OneMain Financial personal loans review
- Max. Loan Amount
- $20,000
- APR
- 18% to 35.99%
- Min. credit score
- Not specified
Our verdict
No credit score required and local support available — but rates and fees run higher than many competitors.
OneMain Financial is an online and in-store lender with a reasonable turnaround time. Its personal loans are best for bad 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. But beware of high APRs that drive up the cost of borrowing.
Best for: Borrowers with bad or no credit who don’t qualify with less expensive lenders.
Pros
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Apply with bad credit
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Get funds as soon as the same day
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Offers secured and unsecured options
Cons
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High APR for a personal loan
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May require collateral
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High origination, returned payment and late fees
Is OneMain Financial legit?
Yes, OneMain Financial is a legitimate lender. The company has 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 is 100% safe, it encrypts the personal and financial information you submit online to protect it from unauthorized access. It also has a standard privacy policy that outlines how the company uses your personal information.
What makes OneMain Financial shine?
With no minimum credit score requirement, flexible repayment terms and fast funding, OneMain Financial is a solid choice for borrowers with less-than-perfect credit looking for a personal loan. The company reports to the three major credit bureaus, which gives borrowers a chance to improve their credit scores through timely payments.
OneMain Financial is also 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 in person can be important if you have bad credit or are new to credit, allowing you to ask questions, explain negative marks on your report and make sure a loan is the right solution
Where OneMain Financial falls short
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 — a fee that’s not charged by some other lenders.
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. Late payments are also reported to the three major credit agencies within days of being past due, which damages your credit score. 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.
If you’re in the market for a loan but want to see if you can score less fees and lower rates, you may check out loans like OneMain Financial instead.
OneMain Financial loan details
| Loan amount | $1,500 to $20,000 |
| APR | 18% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | Not specified |
| Origination Fee | $25 to $500 or 1% to 10%, depending on state laws |
| Loan term | 24, 36, 48 or 60 months |
| Turnaround time | As soon as one hour with a debit card 1–2 business days via ACH deposit |
| Availability | Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont |
| Fees | Late payment fee of $5 to $30 or 1.5% to 15% of your monthly payment, depending on state laws NSF fees of $10 to $50 when permitted by state law No early payment fees |
OneMain Financial contact information
| Phone number | New loan applications: 800-525-0451 Existing loans: 833-390-2034 |
| Customer service hours | Weekdays: 8 a.m. to 8 p.m. ET |
| customerservice@omf.com | |
| X,formerly Twitter | @OneMain |
| @OneMain | |
| Youtube | @OneMain |
| @OneMain |
Calculate your monthly loan payments
To see how much you might end up paying for a personal loan, enter your potential loan amount, repayment term and APR into the calculator below.
Monthly repayment calculator
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How to qualify for OneMain Financial
To qualify for a loan through OneMain Financial, you’ll need to meet the following requirements:
- US citizen or permanent resident
- Resident of an eligible state
- Meet your state’s minimum age requirement (typically 18)
- Valid government-issued identification
- Proof of residence (driver’s license, lease, utility bill)
- Proof of income (tax returns and/or pay stubs)
- Proof of collateral if taking out a secured loan
How to apply
The simplest way to apply for a personal loan through OneMain Financial is through its website. Here’s how it works:
- Prequalify. Select the “Check for Offers” button on the OneMain Financial website, then provide basic personal and financial information to receive loan offers without damaging your credit.
- Review loan offers. Compare offers, choose one, then complete your application, provide supporting documentation and authorize a hard credit check.
- Accept loan terms. Read over the loan terms carefully and sign the document to accept them.
- Receive funds. You may receive funds as fast as one hour after closing, though it could take up to two business days if you choose an ACH deposit.
If you prefer, you can call or go into any of OneMain Financial’s more than 1,300 physical locations to fill out a loan application.
How OneMain Financial compares to other lenders
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How we picked theseWhat is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
OneMain Financial reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A- |
| BBB customer reviews | 4.22 out of 5 stars, based on 2615 customer reviews |
| Trustpilot Score | 4.7 out of 5 stars, based on 70,466 customer reviews. |
| Customer reviews verified as of | 12 April 2025 |
OneMain Financial gets high marks on the Trustpilot website from thousands of reviewers, with the vast majority (95%) giving it an “excellent” or “great” rating. Positive reviews mention excellent customer service and fast turnaround. Negative reviews include persistent collection efforts and customers being preapproved for a loan and ultimately turned down.
It has a slightly lower rating on the Better Business Bureau (BBB) site, with a mix of positive and negative reviews. Satisfied borrowers report an easy application process, helpful customer service and fast funding. Unhappy customers mention issues with collateral, high interest rates and lowered credit scores. The company has been accredited with the Better Business Bureau (BBB) since 1985 and has an A- business rating for how it has handled more than a thousand complaints over the past three years.
What do people on Reddit say?
Frequently asked questions
Does OneMain Financial approve everyone?
No, OneMain Financial doesn’t automatically approve every loan. While the company has a reputation for working with borrowers with less than stellar credit, you still need to meet its minimum qualifications.
Is it hard to get approved by OneMain Financial?
No, it’s not particularly difficult to get approved. OneMain Financial is known for offering loans to borrowers with less-than-perfect credit, but you may end up with relatively high interest rates.
What is the minimum credit score for a OneMain Financial loan?
There is no minimum credit score listed on the company’s website. You can apply even if you have a low credit score or limited credit history.
Does OneMain Financial require collateral?
OneMain Financial offers both secured and unsecured personal loans. If you opt for a secured loan, you’ll need to provide collateral, such as a vehicle or other valuable asset. But if you qualify for an unsecured loan, no collateral is required.
Is OneMain Financial considered a predatory lender?
OneMain Financial is a legitimate lender, but it was fined by the Consumer Financial Protection Bureau (CFPB) in 2023 for failing to refund interest on canceled purchases and pressuring customers to buy add-on products.
However, online reviews show many satisfied customers, with the company earning more than 4 stars on both the BBB and Trustpilot websites.
Does OneMain Financial hurt your credit?
No, not really. You can check loan offers with OneMain Financial with just a soft pull that won’t harm your credit. If you decide to accept a loan, the company does a hard credit check when you fill out the complete application, which could temporarily lower your credit score by a couple of points.
OneMain Financial reports to all three major credit bureaus, so if you take out a loan and repay it on time, you could improve your credit.
Your reviews
Christi Finder
Contributor
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haroldjacob Finder
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 guide below might come in handy.
I hope this information has helped.
Cheers,
Harold
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Stephanie
June 03, 2017
Are there any loans for immigration purposes?