OneMain Financial Reviews

OneMain Financial Reviews


I’ve always believed in the importance of financial stability, and there are times when unexpected expenses or financial goals require a helping hand. OneMain Financial is a name that often comes up when discussing personal loans. In this comprehensive review, I will delve into the world of OneMain Financial, examining its legitimacy, the types of loans it offers, and its suitability for individuals with various credit profiles. So, if you’ve been searching for “payday loans near me no credit check” or “guaranteed personal loan no credit check,” this article is for you.

  • Wide Range of Loan Options
  • No Credit Check Payday Loans
  • Guaranteed Approval
  • Higher Interest Rates
  • Origination Fees
  • Limited Branch Availability

OneMain Financial Information Overview

Information Overview
What You Should Know About OneMain Financial
Loan TypesPersonal loans
Credit Check RequiredYes
Loan Amounts$1,500 to $20,000
APR18.00% to 35.99%
Repayment Terms24, 36, 48, or 60 months
Origination FeeVaries by state and loan amount
Funding TimeTypically 1-2 business days

Where OneMain Financial Stands Out

Flexible Loan Amounts: OneMain Financial offers loan amounts ranging from $1,500 to $20,000, which can be advantageous for various financial needs, from debt consolidation to home improvements.

Credit Consideration: Unlike payday lenders that often don’t perform credit checks, OneMain Financial considers applicants with a wide range of credit scores. This makes it a feasible option for individuals with fair credit or those who may not meet traditional lenders’ strict criteria.

Multiple Repayment Options: Borrowers have the flexibility to choose from various repayment terms, including 24, 36, 48, or 60 months, allowing them to tailor the loan to their budget.

Where OneMain Financial Falls Short

Higher Interest Rates: The APRs at OneMain Financial tend to be on the higher side due to the risk associated with lending to individuals with less-than-ideal credit. This can result in higher overall borrowing costs.

Origination Fees: The origination fee can be an additional expense, and the amount varies based on your location and loan amount. It’s important to factor this into your loan cost calculations.

Limited Branch Presence: If you prefer online-only lenders, OneMain Financial’s reliance on physical branches might not align with your preferences. Branch availability can also be limited in certain areas.

What Qualifications are Needed to Obtain a Loan?


OneMain Financial aims to make personal loans accessible to a broad range of borrowers. To qualify for a loan, you typically need to meet the following criteria:

  • Age: You must be at least 18 years old to apply for a loan.
  • Credit History: While OneMain Financial is known for its flexibility, having fair to good credit can increase your chances of approval. However, even individuals with less-than-perfect credit may be considered.
  • Income: You need a reliable source of income to demonstrate your ability to repay the loan. Employment or another source of income, such as retirement benefits or Social Security, can suffice.

Before Applying: What to Do

Before Applying

Check Your Credit Report: Obtain a copy of your credit report from the major credit bureaus (Equifax, Experian, and TransUnion) and review it for any errors or discrepancies.

Improve Your Credit: If you have time, work on improving your credit score by paying down debts, making on-time payments, and addressing any outstanding issues on your credit report.

Evaluate Your Budget: Assess your financial situation and determine how much you can comfortably afford to borrow and repay each month.

Compare Rates: Don’t forget to shop around and compare offers from multiple lenders to ensure you’re getting the best possible terms.

How to Apply

How to Apply

Visit the Website or Local Branch: You can start your application by visiting the OneMain Financial website or locating a nearby branch using their branch locator tool.

Provide Personal Information: You’ll be asked to provide personal information, including your name, contact details, Social Security number, and income details.

Select Loan Amount and Term: Choose the loan amount and repayment term that best suits your needs and budget.

Submit Application: Once you’ve filled out the application, submit it online or in-person at a branch. If applying online, you may be contacted by a representative to complete the process.

Verification and Approval: OneMain Financial will review your application, perform a credit check, and assess your eligibility. If approved, you’ll receive the loan offer, including the terms and interest rate.

Accept the Offer: Review the loan offer carefully, and if you agree to the terms, accept it. Keep in mind that you’re not obligated to accept the offer if it doesn’t meet your expectations.

Receive Funds: Once you’ve accepted the offer, the funds will be disbursed, typically within 1-2 business days, either directly to your bank account or as a check.

Bottom Line


OneMain Financial can be a viable option for individuals in need of personal loans, especially those with fair credit or those seeking alternatives to payday loans with no credit check. While the lender offers flexibility in loan amounts and repayment terms, it’s essential to consider the higher interest rates and origination fees.

Before applying, take steps to improve your credit, evaluate your budget, and compare loan offers from multiple lenders to ensure you’re making an informed decision. OneMain Financial’s wide acceptance range can be a significant advantage for borrowers with less-than-perfect credit, but it’s crucial to be aware of the associated costs.

Frequently Asked Questions


Is OneMain Financial a legitimate lender?

Yes, OneMain Financial is a legitimate and well-established lender with a history dating back to 1912. It operates in multiple states across the United States and has numerous physical branches.

Can I get a personal loan from OneMain Financial with no credit check?

No, OneMain Financial does perform a credit check as part of its application process. However, it is known for being more lenient with credit requirements compared to some other lenders, making it accessible to a wider range of borrowers.

Are OneMain Financial’s personal loans guaranteed approval?

While OneMain Financial is known for being flexible with credit requirements, approval is not guaranteed for all applicants. Approval depends on various factors, including your credit history, income, and the loan amount you request.

What is the difference between payday loans and OneMain Financial’s personal loans?

Payday loans are typically small, short-term loans with high-interest rates and are often due on your next payday. OneMain Financial offers larger personal loans with longer repayment terms, which can be more manageable for borrowers. However, OneMain Financial’s interest rates may still be higher than traditional lenders.

Can I apply for a OneMain Financial loan online?

Yes, you can initiate the loan application process online through the OneMain Financial website. After submitting your online application, a representative may contact you to complete the process.

What should I do if I’m struggling to make my OneMain Financial loan payments?

If you encounter difficulties making your loan payments, it’s essential to contact OneMain Financial promptly. They may offer options such as loan modifications or alternative repayment plans to help you manage your financial situation.

Is it possible to pay off a OneMain Financial loan early without penalties?

Yes, OneMain Financial generally allows borrowers to pay off their loans early without prepayment penalties. Paying off your loan early can help you save on interest costs.

Does OneMain Financial report loan activity to credit bureaus?

Yes, OneMain Financial typically reports loan activity to major credit bureaus. On-time payments can have a positive impact on your credit score, while late or missed payments can negatively affect it.

OneMain Financial offers a range of personal loan options for individuals with varying credit profiles. While it may not provide payday loans with no credit check, it does cater to borrowers with fair credit and those in need of guaranteed approval options.

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