OneMain Financial is a personal loan provider that has been in business for over 100 years. The company has over 1,500 branches across the United States, making it one of the largest lenders in the country. With a focus on customer service and providing financial solutions for individuals with less-than-perfect credit, OneMain Financial has become a popular choice for those in need of a personal loan.

In this blog post, we will take a closer look at OneMain Financial, including its history, services, and how it compares to other personal loan providers.

History of OneMain Financial

OneMain Financial has a long and interesting history that dates back to the early 1900s. The company was founded in 1912 as Commercial Credit Company, and it provided loans to farmers and small business owners. In 1998, the company was acquired by Travelers Group, which later merged with Citigroup.

In 2011, the company was sold to a private equity firm called Fortress Investment Group. At this point, the company was rebranded as OneMain Financial, and it began to focus on providing personal loans to individuals rather than small businesses.

In 2015, OneMain Financial became a publicly traded company, and it continues to be a popular choice for those in need of a personal loan.

Services Offered by OneMain Financial

OneMain Financial offers a variety of services, including personal loans, auto loans, and home improvement loans. However, the company is best known for its personal loans.

Personal Loans

OneMain Financial’s personal loans are designed for individuals who need to borrow money for a variety of reasons, such as debt consolidation, home improvement projects, or unexpected expenses. The company offers both secured and unsecured personal loans, and borrowers can typically borrow between $1,500 and $20,000, depending on their creditworthiness.

One of the benefits of OneMain Financial’s personal loans is that the company works with borrowers who have less-than-perfect credit. This means that individuals who may not qualify for a loan from a traditional bank may be able to get a loan from OneMain Financial.

Auto Loans

In addition to personal loans, OneMain Financial also offers auto loans. These loans are designed for individuals who need to purchase a new or used vehicle. Like the personal loans, OneMain Financial’s auto loans are available to borrowers with less-than-perfect credit.

Home Improvement Loans

Finally, OneMain Financial offers home improvement loans. These loans are designed for individuals who need to make improvements to their homes, such as installing a new roof, adding a room, or upgrading their kitchen. These loans are also available to borrowers with less-than-perfect credit.

Loan Application Process

The loan application process with OneMain Financial is relatively simple. Borrowers can apply for a loan online, over the phone, or in person at one of the company’s branches. To apply for a loan, borrowers will need to provide some basic information, including their name, address, Social Security number, and income information.

Once the application has been submitted, OneMain Financial will review the application and determine if the borrower is eligible for a loan. If the borrower is approved, they will be notified of the loan terms, including the interest rate, loan amount, and repayment terms.

OneMain Financial’s Interest Rates and Fees

One of the most important factors to consider when taking out a loan is the interest rate. OneMain Financial’s interest rates can vary depending on a number of factors, including the borrower’s creditworthiness, the loan amount, and the repayment term.

At the time of writing, OneMain Financial’s interest rates range from 18.00% to 35.99%. This is a relatively high interest rate compared to other personal loan providers.