Onemain Review 2022

onemain review

This article will be devoted to the review of a popular online application named Onemain. Nowadays people can opt from a range of financial services providers. Sometimes it may be difficult to find a product that will meet all your requirements. We hope that a review of Onemain will help some borrowers define the best option for them.

Need Money Fast?

Fill the application below and get money instantly.

OneMain Financial offers unsecured and secured personal and auto loans to millions of borrowers. This company has more than 1,500 branches in 44 states. OneMain has already lent more than $152 billion since 2005.

Its financial personal loan can be used for a range of purposes. However,  the cost, terms, and fees provided by this app may not be suitable for everyone. To make an objective and independent Onemain review our team has conducted serious research. So, let’s get down to business!

Pros and Cons of Onemain

Onemain is a popular lender that offers numerous benefits to its customers. Among its greatest advantages you can find:

At the same time you should be aware of the cons you can face:

How does Onemain Work?

There are two ways to receive a loan from Onemain:

Personal loans are installment loans with fixed interest charges. If approved, you will receive a certain amount of money on your debit card and repay it in monthly installments.

After you download the app you will be asked for personal information that will include your existing bank account data. It will be your linked bank account for managing financial issues.

To undergo a prequalification for getting even a minimum deposit on your bank account you need to visit a Onemain website and specify your ID, source of income, employment status, etc. Once you complete it, you will receive an offer with potential rates and conditions. 

If you choose to take advantage of this offer, you will need to visit a local Onemain branch to verify your private information and complete the application process in person. There are more than 1,400 filiates nationwide.

All in all, Onemain is a financial service provider that gives direct deposits without costly overdraft fees. 

Onemain Features

OneMain presents a range of sophisticated financial solutions. Thanks to appealing terms and conditions of budgeting it has gained popularity among Americans.

According to the official website of Onemain, the company has rendered its services to more than 10.3 million people since 2010. What’s more, 88% of customers are highly satisfied with the Onemain loans. 

OneMain team does its best to make all borrowers receive funds on time and as required. This company provides beneficial personal and auto loans. Their amount can vary from $1,500 to $20,000. OneMain also offers financial tools, appropriate resources, and education to improve and track clients’ financial health.

The Onemain Financial website is easy to understand and use. After you created a personal account you will be able to check available offers. To make it possible you will have to fill in the questionnaire. Then you will be sent loan terms that this lender can offer you. You should also know that not all customers get loan approval.

Anyway, OneMain has fixed rates, fixed payments, and no hidden fees. Among acceptable loan purposes, there are debt consolidation funds, live events loans, recreation funds, auto loans, and home projects funds. To benefit from the Onemain advance feature you won’t be required to have a certain credit score.

Onemain Fees & Rates

OneMain sets relatively high-interest rates for personal loans when compared with other providers of financial services. Annual percentage range varies from 18.00% to 35.99% per annum and depends on a range of factors including your credit history, income, debts, and expenses.

OneMain offers four loan terms: 24 months, 36 months, 48 months or 60 months. It gives you the option to take out a shorter, or longer loan term. OneMain also charges a commission for cash out. It requires additional fees from $25 to $400 or a sum ranging from 1% to 10% of the loan amount. 

There are also late fees you need to pay. It can range from $5 to $30, or 1.5 to 15% of your monthly fee. Onemain also charges overdraft fees between $10 to $50 per payment. There is no early payoff penalty.

Onemain doesn’t ask for a membership fee. It means that you won’t need to bear monthly expenses for using its services. 

The monthly payment for a $20,000 loan ranges from $273 to $2,009 depending on the annual interest rate and the length of the loan. For example, if you take out a loan of $20,000 for one year with an annual interest rate of 2.009%, your monthly payment will be $36,000. You should also know that Onemain doesn’t  check your credit score. It makes it easier for many customers to get a loan from a lender.

Onemain Safety and Security

Onemain is a reputable financial services provider. This company appreciates its customers and sets high requirements for its security policy. Onemain prevents unauthorized access and use of the customers’ personal information.

To make it possible this company applies a set of preventive measures: all of them comply with federal law.

For example, computer safeguards, secured files, and specially accredited places.  It means that your personal information won’t be transmitted via the Internet. It should make you feel 100% secure.

Onemain doesn’t share its data storage with third parties or any linked sites. Among other things, the Onemain system is regularly checked by specialists to make data leakage impossible. What’s more, only a few people can get access to your information. 

If you still have doubts about whether you can trust Onemain with your money, remember that it has 3,849,459 reviews on ConsumerAffairs. All of them are verified. However, before making use of Onemain services, read the privacy policy terms carefully. It is a good habit.

Trustworthiness & BBB Rating of Onemain

In investing, a company’s rating is an assessment of the corporation’s or government’s creditworthiness. In some way, it resembles a credit rating for individuals. To put it simply, a credit rating is a financial measure for potential investors that shows whether the entity has a great reputation in terms of investments.

It is assigned by credit rating agencies such as Moody’s, Standard & Poor’s, and Fitch Ratings and has letter designations that indicate the reliability of the bonds. If the rating is below BBB, it is considered to be a risky investment. The rating marks vary from A to D. The higher the letter in the alphabet, the better it is for you.

OneMain really deserves our attention and respect. This company can boast of A+ rating. It was evaluated by the Better Business Bureau. This mark is among the highest ones. It means that you can make use of OneMain services and have a good sleep at night.

Onemain Mobile Support and Accessibility

OneMain is easy to download and use. You can make use of its services with a smartphone, tablet, and even desktop. It works equally well on Android and iOS platforms (iPhone operating system).

Onemain services are available in 44 US states. According to the official website, 89% of Americans live within 25 miles of a branch. Thanks to advanced services, customers can easily find the nearest Onemain physical office.

The services of this company are available to all people. You don’t have to pay for a monthly membership. It means that you can apply for a loan any time you need it. The prequalification step can be done online with the help of any device. All you have to do is to ensure a stable Internet connection.

Customer Service at Onemain

OneMain can boast of advanced customer service. All customers can easily get answers to their questions without putting much effort into it. If you want to talk with the OneMain manager, phone the nearest physical office from Monday to Friday: 3 p.m. – 3 a.m. Using your smartphone you can also schedule an appointment with one of the loan specialists at a OneMain branch. 

If you don’t know the number, you can visit https://www.onemainfinancial.com/branches.

Apart from phone numbers customers can find emails. If you don’t like live communication but want to settle personal issues, just mail your question. 

Among other things, you can write at customer support gmail: [email protected]. What’s more, on https://www.onemainfinancial.com/contact-us you will find a form for sending your questions to managers. The customers usually receive feedback within 1-2 business days. 

Is Onemain a Good Choice for You?

OneMain Financial Personal Loan is a great option for those who need a personal loan as soon as possible. The loan can be useful for debt consolidation, life emergencies such as rent and utility debts, weddings or moves, vacations, and home improvement projects.

You should also remember that you cannot use your loan to cover college expenses, business expenses, or purchase stocks or bonds. 

Note that Onemain also allows $1,500 short-term loans. They are usually taken for covering small bills before the paycheck.  Among things, OneMain considers “difficult” borrowers to be its main clients.

Tough borrowers are consumers with FICO credit scores below 660 and who may have trouble borrowing from other lenders.

You may consider getting a personal loan from OneMain Financial if you:

Apps Like Onemain

Despite the fact that it is a Onemain review, you should know that there are many other alternatives to its services. Some of them offer the same feature while others have totally different ones.

To understand which product will meet your requirements the best you need to analyze the entire financial market. To make your life easier we have made a small table with the comparison of key features.

Onemain

Dave

Earnin

OverdraftOne

Amount of a loan

From $1,500 to $20,000

Up to $250

From $100 to $500 per pay

From $100 to $2,500

Rates

APR varies from 18.00% to 35.99%

APR varies around 16%

Tipping

APR ranges from 19% to 40% or more

How quickly can you receive money?

Between 2 and 5 days

1-3 days or 8 hours for additional pay

With Lightning Speed: a few minutes; Without it: 1-3 business days.

A few minutes

Membership

Free (fees for additional services)

$1 per month

Tipping

Free

How We Review

The OneMain review process was time-consuming for us. Since this company has a 100 years long history there are many aspects that deserve our attention.

Our team collected crucial data points from this and some other analogical lenders, interviewed company representatives, and compared Onemain with other financial services providers. 

We have searched for information about this company from open sources as to the transparency of rates and terms, offered interest rates, additional fees, payment options, loan terms, etc. We also pay attention to the customers’ feedback and ratings.

Among other pivotal points for us were the user interface and transparency of OneMain features. We made this review as objective as it was possible and viewed OneMaine from the customer perspective.

Conclusions

OneMain is a financial service provider with a 100 years long history. It presents reliable functions, beneficial terms, and conditions of loans, a friendly user interface, etc. As the proverb says: “Each cloud has a silver lining”. To understand whether OneMain will meet your requirements read this app review carefully!

FAQs

Chime is an American financial technology company that provides free mobile banking services provided by The Bancorp Bank or Stride Bank, N.A. Chime has no physical branches and does not charge monthly or overdraft fees. OneMain doesn’t work with Chime.

OneMain was founded by Alexander Edward Duncan in 1912 in Baltimore, U.S. At that time it was a Commercial Credit Company. He was born on May 27, 1878. Alexander received his education at Louisville Male High School.

In 1912 Onemain was founded as a Commercial Credit Company. After a few mergers, it became a subsidiary of Citigroup. After 2008 Citigroup reorganized its business and renamed it to OneMain Financial. In 2015, Springleaf Financial acquired OneMain Financial, with OneMain becoming the surviving brand. Now OneMain has approximately 1,500 branch offices in 44 states.

OneMain is an independent provider of financial services. It offers appealing loan terms and conditions. OneMain customers can complete the prequalification process online and then visit a physical branch of Onemain to close the loan. This company currently has more than 1,500 branches in 44 states. OneMain has already lent more than $152 billion since 2005.

Yes, you can. If your previous experience was successful, you can apply for a loan again. What’s more, in some cases you can even get more than one loan. But to approve such a decision a lender has to evaluate your unique situation to determine if you qualify for more money. Call OneMain managers at (800) 961-5577 on a business day if you have such a question.

In most cases, you will need to wait between 2 and 5 days to get a personal loan. This period includes the application approval time and the time needed for delivering money on your banking account. However, if your application is approved before noon to a business day, you could receive your money the same day.

Onemain verification process will become a pleasant surprise for you. This procedure starts with the prequalification step. To fill in the pre-approval form you will need no more than 10 minutes. The entire verification will take you up to 24 hours.

OneMain is a great option for those who need money quickly. If your application is approved before noon on a business day, you could receive your money the same day. In case you choose a direct deposit, you will wait for one or two business days.

OneMain specializes in installment loans ranging from $1,500 to $20,000. However, some states have higher minimums and lower maximums. Its personal loans have a fixed annual interest rate or APR. It varies between 18 and 35.99 percent, depending on the borrower’s creditworthiness.

If you fail to make your payment by the due date, you may be charged a late payment fee. The amount of the fee is defined by a lender and depends on the type of loan you have taken, your account balance, and the period during which the debt was unpaid.

Yes, it reports to major credit bureaus. Onemain does it to help its clients build credit. The report is performed at the end of each month. Updated information is usually available on the customers’ accounts in the middle of each month (10-15th day of a month).

Onemain official website says that such issues are solved and discussed individually. If you want to get a few loans simultaneously, you should contact OneMain managers by phone or visit the nearest office. If you want to open a new loan after you repay the previous one, you will do it without any problems.

In most cases, financial lenders approve loans only for customers whose credit score is above 660. OneMain Financial doesn’t define a minimum credit score for the applicants. What’s more, OneMain has a secured loan option (with collateral) to make borrowing more accessible.

Yes, OneMain Financial does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points. However, the negative impact on your credit from applying for and opening a new loan does not have to last long.

52% of employees reported the work timings at OneMain Financial as flexible. Whereas, 48% reported it as strict, with a majority as 9:30 am – 6:30 pm and 9 am – 6:30 pm.

Leave a Reply

Your email address will not be published.

*

facebook twitter

Disclaimer: This platform is a free online resource aimed at assisting people with making smart financial decisions and choosing the most appropriate solutions tailored to their finance-related needs. Fit My Money provides professional research, comparison, reviews and unbiased opinions on multiple financial topics. We strive to keep the information on the website up to date and accurate. Although the information we share is based on thorough research, it doesn’t constitute solely professional or legal advice, thus shouldn’t be treated as such.

To keep the website free and continue providing valuable content, we get compensation from the companies listed and/or featured on the site. The compensation rate may impact the way the offers appear on the site. Fit My

Money doesn’t include all available offers and/or companies.

The authors’ and/or editorial opinions are solely their own and are not provided, endorsed, reviewed and/or approved by the offer issuers and/or companies we get compensation from. Our content may differ from the information you get from the financial institutions issuing offers. We present the products and services without warranties. When you choose to click on the offer, you agree to be directed to the issuer's site where you can and should review the terms of use.

By using our website you agree to our Terms of Service and Privacy Policy

Become a Contributor

Fit My Money Inc

8 The Green Suite #7484 Dover, DE 19901

© Copyright 2022. All rights reserved