OneMain Financial Personal Loan Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.

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.
  • APR range: 16.05% – 35.99%
  • Minimum credit requirement: Varies
  • Terms: 24 to 60 months
  • Fees: Varies
OneMain Financial Personal Loan Details
Fees and Penalties
  • Term lengths: 24 to 60 months
  • APR range: 16.05% – 35.99%
  • Loan amounts: $1,500 – $30,000
  • Time to funding: Same day depending on payment method
  • Credit check: Hard Pull
  • Origination fee: Varies
  • 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: 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
  • 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 16.05% 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 Varies. 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 $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!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.72% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of February 15, 2019 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 credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  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. (

2 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.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% 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.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

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.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

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 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

**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.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* 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

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.

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