about this service and highlight key functional points. Learn more about the types of loans, rates, and security below in our OneMain app review.

One Main Finance Review

Pros and Cons of OneMain

OneMain Financial offers unsecured and secured personal money loans to millions of borrowers. The lender has over 1,500 branches in 44 states and has lent more than $152 billion since 2005. OneMain personal loans can be used for several expenses. Let’s take a look at the main benefits and drawbacks.


  • Loan prequalification
  • Option to get funds on the same day
  • Low minimum loan amount
  • A significant benefit is that the service accepts borrowers with a lower to average credit score.


  • High-interest rates
  • Not quite an online process
  • Additional fees

What is OneMain?

OneMain offers personal loans with set rates and payments. The rate and product you are eligible for rely on several variables. These are the loan amount, period, credit history, income, spending, previous debts, and collateral, such as a vehicle.

The personal loans from OneMain are pricey in comparison to other online lenders. However, they include a few customer-friendly features that give borrowers who would find it challenging to qualify elsewhere a choice. Few lenders claim they can finance a loan the same day a borrower applies, but this one does.

How does OneMain Work?

To pre-qualify for a OneMain Financial Personal Loan, visit the bank’s website and share basic information about you. This includes your monthly net income and employment status, as well as identification information of the bank accounts required by the government.

Once you do, you will receive an offer with potential rates and conditions, costly overdraft fees, and additional payment rules. If you choose to take advantage of your offer, you must visit your local branch to verify the information about your debit card or bank account and complete the application process in person.

Personal loans from $1,500 to $20,000 are available from OneMain service providers with durations ranging from 24 to 60 months. You can be qualified for an unsecured or secured loan on your existing bank account, depending on your credit. To be eligible for a secured direct deposit, you must offer collateral, such as a vehicle.

The minimum and maximum loan amounts may differ in various states. For instance, California establishes a $3,000 minimum deposit requirement and an $8,000 maximum for unsecured loans to the linked bank account.

OneMain describes these conditions and requirements for checking accounts in its loan charge disclosure. For an unsecured personal loan, a home or automobile would not be needed as security.

This type of loan offers flexible uses and frequently reasonable interest charges. You should first check with the lender to determine whether your cost is eligible for direct deposits.

Features & Services of OneMain

You can borrow from $1,500 to $20,000 with OneMain financial products. Your ability to repay the loan will determine how much you are offered. If you do not receive the requested amount, you may reapply with the applicant or with a security advance feature.

Before you apply for a loan, you can pre-qualify and check potential interest rates and loan terms with a soft loan request that won’t affect your credit score. You can receive funds on the same day you apply.

For this, you should receive your approval before noon. If you need to borrow a small amount, OneMain Financial can only lend you $1,500.

Laws in some US, however, states may require higher minimums and different terms and conditions. This is less than some lenders who may have minimum loans that start at $4,000 or $5,000. Loans are frequently used for:

  • Consolidation of debt

This allows you to take many loans and roll them into a single loan with a set monthly payment. This can simplify your budgeting and possibly result in reduced monthly expenses overall.

  • Home enhancements

A home renovation loan enables you to start working on home repairs right away. You can make payments over time whether you need a new bathroom or kitchen repair.

  • Wedding costs

Wedding costs may add up. So that everyone involved can unwind and track what’s essential, a wedding loan can assist in paying for the wedding of one’s dreams.

  • Acquisition, repair, or refinancing of vehicles

Having an auto purchase loan might provide you with negotiating leverage when you enter a dealership. In some cases, refinancing a car loan with an auto refinance loan might result in cheaper monthly payments. This happens if you already have a car loan.

  • Vacations

Waiting for a vacation might seem never-ending. A holiday loan might hasten the realization of a long-awaited getaway or even simply a memorable weekend away.

  • Medical products and services

Medical costs, whether for you or a loved one, quickly mount up. Everything from hospital bills and deductibles to dental work can be paid with a medical loan.

  • Cars used for recreation

A boat, motorbike, or RV loan might provide the funding you need to unwind whatever you choose, whether you’re dreaming of the open road or the open seas. The following are prohibited uses of the money from personal loans:

  • The cost of postsecondary education
  • Monetary or commercial objectives
  • Unlawful actions
  • Investing from your account
  • All types of gambling

OneMain Fees & Rates

Compared to other loans, the interest rates for personal loans from OneMain Financial are high. The fixed annual percentage ranges from 18.00% to 35.99% and will depend on various factors. They are your credit history, income, debts, and monthly expenses.

OneMain Financial offers four loan terms: 24 months, 36 months, 48 months, or 60 months. This gives you the option to take out a shorter or longer-term loan.

Since rates range from 18.00% to 35.99% per annum, you can opt out of a OneMain Financial personal loan if you have good or excellent credit.

Chances are you can qualify for a lower rate with another lender. In this case, you must pay perhaps twice less than here. On a loan application, OneMain prioritizes a borrower’s capacity to repay. Although rates are high, this loan welcomes borrowers with bad credit.

OneMain Financial doesn’t require a membership fee, but it charges an origination fee. This is not a monthly fee and is a flat one-time rate.

It ranges from 25 to 400 US dollars, or a percentage of 1% to 10% of your loan cost. It depends on where you live. There are also late fees, ranging from $5 to $30, or 1.5 to 15% of your monthly payment.

If your check or bank transfer bounces back, the lender charges additional fees for insufficient funds, ranging from $10 to $50 per payment. The good news is that the service doesn’t presuppose any overdraft fees.

Safety and Security of OneMain

OneMain places a high premium on preserving the confidentiality, integrity, and security of its clients’ data and corporate networks. The business fosters a culture of accredited cyber vigilance through instruction and training. The main ideas are:

  • How to file a cybersecurity incident report
  • Email security and recognizing phishing scams
  • How to securely protect critical consumer and business data

All systems are protected against assaults by the cybersecurity team, which the Chief Information Security Officer heads. The whole division proactively safeguards the clients’ data and money, staff, and business. The New York State Department of Financial Services cybersecurity regulations apply to OneMain.

The business developed a secure Enterprise Cybersecurity Incident Response Plan to detect and address safety issues. The AICPA Trust Services Principles and Criteria are used to verify that security measures at OneMain are designed in line with them through an annual SOC 2 Type I audit.

Is OneMain Legit?

Because OneMain Financial is authorized to conduct business in the states it serves, personal loans from it are legitimate. To be a reputable lender, you must meet this legal criterion. The fact that OneMain Financial has an A+ rating from the Better Business Bureau or BBB proves their loans are legitimate. Further reasons for OneMain to be legit:

  • OneMain Financial has existed since 1912
  • In the states it serves, OneMain Financial is recognized as a legal corporate entity.
  • On WalletHub, OneMain Financial has a 3.8/5 average customer rating.
  • The fact that the URL begins with “https” indicates that OneMain Financial’s website is secure.

OneMain Financial personal loans are legitimate, but it is vital to agree to their rules. Before completing an application, don’t forget to evaluate the conditions and specifications of OneMain Financial personal loans compared to your choices.

OneMain Platform Supported

On the official website, you may manage your account whenever you want, from anywhere. For this purpose, enroll in online account management in the desktop version. This can be done using your name, account number, zip code, and the last four digits of your Social Security number.

The account number is located in the upper-right corner of your monthly billing statement if you are looking for it. Customers also have the option of calling the branch manager and finding out this information.

An alternative to the full-size version is a convenient application for all operating systems. Android and iOS users can download the OneMain app from the online store. It doesn’t matter which device you use iPhone, iPad, or Samsung.

The service works well on tablets and mobile phones. Smartphone users can use fingerprint access to their accounts. The mobile app helps users to track their deposits and due fees anytime and everywhere.

Customer Service at OneMain

OneMain Financial’s customer care number can be called if you need to talk with a live agent. You must press 1 for English to speak to a live representative. To access your account with your social security number after that, press 1.

Then, input your five-digit ZIP code and the primary or secondary account holder’s social security number. Keep the line open and press 1 for holding. The average wait time is between one and ten minutes.

OneMain customer service has care agents accessible from 7 a.m. to 7 p.m. CT Monday to Friday. Visit the OneMain Contact page, complete the form, and click “Send” to email OneMain. Alternatively, you may mail OneMain support at [email protected].

For Which Needs OneMain Fits the Best?

OneMain is a financial personal loan service. It is probably best for those needing a short-term loan as soon as possible. Credit can be used to refinance debt, life events such as weddings or moves, vacations, rent and utility, or home improvement projects.

Please note that you can’t use your loan to cover college bills, business expenses, or purchase stocks or bonds. OneMain considers borrowers with complex histories to be its main clients.

Tough borrowers are consumers with a FICO credit score below 660 and may have trouble borrowing from other lenders. You may consider getting a personal loan from OneMain Financial if you:

  • Need income as soon as the same day
  • Want to borrow up to $20,000 with a paycheck of up to five years
  • You don’t have a better loan alternative and are having trouble qualifying for other loans

What are Apps Like OneMain?

There are several programs with the same features as OneMain in terms of functionality. We offer a comparative description in the table below.

OneMain Lending Point Avant Lightstream
APR 18-35.99% 7.99-35.99% 9.95-35.95% 3.99-20.49%
Loan term 2 to 5 years 2 to 6 years 2 to 5 years 2 to 12 years
Amount of loan $1,500-$20,000 $2,000-$36,500 $2,000-$35,000 $5,000- $100,000
Origination fee Yes No No No

Personal loans from OneMain Financial and Avant feature comparable terms and lending amounts. OneMain may have a benefit for borrowers searching for same-day funding, though.

Due to OneMain’s higher interest rates, Avant could be a better choice. OneMain could have the edge over Lending Point for those looking to reduce their interest rate with collateral.

Lending Point does not provide a secured loan option. In any case, we recommend considering alternatives and their requirements before applying for the most favorable loan.

The Review Process

During the inspection, we reviewed the complete loan application process. With term lengths of 24, 36, 48, or 60 months, OneMain offers a variety of repayment alternatives with some costly overdraft fees. There is, however, no penalty for early payments.

You can get your money on the debit card the same day if your application is accepted before noon on a work day. However, it can take one or two business days if customers decide to get their money to their bank accounts.

We take into account agency-filed regulatory actions in our review process. Based on our evaluation, we later consider these variables. We draw attention to the factors most significant to customers and how much they affect their experiences. They include the following:

  • Credit score
  • Credit history
  • Financial/banking history
  • Income and expenses
  • The purpose of the loan
  • The cost of collateral (e.g., car)

As a result, we have gathered all the data points and examined consumer reviews. In addition, we have evaluated the lender against competitors who target the same market or provide a comparable personal loan service. When necessary, our professionals periodically update the content after conducting a thorough fact check.

Is OneMain Worth it?

At OneMain, you can borrow from $ 1,500 to $ 25,000, with restrictions depending on the state. These limits are also better than you can usually get for a tax refund loan based on the cost of your tax refund. They offer repayment terms from 12 to 60 months with no prepayment penalty if you repay the loan early.

If getting a personal loan is the right financial decision for you, it is essential to cross-check and compare your options. So you can get the best rates and conditions you can apply for.

If you are a borrower with a bad credit history, OneMain Financial can be a great place to get a loan that meets your needs. Always remember that responsible borrowing is the key to financial success. Make sure you borrow according to plan and always make timely payments to have a strong credit score.

To ensure the highest level of transparency and to help you understand the basis of our evaluations, we invite you to explore our detailed review methodology


Chime can help you get paid today by allowing you to receive your money early. You can try this app for payday loans. It is accessible on Google Play and the App Store. Currently, OneMain doesn’t work with it, but several apps are compatible with Chime.

The Credit Reporting Agencies normally update OneMain accounts on consumers’ credit reports between the 10th and 15th of every month. After each month’s conclusion, OneMain sends account information to the credit reporting agencies. For example, they report the account status as of August 31st in September.

If you have already repaid one, you are not ineligible to receive a second loan. Additionally, if you decide to refinance a personal loan, the first loan will still be in effect when you are authorized for the refinancing loan.

OneMain Financial does not have a minimum credit score requirement for applicants. It even offers a secured loan option with collateral to make borrowing more feasible. While having a credit score below 670 typically disqualifies you from the majority of personal loan lenders, OneMain Financial does not require any minimum.

To pre-qualify potential borrowers, OneMain Financial merely performs a soft draw of their credit, which has no impact on their credit score. If you become pre-qualified, your chances of being approved are quite high. A new loan application and opening need not have a lasting negative effect on your credit.

The origins of OneMain date back to 1912, when Alexander E. Duncan established the Commercial Credit Company in Baltimore, Maryland. Later, it was reorganized as CitiFinancial.  OneMain Financial was formed in November 2010 as a majority purchase of American General Finance from AIG. OneMain in its present form is the result of Springleaf Financial’s acquisition of OneMain Financial (formerly CitiFinancial) from Citigroup in November 2015, with OneMain becoming the surviving brand.

The company does not cooperate with the bank. It is an independent institution that issues loans to customers on its own.

Depending on your particular financial condition, a lender may decide to authorize you for a new personal loan immediately after repaying an old one. You can expect to receive a new loan if you have fulfilled all the conditions.

Customers of OneMain may anticipate receiving their money in 1-2 working days on average if they opt to receive their payments by direct deposit. If OneMain accepts your application before noon, you can receive your money that same day.

Executing the contract and getting the money may take one business day after approval. If you have any pending paperwork to provide, this procedure can take longer. For approval, OneMain Financial conducts an exhaustive verification procedure.

It depends on your situation. In case you manage to make an application before 12 a.m., you can get the loan the same day.

The maximum amount is $20,000 with fixed rates and payments.

First of all, it will damage your credit history. Also, in case of non-payment of the loan, the client can be sued.

The hours of operation are Monday, Wednesday, Thursday, and Friday, from 8:30 a.m. to 5:30 p.m. On Tuesday, they work from 8:30 a.m. to 7:00 p.m.