Is OneMain Financial a Legitimate Debt Consolidation Lender?

OneMain Financial (legally known as OneMain Financial Group, LLC) debt consolidation loans are “Rated #1” by (TCR). OneMain Financial is the oldest and largest debt consolidation company in the nation, headed by its CEO and President, Doug Shulman, along with the rest of its top-notch management team.

OneMain Financial debt consolidation loans review

OneMain Financial Management Team

OneMain Has Been In Business For Over 100 Years

OneMain’s team extends over 44 states, with 9500 employees, and it’s only growing at an astronomical rate.

The company has been assisting Americans with debt consolidation since 1920, making it the oldest online debt consolidation lender in the nation.

Since 2005, OneMain has lent more than $152 billion. In the last quarter alone of 2019, the company’s business grew strongly, as it posted sales of $1.27 billion, up 12.60% from $1.13 billion a year earlier. It’s operating income climbed by more than 45% to $344.00 million from the previous $236.00 million. All of this massive growth while maintaining an A+BBB rating.

OneMain BBB Accredited Online Reviews

Even with Coronavirus (COVID-19) plaguing our country and it’s businesses, OneMain’s online lending technology allows the company to continue to thrive during this time and assist struggling business owners with obtaining funding.

What is the minimum credit score for OneMain Financial?

There is no minimum credit score to get a loan at OneMain. However, interest rates can be above 30% if an applicant has a low credit score. If you’re looking to pay less than the full amount of what you owe, you may want to explore debt relief programs, instead of using a loan.

What Type of Loans Does OneMain offer?

OneMain offers three types of loans:

  1. An unsecured personal loan which does not require collateral and there are no minimum credit score requirements
  2. Secured personal loans which may require collateral, such as a boat or car but again no minimum credit score requirement
  3. Auto loans

As mentioned above, the company maintains an A+BBB rating and is accredited. The company’s online lending technology sets this company far ahead of the competition, allowing loan applicants to apply and get funded all within one day and in as fast as ten minutes. Shulman co-founded and served as Executive Vice President of FoundryOne, Inc., a company focused on building and spinning off technology-focused startups within significant corporations, before joining with OneMain. Schulman’s experience in utilizing modern-day technology to offer the most innovative products goes far and above the competition.

Is OneMain Financial a trustworthy debt consolidation company?

Before becoming the President at OneMain Financial, Shulman was the commissioner of the IRS. In March and April 2008, one of his first duties was to send out 77 million tax rebates after congress passed the Economic Stimulus Act of 2008.[14] 

“One of Shulman’s signature initiatives was the cracking down of offshore tax evasion. He is largely credited with being the key leader in shifting the paradigm of tax evasion and bank secrecy. While serving as commissioner, Shulman led a major modernization of the IRS’s technology to streamline tax payment processing, facilitate compliance, and improve customer service.”


OneMain Financial Debt Consolidation Loans

  • APR: 18.00 – 35.99%
  • Loan Term: 1-5 years
  • Loan Amount: $1,500-$20,000
  • No minimum credit score

If you’re exploring ways to get out of debt and can’t qualify for a consolidation loan, we recommend you check out the top 10 debt relief companies in the nation for 2020.

If you have a high credit score and your goal is to get the lowest possible interest rate on your loan, start by checking with your local credit union.

Credit Unions are known to offer the lowest interest rate on a debt consolidation loan, but applicants must have a high credit score (above 700).  If you can’t qualify for a loan through your local credit union, we’d recommend OneMain as your next best loan alternative.

How to call OneMain for a Debt Consolidation Quote:

Call OneMain: (800) 742-5465


OneMain Licensing and NMLS #

OneMain Mortgage Services, Inc. is a Registered New York Mortgage Loan Servicer – NMLS # 931153.

CA: OneMain Financial Group, LLC – Loans made or arranged pursuant to Department of Business Oversight California Finance Lenders License. CT: OneMain Consumer Loan, Inc. – NMLS # 937358. NH: OneMain Financial Group, LLC – NMLS # 1339418. PA: OneMain Financial Group, LLC – Licensed by the Pennsylvania Department of Banking and Securities.

For residents of the State of Washington only: OneMain Financial Group, LLC – Consumer Loan Company License – NMLS # 1339418. Click here for the NMLS Consumer Access Database.