OneMain Financial Review: Expensive Compared to Other Lenders
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OneMain Financial, the community lender, which has been around for over 100 years providing personal loans to consumers across America. With over 1,500 branches in 44 states, it offers a solid level of trust backed by excellent customer service scores and over a century of experience as a lender.
Highlights on OneMain
Loan amounts: $ 1,500 to $ 20,000
APR: 18% to 35.99%
Minimum credit score: 620
- Loan Type: Unsecured Personal Loans
- Repayment terms: 24 to 60 months
- Direct lender or market: direct lender
- Execution time: From the same day
- Best for: People who want to borrow from an experienced trusted brand
Advantages and disadvantages of OneMain
Advantages
- Flexible repayment options
- Good credit is not required to qualify
- Excellent customer service reviews
- Many branches
The inconvenients
- High minimum APR
- May charge high set-up fees and late fees in addition to other costs
- The loan must be signed at the branch
OneMain loan cost
Onemain Financial offers unsecured personal loans ranging from $ 1,500 to $ 20,000. However, their lowest rates are not that competitive, with a high APR of 18% to 35.99%, you will also have to deduct an origination charge of 1% to 5%, which is taken from your loan funds. before they are disbursed.
A main qualification
To get started, here is a list of criteria you need to meet:
- U.S. citizen or permanent resident
- You must be at least 18 years old
- Established credit history
- Valid bank account
To apply, you must also have access to the following information:
- Government issued ID
- Income or employment information
- Social Security number
- Minimum credit score of 620
Once you have met all the qualifications, you can get started with OneMain Financial by following these few steps:
- Click it Consult my price button to be redirected to its application
- Enter your loan amount and purpose, then enter your preferred monthly payment
- Choose whether you are applying individually or jointly
- Enter your basic personal information, current address and social security number
- Read the disclosures from OneMain Financial, then click on Submit a loan request
Once your request is processed, if you are prequalified, you will need to go to a branch to verify your identity, income and guarantees. After reviewing and agreeing to the loan terms, you will sign your loan documents and OneMain Financial will transfer your funds directly to your bank account or give you a check.
OneMain Reviews and Ratings
OneMain Financials BBB rating is A +
OneMain Financial’s online reputation is one of the strongest in the industry. It is accredited by the Better Business Bureau with an A + rating and over 1325 reviews. Not all reviews are positive, but most borrowers cited excellent customer service and quick turnaround times. Moreover, the reviews on Trustpilot are also constructive, it gets an incredible 4.8 stars out of 5, based on 22,191 customer reviews. It doesn’t get much better than that.
Things to remember before choosing OneMain
- OneMain Financial has branches in 44 states and the District of Columbia. The only states where it is not present are Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island and Vermont.
- OneMain Financial uses security measures that comply with federal law. These include computer backups and secure files and buildings.
- OneMain Financial personal loans come with monthly repayments that you can pay online, at a branch, by mail, and over the phone. You can also set up automatic payment
- OneMain Financial specializes in unsecured personal loans and secured auto loans.
- OneMain Financial helps borrowers with less than excellent credit, making it a solid choice for anyone unable to qualify for a higher rate elsewhere.
- Make sure to stay in touch with OneMain Financial when you have any questions.
In conclusion
With OneMain Financial, you get a lender with over a century of experience serving the public. They focus on borrowers who need a quick source of cash but may not have the best credit. However, OneMain Financial is expensive compared to other lenders, with a high starting APR of 18% and a high maximum of 35.99%. So if you have above average to excellent credit, you may find more affordable options for your business. local bank or credit union.
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OneMain Financial Review
With OneMain Financial, you get a lender with over a century of experience serving the public. They focus on borrowers who need a quick source of cash but may not have the best credit. However, OneMain Financial is expensive compared to other lenders, with a high starting APR of 18% and a high maximum of 35.99%. So, if your credit is above average to excellent, you may find more affordable options at your local bank or credit union.