OneMain Financial Loans Review

OneMain loans are potentially a quick source for cash, especially if you have less-than-perfect credit. Borrowers typically use these loans for personal expenses, such as home improvement costs, weddings, and debt consolidation, as well as for auto loans.

APR Range
18%–35.99%
Loan Amount
$1,500–$20K
Term
2–5 years
SimpleScore
3.3 / 5.0
close
SimpleScore OneMain Financial 3.3
Rates 2
Loan Size 3
Customer Satisfaction N/A
Support 5
Fees 3

Many customers apply for OneMain Financial loans online, but it’s certainly not a requirement to do so. If borrowers are looking for a more personal experience, it’s possible to connect with a live loan specialist to begin the One Main Financial approval process. There are also brick-and-mortar branch locations nationwide for those who prefer to speak with an agent in person.

OneMain Financial Disclosure

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 APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. 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: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

OneMain loans are typically approved in amounts ranging from $1,500 to $20,000, with interest rates between 18.00% and 35.99%*. It’s possible to have cash in hand the same day you apply, provided your application is approved by noon.

Be aware, though, that OneMain loans are accessible to most people, regardless of financial background, so borrowers who have higher credit scores are likely to find better rates through other lenders. If you’re having trouble securing a loan through a traditional lender,  OneMain is a good place to turn.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

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In this article

    OneMain Financial Loan Specs

    Interest Rates18.00% – 35.99%*
    Loan Amounts$1,500 – $20,000*
    Term Lengths24, 36, 48, or 60 months*
    Minimum Credit ScoreNone
    Best ForThose with less than perfect credit who need money quickly
    Not ForBorrowers with above-average to excellent credit scores
    Better Business Bureau RatingA+
    In Business Since1912
    Standout FeaturesNo minimum credit score
    Possibility to get your funds the same day
    Nearly 1,700 branch offices
    OneMain Rewards program

    The Claim

    OneMain Financial looks at every prospective borrower as an individual, offering fixed auto loan and personal loan rates after examining the total financial picture—not just a credit score. You will have an opportunity to work closely with a local loan specialist who helps you to uncover personalized solutions to your financial needs.

    Is it True?

    In short, it depends. At the start of the One Main Financial review and research process, borrowers will find that this company is a popular choice in the personal and auto loan industry, likely because there’s no minimum credit score to apply and the application isn’t intimidating. It’s easier to qualify for a personal or auto loan because they examine your income and financial history, not just your black-and-white credit score. In that respect, borrowers are given a more personal experience with OneMain Financial than some other lenders.

    However, they charge annual percentage rates (APRs) between 18.00% to 35.99%*, which is higher than your average bank loan. Bank and credit union loans often boast lower interest rates, so if your credit is average or above, OneMain loans may not be your best option. If you are denied credit through these traditional lending institutions, it could still be a good choice, and if you need extra cash, they could be your saving grace.

    If you prefer speaking to a person about your financial needs, loan specialists are also available to chat about funding options, availability of funds, and other related information. This adds a more human element into the application process as well. Along the same lines, OneMain Financial has physical branch locations in 44 states, so if you like working through your finances in person, you may also have the choice to do so. Working with expensive payday loan lenders or virtual lenders does not provide this experience.

    Why We Like It

    • The application is super simple. Prospective borrowers can visit OneMain Financial’s website to apply for a personal or auto loan. If you prefer, the application can be completed over the phone or by visiting a branch office. The application involves straightforward questions and can be completed in just a few minutes. Simply answer some basic questions about yourself, your job, and your finances, and the approval process begins.
    • There’s no minimum credit score. Unlike most personal loan providers, they don’t require a minimum credit score to apply or be approved. Several factors are considered, including loan purpose, financial background, and work history.
    • You get cash in your hand quickly. If you are approved, a local specialist will contact you to set up a time to come into the branch, complete the loan process and receive your funds. If you are approved by noon, you may be able to receive your funds on the same day. You can contact a specialist for additional information about funding options and funds availability.
    • OneMain loans make it personal. If you prefer to work with a loan specialist in person, OneMain Financial currently boasts brick and mortar branch offices in 44 states.
    • They can help you to be smart about money. OneMain Financial’s website resources and calculators can help you learn how to responsibly budget and manage your finances. One of the most useful resources is a free money management course that covers all the basics of personal finance.
    • You get perks. Do you pay your bills on time and enjoy the ease of online billing statements? They reward customers with points when they choose certain preferences, like online billing, for their accounts. Points can be redeemed for gift cards and discounts as long as the account is in good standing. The rewards program is not available in all states.

    Things to Consider

    The cost of your loan depends on your creditworthiness, loan amount, interest rate and the length of the loan term. When determining the total cost of your loan, it’s important to factor in the total amount you’ll be repaying, not just the monthly payment itself. Be sure to do your homework and compare your OneMain loan rate with offers from other lenders. It doesn’t take much to save a lot over the life of your loan.

    It’s also important to know that while it may be easier to qualify, you may be able to get a better rate elsewhere. The only way to know you’re getting the best deal is to apply for multiple loans with various lending institutions.

    Check rates from your local bank first—chances are that you already have a relationship with them, so they may be able to provide the most attractive numbers. If you don’t qualify, compare the numbers from online companies, such as Best Egg, LendingClub and Avant before deciding on OneMain loans. Be sure to opt for a fixed interest rate or your APR could change, causing your monthly payment to become increasingly expensive over time.

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at Bankrate.com

    The Competition

    Best Egg: Offering three- and five-year loan terms with no prepayment penalties. You may be able to borrow up to $35,000, and interest rates begin as low as 5.99%, depending on your credit score. You’ll need at least at 640 to qualify, and a score of 700 FICO score might secure their lowest APR. However, you can see if you’re qualified without affecting your credit score.

    Disclaimer: Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. All uses of “Best Egg” on this site mean and shall refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,500; in NM and OH must exceed $5,000; in GA must exceed $3,000.

    LendingClub: Known as a peer-to-peer lender, LendingClub may allow you to borrow up to $40,000, and its interest rates are very competitive when compared to OneMain loans. Borrowers with good credit may be offered a 10.68% APR, and you can check your rates without affecting your current credit score.

    Disclaimer: All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. In this example, you will receive $5,700 and will make 36 monthly payments of $192.97. The total amount repayable will be $6,925.32. Your APR will be determined based on your credit at time of application. The origination fee ranges from 2% to 6%; the average origination fee is 4.86% (as of 9/30/19 YTD). There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.

    Avant: Avant offers access to personal loans from $2,000 to $35,000 with fixed rates and no prepayment fees. APRs vary from 9.95% to 35.99%. Most borrowers have credit scores between 600 and 700.

    Disclaimer: The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state. Avant branded credit products are issued by WebBank, member FDIC.

    Methodology

    SimpleScore

    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.

    Rates

    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

    Support

    We awarded higher scores to lenders with the most channels for customer support.

    Fees

    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik

      Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.