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OneMain Financial is a personal lender based in Evansville Indiana. They’ve been around a lot longer than the other lenders we’ve reviewed, dating back to 1920. They mainly service the mid and lower credit ranges. Read our OneMain Financial review to find out if they’d be a good fit for you.
OneMain Financial Quick Info
| APR Range | 12.99% - 35.99%, 9.99% minimum for loan secured with auto |
| Loan Amounts | $1,500 - $25,000 |
| Origination Fee | Varies by State |
| Loan Duration | 3 - 5 Years |
| Time to Fund | Same Day |
| Soft Credit Check? | Yes |
Who Is the Typical OneMain Financial Borrower?
- They have a credit score of 630 or below. There are no minimum credit score requirements.
- Their income is less than the national median of $53,000 per year.
- They have likely suffered some financial setbacks. OneMain is a mid to lower tier lender and this will be reflected in the interest rates.
- They like a traditional banking experience. Borrowers may be required to visit one of their branches to finalize the loan.
- The money is needed quickly. Loans are often dispersed same-day.
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OneMain Financial Review
OneMain Financial, formerly SpringLeaf, has been around for nearly 100 years, predating every other lender we’ve reviewed so far. Because of this, they have a physical presence that most of the other online lenders don’t have. There are over 1,700 branches in 44 states.
OneMain takes on a lot of loans that higher-end lenders like SoFi and Lending Club won’t touch. Many of these lenders won’t consider an applicant with a credit score below 640. Borrowers at OneMain have an average of just 630.
For borrowers with bad credit, OneMain Financial falls between the dangerous short-term loans and the high-end lenders. But even for those with fewer options, there are still better options than OneMain.
First, their starting interest rate of 12.99% is quite high and their cap of 35.99% is also quite high. There are other lenders in the poor credit space that can do better.
Second, a credit union can likely provide a better rate. Their interest rate caps out at 18%. The big difference is it’s going to be a much longer process to apply and get funded through a credit union.
If you find that you’re considering a payday loan or a payday-style installment loan OneMain Financial is definitely going to be a better choice. But we’d recommend shopping around before committing to them.
OneMain Financial Reviews From Around the Web
| Better Business Bureau |  3.79/5 - 36 Reviews |
| Credit Karma |  4.1/5 - 2283 Reviews |
| Nerd Wallet |  4/5 |
| Consumer Affairs |  3.4/5 - 149 Reviews |
OneMain Financial Fees and Penalties
- Origination fee: Varies by state
- Prepayment fee: None
- Late fee: Varies by state
- Declined payment fee: Varies by state
Business Contact and Profile for OneMain Financial
| Name: | OneMain Financial |
| Phone: | (812) 424-8031 |
| Address: | 601 NW Second St. Evansville, IN 47708 |
| Website: | OneMainFinancial.com |
| Business Started: | 1920 |
| Type of Business: | Financials Services, Loans |
| Principal: | Mr. Jay Levine, President/CEO |
| BBB Accreditation: | This business is accredited with the BBB and has an A+. |
You mention that if you have bad credit (like me, like many) that One Main may not be the best option. What lenders are good options (if any) that lend to those with bad credit? Is there an article on your site with reviews of those lenders?
Hi Paula. Getting a loan with bad credit is always a pain. But here are the 3 lenders we’d suggest checking out:
Peerform
Avant
Freedom Plus