Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure
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
★★★★★
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.
No reviews yet.
Write a review
$20,000
Max. Loan Amount
18% to 35.99%
APR
Varies
Min. credit score
Details
| Min. Loan Amount | $1,500 |
|---|---|
| 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 |
Pros
- Same-day turnaround available
- Secured and unsecured options
- Poor-credit applicants considered
- Seven-day satisfaction commitment guarantee
- 1,400 branches in 44 states
Cons
- 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 10% or $25 and $500
- Full coverage property insurance required for collateral
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.
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 pay
Calculate monthly and overall costs
Your loan |
|---|
| Loan amount |
$ |
| Loan terms (in years) |
| Interest rate |
% |
Fill out the form and click on “Calculate” to see your
estimated monthly payment.
or
You can expect to pay back
$
per month
$
per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
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 |
 |  |  |
★★★★★ | ★★★★★ | ★★★★★ |
Go to site
| Go to site
| |
APR 18% to 35.99% | APR 5.40% to 35.99% | APR 7.99% to 15.99% |
Loan term 24, 36, 48 or 60 months | Loan term 6 months to 12 years | Loan term 6 months to 3 years |
Loan amount $1,500 to $20,000 | Loan amount $500 to $500,000 | Loan amount $1,000 to $35,000 |
Min. credit score Varies | Min. credit score 300 | Min. credit score Not required |
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:
- Alaska
- Arkansas
- Connecticut
- Massachusetts
- Rhode Island
- Vermont
OneMain Financial reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 2.73 out of 5 stars, based on 640 customer reviews |
| BBB customer complaints | 854 |
| J.D. Power ranking | Ranked No. 19 in J.D. Power 2022 customer satisfaction survey |
| Trustpilot score | 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?
Yes. The company claims to have been providing loans and other credit-related products to millions of customers for more than 100 years. And while no company can guarantee that your information will be 100% safe, it encrypts the personal and financial information you submit online. It also has a standard privacy policy that outlines how the company uses your personal information.
Not sure OneMain Financial is right for you? Check out these lenders similar to OneMain or compare even more options with our guide to personal loans.
* OneMain Disclosures:
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
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 annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. 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: Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
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.”
See other personal loan options
Explore your options by APR, minimum credit score or loan amount. Select the Go to site button for more information about a particular provider.
1 – 7 of 7
Personal loan ratings
★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor
u003cpu003eWe analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.u003c/pu003eu003cpu003eRead the u003ca href=u0022https://www.finder.com/personal-loan-provider-ratings-methodologyu0022u003efull methodology of how we rate personal loan providersu003c/au003e.u003c/pu003e
Ask an expert
2 Comments
June 3, 2017
Are there any loans for immigration purposes?
June 19, 2017
Hi Stephanie,
Thank you for your inquiry.
Out list of loans for nonresidents in the United States might be helpful for you. Since you have plans in moving to the United States, our guides below might come in handy.
Guide to moving to the USA
Your checklist for moving to the United States
I hope this information has helped.
Cheers,
Harold