OneMain Financial Chicago stands as one of the most accessible personal loan providers in the United States, with a significant presence in Chicago, Illinois. Whether you’re seeking in-person lending assistance or aiming to understand your financial options, OneMain’s local branches offer personalized services for residents in and around Chicago.
Company Overview
Founded: 1912 (as Commercial Credit Company)
Rebranded: OneMain Financial in 2011 (following acquisition by Fortress Investment Group)
Headquarters: Evansville, Indiana
CEO: Douglas Shulman
Services Offered: Personal loans, credit insurance, financial education
Customer Base: Over 2 million customers nationwide
Loan Range: $1,500 to $20,000+
Repayment Terms: 24 to 60 months
Branches Nationwide: 1,400+ locations
OneMain Financial Presence in Chicago
OneMain Financial operates several branches in the Greater Chicago area to serve diverse communities. These branches offer in-person consultations, loan processing, and account support.
| Branch Name | Address | Phone Number | ZIP Code |
|---|---|---|---|
| Chicago South | 7858 S Cicero Ave, Chicago, IL | (708) 499-5254 | 60652 |
| Chicago West | 3240 W 95th St, Evergreen Park, IL | (708) 229-0414 | 60805 |
| Chicago North | 4300 N Harlem Ave, Norridge, IL | (708) 867-0466 | 60706 |
| Chicago Loop (Downtown) | 55 E Jackson Blvd, Chicago, IL | (312) 987-9200 | 60604 |
What Sets OneMain Financial Apart in Chicago?
In-Person Support: OneMain Financial emphasizes personalized customer service. Chicago residents can walk into a branch and receive assistance with applications, documentation, and financial guidance.
Flexible Loan Options: Borrowers can apply for secured or unsecured loans based on their credit profile, which is beneficial for individuals with fair or bad credit.
No Minimum Credit Score: Unlike many traditional banks, OneMain considers applications with subprime credit, making it accessible to a broader audience.
Eligibility and Application Process
Key Requirements:
Government-issued ID
Proof of income (pay stubs or bank statements)
Proof of residence (utility bill, lease agreement)
Details of existing debts (if any)
The online application process is straightforward and takes only a few minutes. Decisions are typically provided the same day, and once approved, funds may be available within 1 to 2 business days.
Interest Rates and Fees
APR Range: 18% to 35.99%
Loan Origination Fee: Varies by state; can be a flat fee or a percentage of the loan amount. For instance, flat fees range from $25 to $500, and percentage-based fees range from 1% to 10% of the loan amount.
Late Payment Fee: May apply if a payment is missed.
Prepayment Penalty: None.
Note: Rates depend on creditworthiness, loan size, and whether the loan is secured or unsecured.
Types of Borrowers Who Use OneMain in Chicago
OneMain Financial caters to a diverse customer base:
Working-class individuals seeking emergency funds
Small business owners needing short-term capital
Immigrant families looking for accessible credit
Students and recent graduates without a strong credit history
Retirees needing personal loans for unexpected expenses
Pros and Cons
Pros:
Easy approval for individuals with less-than-perfect credit
Quick disbursement of funds
Local branches offering personalized assistance
Secured loan options with potentially lower APRs
Cons:
Higher interest rates compared to traditional banks
Limited loan amounts
No cosigner option available
How to Contact OneMain Financial in Chicago
Website: onemainfinancial
Customer Service: 1-800-742-5465
Chicago Branch Hours: Typically Mon-Fri, 9:00 AM – 5:00 PM (times may vary)
Mailing Address: OneMain Financial, P.O. Box 1010, Evansville, IN 47706
Additional Insights
How Long Before OneMain Financial Repossesses Your Car?
If you default on a secured loan with OneMain Financial, the company typically attempts to contact you to resolve the issue before initiating repossession. If the matter remains unresolved, they may proceed with repossession by hiring an agent to reclaim the vehicle. After repossession, OneMain Financial sends a notice to the borrower, explaining the repossession and outlining steps to reclaim the vehicle, such as paying the outstanding balance and fees.
What Bank Owns OneMain Financial?
OneMain Financial is a subsidiary of OneMain Holdings, Inc., a publicly traded financial services holding company headquartered in Evansville, Indiana. It is not owned by a traditional bank but operates independently in the consumer finance and insurance industries.
Is It Hard to Get Approved for OneMain Financial?
OneMain Financial considers applicants with a wide range of credit scores, including those with less-than-perfect credit. Approval depends on factors such as income, debt-to-income ratio, and credit history. Pre-qualification is available to check potential rates and approval odds without affecting your credit score.
What Is the Maximum You Can Borrow from OneMain Financial?
OneMain Financial offers personal loans ranging from $1,500 to $20,000. The exact amount you can borrow depends on your creditworthiness, income, and state regulations.
Can You Get a Loan from OneMain Financial Without Collateral?
Yes, OneMain Financial offers both secured and unsecured personal loans. Unsecured loans do not require collateral but may come with higher interest rates compared to secured loans.
How Much Do You Get Paid at OneMain Financial?
Salaries at OneMain Financial vary by position. For example, the average hourly pay ranges from approximately $14.97 for Claims Examiners to $38.31 for Data Science Managers. The highest-paying job is a VP Tax with a salary of $349,321 per year.
Does OneMain Financial Let You Pay Off Early?
Yes, OneMain Financial allows borrowers to pay off their loans early without any prepayment penalties. Paying off your loan early can save you money on interest.
Does OneMain Financial Approve Most People?
While OneMain Financial is known for working with individuals who have less-than-perfect credit, approval is not guaranteed. Factors such as income, existing debts, and credit history play a role in the approval process.
What Credit Score Do You Need for a OneMain Credit Card?
The OneMain Financial BrightWay® Card is available to individuals with bad credit, including those with credit scores below 640. Approval also depends on other factors like income and existing debts.
What Is the Minimum Acceptable Credit Score?
OneMain Financial does not disclose a specific minimum credit score requirement. However, third-party sources suggest that applicants with credit scores in the 600-650 range have a decent chance of approval.
Can I Get a OneMain Financial Loan with Bad Credit?
Yes, OneMain Financial specializes in providing personal loans to individuals with bad credit. They consider various factors beyond credit scores, such as income and debt-to-income ratio, during the approval process.
Does OneMain Require Collateral?
OneMain Financial provides both secured and unsecured personal loans. Secured loans require collateral, while unsecured loans do not.
Secured Loans
For secured loans, OneMain Financial typically requires collateral in the form of a vehicle. The specific requirements for the collateral include:
Ownership: The vehicle must be titled in your name.
Insurance: Valid insurance coverage is necessary.
Valuation: The vehicle must meet OneMain Financial’s loan-to-value requirements.
Age of Vehicle: For larger loans, the vehicle should be no more than 10 years old.
Lien: OneMain Financial requires a first lien on the vehicle, meaning it must be free of other liens.
Typical types of vehicles accepted as collateral include cars, trucks, motorcycles, boats, RVs, and trailers.
Unsecured Loans
Unsecured loans from OneMain Financial do not require any collateral. These loans are based on factors such as your credit history, income, and ability to repay. While they offer the convenience of not needing to pledge an asset, they may come with higher interest rates compared to secured loans.
Choosing between a secured and unsecured loan depends on your individual financial situation, the assets you have available, and your comfort with the associated risks.
Conclusion about OneMain Financial Chicago
OneMain Financial offers accessible personal loan solutions in Chicago, catering to a diverse clientele, including those with less-than-perfect credit. With multiple branches across the city, they provide personalized in-person support, flexible loan options, and a straightforward application process. Whether you’re seeking funds for emergencies, consolidating debt, or making significant purchases, OneMain Financial stands as a reliable option for Chicago residents.
FAQ’s of OneMain Financial Chicago
Q1: Can I apply online and complete the process in-branch?
Yes, you can begin the application online and finalize it at any Chicago branch.
Q2: What credit score do I need for OneMain?
There is no strict minimum; borrowers with poor to average credit are considered.
Q3: Are OneMain Financial loans safe and legal in Illinois?
Yes, OneMain is licensed to operate in Illinois and complies with state lending laws.
Q4: Can I repay my loan early without penalties?
Yes, OneMain does not charge prepayment penalties.
Q5: What is the typical approval time for loans?
Many applicants receive approval on the same day and get funds in 1–2 days.
