OneMain Financial Personal Loan Review

Written by Emily Long

February 27, 2019July 13, 2020Featured1330Emily Long

Updated on February 27, 2019

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.

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

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, 36, 48, and 60Months

Origination FeeVaries

See Offers on Lendingtree's secure websiteLender Disclosure

OneMain Financial Disclosures

Not all applicants will be approved. 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). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. 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. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees. 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 $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; 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. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. 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

APR range: 5.99% to 29.99%
Credit requirements: 600 minimum credit score
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.

LendingPoint

LENDER

APR

Credit Req.

Terms

Origination Fee

APR 7.99%
To
35.99%

Credit Req.585Minimum Credit Score

Terms24 - 72Years

Origination Fee0% to 7%

See Offers on Lendingtree's secure websiteLender Disclosure

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 4.37%
To
35.99%

Credit Req.600Minimum Credit Score

Terms3 to 5 Years

Origination Fee0 - 8% of loan balance

See Offers on Lendingtree's secure websiteLender Disclosure

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.

Lender	RATES (APR)	loan amount
	7.99% – 23.43%¹	$5,000 to $100,000
	4.37% – 35.99%	$1,000 to $50,000
	7.46% – 35.97%^*	$1,000 to $50,000
	99.00% – 199.00%²	$500 to $4,000
	5.99% – 24.99%³	$5,000 to $40,000
	7.99% – 35.99%⁴	$2,000 to $36,500
compare rates on Lendingtree now NMLS #1136: Terms & Conditions Apply
¹ Includes AutoPay discount. Important Disclosures for Sofi. Sofi Disclosures Fixed rates from 7.99% APR to 23.43% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 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. Lowest rates reserved for the most creditworthy borrowers. 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, 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. ^* Important Disclosures for Upgrade. Upgrade Disclosures Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.46%-35.97%. All personal loans have a 1.85% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% 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 $341.48. Over the life of the loan, your payments would total $12,293.46. 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 bank partners. Information on Upgrade’s bank partners can be found at https://www.upgrade.com/bank-partners/ . 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. 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. 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. 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. 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. Rates and terms vary by state. ³ Includes AutoPay discount. Important Disclosures for Happy Money. Happy Money Disclosures 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 Lendingpoint. Lendingpoint Disclosures Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. 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 7% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.) The $15,575.04 total amount due under the loan terms provided as an example in this disclaimer includes the origination fee financed in addition to the loan amount. Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.

OneMain Financial Personal Loan Review

What is OneMain Financial?