OneMain Financial personal loan review

OneMain Financial overview

OneMain Financial is a large, state-licensed lender. It is publicly-traded on the New York Stock Exchange and has nearly 1,600 branch locations in 44 states. While it has physical locations, you can also apply for a loan online. OneMain has lent out almost 2.4 million personal loans and $16.2B in loan amount.

Product overview

OneMain offers fixed-rate three- to six-year personal loans from $1,500 to $20,000. Rates range from 18% to 35.99%.

OneMain provides loans to individuals with all credit types. Unlike many online lenders, OneMain underwrites its own loans rather than partnering with a bank. This gives OneMain more flexibility in its acceptance criteria.

OneMain fees

Origination fees

OneMain charges loan origination fees. Depending on the state where you open your loan, the fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts range from $30 to $150. Percentage-based fees range from 1% to 5% of your loan amount.

When you’re applying for a OneMain loan, the origination fees will be disclosed, but the name of these fees varies by state. The fee may be called a Loan Processing Fee, Document Preparation Fee, Credit Investigation Fee, or other similar names.

Late payment fees

OneMain charges late payment fees that may be a flat amount ranging from $10 to $25 per late payment, a percentage of your entire monthly payment amount, or a percentage of the delinquent portion of your monthly payment amount ranging from 1.5% to 15%. The late fee may vary by state.

Other fees

Where permitted, OneMain charges additional fees for non-sufficient funds. This fee varies depending on state law and ranges from $10 to $50 per payment returned.

There may also be additional fees associated with collateral and liens. These fees are passed through to you, without mark-up, in the same amount that the state or county charges OneMain. There are no prepayment fees associated with paying off your loan early.

All of these fee information are estimated and informational. They may vary by state. Check OneMain’s website or visit a branch for the latest and most accurate fee information.

Application process

The application process can take less than 10 minutes, but will depend on when you submit your application and what additional documents are required. To apply for a loan, OneMain will need the following documents:

• A copy of a valid, government-issued ID (e.g. driver’s license or passport)
• Proof of residence (e.g. a driver’s license with your current address, a utility bill, or a signed lease)
• Proof of income (e.g. pay stubs or tax returns)

Funding options

You may choose to receive your loan by direct deposit or in person.

Some more about OneMain

OneMain was founded in 1912. It was acquired by Citicorp in 1988. In 2015 it was acquired by a public company backed by Fortress Investment Group. The newly-combined company kept the OneMain Financial name. In 2018 Fortress sold their stake of OneMain to Apollo Global Management and Värde Partners, Inc. Värde is a large player in the lending space with many investments in subprime lenders.

The company has over 10,000 employees and is headquartered in Evansville, IN. OneMain also offers optional credit insurance products, including life insurance, disability insurance, and involuntary unemployment insurance. The insurance products are provided through their affiliated insurance companies.