OneMain Financial Personal Loans Review 2024

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OneMain Financial‘s personal loans are a solid option for borrowers with low credit scores . You may want to consider an alternative if you have a good credit score, because you can get lower rates elsewhere. The best personal loan for you will depend on your credit score, which determines what you qualify for and can lower your rate.

Who is OneMain Financial Best For?

OneMain is a great lender for borrowers who need to get a loan with bad credit and can’t qualify for a loan elsewhere. The company could be a good option if you need cash quickly. If your application is approved before noon on a business day, you could receive your money the same day.

OneMain Financial offers both secured and unsecured personal loans, but we’re focusing on the company’s unsecured personal loan options. Unsecured loans are more common with OneMain Financial and with competing lenders. An unsecured personal loan doesn’t require any collateral, such as a house or car, while a secured loan allows you to put up collateral in exchange for a rate that is often lower. 

However, it has a high minimum interest rate, so borrowers with good credit will likely find a better rate with a different lender. 

OneMain Financial Personal Loan Features

Regular APR: 18.00% to 35.99%

Loan amounts: $1,500 to $20,000

Fees: late fee up to $30 or 15% of your monthly payment amount, depending on your state

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OneMain Financial Personal Loans Pros and Cons

OneMain Financial Pros

• No minimum credit score for approval. Most personal loan lenders require credit scores above 660 to apply, but OneMain Financial doesn’t have a minimum.
• Potential for a small loan. You can get a loan for as little as $1,500, which is lower than what many lenders offer.
• Get your loan quickly. You may be able to get your loan on the same day that you apply with OneMain Financial.

OneMain Financial Cons

• High origination fees. OneMain charges an origination fee on loans, which can either be a flat fee or percentage-based, depending on what state you live in. Flat fees range from $25 to $500, while percentage-based fees range from 1% to 10% of the loan’s value.
• High starting interest rates. Interest rates for OneMain’s personal loans range from 18.00% to 35.99% APR. In contrast, Avant’s personal loans start at 9.95% APR.

How to Apply for a OneMain Financial Personal Loan

1. Fill out personal information on OneMain’s website. Choose if you’re applying for an individual or joint loan, a secured or unsecured loan, and your loan’s purpose. You’ll also need to request a loan amount. You’ll also enter your name, Social Security number, and income history. You’ll get an estimated monthly payment and APR range. 

2. Formally submit an application and await approval. When submitting a formal application, you’ll need to send in proof of income, like a W-2, tax returns, or other financial documents.

3. Sign loan agreement and get your money. You’ll potentially be able to receive your loan funds fast with OneMain. If your application is approved before noon on a business day, you could receive your money the same day.

4. Make a plan to repay your loan. Fit your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities. 

OneMain Financial Personal Loan Alternatives

OneMain Financial vs. Avant Personal Loan

OneMain Financial and Avant have similar loan terms and loan amounts, but borrowers looking for same-day funds might find that OneMain has an advantage. Additionally, a minimum credit score requirement of 580 might exclude some borrowers. 

Avant could be a stronger option than OneMain due to OneMain’s higher interest rates. Avant fees could be lower, as this lender caps its origination and administrative fees at 4.75%, while OneMain’s fees could go up to 10%, or $500 depending on your state.

OneMain Financial vs. LendingClub

LendingClub’s minimum 600 credit score requirement might leave some borrowers out. With interest rates starting higher, borrowers who qualify with LendingClub could get lower rates from OneMain. 

LendingClub doesn’t offer a secured loan option, which could give OneMain an advantage for anyone who wants to lower their interest rate with collateral. Funding through LendingClub will take at least four business days, according to the lender’s site, giving OneMain’s same-day funding another advantage.

Why You Should Trust Us: How We Rated OneMain Financial

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths and loan amounts (15% of rating)
• Funding speed (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating. 

See more on how we rate personal loans >>

OneMain Financial Frequently Asked Questions