OneMain Financial personal loans review
- Max. Loan Amount
- 18% to 35.99%
- Min. credit score
finder.com's rating: 3.6 / 5.0
Bottom line: OneMain works with bad-credit borrowers and has the option to secure your loan to potentially get a better APR. But its interest rates start high for a personal loan provider.
Apply with bad credit
Get funds as soon as tomorrow
Secured and unsecured options
High APR for a personal loan
May require collateral
High origination, returned payment and late fees
|Min. Loan Amount
|18% to 35.99%
|Interest Rate Type
|Min. credit score
|1% to 10%
|24, 36, 48 or 60 months
|As soon as the same business day
|Customer service hours
|7 a.m. – 7 p.m. CT, Monday through Friday
Our take on OneMain Financial personal loans
OneMain Financial personal loans are best for fair credit borrowers who may not qualify elsewhere. 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’re approved.
OneMain Financial personal loans can be used for debt consolidation, but with a high starting rate of 18% APR, it’s not a good option if your main goal is saving on interest. If you have good to excellent credit, you can probably find a better rate on a loan with an online lender like Sofi or LightStream or even at your local credit union. If you have fair credit, lenders like Upstart and Upgrade also work with lower credit scores and may offer more competitive rates.
Previously, you needed to visit a local OneMain branch to complete the application process, but the company now offers online closing options. But you’ll want to stay away from OneMain if you’re trying to avoid fees — its loans come with hefty origination, late and nonsufficient funds (NSF) fees.
Rates, fees and terms
OneMain Financial is expensive compared to other lenders, with a high starting APR of 18% and a high maximum of 35.99%. Also included in the APR is an origination fee of 1% to 10% or $25 to $500, depending on your state — however, 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 $5 to $30 or 1.5% to 15% of the amount due. You could also be charged up to a $50 fee for any returned payments, so keep an eye on your account to avoid these extra costs. In both cases, the amount that you’re charged depends on which state you live in.
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How OneMain compares to other personal loan providers
Here’s how OneMain stacks up to other providers that don’t require good or even fair credit.
OneMain Financial personal loans
Monevo personal loans
Stilt personal loans
18% to 35.99%
5.40% to 35.99%
7.99% to 15.99%
24, 36, 48 or 60 months
6 months to 12 years
6 months to 3 years
$1,500 to $20,000
$500 to $500,000
$1,000 to $35,000
Min. credit score
Min. credit score
Min. credit score
Compare even more personal loans
How to qualify
Chief risk officer at OneMain Financial Richard Tambor 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:
- Proof of income
- Proof of monthly expenses
- Established credit history
- Resident of an eligible state
- US citizen or permanent resident
- Meet your state’s minimum age requirement
- Proof of collateral when opting for a secured loan
Whether you’ve filed for bankruptcy and the reason you’re taking out the loan may also affect your eligibility, along with other requirements applied by OneMain.
What states is OneMain Financial available in?
OneMain offers loans to residents of 44 states. However, it doesn’t service Washington, DC or these six states:
- Rhode Island
OneMain Financial reviews and complaints
|BBB customer reviews
|2.73 out of 5 stars, based on 640 customer reviews
|BBB customer complaints
|J.D. Power ranking
|Ranked No. 19 in J.D. Power 2022 customer satisfaction survey
|4.8 out of 5 stars, based on 43,445 customer reviews
|Customer reviews verified as of
|04 August 2022
OneMain Financial gets high marks on the Trustpilot website from thousands of reviewers, with the vast majority of customers giving it an “excellent” or “great” rating. Positive reviews mention 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.
The company has been registered with the BBB since 2015 and has an A+ business rating for how it has handled several hundred complaints over the past three years. However, only gets a fair customer rating on the BBB site, with many recent negative reviews. Some unhappy customers mention not getting final loan approval after being prequalified, while satisfied customers report smooth processing and good customer service.
How the application works
Apply by visiting a OneMain Financial branch or completing an application on its website. After you fill out the form, OneMain will electronically review your application and verify your personal information and collateral, if required. You may need to visit a branch to have your income, identity and collateral verified. But OneMain does allow for online verification in some cases.
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 OneMain Financial debt consolidation works
With OneMain, funds are sent to your bank account or to you by check — not sent to your creditors directly. You can get funded as soon as the same day if your loan is approved by noon, according to the OneMain Financial website. Normally, it takes about one to two business days to get your funds via direct deposit to your bank account.
Once your funds are received, you can send an electronic payment to your credit card providers or mail in a check, although this will take longer and you may accrue more interest in the meantime.
Changes to the application process since COVID-19
Since the COVID-19 outbreak, OneMain has adjusted its application process 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.”
What sets it apart
OneMain Financial is one of the few providers that offers the convenience of an online lender with the support of physical branches in most states. Speaking with a loan officer can be especially important if you have bad credit or are new to credit.
It gives you the chance to ask questions, explain negative marks on your report and make sure a loan is the right solution. But it’s probably faster to apply and manage a loan online than one from a local bank.
Is OneMain Financial legit?
Frequently asked questions
Answers to commonly asked questions about OneMain Financial personal loans.
What kind of collateral can I use to secure my loan?
Use cars, trucks, motorcycles, boats, campers, RVs and more as collateral to secure your loan. Check with your OneMain Financial loan specialist for even more collateral options.
What happens if my collateral is damaged?
It depends on the extent of the damage and the type of collateral. If that happens, call your OneMain Financial loan specialist right away. Next steps will depend on your loan’s terms and conditions.
Should I take out Involuntary Unemployment Insurance on my loan?
It depends on your personal situation. Involuntary Unemployment Insurance adds an extra cost to an already expensive loan. However, it may not be a bad decision if you think your job may be at risk. “A quarter of our customers have Involuntary Unemployment Insurance that they purchased through us,” Tambor tells Finder, “which right now seems like a pretty good thing for customers to have given the environment that we’re in.”
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