OneMain Secured Loans

NMLS #1610752
NMLS #1717824
OneMain Financial offers secured personal loans, allowing borrowers to use collateral for potentially better terms, through its extensive branch network.
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Disclosure
You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant’s state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral. Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms.For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant’s name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Example Loan:A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. OneMain charges origination fees allowed by law.Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount. For information about these fees and minimum and maximum loan sizes available in certain states, visit http://omf.com/loanfees. Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options. Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Time to Fund Loans:Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
Pros
Personalized service
Local branches
Loans for various credit types
Cons
Higher rates than banks
Origination fees
Slower process than online-only
SnapshotOverviewCustomer ViewsSimilar Lenders

Snapshot

Year Founded
1912
Address
601 St. Johnsbury Rd, Suite 100, Baltimore, MD 21202
Estimated # of Employees
7,000-8,000
Composite Score
9.37
Trustpilot Reviews
4.7
(
72,505
Reviews)
BBB Reviews
(
2,725
Reviews)
Website Link
https://www.onemainfinancial.com/

Overview

OneMain Financial, with a history extending back to 1912, specifically offers secured personal loans as a key part of its lending portfolio. These loans are provided through its extensive network of local branches and are also accessible via an online application process. The core mission remains consistent with their overall philosophy: to deliver accessible credit solutions to individuals and families, including those with less-than-perfect credit, who might struggle to obtain unsecured financing. By requiring collateral, such as a vehicle, OneMain aims to provide a pathway to funding for a broader range of borrowers, emphasizing personalized, community-focused support while mitigating risk for the lender.

Customer Views

What They Like

Customers with less-than-perfect credit often find the availability of secured loans through OneMain to be a significant advantage, as it frequently allows them to qualify for funding when other unsecured options are limited or unavailable. The personalized service received through OneMain's local branches and the direct guidance from loan officers who can explain the process and tailor solutions are also highly valued by borrowers navigating secured lending. This option effectively broadens accessibility for individuals who have assets to use as collateral.

What They Dislike

However, like other OneMain products, the interest rates for secured loans can sometimes be higher compared to purely online lenders, reflecting the overhead of physical branches and the credit profiles served. Origination fees are common, which are deducted from the loan amount. A critical point of dislike is the requirement for collateral, such as a vehicle, which means borrowers face the risk of losing that asset if they are unable to repay the loan, adding a layer of significant financial risk.

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FAQs

Are loan offers ranked or biased in any way?

Score Credit is a free service for consumers. We partner with a network of vetted lenders and may receive compensation when a user checks their rate or takes out a loan through one of our partners. This helps us keep the platform free to use and maintain a high-quality experience. Our compensation has no impact on how your loan options are presented — you’ll always see real, personalized offers based on your credit profile and financial needs.

Does Score Credit receive compensation from lenders?

Score Credit is a free service for consumers. We partner with a network of vetted lenders and may receive compensation when a user checks their rate or takes out a loan through one of our partners. This helps us keep the platform free to use and maintain a high-quality experience. Our compensation has no impact on how your loan options are presented — you’ll always see real, personalized offers based on your credit profile and financial needs.

OneMain Secured Loans

's customers are saying...

Point was great!!!! They gave me money from my home equity when no one else would. I did not qualify for refi or reverse mortgage. They were fast and the customer service was great. I recommend them, highly.
Terri C.
I think is a better alternative to refinance similar in my opinion to a reverse mortgage. your immediate cash flow is not impacted if what you are trying to do is control your cashflow by eliminating smaller loans that do impact your current cashflow.
Jose Castillo
This HEI was a perfect fit for me. Retired and on a fixed income, I found I was paying interest on home equity loans each month. I never seemed to be able to reduce those loans, which meant I was cash-poor each and every month. I was able to pay off all those loans, leaving me with some cash each month. The payoff will happen when I sell my home in the future.
Bruce M.
The Point process was a lifesaver for me. It allowed me to get completely out of a lot of debt and to make the changes I wanted to make in my house to enjoy my old age. The application process was very easy - just get in what they ask you for as timely as possible. Crystal and John were two of the nicest people you could ever hope to meet. They both got things done as fast as possible - we closed in a month. I see this, especially for elderly people who don't have a lot of equity in their home and can't do a reverse mortgage, as another good option.
Bonnie C.