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2022 OneMain Financial Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Personal loan rating: 4/5
  • Accessibility: 4.8/5
  • Rates and terms: 2.7/5
  • Repayment experience: 4.8/5
Personal loan details
  • APR range: 18.00% – 35.99%
  • Loan terms: 24 to 60 months
  • Loan amount: $1,500 – $20,000
  • Minimum credit score: Not specified
Our verdict: With its high interest rates, this lender may be best for a borrower whose credit score needs work. Despite its high average rates, a loan with OneMain Financial can be a good option for borrowers who want to avoid predatory lenders.

OneMain Financial is a lender that offers personal loans ranging from 18.00% to 35.99% at fixed rates. Unlike some online 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’re a low-credit borrower and you’re unsure of whether you would qualify for an unsecured loan, you may want to consider applying 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 business day. 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.

ProsCons

  Quick funding timeline

  Offers secured loans

  No prepayment fees

  Can change due date

  Charges an origination fee (1.00% - 10.00%)

  High interest rates (Up to 35.99%)

  Small loan amounts ($1,500 - $20,000)

  Larger loan amounts require collateral

One of the great things about this lender is the short amount of time it takes to receive your loan funds. According to OneMain Financial’s website, the process takes as little as one day 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. 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)

While OneMain Financial doesn’t specify its other qualification criteria, most personal loan lenders consider an applicant’s credit score, 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 disclose how you plan to use your personal loan funds. OneMain Financial allows borrowers to use its funding for a variety of purposes, but there are certain expenses you cannot put the money toward.

OneMain Financial loans CAN be used for:OneMain Financial loans CANNOT be used for:

  Debt consolidation

  Major life events

  Recreational purchases

  Vehicle loans

  Home improvement projects

  Postsecondary education

  Business/commercial costs

  Purchasing securities

  Gambling

  Illegal activities 

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 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 typically receive their loan funds within one business day.

If you’re denied for 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 Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

LenderOneMain FinancialAvantLendingPoint
LendingTree’s rating4/54/54.3/5
Minimum credit scoreNot specified600580
APRs18.00% - 35.99%9.95% - 35.95%7.99% - 35.99%
Loan amount$1,500 - $20,000$2,000 - $35,000$2,000 - $36,500
Repayment term24 to 60 months12 to 60 months24 to 72 months
Origination fee1.00% - 10.00% Up to 4.75%0.00% - 8.00%
Funding timelineReceive funds as soon as one business dayReceive funds as soon as one business dayReceive funds as soon as one business day
Bottom lineOneMain Financial may be right for borrowers with low credit scores who need funds quickly and may not get better rates elsewhere.Avant may be a good fit for consumers who need loan funds quickly and have a less-than-perfect credit score.LendingPoint may also be a good option if you have a low credit score. This lender offers higher loan amounts than both OneMain Financial and Avant.

How we rated OneMain Financial

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

  • Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
  • Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
  • Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.

Frequently asked questions

OneMain Financial isn’t transparent about its eligibility requirements. During the application process, however, you will need to provide the following:

  • Government-issued identification, such as a driver’s license or passport
  • Proof of residence, such as a rental/mortgage loan agreement or utility bill
  • Proof of income, such as pay stubs or W-2s

According to OneMain Financial’s website, it takes about an average of one business day from the time a consumer submits an application to the time they receive their loan funds.

OneMain Financial offers loan amounts ranging from $1,500 – $20,000. However, in order to qualify for the higher loan amounts, you may be required to provide collateral. This is known as a secured loan.

OneMain Financial offers both unsecured and secured loans. Unsecured loans are loans that do not require collateral, meaning you won’t have to offer up anything valuable to your lender in case you’re unable to keep up with loan payments. Secured loans, on the other hand, require collateral and can be a good option for consumers who have low credit scores since the collateral lowers that borrower’s risk in the eyes of lenders.

OneMain Financial allows borrowers to offer several types of collateral for a secured loan:

  • Vehicles
  • Motorcycles
  • Boats
  • Campers
  • Recreational vehicles (RVs)
 

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