One Main Financial Review

Rating: 4.25 / 5.0

Good for: Bad Credit Loans, Fast Cash, Easy Approval, Personal Loans, Building Credit

One Main Financial Overview

One Main Financial is the nation’s largest provider of personal loans and they’ve been providing quality money lending services since 1912. Their longevity is strictly due to their unreserved commitment to their customers. Where most lenders are content with simply pushing more meat into the grinder, One Main Financial has cultivated a company culture that puts the customer, and their communities, first and they’ve even created a Borrower’s Bill of Rights that guides every single one of their client interactions.

One Main Financial has served over 10 million customers with over $160 billion in personal loans. Their wide success has allowed them to expand into 1,600 locations nationwide and made it so that 5 out of every 6 Americans live within 25 miles of one of their branch locations. This allows you to take advantage of their extensive experience as well as talk to a person at a physical location when you need help.

Services Provided

One Main Financial provides personal signature loans throughout 44 states.

Personal Signature Loans
A personal loan, also known as a signature loan or installment loan, is an unsecured loan. Don’t let the name fool you. An unsecured loan is just one that does not require any collateral or credit check to qualify. Personal loans will also usually have far lower interest rates than a title or payday loan which makes them easier to pay off. This makes them one of the most accessible and affordable short term loan options. You don’t have to put your car title up as collateral. You don’t have to pawn your possessions.

Loan Process

One Main Financial’s loan process is somewhat unorthodox when compared to the current industry standard insofar as you get to speak with a representative to ensure that you’re getting the right loan for your needs. (Most are automated to where you never speak to an actual person.)

The process begins by filling out a bare bones online form and once that’s completed, you’ll speak with one of their loan specialists to confirm your information as well as discuss your loan options. Once you and your specialist have found the right loan for you, then it’s just a matter of signing and getting your funds deposited. All in all, this process should take (at most) 2 business days from start to finish.

Loan Application Requirements

  • Government Issued ID
  • Social Security Card
  • Proof of Residence
  • Proof of Income (Most recent pay stubs)
  • Open & Active Checking Account (Over 30 days)
  • Visa or Mastercard Debit / Credit Card
  • Verifiable Home / Cell Phone Number

One Main Financial Loan Details and Statistics

Loan Amount$1,500 - $25,000
Loan Duration24 - 60 months
Collateral Needed?No
Interest Rates17 - 36%
Minimum Credit ScoreN/A
Approval Time"in seconds" - 1 business day
Loan Deposit Time~1 business day
Late Fees$10
Insufficient Funds Fees$15

How to Apply

There are currently two ways of applying for one of One Main Financial’s personal loans. You can apply online at their website or at one of their local branches. The fastest way would be via their website since the local branches usually only take visits by appointment only.

Lender Review

Experience is one of the key considerations when shopping for any product and One Main Financial has been in the money lending business for over a century. A century! Ten years is a long time in the money lending business, but a century is practically unheard of. They were originally founded in 1912 in Baltimore, MD and have become the largest providers of personal loans with over 1,600 locations across the country. It’s safe to say that these guys know what they’re doing.

Before we go too much further into the review, we have to point out that the level of transparency and open dedication to their customers is practically unrivaled. We’ve yet to see another lender make this much of an effort to earnestly convey their company culture and precisely zero other lenders have a Borrower’s Bill of Rights or anything similar. Their unabashed customer first approach to money lending is not only impressive, it’s downright refreshing. It really makes their tagline of “Lending Done Human” ring true.

Unlike other vendors that require an encyclopedic amount of information about your person and finances, One Main Financial has a far more stripped down application process that’s much more user friendly than most forms. On top of that, they are incredibly responsive when it comes to giving you your approval decision and getting in touch to discuss your loan options. Their personal loan interest rate is also one of the lowest we’ve seen (17% - 36%) which weighs heavily in the borrower’s favor.

They aren’t without their flaws however. According to their website, it looks like the shortest loan term is 24 month which benefits the borrower in having a lower monthly payment, but it benefits One Main Financial by allowing them to make more money off of the interest rate. There aren’t any early payment penalties so if you do go with One Main Financial, try to pay off your loan as quickly as possible to reduce how much extra you’d have to pay because of the interest rate.

Is One Main Financial Good For You?

As stated in our aforementioned review, we’re impressed with One Main Financial’s customer first approach to money lending. Even if it’s not 100% true all the time, it’s nice to know that a company is in your corner when you’re going through a rough financial patch. It’s hard enough getting through it, but getting help and knowing that it’s genuine makes a world of difference. And when you look at how competitive their loan options and terms are, One Main Financial provides loans that skew towards being in the borrower’s favor rather than the lender’s. This makes One Main Financial a great option for personal loans.


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