OneMain Financial Personal Loans Review: Competitive Rates If You Have Fair Credit

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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.

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When you apply online for a personal loan, it’s important to compare as many lenders as possible, especially if you’re rebuilding your credit, because interest rates can vary wildly.

OneMain Financial is one option for taking out a personal loan, and it can be a good fit for some borrowers with less-than-stellar credit.

That said, the lender doesn’t offer the best interest rates on the market, even for borrowers with fair credit. In this OneMain Financial review, you’ll learn more about the lender’s personal loans and whether they’re right for you.

OneMain Financial review: The basics

OneMain Financial offers secured and unsecured loans to borrowers whose credit might not be good enough to get approved with some of the top personal loan companies.

If you don’t qualify for an unsecured loan, you can get a secured loan by providing collateral, such as a car, to get approved. But if you default on the loan, the lender can take your collateral to satisfy the debt you owe.

Here are some basic loan terms OneMain Financial offers to borrowers as of June 13, 2018:

Loan amounts $1,500 – $30,000
Interest rates 16.05% – 35.99% APR
Repayment terms 24, 36, 48, or 60 months
Origination fees Vary by state

Once your application is approved, you’ll receive your funds via direct deposit or by check in person if you close at one of the lender’s branches.

There are no minimum credit or income requirements for OneMain personal loans. But that doesn’t mean just anyone can apply. The lender will review several factors, including:

  • Credit history
  • Income and expenses
  • Debt
  • Available collateral (secured loans only)

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What we like about OneMain Financial personal loans

OneMain Financial might not be the best fit for every borrower, but we’d like to point out some of its positive traits.

Increasing transparency

In my first OneMain Financial review, my biggest complaint was that the lender didn’t offer any pertinent information about its terms on its website. Since then, it’s made improvements to give prospective borrowers more information upfront.

Low minimum loan limit

Some personal loan companies won’t lend to you unless you need more than $5,000. If you don’t need that much, though, you could end up overborrowing. OneMain’s $1,500 minimum is much more accessible to borrowers who don’t need a large loan.

Better rates than payday loans

If your credit isn’t great, it might be tempting to think of payday loans as your only option. But if you qualify for a OneMain Financial personal loan, you’ll get much better terms. What’s more, you’ll have at least two years to repay your loan, whereas payday loans only give you a couple of weeks.

What to keep in mind about OneMain Financial personal loans

No lender is perfect. While reviewing OneMain, I found a few things to consider if you’re thinking about applying.

You could get better terms elsewhere if you have good credit

The lender’s website lists an example of a borrower with good credit getting approved for a loan with a 24.99% APR. That’s high compared with other lenders that target borrowers with good credit.

If you have good or excellent credit, check out lenders such as SoFi and Citizens Bank, which offer much lower rates.

The lender isn’t forthcoming on its origination fees

We couldn’t find any specifics about OneMain’s origination fees on the website. When I called, a representative told me only that it varies by state. Some other lenders charge origination fees, but they’re clearer upfront about what you might have to pay.

Should you apply for a OneMain Financial personal loan?

If you have fair credit, OneMain Financial might be able to offer you competitive interest rates and terms. But it’s important to check out other options before applying.

For example, Upstart and LendingClub are a couple of lenders that also offer personal loans for fair credit and show preliminary offers with a soft credit check.

Compare several personal loan companies to make sure you’re getting the best offer. Also, come up with a plan for repayment before finalizing your loan. Our personal loan calculator can help you estimate monthly payments and understand the long-term costs of borrowing.

Note: Student Loan Hero has independently collected the above information related to OneMain Financial personal loans. OneMain Financial has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 6.58% APR to 14.87% APR (with AutoPay). Variable rates from 6.275% APR to 12.575% APR (with AutoPay). SoFi rate ranges are current as of July 16, 2018 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 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% 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. 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 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% 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.
  1. 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.
  2. 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.

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% 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.
  1. 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.
  2. 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.
7.73% – 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
6.28% – 14.87%1$5,000 - $100,000
Check rate nowon SLH's secure site
6.87% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% – 29.99%$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%2$5,000 - $50,000Visit Citizens
15.49% – 34.49%$2,000 - $25,000Visit LendingPoint
5.99% – 35.89%$1,000 - $40,000Visit LendingClub
5.49% – 18.24%$5,000 - $75,000Visit Earnest
9.95% – 35.99%$2,000 - $35,000Visit 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.