OneMain Financial Review

OneMain Financial is a very solid choice for a loan. They are a public company traded on the NYSE (OMF). They consider traditional credit and income factors but do accept low credit scores. OneMain Financial has nearly 1,600 branch locations in 44 states. Loans can be done completely online but if you prefer in-person they are an options.

They offer fixed rate three to six-year loans. Rates range from 18% to 35.99%. These loans can be unsecured or secured by your car or other titled collateral. They have about 2.4 million personal loans and $16.2B in loans. These guys are big. They also our optional credit insurance products like life insurance, disability insurance, and involuntary unemployment insurance. The insurance products are provided through their affiliated insurance companies.

Unlike like many online lenders OneMain underwrites their own loans versus partnering with a bank. This gives them more flexibility in their acceptance criteria. They fund their loans mostly by issuing debt and securitizations.

Products

OneMain offers personal and auto loans from $1,500 - $20,000. Larger loan amounts often require a motor vehicle, not more than ten years old, as collateral. Actual loan terms will depend on your credit profile, income profile, and collateral. APR’s are generally higher on loans not secured by a vehicle. Active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral. Terms, rates, and minimum loans sizes may vary by state.

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. The type of fee and the amount vary by state and are subject to state limits. The origination fees will be disclosed but the name of these fees varies by state. They may be called a Loan Processing Fee, Document Preparation Fee, Credit Investigation Fee or other similar names.

OneMain charges late payment fees and may range from a flat amount of $10 to $25 per late payment, or they may be 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. In addition, where permitted they charge 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 as is charged by the state or county to OneMain. There are no prepayment fees associated with paying off your loan early.

All of this fee information is estimated and informational. They may vary by state. Do check their website or visit a branch for the latest and most accurate fee information.

Application and Funding Information

The application process can take less than 10 minutes but may vary based on things such as when you submit your application and additional required documents. 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. paystubs or tax returns)

You may choose to receive your loan in one of the following ways:

• By direct deposit ‐ Get your funds deposited directly into your checking or savings account. This will take 1-2 business days depending on when your loan closes.
• In person ‐ Receive a check at the branch during the loan closing. This can be the same day.

OneMain Financial

The company 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 new, combined company kept the OneMain Financial name. In 2018 Fortress sold their stake to Apollo Global Management and Värde Partners, Inc. Värde is a large player in the lending space with many investments in subprime lenders. OneMain is backed by experienced players.

The company has over 10,000 employees and is headquartered in Evansville, IN.

OneMain is a state-licensed lender with branches in 44 states. They provide loans to individuals with all types of credit. If you need to borrow, OneMain is worth considering.