What is OneMain Financial?
OneMain Financial is a new-ish lender with a long history. It began in 1912 as Commercial Credit, which provided loans for building contractors. After changing hands and names several times, OneMain Financial took its current form in 2015.
OneMain Financial personal loan highlights
- Less strict credit requirements: OneMain Financial may lend to those with fair credit scores — a good alternative if you don’t qualify with another lender.
- High APRs: If you have good to excellent credit, you may get lower rates elsewhere.
- No prepayment fees: OneMain Financial won’t penalize you for paying off your loan early. If your financial situation improves, you can pay down your balance and save on interest.
- Multiple payment options: You can make payments online (one at a time or automatically via Direct Pay), at a OneMain Financial branch, by phone, by mail, via OneMain Financial’s mobile app or at a Walmart service desk.
- APR range: 16.05% – 35.99%
- Minimum credit requirement: Varies
- Terms: 24 to 60 months
- Fees: Varies
OneMain Financial Personal Loan Details
OneMain Financial product details
OneMain Financial’s personal loan offerings are pretty basic — the company doesn’t offer much in the way of extra services. You do have the option to enroll in Direct Pay, which will automatically deduct your payment from your connected account so that you don’t have to remember due dates.
OneMain Financial also allows you to change your payment due date, which you can do by putting in a request by mail or email.
Finally, OneMain Financial’s website has a variety of free financial resources, including calculators, educational articles and a money management course called MoneySKILL®.
- Minimum credit score: Varies
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
While OneMain Financial doesn’t provide specific eligibility requirements, it does consider a number of factors when reviewing loan applications:
- Financial history
- Credit history
- Income and expenses
- The purpose of your loan
- Any history of bankruptcy
- State of residence
You also must be 18 and a U.S. resident to qualify. Depending on where you live, you may face certain restrictions on the minimum or maximum loan amount you can receive.
Applying for a personal loan from OneMain Financial
You can check whether you qualify for a personal loan without any impact to your credit on OneMain Financial’s website. When you’re ready to apply, you can start your application online as well. You’ll have to enter some basic personal information:
- Name and contact information
- Loan amount
- Loan purpose
- Social Security number and date of birth
- Employment information
- Financial information, including income and any property owned
The application takes about 10 minutes to complete, and you should get a decision shortly after.
If you’re approved, you’ll have to visit a brick-and-mortar location to submit documents and finalize your application. This is a limiting factor if you live in one of the six states — Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island and Vermont — without a physical branch.
To complete the loan process, you’ll have to provide, at a minimum, government-issued identification, proof of residence and proof of income.
Once you accept your offer and sign your loan documents, you could receive your money as soon as the same day. If you choose to receive an Automated Clearing House payment — or if OneMain Financial requires additional verification — it could take longer.
Pros and Cons of a OneMain Financial Personal Loan
Who’s the best fit for a OneMain Financial personal loan?
OneMain Financial is a good pick for those who have less-than-perfect credit. The company works with borrowers whose scores are in the low 600s, so try OneMain Financial if you don’t qualify with another lender.
OneMain Financial also offers a quick turnaround on personal loans ranging from $1,500 to $30,000. If you have an emergency (medical expenses or major car repairs, for example) and need a big chunk of change fast, it may be the right lender for you.
You can also use a loan to consolidate debt, pay for a vacation or make repairs around your home. That said, OneMain Financial’s APRs are high: They start at 16.05% even for those with good credit. This means your personal loan might be more expensive than other types of credit, including some credit cards. Compare offers and options before you make any decisions.
Finally, keep in mind that you cannot use your OneMain Financial loan for educational expenses, business expenses, investing, gambling or illegal activities.
Alternative personal loan options
Before you commit to OneMain Financial, shop around for the best rates and terms.
- APR: 5.99% – 29.99%
- Credit requirements: 600
- Terms: 36 or 60 months
- Origination fee: 1.00% - 5.00%
Peerform is a peer-to-peer lender — borrowers apply for a loan, which is then listed on the company’s marketplace for investors to fund. The company assigns a proprietary rating based on an applicant’s credit, which determines the interest rate offered. Like OneMain Financial, Peerform has options for borrowers with less-than-stellar credit, but it also has much cheaper rates for those with higher scores. Keep in mind: While OneMain Financial pays quickly, it could take more than a week to get funding through Peerform’s marketplace.
- APR: 9.99% – 35.99%
- Credit requirements: 585
- Terms: 24 to 48 months
- Origination fee: 0.00% - 6.00%
LendingPoint is an online lender that specializes in working with borrowers who have fair credit. You can qualify with an annual income of just $20,000 or a discharged bankruptcy (at least 12 months in the past). LendingPoint has similar APRs and funding times to OneMain Financial, which makes it a good alternative if you have a lower score or need your money fast.
- APR: 7.54% – 35.99%
- Credit requirements: 620 (580 for California residents)
- Terms: 36 & 60 months
- Origination fee: 0.00% - 8.00%
Like OneMain Financial, Upstart offers loans to those with lower credit scores. While Upstart does have some strict requirements about what you can and can’t have in your credit history — bankruptcies, delinquencies and too many inquiries could disqualify you — it takes into account your education when reviewing your application.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.72% – 16.99%1||$5,000 - $100,000|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|