About Bankrate Score
Bankrate take: OneMain Financial is unique in that it has secured and unsecured options. Low amounts and no prepayment penalties make it a good option for those who can pay off their loan quickly.
About Bankrate Score
Bankrate take: OneMain Financial is unique in that it has secured and unsecured options. Low amounts and no prepayment penalties make it a good option for those who can pay off their loan quickly.
Borrowers in a financial crunch may get relief the same day they apply for a personal loan with OneMain Financial. Most lenders require at least a business day before funds are disbursed.
The lender doesn’t disclose a minimum credit score, which means you may qualify for a loan with a score below the 600 minimum set by other bad credit companies. If the rate on an unsecured loan doesn’t meet your needs, you can explore OneMain’s secured loan options.
OneMain Financial doesn’t charge prepayment penalties, so you can pay extra or pay the balance in full without worrying about extra charges.
Funds from a OneMain Financial personal loan can be used for everything from paying for an emergency car repair to putting in a pool before the summer heat kicks in. Borrowers can choose a secured loan to buy a car, RV boat or motorcycle.
If you need some extra money and own a car that’s almost paid off, OneMain Financial even offers a cash-out refinance option using your car as collateral. The lender prohibits using personal loan funds for college or trade school tuition, business purposes or to invest in the stock or crypto market.
Customer service is available Monday through Friday from 8 a.m. to 8 p.m. ET. There are dedicated customer service numbers for help with current customers, new loan applications and OneMain Financial’s mobile app.
Customers can also email a question for an answer back within one to two business days, according to the lender’s website. You can apply online, over the phone or in person at one of the over 1,300 branches throughout the country.
OneMain Financial customers can manage their loan from the company’s online app, which has a rating of 4.5 out of 5 stars from the 3,800 App Store user reviews. The website also offers a resources tab with helpful explainer content about different types of personal loans as well as financial calculators and guidebooks that cover a variety of personal finance topics.
Out of over 62,500 reviews featured on the lender’s Trustpilot, 89 percent of them give OneMain Financial a 5-star rating as of March 19, 2024. Reviewers consistently cited the easy process and helpful staff as reasons for the high ratings.
Negative reviews made up less than 3 percent of the total reviews, and seemed to consistently revolve around not qualifying. OneMain Financial provided responses to almost all negative reviews and some positive ones.
OneMain Financial’s same day funding option for qualified borrowers makes it a quicker cash option than Avant, which takes an average of 4.3 days to fund for Bankrate users. However, the average APR for Bankrate users who took out a personal loan from Avant was 14.59 percent, much lower than the average APR of less than 26 percent offered to OneMain Financial borrowers.
OneMain Financial gives you much more borrowing power at significantly lower rates than NetCredit. You’re capped at a $10,000 maximum loan amount for a NetCredit loan at rates ranging between 34 percent and 99.99 percent, compared to a $20,000 loan amount maximum with a rate range of 18 percent to 35.99 percent at OneMain Financial.
You’ll need to document your income and expenses, and your credit report will be pulled to finalize your loan offer. There are also some unique qualifying requirements for OneMain Financial personal loans.
Overall score | 4.4 | Explanation |
---|---|---|
Availability | 5.0 | Same-day funding options with co-signer flexibility |
Affordability | 3.9 | Higher start rates and smaller maximum loan amounts than other bad credit lenders |
Customer Experience | 4.4 | Highly rated app for online users and over 1,300 stores for borrowers that prefer in-person service |
Transparency | 4.2 | Credit requirements not listed online, but fully discloses rates and fees on website |
57
years in business
30
lenders reviewed
20
loan features weighed
665
data points collected
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.