OneMain Financial Review – Scam or Legitimate?

OneMain Financial logoOneMain Financial is a lending institution with 95 years’ experience and over 1,800 branches in communities all over the United States. The lending company is committed to responsible lending and bases their practices on experiences on transparency. During their lending history, OneMain Financial has loaned about $20 billion to over 10 million customers. When customers contact the lending institution, they promise to do their best to choose the right loan for their situation.

Minimum Debt Amount

The minimum amount a person can borrow can vary by location. In general terms, the smallest personal loan a borrower could expect to be approved for through OneMain Financial is $15,000. There is no minimum credit score for borrowers, but on average it is between 600 and 650. Additionally, there are no minimum household incomes, but the average borrowers have a median household income of $46,000.

Maximum Debt Amount

OneMain Financial advertises a maximum loan amount of $25,000. However, the amount a borrower may be eligible to borrow varies greatly depending on several factors including credit score, history, employment records, state regulations, and whether you apply online or in person at a location.

If applying online, the maximum loan amount a person can expect is $9,999. If a person needs a loan larger than that, they must apply in person at a branch location.


OneMain Financial charges fees for their loan services outside of fixed interest rates. Many borrowers will be charged a loan origination fee. The amount that can be charged varies depending on location. For example, a borrower in California could expect to pay a 5% origination fee on $5,000. A borrower in another state could face no origination fee or a higher or lower amount.
The lending institution does not charge a prepayment fee, but does charge an unsuccessful payment fee. The unsuccessful payment fee varies by state.

How to Apply for a OneMain Financial Loan

If you’re interested in applying for a loan, you’ll be glad to know you can do so online or in person at a branch. Applying online is the fastest way to apply, but you may not receive your funds as quickly as you would, if you applied in person.
To qualify for a One Main Financial loan, you must be 18 years old, a legal citizen, and reside in a state that makes you eligible. States whose residents do not qualify:

  • Rhode Island
  • Nevada
  • Alaska
  • Arkansas
  • Connecticut
  • Massachusetts
  • Vermont
  • Washington, D.C.

Applying for a loan online only takes a few minutes. In most situations, borrowers can get a loan decision quickly and many can get needed funds the same day they apply.

Once a loan is approved online, borrowers must visit a branch location to meet with a loan specialist. Borrowers will need to confirm information on the application and provide proof of income, identity, and employment. Borrowers seeking large loan amounts or those with troubled and less than stellar credit may find it easier to apply at a branch location rather than online.

OneMain Financial’s Services and Loans

OneMain Financial offers secured and unsecured loans. Loan amounts vary from $1,500 to $25,000. Loans are offered at fixed rates with fixed payments. On average, a loan from this institution will need to be paid back in three to five years.

Annual percentage rates (APR) offered to OneMain Financial customers are based on credit history, income, and financial obligations. However, the APR offered is usually always high and fall in the 12.00% to 35.99% range.

Loans can be used to pay off a variety of debts including medical bills, credit cards, and home repairs. The loans can be used to pay for vehicles and vacations as well. The money obtained from these services cannot be spent on student loans, tuition or gambling expenses.


On their homepage, OneMain Financial advertises themselves as having an A+ grade from the BBB. The problem is the rating they are referring to isn’t technically theirs. Before 2011, One Main Financial was known as Citi Financial. The BBB rating used on their website technically belongs to CitiFinancial.

If you look up OneMain Financial, you will find several ratings for the company. As a whole, the lender has an F rating with the BBB based on customer complaints. There are also several branches on the BBB that have individual ratings based on just their locations customer service, claims, and case closure. Personal ratings for office locations vary from good to bad.

It’s also worth noting that OneMain Financial, which was acquired from CitiFinancial in 2011, was purchased by SpringLeaf in 2015. Springleaf is also a very prominent business in the lending industry.

What People are Saying about OneMain Financial

OneMain reviews are mixed. There are some that have been completely satisfied with the services offered by the lender and those that were disappointed and feel the loan they acquired put them in a worse financial situation.
A third party survey on OneMain’s behalf showed that 92% of customers were happy with the services they received from the lender. Compliments the lender received included a quick and easy process, helpful customer service agents, and a high-quality experience.

Satisfaction Guarantee

When looking a bank alternative loans, OneMain sticks out because it offers a 14-Day guarantee on its loans. The guarantee states borrowers have 14 days to return the money borrowed in full with no penalties. There are no restrictions on why a person may return borrowed funds and can be something as simple as they changed their mind or found out later they are dissatisfied with the terms of the loan.

The Bottom Line

The bottom line is a OneMain Financial loan is right for some people and not good for others. Because of high-interest rates and the need for collateral in some situations, it is not the right loan for everyone. To determine whether this product will work in your case, you need to weigh the pros and cons. If you need the loan and have been turned down everywhere else, OneMain may offer you a solution that you can’t get anywhere else. If you haven’t tried applying for loans elsewhere and you have good credit and steady income, you may want to consider other loan types and institutions before making your final decision.