OneMain Financial Personal Loans Review
OneMain Financial is one of the top-rated lending partners available through the Acorn Finance platform. As a well-established lender, OneMain Financial is known for offering personal loan options to borrowers across a wide range of credit profiles. Before choosing to work with this lender, it’s helpful to understand what they offer, how their loans work, and how they compare to other personal loan providers.
If that sounds like what you’re looking for, you’re in the right place. Below, we review OneMain Financial personal loans from an unbiased perspective to help you determine whether this lender aligns with your financial needs and long-term goals.
What Is OneMain Financial?
OneMain Financial is a national consumer finance company that has been serving borrowers for more than a century. Unlike many online-only lenders, OneMain Financial offers both digital access and in-person support through a large network of branch locations across the United States.
The lender specializes in personal loans designed to serve borrowers with a wide range of credit histories, evaluating applications using multiple factors rather than relying solely on credit score. In addition to expanding access to financing, OneMain Financial places a strong emphasis on customer service, often connecting borrowers with dedicated loan specialists to provide support throughout the process.
Is OneMain Financial Legit?
OneMain Financial is a well-established, publicly traded lender with a long standing history that operates under state and federal regulations. While legitimacy is important when choosing a lender, it doesn’t validate that this is the right lender for you. As with any loan, it’s important to carefully review rates, fees, and repayment terms before accepting an offer. Borrowers are encouraged to compare options and ensure the loan fits within their budget.
How Do OneMain Financial Personal Loans Work?
OneMain Financial offers personal loans – a type of fixed installment loan. This means you borrow a fixed amount, typically funded as a lump sum, and repay it in fixed monthly installments over a predetermined period. Here’s an overview of how the personal loan process works with OneMain Financial:
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- Apply online, by phone, or in person
- Receive a pre-qualified offer
- Accept the offer to initiate the underwriting process (verification stage)
- Obtain loan approval followed by funding
- Repay the loan in fixed installments until the end of the predetermined period
When you start the process of checking personal loan offers at Acorn Finance, you resume the process at step 2 by accepting the loan offer and proceeding directly with the lender of choice.
How Long Does OneMain Financial Take to Approve a Loan?
OneMain Financial strives to maintain a competitive edge. The company is known for delivering relatively quick decisions, especially for online applications. Some borrowers receive a same-day decision after completing the application process. Once approved, funding can take place in as little as 1-2 business days, although funding times may vary. The funding timeline can be impacted by how quickly documentation is provided, where the loan is finalized (i.e. in the branch or online), and other factors. Submitting complete and accurate information and responding to lender requests timely can support a smoother process.
OneMain Financial Loan Rates and Terms
OneMain Financial considers a variety of requirements to determine the loan rate and term a borrower is eligible for. OneMain Financial requirements include credit score, credit history, income, employment, debt-to-income ratio, and other related details. Overall, the lender is trying to evaluate the likelihood that you’ll repay the loan, otherwise known as creditworthiness. The greater the risk, the higher the rate may be. A shorter term may also be associated so that the lender assumes the risk for less time.
When shopping for a personal loan, these are both important details that can hold influence over monthly payments and loan costs. Because OneMain serves borrowers across the credit spectrum, rates may be higher than those offered by lenders that exclusively serve excellent credit profiles. While you can access advertised rates and reviews online, the best way to evaluate rates and terms is by comparing personalized offers – assuming there’s no credit score impact. And this is where Acorn Finance comes in; helping you check personalized offers in seconds from top national lenders with no credit score impact.
OneMain Financial Personal Loan Reviews: Pros & Cons
Pros
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- Available to borrowers with fair or challenged credit
- Fixed monthly payments
- Online and in-branch application options
- No minimum credit score requirement
Cons
- Interest rates may be higher for some borrowers
- Fees may apply depending on the loan
- Physical branch visits may be required in certain cases
Understanding these pros and cons can help you weigh convenience, cost, and accessibility when comparing OneMain to other lenders.
OneMain Financial Personal Loans FAQs
Is It Hard to Get a Loan from OneMain Financial?
Difficulty depends on your financial profile. OneMain is often considered more accessible than traditional banks, especially for borrowers with less-than-perfect credit. However, approval is not guaranteed and depends on factors such as income, credit history, and existing debt.
What Credit Score Do You Need for OneMain Financial?
OneMain Financial does not publish a strict minimum credit score requirement. The lender evaluates applications holistically, considering credit history, income stability, and ability to repay. While they do not have a minimum credit score requirement, the lender still seeks to determine the likelihood that a borrower will repay a loan, similar to other lenders. Their approach is driven by the desire to help more borrowers access loans, earning the second chance they deserve.
Can You Pay Off a OneMain Financial Loan Early?
Yes, OneMain Financial typically allows borrowers to pay off their loans early. Most personal loans do not include prepayment penalties, but it’s always important to confirm this in your specific loan agreement.
Can I Have Two Loans With OneMain Financial?
In some cases, borrowers may qualify for more than one loan with OneMain Financial. Eligibility will depend on specific circumstances and borrower criteria.
Does OneMain Financial Do Unsecured Loans?
Yes, OneMain Financial offers unsecured personal loans meaning the loan does not require a down payment or collateral.
How OneMain Financial Compares to Other Lenders?
Compared to many online-only lenders, OneMain Financial stands out for its physical branch presence and flexible requirements. However, online lenders may sometimes offer lower rates to borrowers with excellent credit or faster digital-only experiences. OneMain’s strength lies in accessibility and flexibility rather than being the lowest-cost option across the board. Comparing offers from multiple lenders can help ensure you’re choosing a loan that fits both your immediate needs and long-term financial plan.
Is OneMain Financial the Right Choice for You?
OneMain Financial may be a strong option, especially if you have fair or limited credit history or desire face-to-face support. That said, borrowers with excellent credit may find more competitive rates elsewhere. Before committing, it’s wise to review your budget, compare loan offers, and fully understand the total cost of borrowing.
If you’ve received an offer from OneMain Financial or are actively exploring personal loan options, taking the time to evaluate how the loan aligns with your financial goals can help you move forward with confidence.
Comparing options on Acorn Finance? See if you prequalify for a personal loan without impacting your credit score.
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