OneMain Financial OneMain Financial
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3 5stars

OneMain Financial Review

OneMain Financial
Rating:
Bottom Line:
Good choice for those who favor a hands-on approach with a local branch, but lack of information prior to application can be frustrating

Full Review:
OneMain Financial offers personal loans to residents of most states across the country. While you can apply online, the focus of OneMain Financial is on its local branch offices, so those who are not looking for a typical bank loan experience might be disappointed.


Types of Loans Available

OneMain Financial lets its customers borrow between $1,500 and $25,000. The amount you can borrow depends on your state's individual regulations. It's important to note that if you apply online, you can only request an amount up to $9,999. This means you'll need to go to a physical branch location if you want to borrow anything larger. Loans can be used for a multitude of purposes, with a special emphasis on debt consolidation, unexpected expenses (such as medical bills), home improvement and life events (such as adoptions and weddings). You cannot use a loan from OneMain Financial to pay for college expenses, such as tuition and student loans, or for gambling purposes.


This service offers both unsecured and secured loans, and its website states that you could get a lower interest rate if you put up your car as collateral for a secured loan. Rates and payments are fixed regardless of the loan type you select, which means you will pay the same amount every time throughout the life of the loan.

Information about the rates and terms offered for loans is not readily available on the OneMain Financial website, which instead says that each person's rate will vary depending on credit scores, payment history on past credit accounts or loans and the applicant's ability to make monthly payments. When we spoke with a representative at the closest local branch to our office (in San Francisco), we were told a $5,000 loan would likely be given between 48 and 60 months for repayment. This is specific to the branch office we spoke to, so keep in mind that this information could vary greatly depending on which state you live in and your personal financial situation.




Qualifying

To qualify for a loan with OneMain Financial, you must be a legal U.S. resident and 18 or older (19 if you live in Alabama or Nebraska). When reviewing your application, OneMain Financial will look for an established credit history, enough income to make monthly payments and no bankruptcies in your past.

At this time, residents of Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C. are not able to apply for a loan with OneMain Financial. However, if you are a resident of Arkansas, Alaska or Connecticut, OneMain Financial suggests (and even links to) the top-rated peer-to-peer lending service Lending Club as an alternative choice.


Application Process

You can apply online or in person at a local branch. The online application does not take too long to fill out and requires basic information about your financial and credit history. You are also required to disclose what the purpose of the loan is and how much you are requesting. Once you have submitted your completed application, you will receive an email response acknowledging your submission, which will be forwarded to the nearest local OneMain Financial branch. A Loan Specialist will then contact you to talk about whether your application has been approved or not. If approved, you will be presented with loan terms, including your interest rate and length of repayment term. It's possible you could receive your money as early as that day, if your application is approved before noon.




Repayment and Fees

Repayment terms depend on the amount of the loan. As mentioned earlier, we were given an example of 48-to-60 months for a $5,000 loan taken out in San Francisco.

Making payments is simple with several options, including the ability to make online payments — one-time only or recurring monthly, bi-monthly or bi-weekly — as well as by mail, phone or in-person at your local branch. You can pay off your loan early or make additional payments without any penalties. If you have trouble with payments, OneMain Financial offers a hardship assistance program to help you remain current on your loan repayment. You also have the option to call your local branch to change your payment due date, if necessary.


OneMain Financial provides a 10-day grace period for late payments. After this period, you will be charged a $10 late fee. If a check is returned or there is an error with your bank account when trying to make a payment, you will be charged a $15 fee on top of the $10 late fee.

Something that sets OneMain Financial apart from other personal loan services is its 14-day guarantee. If you are dissatisfied with your loan or change your mind, you can cancel it and return the money without penalty for 14 days after the money is disbursed to you.


Trustworthiness

OneMain Financial is accredited with the BBB, and currently has an A+ rating with the organization. Most local branch locations also have BBB reviews of their own, though, which you may want to check out since much of your dealings will be through the local branch office.




Customer Support

Support is offered via telephone and email; however, email does not seem very reliable. We were instructed to call our local branch office in response to both emails we sent. OneMain Financial provides phone service from 7 a.m. to 7 p.m. CT, seven days a week. When you call during regular business hours, the automated answering service will help you locate a local branch phone number based on the area code you are calling from or a zip code you enter. It will also offer to transfer you to that number, though when we chose that option, we were told the number was out of service. Yet, when we dialed the phone number provided, we were connected immediately to our local OneMain Financial branch. Once we finally got through to a customer service representative, we found them to be courteous, knowledgeable and not pushy.


Conclusion

If you are looking for a personal loan experience with a more traditional, hands-on approach, OneMain Financial's emphasis on interaction with local branches will probably work in your favor. We found the lack of general information on loan rates and terms to be frustrating compared to other personal loan services we've reviewed, but when dealing with our local branch, the service was considerate and informative.

Compare to other Personal Loan Services

If you have a question or concern we haven't answered on our site, please let us know. Your question will be added to the NextAdvisor Forums so that we and other experts in our community can answer it. Due to volume, we aren't able to respond to every question, but we answer as many as we can.



Service Details

Minimum/Maximum Loan Amount:$1,500 - $25,000
APR:Varies
Terms Available:Varies
Required Credit Rating:Varies
Secured/Unsecured:Secured and unsecured
Local Branches:Yes

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