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

OneMain Financial
at OneMain Financial’s secure website
Editorial Rating

Editorial Rating

What we like:

Same day funding

Rates (APR)12.9935.99
Loan Terms3 – 5 years
Loan Amounts$1,500$20,000
FeesPrepayment penalty: None
See how OneMain Financial’s personal loan product stacks up with other options

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.

In this review:

Applying for a OneMain Personal Loan

To be considered for an unsecured loan, you’ll fill out an online application indicating how much of a loan you’d like to receive, what the purpose of the loan is, and whether you’ll apply for the loan by yourself or with a co-applicant.

Although they will ask what the purpose of the loan is for, the company doesn’t disclose what reasons are acceptable and what reasons are not. Common reasons for seeking a personal loan include paying for medical costs, debt consolidation or refinancing, unexpected automobile repairs, credit cards, home repairs, and even vacations.

When applying, you’ll be asked to provide personal information like your date of birth, address, and Social Security number. Finally, you’ll disclose your employment history, such as who your employer is or whether you’re self-employed, and details about your monthly net income. You’ll also be asked whether you own property and have a bank account.

But unlike some online personal loan companies, with OneMain you can’t complete the whole application process online. If you applied online and are approved, you’ll still have to go to a branch office to talk about your options and verify your identity and other information such as expenses, employment, income, and collateral.

Unlike some other lenders, OneMain doesn’t list a minimum credit score you’ll need to secure a loan. They will look at the complete financial picture to make their determination about whether to issue a loan. That may be good news for people with low credit scores.

Because the online loan application is only a soft credit check, the initial application steps won’t hurt your credit score. Soft credit checks don’t impact your credit score, so there is no risk to you if you apply and are denied.

OneMain Financial Loan Rates, Terms, Fees, and Limits

OneMain is upfront about its loan terms, which it details clearly on its website. Their rates range from 16.05 to 35.99, depending upon the applicant’s credit profile. The profile includes information such as an applicant’s income, debts, whether they have collateral, and their credit history.

Although you may still be approved for a loan if you don’t offer any collateral, such as a paid off vehicle, it may help you get a better interest rate or a bigger loan. But if you do offer collateral for your loan, you might lose that asset if you don’t make the necessary payments. For that reason, you should carefully consider whether adding collateral would be the best option for you.

The minimum loan amount starts at $1,500 and goes up to $30,000. Repayment terms of 24, 36, 48, or 60 months are available.

If you wish to pay off your loan early, you can do so by adding extra each month to your payment or making a lump sum payment. You won’t have to pay a prepayment fee, either.

Benefits of a OneMain Personal Loan

If you’re the type who likes having brick-and-mortar branches to visit if you have any questions, OneMain has the advantage over other online lenders such as SoFi and LendingClub, which don’t have any branches, only a headquarters.

OneMain gives a decent range of repayment term lengths from two to five years. And, if approved, you’ll get the money quickly, often just in days, but you must visit a branch office for the verification process.

Another perk with these loans is that approval is less dependent on your credit score and credit report than approval by some other lenders. So if you have poor credit, you may still get approved for a OneMain loan.

Another positive is that OneMain has been in business for more than 100 years, so you may consider them less of a risk than a startup business.

Downsides of a OneMain Personal Loan

There are two main downsides to getting a loan with OneMain.

The first one is the fact you have to visit a branch location to get the loan and set up your monthly payment. Again, you can’t do everything online like you can with some other lenders. If you live in one of the six states that don’t have a branch location, you’re going to be out of luck getting this loan.

The second downside is the high interest rate you could face to get a loan. If you need the money and you have poor credit you can check out our list of the best bad credit loans. Fully explore your choices before committing.

>> Read More: Best Places for a Personal Loan

Bottom Line

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.