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OneMain Financial Personal Loans Review in 2025
Our Take
With its good ratings and customer reviews, OneMain Financial is a legit way to borrow money for people with credit issues. The service has no minimum credit score requirement, accepts joint applications, and offers secured loans. However, OneMain loans come with high minimum APRs and no interest rate discounts.
Pros
- Both unsecured and secured loans are available
- Flexible repayment terms of up to 60 months
- Bad credit borrowers are accepted
- Soft credit check when pre-qualify
- Direct payments for debt consolidation
- Seven-day cancellation policy
Cons
- Minimum interest rate is high
- Origination fees from 1% to 10%
- Not available in all states
- No interest rate reductions
- APRs are not shown after pre-qualifying
Full OneMain Financial Personal Loans Review
OneMain Financial personal loans are available to borrowers across the US, excluding the residents of Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont, and Washington DC. Besides online options, the company has about 1,400 stores in 44 states.
Although OneMain Financial loans can be expensive, they may suit people with bad or poor credit who are looking for flexible financial solutions. However, if you have good credit, you may want to shop around to find loans with lower rates.
Features of OneMain Financial Loans
OneMain Financial Loans are featured by the following key parameters.
No Prepayment Penalties
If you want to repay a OneMain Financial loan early, you don’t need to pay any extra fees for it. You can either pay off your total outstanding loan balance or pay an extra amount in addition to your scheduled monthly payment.
Available to Borrowers with a Limited Credit History
The service doesn’t disclose any minimum credit score requirements. This means you can qualify for the company’s personal loans even if you don’t have a strong credit history. OneMain Financial looks beyond just your credit score and also assesses your income, debt-to-income ratio, and other financial details when making a loan decision.
Secured and Unsecured Loans
Borrowers can access both secured and unsecured loan options, depending on their needs and current financial situation. While secured loans for bad credit can help you qualify for a higher loan amount or get better loan terms, unsecured ones simply carry less risks to you.
Co-Signer Options
At OneMain Financial, you can add a co-signer to your application. A co-signer’s good credit score and steady income will help you get more beneficial loan terms. A guarantor won’t be able to access your loan amount and will be responsible for repaying your debt if you default.
Fast Funding
You can access the loan proceeds in your bank account as soon as one business day. More than that, you can get the money on your active debit card. This option is even faster, allowing you to get personal loan funds in just a few hours after loan closing. Thus, you can count on OneMain options if you’re looking for an emergency loan.
Convenient Debt Consolidation Options
If you want to use a OneMain Financial loan to consolidate debt, the company can make a direct payment to your creditors. This makes the entire process quite convenient.
Higher Loan Amounts Require Collateral
If you’re going to borrow a high amount, the company can only offer you a secured loan with your car as collateral. Unfortunately, the company doesn’t specify what amount is considered high. It can be a $2,000 loan or a $10,000 loan, depending on your particular credit and financial situation. Additionally, there are requirements for your vehicle’s age and condition. Proof of insurance is also required.
Interest Rates Are Relatively High
OneMain Financial offers personal loans with APRs from 18.00% to 35.99%, which is higher than most other competitors offer.
Extra Fees Can Be Charged
Besides interest rates, you’re most likely to be charged an origination fee, which can be expressed either in a flat fee or in a percentage of your loan amount. For flat amounts, an origination fee ranges from $25 to $500, depending on your state and loan amount. A percentage can be between 1% and 10%. Also, there are several optional fees that you may have to pay under certain conditions. They include late payment fees, non-sufficient funds fees, and government fees.
What Products And Services Does OneMain Financial Offer?
Here’s a full list of products and services offered by OneMain Financial:
- Personal loans
- Debt consolidation loans
- Credit cards
- Insurance
- Mortgage payment solutions
- Merchant referral programs
How Can I Use a OneMain Financial Personal Loan?
A OneMain Financial personal loan can be used for a variety of needs, including:
- Medical bills
- Debt consolidation
- Vacation
- Home improvements
- Car repairs, purchase, or refinance
- Wedding expenses
- Funeral costs, etc.
However, there are several restrictions. OneMain Financial doesn’t allow borrowers to use personal loan funds for gambling, investing, business purposes, postsecondary education expenses, or illegal activities.
Who Can Qualify for a Personal Loan with OneMain Financial?
To qualify for a personal loan with OneMain Financial, you need to meet the following requirements:
Additionally, the company will check some of your personal and financial details, such as:
How to Apply for OneMain Financial Personal Loans?
Getting OneMain Financial personal loans is just a matter of a few minutes. To speed up the process, you need to prepare in advance some documents, such as a copy of a valid government-issued ID, Social Security card, proof of residency, and proof of income. Then, you just take a few common application steps:
- Pre-qualify via the OneMain Financial’s website. It usually takes about 5 minutes to fill out the form. To get there, you need to choose the “Check for offers” button.
- Choose a loan offer. You can get several offers at this stage. However, loan terms and APRs won’t be disclosed. You can only see whether they are secured or unsecured.
- Complete an application process. To do this, add all the needed documents and submit a form. You will get an almost instant conditional decision, but the final loan approval will take a little more time due to a hard credit check performed.
- Get the funds. If approved, e-sign a loan agreement after reviewing the terms. Then, a lender can deposit the money into your checking account or debit card within 1 to 2 business days.
OneMain Financial vs. Other Lenders
Looking for a reasonable alternative to OneMain Financial’s loans? Check out how the company’s products compare to offers from other lenders.
| OneMain Financial | Rise Credit | SoFi | Upgrade | |
|---|---|---|---|---|
| Our Rating | 4.5 | 4.0 | 4.5 | 4.5 |
| APRs | 18% – 35.99% | 58.90% – 299.00% | 8.99% – 29.49% | 9.99% – 35.99% |
| Fees | Origination fees of 1% to 10% | No fees for loan processing, late payments, and early repayment | Optional 6% fees | Origination fees of 1.85% to 9.99%Late and NSF fees of $10 |
| Minimum Credit Score | None | None | Not Specified | Not Specified |
| Loan Amounts | $1,500 – $20,000 | $300 – $5,000 | $5,000 – $100,000 | $1,000 – $50,000 |
| Repayment Terms | 24 to 60 months | 7 to 36 months | 24 to 84 months | 24 to 84 months |
| Funding Times | Within 1 business day of approval via a direct deposit or within several hours for transfers to a debit card | Next business day | 1 business day | One business day after clearing verification |
| Who It Suits for? | Borrowers with credit issues who want to avoid predatory lenders | Poor credit borrowers who can’t qualify for traditional personal loans | Applicants with good to excellent scores who want to consolidate debt, make major purchases, or cover their long-term needs | Fair-credit borrowers who need the money quickly |
Methodology
To evaluate a financial service, BadCredify uses a rating with a maximum of 25 points that a company can get. These points determine the overall rating with a five-star maximum. Points are awarded based on the key features of the company’s loans, customer service, and customer experience. For each parameter, a financial institution can get up to 5 points. Here are the evaluation categories we look at:
- Loan accessibility. We look at how easy it is to get a loan and pay attention to options for bad credit borrowers, if any.
- Interest rates and fees. Our experts are focused on how much the loan costs and whether the lender offers competitive APRs.
- Loan terms. We pre-qualify for loans and look at how transparent and reasonable loan terms are.
- Customer service. We contact the company’s customer support managers to assess the service it provides.
- Customer reviews. Our team of experts looks at what other clients say about their borrowing experience and evaluates the company’s reputation.
Based on these data, we calculate the total number of points and determine the final rating.
FAQ
Are OneMain Financial loans right for me?
OneMain Financial loans may suit you if you’re looking for a reasonable alternative to a regular personal loan while having low credit. Here, you can access flexible financial solutions and avoid predatory lenders. If you have good credit and are looking for the most favorable loan terms, OneMain Financial is probably not the best option for you.
What credit score should I have to get a personal loan with OneMain Financial?
The company doesn’t disclose its minimum credit score requirement as it also assesses other factors when making approval decisions. Thus, you can get a personal loan with OneMain Financial even with bad credit.
How fast can I get OneMain Financial loans?
Commonly, borrowers get OneMain Financial loans within just one business day. However, the exact term depends on the way you want to receive the funds. If you get the money on a debit card, it can be deposited within a few hours after signing your loan documents. Direct deposits into a checking account usually take 1-2 business days after closing.
