OneMain Financial Personal Loan Review

OneMain Financial is a lender that offers personal loans ranging from 18.00% to 35.99% at fixed rates. Unlike some online loan lenders, OneMain Financial has branches located across 44 states and may be a good fit for consumers who want a face-to-face experience during the loan process.

• Offers secured and unsecured loans: If you have bad credit and aren’t sure if you’d qualify for an unsecured loan, OneMain allows you to apply for a secured loan — meaning you’ll have to provide collateral — in order to receive lower interest rates.
• High interest rates: OneMain Financial charges much higher interest rates than some other competitors, so borrowers with good credit may find better rates elsewhere.
• Small loan amounts: This lender may be a good fit if you’re looking for a small personal loan, as the maximum amount OneMain Financial offers is $20,000.
• Quick funding timeline: The time from submitting an application to receiving your loan funds may take as little as one hour. This is a quick timeline compared to some competitors.
• May change your due date: If you ever need to move things around in your budget, OneMain Financial allows you to select a new payment due date.
• Best for low-credit borrowers: While those with good credit scores can find better interest rates with competitors, consumers with low credit scores may find it easier to qualify with OneMain Financial.

OneMain Financial pros and cons

OneMain Financial offers a lot of perks to consumers looking for a personal loan, but like any lender, it’s not perfect. Here’s what you need to know about the benefits and downsides of a personal loan with OneMain Financial.

OneMain Financial distinguishes itself from competitors by offering one of the lowest credit score minimums on the market. This makes it possible for borrowers with scores as low as 500 to qualify for loans, and they won’t have to wait long to get their money. According to OneMain Financial’s website, the process takes as little as one hour from start to finish. This lender doesn’t charge a prepayment fee, and consumers who don’t meet OneMain Financial’s credit requirements can instead apply for a secured loan.

Unfortunately, if you take out a loan with OneMain Financial, you’ll have to budget for an origination fee, which will be taken out of your total loan balance. OneMain Financial also has much higher interest rates than some competitors and may not be a good fit if you’re looking for a large loan.

OneMain Financial requirements

OneMain Financial isn’t very transparent about its personal loan eligibility requirements, but it’s possible to qualify even with a score as low as 500. Before closing on a loan, you’ll be required to provide:

• Government-issued identification (such as a driver’s license or passport)
• Proof of residence (such as a rental agreement or utility bill)
• Proof of income (such as pay stubs or tax returns)

OneMain loans are not available in Alaska, Arkansas, Connecticut, District of Columbia, Massachusetts, Rhode Island, Vermont or in U.S. territories.

Most personal loan lenders consider an applicant’s payment history, income and debt-to-income ratio. If your credit score needs a little work, take steps to improve your score before applying for new credit.

If you meet the basic requirements listed above, you’ll need to tell OneMain how you plan to use your personal loan money. OneMain Financial allows borrowers to use loan money for almost any purpose, but there are certain expenses you cannot put the money toward.

If OneMain Financial’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that can best suit your financial goals and offer you the best rates, terms and amounts.

How to get a personal loan with OneMain Financial

OneMain Financial offers an easy, straightforward application process. Here’s what you’ll need to do:

1. First, you’ll need to input how much money you’d like to borrow, as well as your basic information, including your full name, address and contact information (your email address and phone number).
2. Next, you’ll need to provide OneMain Financial with your monthly income information, your employment status, your vehicle status (whether you own, lease or have an auto loan), your date of birth and your Social Security number. After submitting this information, you’ll find out whether you’re preapproved for a loan.
3. Next, you’ll need to provide government-issued identification, income verification and residential information so that the lender can verify your information.
4. After OneMain Financial verifies your information, you may have to submit to a hard credit inquiry. Once this lender officially approves you, the last step is to sign your loan contract. Borrowers can receive their loan funds within one hour. To do so, you must get your funds sent to the bank account that’s linked with your debit card.

If you’re denied a personal loan with OneMain Financial because of your credit score, consider these strategies to boost your odds of approval.

How OneMain Financial compares to other personal loan companies

Even if you believe OneMain Financial aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare lenders. Here’s how a OneMain Financial loan stacks up against similar lenders.

How we rated OneMain Financial

We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.

Our categories

Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.

Our process

We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.

In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.

Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.