What is it and how it works?

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OneMain Financial is a personal loan company that operates multiple branches in 44 states across the country and offers loans to applicants with bad credit. Loans range from $ 1,500 to $ 20,000 in most states, but some have certain local limits. Additionally, the company charges slightly higher rates than the competition, starting at 18%.

What is One Main Financial

Who is OneMain Financial for?

This company is great for people with bad credit, relatively low income, or who may not have many other options. This is because the business doesn’t just look at your credit score, debt, or income for approval, but also takes into account your full credit history and ability to pay off a new debt obligation.

What’s more, applicants for a loan with OneMain Financial have the option of securing their loan with collateral, which reduces risks and improves the chances of approval by the lender.

How does OneMain Financial work?

OneMain Financial offers loans ranging from $ 1,500 to $ 20,000 in most states, but this can change according to the locality. For example, the maximum amount in North Carolina is $ 7,500 and the minimum amounts are different in the following states:

  • Alabama: $2,100
  • California: $3,000
  • Georgia: $3,100
  • North Dakota: $2,000
  • Ohio: $2,000
  • Virginia: $2,600

NOTE: These loans are due in 24, 36, 48, or 60 months.

Another important factor to consider is that OneMain Financial does not provide these personal loans for any need. In this sense, it has certain permitted and prohibited uses, such as we will see below:

Uses for OneMain Financial loans
Permitted uses Prohibited uses
Debt consolidation Bets
home improvements Illegal activities
Recreational vehicles, such as cars, motorcycles, and RVs Starting a business or investing in the stock market
Life events, such as moving, weddings, or emergencies Pay the university or educational entity

Loan costs

The APR for loans issued by OneMain Financial varies between 18% and 35.99%. The more credit and income you have, the lower the cost of the loan.

Also, you have to pay some hefty fees. For example, OneMain charges a fixed or percentage origination fee, but this depends on the state you are in. The cost of the flat rate is between $ 25 and $ 500, while the percentage range can be as low as 1% or as high as 10% of the amount borrowed.

On the other hand, it is important that you take into account some concepts that can lead to costs during the process.

  • Late payment fee. Depending on the state, you may see a flat rate of $ 5 to $ 30 or a percentage rate that varies between 1.5% and 15% of the monthly payment or the total balance of the loan.
  • Insufficient funds fee. If you make a payment and it is returned for insufficient funds, OneMain Financial will charge you between $ 10 and $ 50, depending on the state.
  • Government fees. If you collateralize your car, the company may charge you some government fees to record the lien on the car’s title.

NOTE: OneMain Financial does not charge penalties for early payments.

Communication with OneMain Financial

One of the most important aspects is ability to maintain communication with the company, as well as being able to handle the characteristics and information of the loan easily and quickly. In this sense, the company has a mobile application and numerous physical offices that you can use.

  • Mobile app. The OneMain Financial application is very intuitive and easy to use. Through this you can manage your account, view payment details, make payments and even see your VantageScore.
  • OneMain Financial Headquarters. This company is one of the few lenders that offers a network of physical locations. According to company data, 89% of its customers live within 25 miles of their locations.
  • OneMain Financial Phone. Another way to establish communication with the company is through its telephone number, which provides quick help to its clients.

How to qualify for a personal loan from OneMain Financial?

Personal loan applications are approved or rejected based on a large number of factors. All lenders have their own requirements, but these typically include the applicant’s credit information, along with other factors that demonstrate their ability to repay the loan.

However, according to what was confirmed with a representative of OneMain Financial, the company does not establish a list of requirements to qualify for a loan, but is based on the person’s ability to pay – according to income – and their credit history before approving an application. In addition, they take into account other factors not mentioned.

Credit score

OneMain Financial does not publicly set a minimum credit scoreInstead, they take a look at the person’s credit report, taking into account the payments made. In fact, one of the sites commented that they do not have a minimum FICO credit score.

Income requirements

The company does not publish the minimum monthly or annual income requirements that it seeks, as well as the maximum debt-to-income ratio that you establish to qualify for a loan. However, the company does take these factors into account when deciding.

Co-signers and co-applicants

If you don’t qualify for a loan on your own or need a higher amount than what was offered, you can apply with a co-applicant. Co-applicants are responsible for loan payments in the event that the holder cannot comply and they run the same risks. However, OneMain does not allow the use of co-signers, only co-applicants.


In case you do not want to apply with another person, you can resort to certain resources that will allow you to qualify for a loan or receive a larger amount. OneMain Financial accepts collateral of sufficient value to reduce your risk of default, like vehicles, motorcycles, boats, and RVs. However, these must be previously valued and insured against damage.

How to apply for a personal loan with OneMain Financial?

As with most lenders, It is quite easy to apply for OneMain Financial personal loans. Next, we will show you a step by step process that you must follow.

  1. Check your interest rate. OneMain Financial allows you to easily check your rate from their website. All you have to do is enter some of your personal information, such as your income and financial details. Also, you have nothing to worry about as there are no commitments at this stage and the company will not do a hard check at this point.
  2. Submit your documentation. If you are approved with conditions, the company will contact you to complete the application process and deliver the required documents. These include a copy of your ID, proof of income (such as a tax refund), and proof of residency.
  3. Sign the loan agreement. The company will provide you with a formal contract with all the rates, terms and conditions of your loan. Once you have signed it, you will be able to receive the funds.
  4. Receive your money. You can receive the funds in person, through a check issued by one of the company’s headquarters, or to your bank account, through a direct deposit into your account. Timing is highly dependent on the method you select.

How long does it take for One Main Financial to deliver funds?

Once the loan is approved, you can receive the money relatively quickly. If you signed the loan at a branch, you can receive the check right then and there. Otherwise, you will have to wait a business day or two for the direct deposit to take effect.

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Usama Younus

Usama Younus is the owner and super admin of the site he's is an expert in news editing, tech and entertainment magazine management, and articles editing E.T.C.

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