One Main Financial

7.9 Total Score
4 reviews
WalletStars

Our rating is based on a combination of expert staff and user ratings.

7.9Expert Score
Support
7.5
Affordability
8.5
Benefits
7.5
Application Process
8
8.2User's score
Support
7.3
Affordability
8.3
Benefits
7.5
Application Process
9.8
PROS
  • Suitable For Borrowers With Bad Credit
  • Loans Often Fund On The Same Day
CONS
  • Borrowers Need Good Credit and Extensive Financial History
  • Origination Fees of 1% - 6%
Add your review
Average Score 7.9
PROS:
  • Suitable For Borrowers With Bad Credit
  • Loans Often Fund On The Same Day
CONS:
  • Borrowers Need Good Credit and Extensive Financial History
  • Origination Fees of 1% - 6%

Introduction

APR 16.05% – 35.99%, 9.99% minimum for secured loans
Loan Amount $1,500 – $30,000
Loan Duration

2 to 5 Years

About
One Main Financial is known for providing personal loans to those with bad credit who would struggle to qualify for a traditional bank loan. They have been recognized on NerdWallet’s Best Personal Loans of 2019 in the bad credit category. They provide fast loans and a secured loan option that can help the borrower lower APR rates or raise loan amounts by securing with collateral.

Ideal Borrower
One Main Financial is likely a good fit for you if you have bad or below-average credit since there is no minimum credit score requirement. If you need money quickly, One Main Financial is also a good fit for you, since loans often fund within the same day. Keep in mind that One Main Financial usually requires a visit to one of its 1600 branches.

Best For
They provide credit consolidation loans, debt consolidation loans, auto loans, and installment loans for borrowers. Those installment loans can be used for home projects, life events, recreation, mortgages, student loans, and more.

How to Qualify
There is no minimum credit score for a One Main Financial loan, but the average is 600 to 650. One Main Financial does not ask for credit history or debt-to-income ratio. You also do not need a minimum annual income to qualify for a loan. You can apply for a loan on One Main Financial’s website, but most likely you will be required to visit a branch as well.

Additional Fees
There is an origination fee that varies by state, but no prepayment fees.

 


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