OneMain Financial Personal Loan Review

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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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 now offers personal and auto loans and has more than 1,600 brick-and-mortar locations in 44 states. This review focuses on OneMain Financial’s unsecured personal loans.

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.

 

 

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 18.00%
To
35.99%
Credit Req.Not specified
Terms24-60Months
Origination FeeVaries

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

OneMain Financial Disclosures

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: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. 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.

OneMain Financial Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 24 to 60 months
  • APR range: 18.00% – 35.99%
  • Loan amounts: $1,500 – $20,000
  • Time to funding: Same day depending on payment method
  • Credit check: Soft Pull
  • Origination fee: 1.00% - 10.00%
  • Prepayment fee: None
  • Late payment fee: $15 or 5% of the amount in default (whichever is greater)
  • Other fees: Administrative fee, returned check fee, lien recording fee (for loans secured by an automobile)

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®.

Eligibility requirements

  • Minimum credit score: Not specified
  • 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
Pros
Cons
  • Accepts borrowers with fair credit: OneMain Financial is one of several lenders willing to work with those who have lower credit scores.
  • Quick turnaround: OneMain Financial’s application takes 10 minutes, and you may receive funds on the same day.
  • Flexible payment options: You can make payments online, in person, by phone, via mobile app or at Walmart. Plus, OneMain Financial allows you to adjust your payment due date.
  • High APRs: OneMain Financial’s APRs range from 18.00% to 35.99%. This is higher than other lenders with similar eligibility requirements. If you have good credit, you’ll find better rates elsewhere.
  • Requires you to visit a branch: You have to be near a branch to close your loan. Other lenders have online-only processes.
  • Fees: The lender charges an origination fee that 1.00% - 10.00%. Don’t forget to factor this into your financial plan.

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 $20,000. 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 18.00% 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 your best rates and terms.

Peerform

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 5.99%
To
29.99%
Credit Req.600Minimum Credit Score
Terms3 to 5Years
Origination Fee1% - 5%

Visit Peerform Secureon Peerform's secure website

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.

LendingPoint

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 9.99%
To
35.99%
Credit Req.585Minimum Credit Score
Terms24 - 48Years
Origination Fee0% to 6%

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

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.

Upstart

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 7.00%
To
35.99%
Credit Req.620Minimum Credit Score
Terms3 to 5 Years
Origination Fee0 - 8% of loan balance

See Offers Secureon Lendingtree's secure websiteAdvertiser Disclosure

Upstart Disclosures

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $5,000.

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart Platform will have an APR of 22% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

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?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.99% – 18.82%1 $5,000 to $100,000
7.00% – 35.99% $5,000 to $30,000
7.99% – 35.97%* $1,000 to $35,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
7.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.82% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

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