trusted formOneMain Financial Review: What Makes it Different? | Several.com
Although we earn commissions from partners, we ensure unbiased evaluations. More on our 'How We Work' page
Onemain

OneMain Financial Review: What Makes it Different?

List of Content
OneMain Financial Review: What Makes it Different?

OneMain's mantra is that they are not like any other lenders, and they know you are not just another customer. They will look beyond your credit score and help you get what you need despite your financial status. With over 100 years of satisfying customers and helping them with their goals, OneMain promises the one main difference with them is you.

Pros

Doesn't require a minimum credit score
Offers secured and unsecured personal loans
OneMain prequalification doesn't affect credit score
Offers small loan amounts
Loans can be received in the same day if approved by noon

Cons

Charges origination fee
Interest rates are higher than other lenders
Large loan amounts require a lien on an automobile

Quick Stats

Average Approval Time
48 Hours
Maximum Loan Amount
$20,000
Maximum Loan Term
60 Months
Minimum Credit Score
None
Minimum Starting APR (Annual Percentage Rate)
18%
Pre-qualification Valid For
Unknown

With OneMain, the main difference is customer satisfaction. For example, if you are approved by noon, they promise you will have your money on the same day. In addition, OneMain's online application can be filled in minutes.

 

OneMain Loan Request Process

In a nutshell, here's what you'll get with OneMain Financial:
1. Preapproval doesn't affect credit score.
2. Fixed interest rates and no prepayment fees.
3. 256-bit encryption for secure transmission of the client's information.
4. Easy and simple online application.
onemainrequest.png

 

Loan request processes are usually quite troublesome, but with Onemain, it has been reduced to four simple steps. On their website, you need only enter the following details:

  • Your desired loan amount
  • Your contact information
  • Your income and credit score details
  • Detail verification

 

OneMain uses 256-bit SSL encryption to protect your data while it's being transmitted. Top VPNs use the same encryption standard to protect users' data, so you rest assured your data is safe with OneMain.

After requesting a loan, you will receive an offer in your email. When you do, you can follow up with it and continue your loan process. OneMain recognizes that every customer is different, so your loan offer will be customized for your needs.

Is everyone eligible to join OneMain Financial?

Actually, it depends on the loan amount you want to qualify for, larger loan amounts require a first lien on a motor vehicle no more than ten years old. Also, if you're eligible or not depends on other factors, including your state of residence and credit history, which means you need to meet OneMain Financial credit standards.

On the bright side, higher-qualified applicants have a better chance to get approved for large loan amounts or get lower APR rates. Here's how the state of residence affects your loan amount:

  • Alabama: Borrowers in this state are subject to a $2,100 minimum loan size.
  • California: Borrowers in this state are subject to a $3,000 minimum loan size.
  • Georgia; Borrowers in this state are subject to a $3,100 minimum loan size.
  • North Dakota: Borrowers in this state are subject to a $2,000 minimum loan size.
  • Ohio: Borrowers in this state are subject to a $2,000 minimum loan size.
  • Virginia: Borrowers in this state are subject to a $2,600 minimum loan size.

 

Get Your Personalized Auto Loan Now!

 

Extra Features

It is quite uncommon for a loan lender to provide extra features for their customers. OneMain is an uncommon lender as it provides a dedicated OneMain Financial Brightway credit card for you to turn your payments into progress.
 

Mobile Application

OneMain offers a mobile application compatible with both Android and iOS devices. Using the mobile application, you can activate your card in seconds and start using it right away.

Some of the features that come with the OneMain Brightway credit card include rewards upon payments. For example, you earn 1% on every purchase, and you can unlock rewards like a better credit score and lower rates.

In addition, you get to have access to your account at any time and track your purchase history. Last but not least, with the autopay feature, you can schedule one-time payments, so you do not have to worry about forgetting your payments.

 

Credit Insurance Products

OneMain offers several credits and non-credit insurance products from different companies; find their summary below:

Credit Insurance Products
 

1. American Health and Life

  • Credit Life Insurance: Protects an insured customer(s) by paying a benefit in the event of the customer's death.

  • Credit Disability Insurance: Provides benefits for the customer if they are unable to work due to a covered illness or injury.
     

2. Triton

  • Credit Involuntary Unemployment Insurance (IUI): Protects insured customer and provides benefits if the customer becomes unemployed due to a layoff, general strike, involuntary termination of employment, unionized labor dispute, or a lockout.
     

Know Your Monthly Payment Today!

 

Non-Credit Insurance Products
 

1. American Health and Life

  • Term Life Insurance: Provides a benefit to the insured's beneficiary in the event of the customer's death. Moreover, if the death was caused by a covered accident, the death benefit amount is doubled.

  • Disability Income Protection Policy: Provides benefits to the insured customer in the event they become disabled and cannot work due to a covered illness or injury.
     

2. Triton

  • Lender-Placed Product: Also known as Creditor-Places Insurance (CPI) Auto. The lender obtains this coverage when the borrower fails to prove payments or maintain coverage on an auto used to secure the loan as required by the loan agreement.
     
  • Collateral Protection- Vehicle Limited Dual Interest (ASI/VLDI): VLDI is for customers who pledge an auto as collateral for their loan and do not have personal automobile insurance coverage. It protects both the customer and lender against risks of damage.
     

Other Products

  1. Guaranteed Asset Protection Product (GAP)
  2. Home and Auto Plans
  3. Silver Safeguard Plan

 

Know Your Monthly Payment Today!

 

Customer Support

Your questions and queries can be delivered to OneMain's customer support in multiple ways:

  • Phone support
  • Email
  • Live chat
     

Conclusion

Get a personal loan as soon as the same day with OneMain Financial, it is one of the leading companies in the field and offers very flexible and suitable financing solutions. The website is protected with 256-bit encryption so that you can provide your information in total privacy.

FAQs
How will I receive my money?
Can I lower my monthly payments?
How can I make a payment?
Which documents will I be asked for before closing a loan?
How long does it take to apply and receive my loan?
What is the maximum loan amount I can get?
Why has my loan been declined?
How are my loan terms decided?