Upfront Summary: Is One Main Financial Legit?
One Main Financial is a legitimate business that offers personal loans to other people. It has an A+ rating on the Better Business Bureau, which is why you can count on its services. However, the online lender only offers personal loans to people in forty-four states.
The loans will range between $1,500 and $20,000 with a time of two to five years to pay it off. Besides that, it can take the company at least two days to approve your loan. After that, you will receive the funding in one to three days.
So, if you are wondering whether One Main Financial is legit, you have come to the right place. Here is all the information you need about this company.
One Main Financial Company Information
| Official Website: | https://www.onemainfinancial.com/ |
| Headquarters Location: | 601 N.W. Second Street Evansville, IN 47708-1013 |
| Founded: | 1912 |
| Industry: | Financial Services |
| Ownership: | Springleaf Holdings, Inc. |
| Contact: | customerservice@omf.com |
| Trust Score: | High |
| Social Media: | Facebook, Twitter, and Instagram |
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What is One Main Financial?
One Main Financial is a personal loan company offering loans to people in the U.S. It is one of the top choices for people with a poor income and credit who don’t have many options. That is because the company doesn’t have hard cut-off points for a credit score.
After looking at your credit history and ability to repay debt, the company will approve you for a loan. Besides that, One Main Financial will also give you the option to secure your loan with collateral. It enables the company to reduce the risk that comes with giving a loan to an applicant.
You can opt for a personal loan from One Main Financial for home improvement, debt consolidation, life events, recreational vehicles, and more. On the other hand, you can’t use the loan to go to college, start a business, invest in securities, or illegal activities. So, you can opt for a loan for any of these reasons.
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Is One Main Financial Legal Or A Scam?
Is The Site Generally Legal? In All Countries?
The website is only available in the U.S, and yes, it is legal in all the states it operates in. It offers loans to people in forty-four states as it has over 1,500 branches across the U.S. One Main Financial is the largest personal installment loan company in the U.S, with over two million customers.
How High Is The Chance Of Being Scammed?
One Main Financial is not a scam, and the chances of this happening are none to slim. That is because the company ensures you have sufficient income to afford a loan and pay it back. Without this guarantee, you are highly unlikely to get a personal loan.
Does The Site Contain Viruses Or Malware?
There are no viruses or malware on the website. The website is simple and easy to use, so you can quickly get loans. Besides that, your user experience will be excellent on their website.
Does The Site Steal Sensitive Data?
One Main Financial does not steal data, and they take data security seriously. That is because they need to protect the information of the lenders. You can find out more about their data and privacy policy here.
Are There Similar Fake Sites To Be Aware Of?
One Main Financial only has one website, and there are no other fake websites. You can use their official website to receive a loan in no time.
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Is One Main Financial Reliable And Trustworthy?
How Good Are The Company’s Overall Web Ratings?
The website has different ratings on various review websites. NerdWallet has a 4-star rating, Forbes has a 3-star rating, and WalletHub has a 3.8-star rating. Generally, One Main Financials ratings are good across many platforms, which is why it is reliable.
Does The Site Have Any Loan Requirements?
One Main does lend to people who don’t have a good credit score. However, it does not disclose its complete requirements. You will have to contact the company and find out yourself.
How Many Scam Reports Are There Compared To Positive Reports?
While the ratings of One Main Financial are not always positive, the bad reports do not consist of scam reports. The bad reports are there because people don’t agree with the interest rates or they don’t like customer support.
How Reliable Is The Customer Support?
You can contact the customer support team anytime, and they will help you out. Some reviews do say that the support team can be rude sometimes. However, that is rare.
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The Pros And Cons Of One Main Financial
Pros
- It offers secured and joint loans
- They can give you a loan the same or next day
- You can choose your payment date
- There are small loan amounts available
Cons
- The interest rates tend to be high
- They will charge an origination fee
- There is no discount rate for autopay
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How Does One Main Financial Make Money?
One Main Financial makes money through the interest rates on personal loans. They will offer you the loan and charge an interest rate. Many customers also report that their interest rates are higher than other lenders.
Because of this, One Main Financial makes good money by offering you loans. That is why you must take into account all the fees and rates to understand how much you have to pay. In addition, it will give you a better idea of what to expect when taking a loan from them.
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Best One Main Financial Alternatives
If you don’t like One Main Financial and its interest rates, you can always select another personal lender. The alternatives include:
- Upstart
- Peerform
- LendingPoint
- LoansUnder36
- NetCredit
- Monevo
- Avant
- And many others
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FAQ
Does One Main Financial Offer Home Improvement Loans?
Yes, One Main Financial offers home improvement loans to its customers. You can easily take out a personal loan and pay it for home improvement expenses. These include remodeling, finishing, and many other home projects you want to do.
Do You Need Collateral To Get A Loan From One Main Financial?
You might need collateral to get a loan. However, this depends on whether you want a secure or unsecured loan. The company offers both these loans, and only secured loans need collateral.
The most common type of collateral used for One Main Financial includes a vehicle. These include trucks, boats, cars, RVs, and more.
How Fast Can You Get A Loan From One Main Financial?
On average, it will take you one day to apply for the loan. The company can give you the loan on the same day or in the next two to three days. One Main will deposit the funds in your account a day or two after they approve your loan.
What Are The Top Requirements To Get A One Main Financial Loan?
One Main does not disclose its requirement. However, the company does focus on a few factors:
- Ability to make monthly payments
- Enough disposable income to afford the loan
- Credit bureau file and ones with a thin file might not qualify for the loan
- Government-issued ID
- Proof of income and residence
You need to have these top five things to get your One Main Financial Loan in no time.
Does One Main Financial Offer Emergency Loans?
Unfortunately, One Main Financial does not offer emergency loans to lenders. The company will take between one and three business days to give you the loan. So, if you want a quick loan for an emergency, you will not get it from One Main Financial.
Can You Get Personal Loan From One Main Financial For Bad Credit?
One Main Financial does not give personal loans for bad credit. That is because you need a minimum credit score of 600 to 650+ for approval. However, if you have bad credit, you can seek out other companies to give you a loan.
How Do I Apply For A Personal Loan From One Main Financial?
You can apply for a personal loan by checking for pre-qualification. After that, you can fill out the online application with your financial and personal information. Finally, you must verify the information, submit your application, and wait for the approval.
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