OneMain Financial Personal Loans Review 2024 (2024)

The Bottom Line

If you have poor to fair credit—or no credit history at all—and need cash quickly, OneMain Financial might be a solution for you. It disburses its loans as soon as the next business day after approval, and it accepts borrowers with non-prime credit scores. Plus, it offers secured loans and accepts co-applicants, making it accessible to some people who might not qualify for a traditional bank lender.

OneMain Financial customer reviews are largely positive and its loan application process is simple and quick. However, the cost of borrowing is significantly higher than other lenders thanks to higher-than-average APRs and origination fees. You could also pay more interest due to how the lender computes interest. Before choosing a lender, compare offers from several personal loan lenders to find the best loan for your needs.

How Hard Is It to Get a Loan With OneMain?

It's simple and easy to get a loan with OneMain. Loan applications are reviewed in as quickly as 10 minutes and there are multiple options for applicants with poor or no credit history to apply.

What Is the Minimum Credit Score for OneMain Financial?

OneMain Financial has no minimum credit score requirement. In fact, the majority of customers are those with poor credit scores or limited credit histories. As such, OneMain offers joint applications and secured loans.

Does OneMain Financial Hurt Your Credit?

Like any loan application, OneMain Financial will do a hard pull of your credit history as part of your official application, which may temporarily hurt your credit. However, you can avoid this by pre-qualifying prior to officially applying for a loan.

How Fast Do You Get Money From OneMain Financial?

After you submit your application, you’ll likely receive a loan decision within 10 minutes. If you’re approved and sign the loan agreement, you could get the requested money as soon as the next business day.

Does OneMain Financial Help Build Credit?

By making on-time payments and keeping track of your monthly statements, you'll build credit in repaying your OneMain Financial loan.

What Type of Loans Does OneMain Financial Offer?

OneMain Financial issues both secured and unsecured personal loans, all of which have fixed rates.

How Much Can I Borrow With a OneMain Financial Personal Loan?

Personal loans from OneMain Financial range from $1,500 to $20,000.

What Can Be Used as Collateral for a OneMain Financial Personal Loan?

If you are offered a secured loan from OneMain Financial, you can use an asset or property you own as collateral. For example, a car or motorcycle can be used to secure a loan.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.

You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved.Loan approval and actual loan terms depend on applicant’s state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral. Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms.For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant’s name with valid insurance. APRs are generally higher on loans not secured by a vehicle.Example Loan:A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. OneMain charges origination fees allowed by law.Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount.For information about these fees and minimum and maximum loan sizes available in certain states, visitomf.com/loanfees. Current OneMain Customers:Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options. Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral.If you are covered by the MLA, you are not eligible for secured loans.Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Time to Fund Loans:Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.