Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans OneMain Financial Personal Loans Review 2025 : Rates, Terms, and Alternatives Updated Sep 17, 2025 10-min read Reviewed by Jeff Gitlen, CEPF® Reviewed by Jeff Gitlen, CEPF® Expertise: Student loans, personal loans, home loans, investing Jeff Gitlen, CEPF®, is the director of growth at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware. Learn more about Jeff Gitlen, CEPF® Edited by Amanda Hankel Edited by Amanda Hankel Expertise: Writing, editing, digital publishing Amanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing. Learn more about Amanda Hankel 3.8 /5 View Rates Our take: OneMain Financial is a solid option for borrowers with fair or poor credit who need money quickly. It offers both secured and unsecured loans with funding as fast as one hour after closing. While APRs are high compared with online lenders, OneMain stands out for its willingness to work with less-than-perfect credit and provide flexible loan purposes. Personal Loans Works with fair and poor credit borrowers Option to apply with a co-applicant Secured and unsecured loan options Funds available as soon as 1 hour after closing Large branch network for in-person support No prepayment penalties High APR range compared with many competitors Loan amounts capped lower than some lenders Origination fees and other charges may apply Requires more documentation than many fully online lenders May need to visit a branch to verify information Loan amounts$1,500 – $20,000APR range18.00% – 35.99%Loan terms24, 36, 48, or 60 monthsLoan typesSecured and unsecured personal loansFunding speedAs soon as 1 hour after loan closingApplication methodOnline, over the phone, or in-branchPrepayment penaltyNone Table of Contents What is OneMain Financial? How does OneMain Financial work for personal loans? Loan types Auto purchase loans Debt consolidation loans Emergency loans Auto refinance loans Medical loans Cash-out refinance loans Home improvement loans Moving loans Wedding loans Auto repair loans Pool loans Vacation loans Motorcycle loans RV loans Boat loans Funeral loans IVF loans OneMain Financial interest rates and terms One Main financial loan requirements Documentation typically required Credit and income requirements How long does OneMain financial take to review documents? Is OneMain Financial legit? Applying for a OneMain personal loan OneMain Financial personal loan pros and cons OneMain vs. alternative personal loan lenders OneMain vs. Upstart OneMain vs. LendingPoint OneMain vs. Avant Is a OneMain personal loan right for you? How we rated OneMain Financial personal loans What is OneMain Financial? OneMain Financial has been in business for more than 100 years, providing financial products such as personal and auto loans. First founded in Maryland in 1912 as Commercial Credit, the company changed its name to OneMain Financial in 2015. With more than 1,600 locations in 44 states, except for Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont, the business caters to borrowers who don’t have the best credit scores and may be turned down elsewhere. This review will cover OneMain Financial personal loan rates, terms, benefits, and downsides. How does OneMain Financial work for personal loans? Loan types OneMain Financial technically offers two kinds of personal loans: Secured loans – backed by collateral, usually a vehicle. This can help you qualify for a larger loan amount or a lower interest rate, but you risk losing the collateral if you fall behind on payments. Unsecured loans – no collateral required. Approval and rates depend on your credit, income, and debt profile. Everything else OneMain advertises — like a “wedding loan” or “auto repair loan” — is just marketing language for how you might use the money. No matter which category fits your needs, you’re still getting the same standard personal loan, with the same rates and terms. Here are the ways OneMain promotes its loans: Auto purchase loans Funds to buy a new or used car if dealer financing isn’t available. Debt consolidation loans Use one loan to combine multiple debts into a single, predictable payment. Emergency loans Covers unexpected costs such as urgent medical bills or home repairs. Auto refinance loans Refinance an existing car loan through OneMain to change your repayment schedule. Medical loans Borrow for procedures or medical expenses not covered by insurance. Cash-out refinance loans Borrow against an existing asset (like a vehicle) to get additional cash. Home improvement loans Finance home repairs, remodels, or upgrades. Moving loans Help cover relocation expenses like movers, truck rentals, or deposits. Wedding loans Pay for venue, catering, attire, and other wedding costs. Auto repair loans Cover major or unexpected car repairs. Pool loans Finance the installation or repair of a swimming pool. Vacation loans Borrow to fund travel, flights, or accommodations. Motorcycle loans Buy or refinance a motorcycle. RV loans Finance or refinance a recreational vehicle. Boat loans Borrow to purchase or refinance a boat. Funeral loans Cover funeral or memorial service expenses. IVF loans Finance in vitro fertilization (IVF) treatments and related medical costs. OneMain Financial interest rates and terms Regardless of how OneMain labels the loan, the rates and terms are the same across all categories. Whether you call it a medical loan, a pool loan, or a debt consolidation loan, it’s still a standard secured or unsecured personal loan. Here’s what to expect: APR range: 16.05 to 35.99 (based on credit, income, debts, and whether you provide collateral) Loan amounts: $1,500 to $20,000 (some sources note up to $30,000) Loan terms: 24, 36, 48, or 60 months Loan structures: Secured and unsecured options only One Main financial loan requirements To qualify for a OneMain personal loan, you’ll need to meet basic eligibility criteria and provide supporting documents. The exact requirements depend on whether you apply for a secured or unsecured loan. Documentation typically required Identification: A valid government-issued photo ID, such as a driver’s license or passport. Proof of income: Pay stubs, tax returns, bank statements, or other documents showing your ability to repay. Proof of residence: A utility bill, lease agreement, or other document with your current address. Collateral (for secured loans): A car title or other acceptable asset if you choose a secured loan. Credit and income requirements Minimum credit score: OneMain does not publish a minimum score requirement. Borrowers with fair or even poor credit may still qualify, though applicants with higher scores are more likely to secure lower rates. Minimum income: No specific threshold is disclosed, but you must show steady, verifiable income (employment or other sources) sufficient to cover your loan payments. Other factors considered: Current debts, credit history, ability to provide collateral, and overall financial profile. OneMain is often considered a lender of last resort for people who can’t qualify elsewhere. You don’t need perfect credit or a high income to be approved, but your terms will depend on your risk profile. Offering collateral can increase your chances of approval or get you a larger loan, though it also puts the asset at risk if you don’t make payments. How long does OneMain financial take to review documents? OneMain Financial typically reviews your documents within the same day you submit them. In many cases, the review is completed in just a few hours. If everything checks out, you could receive your loan funds as soon as one hour after closing. Delays can happen if additional verification is needed, but most borrowers experience a fairly quick turnaround. Is OneMain Financial legit? SourceRatingNumber of reviewsTrustpilot4.7/5.073,833Better Business Bureau (BBB)4.25/5.02,046 Yes—OneMain Financial is a legitimate lender with a long operating history and active BBB accreditation. Customer sentiment skews positive on Trustpilot and generally favorable on BBB when you account for review volume (see counts above). That said, remember OneMain’s APR range is high compared with prime lenders, and the CFPB fined OneMain in 2023 over how optional add-on products were sold—issues OneMain said it addressed via policy changes and refunds. If you’re considering OneMain, weigh the quick funding and flexible secured/unsecured options against the cost of credit and your alternatives. Applying for a OneMain personal loan Step 1: Submit your application Start online by entering: How much you want to borrow The purpose of the loan (auto, debt consolidation, vacation, etc.—though all purposes fall under the same secured or unsecured personal loan) Whether you’re applying alone or with a co-applicant Step 2: Share your details You’ll provide basic information, including your: Date of birth, address, and Social Security number Employment history or self-employment details Monthly net income Bank account and property ownership status Step 3: Finalize your application If your online application is conditionally approved, OneMain will guide you through the next steps. In some cases, you may need to visit a local branch to: Verify your identity Review loan options with a loan specialist Provide documents (income, expenses, and collateral if applying for a secured loan) In other situations, you vmay be able to complete these steps fully online, depending on your location and loan details. Step 4: Get your funds Once your information is verified and your loan is finalized, you can receive your funds as soon as one hour after closing. OneMain Financial personal loan pros and cons Pros Simple online start Begin the application quickly by entering just a few details. Flexible loan purpose Flexible loan purpose: You can choose any purpose (auto, debt consolidation, vacation, etc.), but all are treated the same under OneMain’s secured or unsecured loan structure. Co-applicant option Apply with a co-borrower to improve approval odds. Fast funding After closing, funds can arrive in your account in as little as one hour. Cons Lower loan caps Maximum amounts are lower than what other lenders offer, limiting funding for larger expenses. Document-heavy process You’ll need to verify income, expenses, and possibly provide collateral if applying for a secured loan. High interest rates APRs range from 18.00%–35.99%, which is significantly higher than many online competitors. OneMain vs. alternative personal loan lenders If you’re looking at OneMain, you’re probably also considering lenders that work with borrowers who don’t have perfect credit. Upstart, LendingPoint, and Avant are three of the closest alternatives, since they offer similar loan amounts and rates but with slightly different approval requirements and application processes. Best for limited credit 4.8 View Rates View Rates Rates (APR) 7.80% – 35.99% Loan amounts $1K – $75K 4.8 View Rates For fair credit borrowers 4.7 View Rates View Rates Rates (APR) 7.99% – 35.99% Loan amounts $2K – $36.5K 4.7 View Rates For fair credit borrowers 4.2 View Rates View Rates Rates (APR) 9.95% – 35.99% Loan amounts $2K – $35K 4.2 View Rates OneMain vs. Upstart Upstart is another lender that works with borrowers who don’t have perfect credit, but it takes a different approach. Instead of relying mainly on credit scores, Upstart uses factors like education, job history, and income potential. That means borrowers with fair or limited credit histories may still qualify. Compared to OneMain, Upstart often offers lower starting APRs, but approval can be less flexible for people with unstable income or higher debt loads. OneMain vs. LendingPoint LendingPoint also focuses on borrowers with fair credit and markets itself as an option for people turned away by traditional banks. Its APR range overlaps with OneMain’s, but LendingPoint’s starting rates are lower. The trade-off: OneMain may approve borrowers with more challenging credit histories, especially if collateral is offered, while LendingPoint typically requires stronger repayment ability. OneMain vs. Avant Avant targets a similar audience—borrowers with credit that ranges from fair to good. It offers personal loans online with APRs starting near 10% and loan amounts up to about $35,000. Like OneMain, Avant may charge administrative fees. Compared to OneMain, Avant tends to serve slightly stronger credit profiles, but borrowers who want a face-to-face experience and the option of a secured loan may find OneMain a better fit. See our recommendations for the top personal loans. Is a OneMain personal loan right for you? Depending upon your circumstances, OneMain Financial personal loans might be an option for you. They can be attractive if you: Have had financial issues in the past and you don’t have a solid credit score Live near a branch location Like the idea of doing business with an established company Need to get money quickly Be wary, however, of potentially high interest rates—there may be better loan options for you, particularly if you have a good or excellent credit score. How we rated OneMain Financial personal loans We designed LendEDU’s editorial rating system to help readers find companies that offer the best personal loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms. We compared OneMain Financial to several personal loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below. Personal loans for fair and low credit 3.8 View Rates View Rates Rates (APR) 18.00% – 35.99% Loan amounts $1.5K – $20K Terms 24, 36, 48, or 60 months 3.8 View Rates About our contributors Written by Jeff Gitlen, CEPF® Jeff Gitlen, CEPF®, is the director of growth at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware. Edited by Amanda Hankel Amanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.