OneMain Financial Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Updated on Friday, June 28, 2019



Credit Req.

Not specified


24 to 60


Origination Fee

1.00% - 10.00%


on LendingTree’s secure website

Lender Disclosure

OneMain Financial offers quick turnaround times and you may get your money the same day... Read More

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

Fees and penalties

  • Terms: 24 to 60 months
  • APR range: 18.00% to 35.99%
  • Loan amounts: $1,500 to $20,000
  • Time to funding: Can be as early as the same day.
  • Hard pull/soft pull: Soft Pull
  • Origination fee: 1.00% - 10.00%
  • Prepayment fee: None
  • Late payment fee: $5 to $30 (may be dependent on your state of residence)
  • Other fees: $55 lien recording fee if the loan is secured with an automobile (may be dependent on your state of residence)

OneMain Financial doesn’t offer much in the way of perks, but it does allow you to request changing your payment due date. It is also committed to helping customers understand finances by providing helpful resources.

OneMain Financial offers easy to find educational resources in the form of blog posts, courses, video tips and financial calculators. From explaining financial terms to providing access to a free money management course, MoneySKILL, OneMain Financial stands by its mission of offering responsible loan products.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Must have some credit history, though a requirement of length is not specified.
  • Maximum debt-to-income ratio: Not specified.

Additionally, you’ll need to be a U.S. resident and at least 18 years old.

Overall, OneMain Financial is looking to see that you are able to repay the loan with a stable income and are similarly stable when it comes to where you live.

Applying for a personal loan from OneMain Financial

OneMain Financial makes it easy to get started with a personal loan application. You can either apply online or at a local branch and receive an answer to your application usually within 10 minutes.

The application asks for basic personal identifying information as well as:

  • Your intended purpose for the loan
  • Your current source of income
  • Your current salary

If you choose to apply online, you will have to go to a local branch to close on your loan. Whether you go to the local branch to start your application or close on the loan that you applied for online, you’ll need to bring the following documents for verification:

  • A copy of a valid, government-issued ID
  • Proof of residence
  • Proof of income

How long it takes to receive your funds depends on what time you submit your application and how long it takes to receive and verify your documents. You can choose to have your funds deposited directly into your checking or savings account, or receive a check in person when you open the loan at the bank.

Pros and cons of a OneMain Financial personal loan



  • Fast loan processing. OneMain Financial’s application from start to receiving funds can take as little as one day.
  • Lots of local branches. OneMain Financial has hundreds of branches in 44 states, making it likely that you are not located far from the nearest branch.
  • High interest rates. OneMain Financial offers loans with APRs ranging from 18.00%-35.99%. If you have a good credit score, you can likely find lower rates elsewhere.
  • Not an entirely online process. It’s not unusual to go to a physical branch location to close a loan, but as technology advances, there are companies that offer a completely online experience. OneMain does provide remote closings in some areas without physical branches.
  • No payment deferral. One perk some lenders offer is the ability to skip or defer a payment once a year; OneMain Financial doesn’t offer such a perk.

Who’s the best fit for a OneMain Financial personal loan

While you can use OneMain Financial personal loans for a number of different reasons, they cannot be used for tuition or to start a business. Thus, as OneMain Financial interest rates are similar to a credit card, its personal loans are less than ideal to cover anything other than a necessary expense or to consolidate debt with high interest rates.

For example, a personal loan from OneMain Financial could be great if you have credit card debt spread over several cards. A personal loan from OneMain could help to simplify your finances by consolidating — rolling everything into one monthly payment and having a fixed date to have it paid off. A personal loan could also help you to improve your financial standing, as revolving credit is viewed differently from installment loans when it comes to your credit report. Still, to reap the full benefits, you’d need to make sure you’re making on-time payments.

Additionally, personal loans from OneMain Financial can be used to cover unexpected expenses, like medical care or a car repair bill, as these expenses can sometimes be quite large and require payment quickly. The personal loans from OneMain, with their quick turnaround time and $20,000 limit, could fit the bill.

However, chances are if you’re working with OneMain, the high APR with OneMain means you’d be better off waiting until you improve your score and shop elsewhere.

OneMain Financial consumer reviews

OneMain Financial has an A+ rating from the Better Business Bureau, and the majority of customer reviews on LendingTree, MagnifyMoney’s parent company, give it 4.4 stars. Ada, a customer in Pelham, Ga., wrote that she was “treated like a human who needed a hand up,” respectfully with no hassle throughout the entire process.

OneMain Financial FAQ

OneMain Financial offers personal loans that can be used for a variety of purposes.

OneMain Financial’s personal loans can be used for anything from debt consolidation to home improvement projects and unexpected medical expenses.

Yes, you may be able to receive a larger loan amount if you apply with a co-applicant and/or with collateral. Contact OneMain at 1-800-961-5577 to speak with a specialist to see if this could be an option for you.

If your application is declined, you will receive a letter in the mail informing you of that, along with instructions on how to receive information as to why this decision was made.

If you qualify based on your individual situation, you may be able to work with OneMain Financial to reduce your monthly payments.

Yes, you can request a payoff amount either online or over the phone. You will have to provide the reason for the payoff to do so.

If you miss a payment, call OneMain Financial at 1-800-961-5577 to go over your options with a loan specialist.

Alternative personal loan options




Credit Req.

Not specified


36 or 60


Origination Fee

2.00% - 6.00%


on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

Established in 2007 as a peer-to-peer lender, LendingClub through which you can get personal loans up to $40,000 with APRs as low as 10.68%. Because of the higher loan amount and potential for a lower APR, it’s worth seeing the rates you qualify for with LendingClub, which you can check without having a hard pull on your credit.




Credit Req.


Minimum Credit Score


24 to 48


Origination Fee

0.00% - 6.00%


on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

As LendingPoint proclaims, it provides “personal loans for fair credit” customers. Similar to OneMain Financial, it offers a quick turnaround with the possibility of receiving funds in as little as one business day. LendingPoint’s rates and fees are again similar to those offered by OneMain, though its maximum loan amount is $25,000 with a term of 24 to 48 months. If you need money quickly, LendingPoint gives you the opportunity to check rates while allowing you to shop around for your best deal.


Peerform is another peer-to-peer lender offering personal loans of $4,000 – $25,000 with rates that are capped at 29.99%. Peerform allows you to check your rate without impacting your score. That makes it worth it to shop around and see which lender, OneMain Financial or Peerform, will offer you your best rate.