OneMain Financial: Taking a Closer Look

This long-standing lender, boasting branches in 44 states, can be an expedient source of funding for even those with a low credit score. This makes OneMain Financial an ideal option for those in search of capital to make large purchases quickly, such as medical costs.

Best for
4 /5
$ /mo
Starting Price
Visit Site
Table of Contents

     While the accessibility and speed of applying for a OneMain loan are significant pluses, customers have to contend with some of the higher interest rates around. Research should be done to see if a OneMain loan is right for you, and that is research that OneMain is more than happy to assist with, using the financial education tools provided for free on its website.  

    The Types of Procedures OneMain Financial Loans Can be Used For

    Medical emergencies are usually always unexpected and when one is struck with the unexpected monetary stresses, finding out how to pay should be the least of anyone’s worries. This is where a OneMain Financial medical loan can be of valuable assistance. The company provides a fast and personal service for any credit background and condition, whether you need bariatric weight-loss surgery, vision-care, hearing-aid replacement, dental work, or any life-altering surgery. When you’re left without full medical cover by your insurer. OneMain can be the right choice.   

    Those much-needed procedures that are considered non-emergency can become a reality with a OneMain Financial loan too. Cosmetic and reconstructive procedures such as hair reconstruction and plastic surgery, as well as the aftercare, can be afforded with a responsibly managed medical loan

    Pet health holds just as much impact as our own for many families but a loan for pet cover will often be rejected by traditional banks. A OneMain Financial loan can be the answer.    

    OneMain Financial Refinancing Options

    On its ‘Resources’ page, OneMain Financial provides a straightforward and honest breakdown of the types of situations that should prompt a loanee to seek to refinance a personal loan. There’s also a step by step guide on how to find the best loan for renewed needs, even if that means shopping with its competitors. Debt consolidation and refinancing, however, are both lauded by the company as a specialty and a customer can expect to pay less interest over the life of a loan if refinancing with OneMain. 

    OneMain Financial Customer Service

    OneMain Financial support can be accessed using the following routes:

    • The telephone line for borrowers seeking to discuss general account support, operating between the times of 7 am and 7 pm Central  
    • The telephone line for technical web assistance operating within those same hours
    • The telephone line for existing insurance customers’ general queries, operating between the hours of 8 am and 4:30 pm Central
    • The telephone line pertaining to existing mortgage accounts, operating between the hours of 7 am and 7 pm Central
    • OneMain Financial can be messaged directly by filling out a short form on the ‘Contact Us’ section of its website
    • A helpful FAQ page found on the OneMain Financial ‘Contact Us’ section of the website

    OneMain Financial Fees

    There are a number of fees associated with a OneMain Financial loan. Firstly, OneMain will charge an origination fee on each of its loans. Whether this charge is a flat amount or a percentage of the full loan amount is dependent on the borrower’s state. The flat fee amounts can range from $25 to $400 and the percentage-based fees can range from 1% to 10% in accordance with the state’s fee limit amount.

    Similarly, late payment fees vary in method and amount by the borrower’s state. These range from $5 to $30 per late payment in the case of flat amounts and a percentage of 1.5% up to 15% of the monthly payment in the case of a percentage amount. Again, this fee is according to state fee limitations.  

    Non-sufficient funds fees are applicable upon the return of a check or ACH due to insufficient funding. The fee will range by state and can be from $10 to $50 per returned payment.  

    OneMain Financial Pros and Cons


    • Potential for same-day approval and funding: Upon qualification, a loan consultant will be in contact to arrange a visit for the borrower to come to a local branch to complete the transaction. If the process is completed by midday, the funding could be dispersed the same day.
    • No minimum credit rating: OneMain Financial is one of the few personal loan lenders that can grant funds to borrowers with a low, or even zero, credit score. When considering qualification, an individual’s financial background, past payment reliability, and work history are taken into account, alongside the rationale for taking out the loan.
    • Financial Education: A particularly useful resource for borrowers with low credit scores and incurred higher interest rates, the OneMain Financial money management course, offered for free on its website, allows applicants to familiarize themselves with the basics, risks, and benefits associated with personal finance.
    • Rewards: In select states, responsible loanees that consistently make their repayments on time through online billing can enjoy a variety of perks. These include redeemable gift cards and discounts.
    • Low APR: Borrowers can qualify for loans with as little as 9.99% APR. A lower interest rate from lenders that can accommodate those with poor credit will be hard to find.
      Secured and Unsecured loans: OneMain Financial offers the option for collateral. Pledging assets to the company allows the possibility for borrowers to come to more favorable terms. 


    • Higher rates: Due in part to OneMain Financial requiring no credit score as an applicant prerequisite, a borrower can expect higher interest rates than competitors offering a comparable service.
    • Origination fee: OneMain Financial charges an origination fee on each of its loans. This fee can vary greatly in its amount based on the loanee’s state and can be a flat amount or a percentage of the loan total.
    • Hard Credit Check: Upon application for a loan with OneMain Financial, a hard credit check will be performed that can impact the borrower’s credit score.

    How to Apply for OneMain Financial

    Potential customers can apply for a OneMain Financial loan through its website using its very simple form. The user submits their basic personal information, Social Security number, employment and financial information, and the reason for requesting the loan. An applicant can expect a timely email response regarding their qualification and arrangements to come into one of the company’s branches available in 44 states. 

    Alternatively, a borrower can apply in one of OneMain Financials’ brick and mortar branches in person and discuss their options with a loan specialist face-to-face. 

    Application via telephone is also available.

    Applying to OneMain Financial with Bad Credit

    OneMain Financial is welcoming to borrowers with low credit scores and its loans are designed to facilitate getting funds rapidly. OneMain Financial takes into consideration far more than an applicant’s credit score alone. Past reliability, employment status and financial history are all considered.
    Those qualifying for personal loans should be aware that an origination fee will be charged, with its sum dictated by their state laws, and that they can expect a higher interest rate initially, compared to similar lenders specializing in providing loans to those with poor credit. 

    Conclusion about OneMain Financial 

    OneMain Financial has a trusted and enduring reputation as a lender. The accessibility of its loans to those with lower credit scores makes this the ideal creditor for those that may not yet have built up their credit. The service is personal and individual, with funds available quickly and easily. The financial education tools offered for free allow for potential customers to not only make the right choice with the OneMain medical loan but to continue to make the right choices when managing their money in the future. The accessibility of the loans and the accommodation to low-credit borrows comes at the cost of higher interest rates than average and those with a good to excellent credit score may find they can locate better rates and terms elsewhere.