OneMain Financial personal loans review
An online and in-store lender with reasonable turnaround time, but watch out for high APRs.
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 5%|
|Loan Term||24, 36, 48 or 60 months|
|Turnaround Time||As soon as the same day|
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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.
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 5% 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 it works
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?
To apply for a personal loan at OneMain Financial, you’ll need to meet the following requirements:
- Established credit history
- Live in 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
See other personal loan options
Is OneMain Financial legit?
Does OneMain Financial get good customer reviews?
|BBB customer reviews||4 out of 5 stars, based on 1310 customer reviews|
|Trustpilot score||4.8 out of 5 stars, based on 22,191 customer reviews|
|Customer reviews verified as of||13 March 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.
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.
If you’re approved, OneMain Financial will either transfer your funds directly into your bank account or give you a check.
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. 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.