OneMain Financial Personal Loans Review: What You Need to Know

Quick Take: OneMain Financial is an online lender offering unsecured and secured personal loans to all borrowers, including those with bad credit. People with good credit, however, may find lower annual percentage rates (APRs) and more competitive offers elsewhere.    

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Pros & Cons 

Pros 

• Lends to fair-and-poor credit borrowers

• Offers unsecured and secured personal loans 

• Fast funding available

• Has branch support 

Cons 

• High APRs 

• Charges origination fees, late fees, and more

• Unavailable in some states (with restrictions in others)

• No rate estimates provided during pre-qualification

• Loans capped at $20,000, with collateral required for large loans

Company Overview 

With roots dating back to 1912, OneMain Financial offers credit cards, auto loans and personal loans to non-prime borrowers as part of its mission to “improve the financial well-being of hard-working Americans.”

Non-prime borrowers have thin or risky credit profiles and might have difficulty obtaining financing from traditional lenders, while prime borrowers typically have strong financial profiles and credit scores of 660 or higher. 

OneMain Financial offers unsecured and secured personal loans. The latter requires an applicant to use a titled vehicle, like a car, truck, motorcycle or boat to back their loan. (If they don’t pay as agreed, OneMain can seize this asset.)  

OneMain Financial is a direct lender, meaning it underwrites, issues, and services its loans rather than relying on a partner bank. It’s headquartered in Evansville, Indiana.

Key Features 

Interest Rates 

OneMain Financial personal loans offer fixed APRs ranging from 18% to 35.99%. Higher APRs are more common on unsecured loans, and OneMain states on its website that it might offer lower APRs to highly qualified applicants.  

Still, that range is high relative to industry standards. Most personal loan providers charge between 8% to 36%, depending on an applicant’s creditworthiness. Some, including LendingClub and LightStream, have APRs starting around 6.5%, though these companies generally don’t lend to borrowers with bad credit. 

Still, borrowers with good credit might be able to save significantly through a lender with more competitive APRs. This chart shows the estimated monthly payment and total borrowing costs for a 2-year, $5,000 personal loan.

In this example, qualifying for the more standard 8% starting APR, as opposed to OneMain’s 18% APR, might save you $24 each month and $564 in total fees and interest.

Loan Amounts 

OneMain offers personal loans ranging from $1,500 to $20,000. That’s a fairly average minimum and a relatively low maximum, especially since OneMain generally requires collateral for its highest loan amount. Some lenders, including SoFi and Wells Fargo, offer personal loans of up to $100,000, though again, these financial institutions largely cater to good-to-excellent credit borrowers. 

Another caveat: In several states, OneMain personal loans have different borrowing limits. These states include:

• North Dakota ($2,000 minimum)

• Ohio ($2,000 minimum)

• Alabama ($2,100 minimum)

• Virginia ($2,600 minimum)

• California ($3,000 minimum)

• Georgia ($3,100 minimum)

• Maine ($7,000 maximum for unsecured loans)

• North Carolina ($11,000 maximum for unsecured loans)

• Mississippi ($12,000 for unsecured loans)

• West Virginia ($13,500 maximum)

OneMain also doesn’t offer personal loans in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont or the District of Columbia.

Repayment Terms 

OneMain offers loan terms of 2 to 5 years. Those are relatively standard options, though several lenders, like Discover Personal Loans and UN Federal Credit Union (UNFCU), offer longer repayment periods of 7 years or more.  

Generally speaking, longer terms help you secure a lower monthly payment, but cost more in total fees and interest. But that trade-off might not be available to or appeal to borrowers who can only qualify for high APRs. 

This chart, for instance, illustrates how a 5-year, $10,000 loan at OneMain’s highest APR could already cost you more in total interest than a 7-year, $10,000 loan at Discover’s highest APR. 

Funding Speed 

OneMain Financial advertises funding “as soon as 1 hour after loan signing,” but that timeframe generally requires you to opt for SpeedFunds, an in-branch service that provides loan proceeds on a bank-issued debit card.  

You can also receive funds via check or ACH direct deposit, which could take 1 to 2 business days or longer, depending on timing and your bank’s deposit policy. 

Other Notable Features 

As a standout perk, OneMain Financial has over 1,300 physical locations nationwide where you can meet one-on-one with a loan specialist, complete a loan application, make payments, and more. 

OneMain allows you to pre-qualify for a loan without a hard credit pull. However, it only provides approval odds and estimated loan amounts, not your estimated APRs or monthly payments. 

OneMain has a below-average score in the 2025 J.D. Power U.S. Consumer Lending Satisfaction Study, but an excellent score on Trustpilot. Its mobile app is well-rated in the Apple App Store and Google Play Store. 

Costs & Fees

OneMain Financial doesn’t charge prepayment penalties, but does charge a few other personal loan fees that some lenders now skip. That includes origination fees, which are usually one-time upfront charges that get deducted from your loan proceeds.

OneMain might also charge late fees and nonsufficient funds fees. If you have a secured loan, you may also face governmental fees. Whether and what you’re charged varies by state, but, if imposed, each fee generally falls in these price ranges:

• Origination fee: 1% to 10% of your loan amount or a flat fee of $25 to $500  

• Late payment fees: 1.5% to 15% of your outstanding loan payment or $5 to $30

• Nonsufficient funds fees: $10 to $50 per returned payment

• Governmental fees: The same amount that your state charges to OneMain

Eligibility Criteria 

OneMain considers standard criteria, including credit and financial history, income, expenses and a past history of bankruptcy, when evaluating your loan application. It doesn’t disclose minimum credit requirements. 

However, it actively positions itself as a “non-prime” lender, and users in online forums, like Reddit, report approvals with fair or even poor credit scores, albeit at high APRs or with collateral.  

To get a OneMain Financial personal loan fully approved, you may need to provide:

• A valid government ID 

• Your Social Security card

• Proof of residence, such as a bill with your full address  

• Proof of income, such as pay stubs or tax returns

To get a secured loan, you’ll need to own an eligible vehicle that’s in your name, fully insured and worth enough to back your loan.   

How To Apply 

To apply for a OneMain Financial personal loan:

1. Visit the lender’s website and check for offers. OneMain will ask for the last four digits of your Social Security number and authorize a soft credit pull.  

2. Submit your loan application if you qualify and are interested in pursuing an offer. This step could trigger a hard credit pull and ding your credit. 

3. Provide supporting documentation so OneMain can verify your loan and finalize your terms.  

4. Review your loan terms, as OneMain doesn’t provide estimated APRs during pre-qualification, and its fees can vary widely by state. Be sure your monthly payment, payment schedule and total borrowing costs are manageable.  

5. Accept your loan, sign the required documents, and specify if you’d like to receive your funds via ACH transfer, check, or bank-issued debit card.   

Comparable Options 

You could increase your odds of finding an affordable personal loan by comparison shopping. Here’s how OneMain Financial compares to other lenders.  

 Upgrade

Upgrade is another online lender that offers unsecured and secured personal loans to non-prime borrowers. However, it offers a lower starting APR, higher maximum borrowing amount, and slightly more flexible repayment terms. Upgrade’s origination fees start slightly higher than OneMain Financial’s, however, so you’ll need to closely compare offers to see which one is better for you. 

SoFI

If you have good credit, you could secure a more affordable offer through a lender that primarily works with prime borrowers. SoFi, for instance, offers APRs between 8.74% and 35.49%, which are notably lower than OneMain Financial's, and its origination fees are optional. (You could pay one to potentially net a lower APR.) Plus, SoFi charges no late fees to new borrowers. 

Who It’s Best For 

OneMain Financial is best for borrowers with limited, fair or poor credit who may struggle to get a personal loan from more stringent lenders. It’s also an option if you have a vehicle that could help you qualify for a larger or lower-cost secured loan or are looking for fast funding through OneMain’s branch network. You likely want to look elsewhere if you have good credit and can qualify for more affordable loan terms.     

Final Take 

While there aren’t many personal loan providers willing to finance fair-to-poor credit borrowers, OneMain Financial isn’t your only option. You might be able to score a better deal by checking rates and offers with OneMain and other less stringent lenders, like Upgrade, Upstart or Prosper. And, so long as you can pre-qualify without hurting your credit, there’s little risk associated with trying your local bank or credit union. Good credit borrowers should consider casting an even wider net to find their best personal loan.

FAQs 

Is OneMain Financial good for personal loans?

OneMain Financial offers unsecured and secured personal loans to all borrower types, so it’s a good option if you have poor-to-fair credit and low approval odds at most lenders. However, OneMain Financial personal loans tend to carry high APRs and fees, so if you have good credit, you might be able to get a better deal elsewhere.

How fast can I get a loan from OneMain Financial? 

OneMain Financial can provide same-day financing if you have a straightforward loan application and choose disbursement via a bank-issued debit card. Other funding methods can take 1 to 2 business days or longer, depending on the verification process, the time of day your loan is fully approved and your bank’s deposit policy.

Does OneMain Financial verify income?

OneMain Financial may request proof of income, such as pay stubs, bank statements, or tax returns, during its loan verification process. 

Sources

• OneMainfinancial.com - Personal Loans Official Website

• LendingClub.com - Personal Loans Official Website

• Lightstream.com - Personal Loans Official Website

• SoFi.com - Personal Loans Official Website

• WellsFargo.com - Personal Loans Official Website

• Discover.com - Personal Loans Official Website

• Unfcu.org - Personal Loans Official Website

• Reddit.com - Upgrade or OneMain?

• Upgrade.com - Personal Loans Official Website

• JDPower.com - Consumer Loan Satisfaction Stagnant as Financial Health of Customers Declines, J.D. Power Finds