OneMain Financial personal loans review
An online and in-store lender with reasonable turnaround time, but watch out for high rates.
finder.com’s rating: 3.6 / 5.0
- Best for borrowers with less-than-perfect credit who need a loan fast.
- Pick something else if you have a tendency to pay late — it'll cost you.
Max. Loan Amount
18% to 35.99%
Min. Credit Score
|Product Name||OneMain Financial personal loans|
|Min. Loan Amount||$1,500|
|Max. Loan Amount||$20,000|
|APR||18% to 35.99%|
|Interest Rate Type||Fixed|
|Min. Credit Score||Varies|
|Origination Fee||1% to 10%|
|Loan Term||24, 36, 48 or 60 months|
|Turnaround Time||As soon as the same day|
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
Don’t have the best credit? OneMain Financial may be for you. It doesn’t have any hard-and-fast credit requirements, and you can secure your loan with collateral to increase your chances of approval. It also could be a good option if you’re in a rush — it’s possible to get your funds the same day you apply.
But you’ll need to visit your local branch to complete the application process. And you’ll find better rates elsewhere if you have good to excellent credit. You’ll also want to stay away from OneMain if you’re trying to avoid fees — its loans come with hefty origination, late and non-sufficient funds (NSF) fees.
Not sure OneMain is the one for you? Compare your other options below.
Is OneMain Financial legit?
How much will this loan cost me?
OneMain Financial is expensive compared to other lenders, with a high starting APR of 18% and a high maximum of 35.99%. An origination fee of 1% to 10% is also deducted from your loan funds before they’re disbursed — it’s possible to find lenders that don’t charge this at all.
And if you’re late on a payment, expect to pay a late fee of up to 15% of the amount due. You could also be charged a $50 fee for any returned payments, so keep an eye on your account to avoid these extra costs.
To see how much you might pay, enter your preferred loan amount, term and potential APR into the calculator below.
See how much you'll payCalculate monthly and overall costs
|Loan terms (in years)|
How OneMain Financial’s costs work
OneMain Financial is geared toward borrowers who may not have the best credit. Its starting APR is much higher than many other lenders’ maximum APR. And if you don’t have fair credit, expect a higher APR of 35.99%.
You also may need to supply collateral. This can potentially get you a lower rate, but you’ll risk losing it if you’re unable to pay back your loan.
What do I need to qualify?
Richard Tambor, the chief risk officer at OneMain Financial, tells Finder that its customers are typically middle-aged Americans with stable employment and established bank accounts who may have experienced issues with their credit in the past. In general, you’ll need to meet the following requirements to qualify:
- Established credit history
- Resident of an eligible state
- US citizen or permanent resident
- Meet your state’s minimum age requirement
What states is OneMain Financial available in?
OneMain offers loans to residents of 44 states. However, it doesn’t service Washington, DC and these six states:
- Rhode Island
- Same-day turnaround available
- Secured and unsecured options
- Poor-credit applicants considered
- Seven-day satisfaction commitment guarantee
- Nearly 1,600 branches in 44 states
- High APRs and late fees upwards of 15% of the amount due
- NSF fee as high as $50 per returned payment
- Origination fee between 1% and 5%
- Full coverage insurance required for collateral
See other personal loan options
What is OneMain Financial doing to help struggling Americans?
We sat down with OneMain Financial’s Chief Risk Officer Richard Tambor to discuss what hardship programs they’re offering to struggling borrowers, how eligibility requirements are changing, and the state of the lending market.
OneMain Financial reviews and complaints
|BBB customer reviews||1.52 out of 5 stars, based on 227 customer reviews|
|Trustpilot score||4.8 out of 5 stars, based on 25,238 customer reviews|
|Customer reviews verified as of||12 October 2020|
OneMain Financial scores well, but the most recent reviews left on its Better Business Bureau (BBB) page are almost all negative. However, positive notes include mentions of excellent customer service and fast turnaround. Negative reviews include problems with OneMain Financial not releasing vehicle titles in a timely fashion after the loan has been paid, and issues with incorrect marks on credit reports.
OneMain Financial user reviews
How do I apply?
You can apply by visiting a OneMain Financial branch or by filling out an application on its website. Follow these steps to get started online:
- Click the Check my rate button to be redirected to its application.
- Enter your desired loan amount and select your loan purpose.
- Select if you’re applying by yourself or with a coapplicant.
- Enter your personal details, including your net monthly income and Social Security number.
- Read OneMain Financial’s disclosures, then click Submit loan application.
What happens after I apply?
OneMain Financial will electronically review your application. If you’re prequalified, you’ll need to visit a branch to have your income, identity and collateral verified.
However, OneMain has recently adjusted its requirements for both repeat and new customers. Many branches now have the option of reviewing your finances over video chat. Tambor tells Finder, “We’re still going to go through a household budget with you, make sure you have the ability to pay and that you understand all of the terms and conditions of the product you’re going to have. You may just not have to walk into a branch.”
If you’re approved, OneMain Financial will either transfer your funds directly into your bank account or give you a check for your loan.
How do repayments work with OneMain Financial?
OneMain Financial’s personal loans come with monthly repayments you can pay online, at a branch, by mail and by phone. You can also set up autopay — just be sure to check that your payment has gone through each month.
If you’re unable to make a payment, reach out to OneMain Financial as soon as possible to discuss your situation. Tambor tells Finder, “We have programs in place that we’ve been offering for decades in terms of reduced payment deferments or temporary modifications where we’ll reduce your payments for a month or multiple months if it’s a temporary hardship.” Otherwise, you’ll be on the hook for hefty late and NSF fees.
You can also make additional repayments at no extra cost to save on interest and pay off your loan early. If you need to change your payment due date, you can submit a request by sending an email or letter to your local branch.