OneMain offers personal loans that are accessible to just about everyone, but if your credit is good, you’ll be able to find a better interest rate elsewhere.

OneMain Financial is one of the best-known personal loan companies in the industry. It offers personal and auto loans from $1,500 to $30,000 with annual percentage rates that can range from 16.05% and 35.99%.* Loan amounts are also subject to state specific minimum and maximum size restrictions. The minimum loan amount in California is $3,000. In Georgia, the minimum loan is $3,100. There’s no minimum credit score to apply. If you are approved by noon, you can receive your money as soon as the same day. You can contact a OneMain loan specialist for additional information about funding options and funds availability. The company has branch locations across the nation, so if you prefer, you can speak with an agent in person. You can also apply for loans through OneMain online.

While OneMain is undeniably a better deal than borrowing through payday lenders, its rates are still high compared to what most banks can offer. If you have good credit, or even just decent credit, you can likely find a lower interest rate elsewhere. But if you’re having trouble securing a loan through a traditional lender, OneMain is a good place to turn to.

The Specs

Interest Rates 16.05% – 35.99%*
Loan Amounts $1,500 – $30,000
Loan Terms Varies
Minimum Credit Score None
Best For Those with average or poor credit who need money quickly
Not For Excellent prime credit scores
Better Business Bureau Rating A+
In Business Since 1912
Standout Features No minimum credit score
Possibility to get your funds the same day
Nearly 1,700 branch offices
OneMain Rewards program

The Claim

OneMain Financial is there to support you in your time of need, offering personal and auto loans at fixed rates. You’ll work with a local agent who is familiar with your situation and treats you with understanding and respect.

Is it True?

Sort of. OneMain has become one of the most popular personal loan lenders in the industry, largely due to its relatively reasonable rates and easily achievable borrowing requirements. There’s no minimum credit score to apply. The company will also look at your income and financial history to determine if you qualify. If you do, you could receive your money as soon as the same day if you are approved by noon. You can contact a OneMain loan specialist for additional information about funding options and funds availability.

OneMain’s annual percentage rates (APRs) can range from 16.05% to 35.99%.* This is higher than the rates you’ll find through a traditional lender, like a bank or credit union, so if your credit is good, OneMain probably isn’t your best option. But if you’re turned down by traditional lenders, it could still be a good choice. OneMain’s rates are considerably better than what you’ll find with payday lenders, which often charge over 300% interest on a short-term loan.

Unlike many of its competitors, OneMain has brick-and-mortar locations in 44 states, so you can work with a local representative instead of a customer service agent in a distant call center. If you have any questions about your loan or repayment procedures, you can get them answered right away by reaching out to your local office.

Our Deep Dive

  • Simple application: You can apply for a OneMain loan on the company’s website, over the phone, or by visiting a local branch office. The application is straightforward and can be completed in just a few minutes. Answer some basic questions about yourself, your job and your finances and you’ll be notified about whether or not you’re approved.
  • No minimum credit score: Unlike most personal loan providers, OneMain doesn’t have a minimum credit score required for approval. OneMain looks at many factors when deciding whether to approve your loan, including its purpose, your income, and your financial history.
  • Possibly get funds the same day: If you are approved, a local OneMain loan specialist will contact you to setup a time to come into the branch, complete the loan process and receive your funds. If you are approved by noon, you can receive your funds as soon as the same day. You can contact a OneMain loan specialist for additional information about funding options and funds availability.
  • Average APRs: OneMain offers fixed-rate APRs that can range from 16.05% to 35.99%.* Whether that’s good or bad depends on your creditworthiness. If your credit score is good, you can probably find a lower rate elsewhere. If it’s under 650, OneMain is a great deal compared to what you’d find with a payday lender.
  • No prepayment penalties: If you decide you want to pay your loan off early, you can do so without being charged additional fees to make up for the lost interest.
  • Loan term: OneMain offers loans with terms that vary and you don’t get to choose how long your loan’s repayment term is.
  • Branch offices around the country: OneMain has branch locations in the 44 states it operates in, and your loan is handled by your local office. Though you don’t have to visit a branch location to obtain a loan, it’s a nice option to have for those who prefer working one-on-one with a local agent.
  • Learn how to manage your finances: OneMain has several articles and calculators to help you learn how to manage your money responsibly. It also offers a free money management course, which covers the basics of credit, budgeting, and expense management.
  • Rewards program: OneMain offers a rewards program that gives customers points for doing things like interacting with the company on social media, paying on time, or signing up for paperless statements. These points can then be redeemed for gift cards. The rewards program is not available in all states, and customers must be in good standing to participate.

Cost Rundown

You won’t know exactly how much your OneMain loan is going to cost you until you apply. It depends on your creditworthiness, how much you want to borrow, and the length of the loan term. APRs can range from 16.05% to 35.99%.*

When calculating costs, you should look at more than just the monthly payment. Figure out how much you’ll pay over the life of the loan and compare this to what your local bank and other lenders can offer you. Even a small difference in rates can make a big difference over the life of your loan.

Cheaper (or Free!) Alternatives

You may be able to get a better rate from another lender, but the only way to know for sure is to apply for a loan through multiple lenders. See what rates are available from your local bank first, since they’ll be able to provide you with the best deal if you can get approved. Then research other online lending options – like Prosper and LendingClub, and Avant – to compare those rates to what OneMain offers you. Make sure you’re choosing a loan with a fixed interest rate, or your monthly payment could get more expensive with time.

The Competition

Prosper: Offering three- and five-year loan terms with no prepayment penalties, Prosper is a peer-to-peer lender, which means its loans are financed by a group of regular people instead of a financial institution. You can borrow up to $35,000, which makes it a good choice for those who need to borrow larger amounts of money. Applicants must have a minimum credit score of 640 for approval, however.

LendingClub: Another well-known peer-to-peer lender, LendingClub allows you to borrow up to $40,000 at once, and its interest rates are often lower than what you’ll get with OneMain. Borrowers with good credit may be eligible for rates as low as 6.95%. LendingClub does require its customers to have a minimum credit score of 600, though, which may put it out of reach for some.

Disclaimer: All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. 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. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105. †Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com

Avant: Offering 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.

* 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.

What Others Are Saying

  • Loyalty360 discussed OneMain’s emphasis on customer satisfaction and the rewards program the company launched in 2015. Customer service has always been a key part of OneMain’s business model, as the company’s vice president explains: “Customers are more loyal to OneMain because we genuinely care about them and we take providing an exceptional customer experience very seriously…It’s part of who we are as a company and it’s something our team members live and breathe every day. We live and work in the same community as our customers and they are our friends, neighbors, and family members.”
  • American Banker published an article about the vast amounts of data OneMain gathers on its customers, including utility payment history, bounced checks, and even the type of computer they use. This data is supposed to help lenders better assess a borrower’s responsibility so they can provide them with a fair rate. When asked about this, Ann Armstrong, marketplace lending lead at KPMG, said: “There is a big opportunity to be a lot more specific for interest rates granted to individuals. One person may be less creditworthy at one interest rate, but more [creditworthy] at another rate. The more information a lender has on the borrower, the more prescriptive it can be with product offerings.”
  • The Baltimore Sun ran a story about Springleaf Holding’s acquisition of OneMain Financial back in 2015. Springleaf’s CEO explained the move: “This is a transaction that has been in our sights for quite some time, because this is a company that we have so respected for a host of reasons… I think we’ve looked at OneMain… and saw the immense profitability, the benefits of scale they had achieved, and really in the last few months as we’ve gotten to know the management team of the company better, have really come to fully respect what they have built, and really have come to see what the power of the combination can be.”

The Bottom Line

OneMain Financial is a well-known and respected personal loan provider that’s a solid option if you’re having trouble securing financing elsewhere. If you have good credit, however, you can probably find better rates for a personal loan through a bank or credit union.

*Annual percentage rate (APR) of 16.05% represents the maximum APR for top 10% of loans booked in January 2017 through March 2017. Maximum APR is 35.99%, subject to state restrictions.