OneMain Financial

OneMain Financial is one of the largest personal lenders in the United States, with a history stretching back over a century. It serves consumers who do not qualify for mainstream bank loans, including people with poor, fair, or limited credit histories. OneMain operates both through a large branch network and online, giving borrowers options for how they apply and manage their loan.

OneMain offers both secured and unsecured personal loans. A secured loan requires collateral, typically a vehicle, which allows the lender to take the asset if you fail to repay. Offering collateral may result in a larger loan amount or lower rate than an unsecured option, but the risk to the borrower is higher since the asset can be repossessed. Unsecured loans do not require collateral but may carry higher rates.

Because OneMain serves near-prime and subprime borrowers, its interest rates are significantly higher than those offered by banks and credit unions to well-qualified applicants. Before accepting any offer, calculate the total amount you will repay over the life of the loan, including all interest and fees. Compare this against other borrowing options including credit unions, community banks, and nonprofit lenders.

Common uses include debt consolidation, home improvement, medical bills, and emergency expenses. Loan amounts, terms, and rates vary by state and by the applicant's credit profile.

OneMain is a legitimate, regulated lender. However, the higher cost of its loans means borrowers should only take what they need, have a clear plan to repay, and avoid rolling over or refinancing the loan in ways that extend costs. Check all terms including the APR and any fees before signing.