OneMain Financial at a Glance
Our Verdict
OneMain Financial is a legitimate option for borrowers with poor credit who have been declined elsewhere. Their no-minimum-credit-score policy and secured loan options make approval possible for many. However, the high starting APR (18%) and potential branch visit requirement make this a costly, inconvenient choice compared to online alternatives. Consider OneMain only if you need in-person support or can provide collateral to secure better terms.
Who OneMain Financial Is Best For
- Very poor credit borrowers who have been declined by online lenders
- Those with collateral (car title) who can qualify for secured loans
- Borrowers who prefer in-person service and face-to-face support
- People who need same-day funding (available at branches)
Who Should Look Elsewhere
- Anyone with 550+ credit - You can likely get lower rates from Avant or Upgrade
- Those who prefer online-only - Branch visits can be required
- Rate-sensitive borrowers - 18% minimum APR is high compared to alternatives
- Anyone needing more than $20,000 - OneMain's max is lower than competitors
The Pros and Cons
What We Like
- No minimum credit score requirement
- Secured loan options improve approval odds
- 1,500+ branches for in-person support
- Same-day funding at branch locations
- Accepts applicants with bankruptcies
- Reports to all 3 credit bureaus
- No prepayment penalty
What We Don't Like
- High minimum APR (18%)
- May require branch visit
- Lower max loan amount ($20K)
- Origination fees vary by state
- Rates often higher than advertised minimum
- Limited online functionality
- BBB complaints about customer service
OneMain Financial Rates: The Reality
OneMain advertises rates from 18.00% to 35.99% APR. Here's what you need to know:
Rate Reality Check
Most borrowers won't qualify for the 18% minimum rate. Based on customer reports, typical approved rates fall between 24-30% APR. The lowest rates generally go to borrowers with secured loans and stronger credit profiles.
Factors That Affect Your Rate
- Credit history: Better credit = lower rates (even with no minimum)
- Collateral: Secured loans with car titles get better rates
- Income: Higher, stable income improves terms
- Loan amount: Larger loans may qualify for better rates
- State: Rates and fees vary by location
The Branch Visit Requirement
Unlike most online lenders, OneMain Financial may require you to visit a branch to complete your loan. This is one of the biggest drawbacks for many borrowers.
When a branch visit is required:
- Larger loan amounts
- Secured loans (they need to see the vehicle)
- Lower credit profiles
- First-time borrowers with OneMain
The upside: If you do visit a branch, you may be able to get same-day funding. This is faster than most online lenders.
Secured vs. Unsecured Loans
OneMain offers both secured and unsecured personal loans. Here's the difference:
Unsecured Loans
- No collateral required
- Higher rates (typically 24-35%)
- Lower approval amounts
- Faster process
Secured Loans
- Requires car title as collateral
- Lower rates possible
- Higher approval amounts
- Risk: You could lose your vehicle if you default
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BBB Rating and Customer Complaints
OneMain Financial has a B+ rating with the Better Business Bureau. Common complaints include:
- Difficulty reaching customer service
- Confusion about rates and fees
- Issues with payment processing
- Unexpected branch visit requirements
That said, OneMain has been in business since 1912 and serves over 2 million customers. They're a legitimate lender, just one with some operational challenges.
Better Online Alternatives
If OneMain's high rates or branch requirements don't work for you, consider these alternatives:
- Avant: 550 minimum credit, 9.95% starting APR, fully online
- Upgrade: 560 minimum credit, 9.99% starting APR, up to $50K
- Upstart: AI-based approval, considers education/employment
- LendingClub: 600 minimum credit, established platform
Frequently Asked Questions
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