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One Main Financial review
14 Jun 2018

Lender Review: One Main Financial

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If you’re part of the one third of who has a bad credit score (according to Experian, 601 is the cutoff between fair and bad credit), you may find yourself unable to get approved for a personal loan. If you’re trying to get out of debt or have some unexpected financial obligations, but have bad credit, One Main Financial might be able to help.

Most personal loan companies require you to have good or excellent credit to get approved and to get the best rates, often leaving those who have low credit scores ineligible. Keep reading to learn more about One Financial so you can make an informed decision whether it is the best option for you.

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One Main Financial: The Basics

OneMain financial has been around for over 100 years. Their main focus is providing loans to people who have low credit scores. These loans can be used for a number of different purposes, including paying off debt, refinancing your car, or completing home improvement projects.

They offer secured and unsecured loans and fixed rates and fixed repayment schedules, so you’re payments won’t vary. Their loan amounts range from $1,500 to $30,000 and the interest rate will depend on your credit history. There are also 24, 36, 48, and 60 month repayment options, giving you a lot of flexibility in your repayment schedule.

They also have brick and mortar locations, so you can visit one of their 1600 branches to discuss your loan in person.

What Makes One Main Financial Unique?

The focus on approving loans for consumers with less than stellar credit makes One Main Financial unique. Most companies require you to have credit scores in the “good” or “excellent” range and won’t even consider you if you have fair or bad credit, making them effectively personal loans with no credit check.

In addition, they also do not have a minimum income requirement. Instead, they make sure you can cover your loan amount and any other debt that you have, as well as have enough left over for living expenses. Although there is no minimum income or credit history required, the average income of One Main borrowers is $49,000.

One of the taglines of One Main is “lending done human.” There physical locations across the country allow you to meet, in person, with loan officers, providing a personal touch to the loan process. This also allows you to receive the money quickly, usually on the same day.

Are You a Good Candidate for a One Main Financial Loan?

You might be a good candidate for a One Main loan if you:

  • have bad or poor credit (there is no minimum credit score, but the average score of borrowers is between 600 and 650)
  • would prefer to speak with your loan processor in person, rather than completing everything online
  • you need money quickly
  • you are over the age of 18
  • you are an American citizen

If you think that a loan one from One Main sounds like it will work for you, keep reading for more information on their application process.

The Application Process

The first step in the application process is to complete the loan application online on the One Main website. You’ll be asked to provide personal, employment, and financial information. Be sure you have proof of residence, such as a driver’s license with your current address on it, a utility bill, or a signed lease.

You’ll also need to provide documentation of your income, such as a pay stub or tax return. They also may ask for additional documentation, based on your personal situation, so be prepared to provide additional documents if needed.

Once you complete the online application, you will receive a quick decision on your loan request that either approves or denies your loan. You’ll then receive an email with additional important information and if you are approved, a One Main loan specialist will contact you.

If your loan is approved, you’ll need to make an appointment with a loan specialist to discuss the loan options and to verify your identity, income, and employment. Once you have accepted the loan, you’ll sign the contract accepting the loan terms and receive your money.

If there is no branch nearby, you may be able to do this all remotely.


There are many positives to a loan from One Main, including:

  • you can qualify with low credit or a short credit history
  • you can get your money fast, in some instances, on the same day
  • you get free access to your credit score through the life of the loan
  • you have the ability to meet with a loan processor in person
  • you can get a secured loan, using something as collateral, to receive a lower interest rate


Despite the positives associated with a loan from One Main, there are some negatives, including:

  • high interest rates
  • origination fees
  • they try to get you to borrow more money by making it very easy for you to borrow more once you’re an established customer
  • A credit check is conducted, so these are not no credit check loans
  • some borrowers report that they experienced poor customer service

High interest rates are to be expected, due to low credit scores, but be weary of companies who try to tempt you to borrow more money during the life of your loan.

The Verdict

Only you can determine what company and loan works best for your situation. One Main Financial could be a good option for you, especially if your credit score is low and you’ve been turned down by other companies. But, be aware of the drawbacks, such as high interest rates.

Before you make a decision, however, you should compare rates and loan terms among different companies. Don’t just assume that this is your only option or that they will have the best interest rates for you. Shop around to get the lowest interest rate and best loan terms available to you.

Use the tools on our website to compare different personal loan companies, particularly personal loans for those with bad credit.