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Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Am I eligible?
To apply for a personal loan at OneMain Financial, you’ll need to meet the following requirements:
Established credit history
US citizen or permanent resident
Meet your state’s minimum age requirement
Fast turnaround. If approved before noon on a business day, you could receive your funds the same day. A OneMain loan specialist can provide additional information about funding options and funds availability.
Poor credit applicants considered. If you have a poor credit score, you can still apply for a loan. OneMain Financial doesn’t have a hard minimum credit score requirement.
Seven-day satisfaction commitment guarantee. If you change your mind about a loan with OneMain Financial, you have seven days to cancel. Return all loan proceeds and sign a cancellation agreement within seven calendar days from the date of the loan.
Multiple branches. OneMain Financial has nearly 1,700 branch locations in 44 states.
*Annual percentage rate (APR) of 18% represents APR for top 10% of loans booked in January 2017 through March 2017. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan.
Loan purpose restrictions. Like many lenders, OneMain Financial doesn’t allow its loans to be used for postsecondary education or business-related expenses.
Stiff penalties for late payments. If you miss or make a late payment on a loan, you could pay high late fees. If you continue to miss payments and default on a secured loan, you risk losing your collateral.
State availability. OneMain Financial doesn’t operate in the following states: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C. If you live in one of those states, you’ll have to look elsewhere for a loan.
Must complete process at a branch. If you’re looking for a loan that’s completely online, you’ll want to opt for another lender. Even if you apply online, OneMain Financial requires borrowers to visit a branch to get funding.
Full coverage insurance required for collateral. If you take out a secured loan, OneMain Financial requires you to have full coverage on the vehicle you use as collateral.
Case study: Zak’s experience
Zak Ali Assistant Publisher
I took out a personal loan from One Main Financial when I was around 19 years old as a way to consolidate my debts and build my credit. My loan was for around $5,000 and I was approved the same day I applied, though it did require a visit to my local branch.The loan was meant to be paid in full after five years, with a monthly payment of around $240. However, due to my own immaturity and inexperience with finances, I failed to understand just how much I’d be paying in interest over the course of the loan. Spoiler alert: It would have been nearly two times what I borrowed.
That’s because OneMain uses a daily simple interest method to calculate monthly payments. According to its site, this means “interest accrues on a daily basis on the amount of the loan (current outstanding principal balance) from the date the interest charges begin until you repay the loan.”
After discovering how much of my monthly payment would actually be put toward paying down the principal balance versus interest, I was unpleasantly surprised. As a result, I began calling the branch ahead of each scheduled monthly payment to put as much as I could toward my principal balance and avoid paying unnecessary interest.
Because of that, I was able to repay the loan within a year — likely saving thousands.
Compare other personal loan providers
Updated December 14th, 2019
What do customers have to say about OneMain Financial?
OneMain Financial is accredited by the Better Business Bureau (BBB) and has an A+ rating based on factors like business practices and advertising. It has and over 1,200 reviews as of April 2019, 80% of which are positive. It also scores a 9.3 out of 10 on Trustpilot, based on over 8,000 reviews.
Positive notes include the excellent customer service offered by the employees at individual locations and the quick turnaround for approval. Negative notes include the borrower not understanding the full information about a loan before signing, problems with OneMain Financial releasing vehicle titles after the loan has been paid and problems with credit reports not being immediately updated after customers paid off the loan.
What information do I need to apply?
You can apply by visiting a OneMain Financial branch or by filling out its online application. Either way, be prepared to provide a few important pieces of information:
Your full name and contact information
Proof of a government-issued ID, like a driver’s license or passport
It’s time to start thinking about repaying your loan. You can make a payment 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, you should reach out to OneMain Financial as soon as possible to discuss your situation.
While OneMain charges monthly repayments, you can 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 request one by sending an email or letter to your local branch.
When you’re ready to pay off your loan, you can request a payoff amount. Until then, there are no prepayment penalties, so you can pay as much as you’re able to reduce the amount you owe on your loan.
You can use cars, trucks, motorcycles, boats, campers, RVs and more to secure your loan. Check with your a OneMain Financial loan specialist for even more ways to secure your loan.
It depends on the extend of the damage and the type of collateral. If the collateral you used to secure your loan gets damaged, call your OneMain Financial loan specialist right away. Next steps will depend on the terms and conditions of your loan.
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