OneMain Financial Personal Loans Review: Rates, Fees and Who It's For
OneMain Financial offers secured and unsecured personal loans from $1,500 to $30,000 to borrowers across the credit spectrum, including those with fair or bad credit who don't qualify elsewhere. APRs run from 11.99% to 35.99%, among the highest of major lenders, and an origination fee applies in every state. Funding can arrive in as little as one hour for eligible borrowers who close at a branch.
Quick Verdict: Is OneMain Financial Worth It?
Best for: Borrowers with fair-to-bad credit, or a thin credit file, who've been turned down elsewhere and want fast funding, including in-person support at a branch.
Not ideal for: Borrowers with good-to-excellent credit who can qualify for a lower rate elsewhere, or anyone who lives where OneMain doesn't lend.
Loan amounts: $1,500 to $30,000; state minimums and maximums vary, with some states capping as low as $7,000 and others requiring a minimum as high as $3,100.
APR range: 11.99% to 35.99%, fixed.
Main costs: An origination fee in every state, either 1% to 10% of the loan or a flat $25 to $500, depending on where you live.
Credit impact: Prequalifying uses a soft pull; a hard inquiry occurs once you formally apply.
Key Takeaways
OneMain serves borrowers many other lenders turn away. There's no published minimum credit score, and OneMain says it weighs your overall ability to repay, not just your score.
Rates run high compared to most competitors. APRs span 11.99% to 35.99%, and an origination fee applies to every loan, either as a percentage or a flat dollar amount, depending on your state.
Loan amounts are smaller than many online lenders. The standard range is $1,500 to $30,000, though your specific state can shift both the floor and the ceiling.
Funding can be very fast. Borrowers approved in a branch may receive funds within about an hour via a debit card.
A secured loan option may lower your rate. Offering collateral, like a vehicle, can help you qualify for better terms than an unsecured loan.
OneMain isn't available everywhere. It operates in 44 states and doesn't currently lend in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island or Vermont, or in Washington, D.C.
Summary generated by AI, verified by MoneyLion editors
OneMain Financial at a Glance
Feature | Detail |
|---|---|
Loan amounts | $1,500 to $30,000 (varies by state) |
APR | 11.99% to 35.99% (fixed) |
Terms | 24, 36, 48 or 60 months |
Origination fee | 1% to 10% of the loan, or a flat $25 to $500, depending on state |
Minimum credit score | None published; approved borrowers commonly fall in the 600 to 650 range |
Secured loan option | Yes, using eligible collateral such as a vehicle |
Prepayment penalty | None |
Funding speed | As soon as one hour after closing at a branch; longer for online or mailed funding |
Branch network | Roughly 1,300 branches across 44 states |
Not available in | Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington, D.C. |
What Is OneMain Financial and How Do Its Loans Work?
OneMain Financial traces its roots to 1912 and operates today as OneMain Financial Group, LLC, under parent company OneMain Holdings, Inc., headquartered in Evansville, Indiana. The company reports funding billions of dollars in loans each year and serving millions of customers through more than 1,300 branches, plus online and phone applications.
OneMain offers both secured and unsecured personal loans. Unlike many online lenders, it emphasizes in-person service: you can apply online or by phone, but many borrowers still complete the process, and pick up funds, at a physical branch.
What Rates, Fees and Terms Does OneMain Offer?
APR: Fixed rates from 11.99% to 35.99%, depending on your credit profile, income, state and whether your loan is secured or unsecured.
Loan amounts: $1,500 to $30,000 standard range, though state rules can shift this. Some states set a minimum as high as $3,100, while others cap the maximum as low as $7,000.
Terms: 24, 36, 48 or 60 months.
Origination fee: Charged in every state, either as a percentage of the loan (1% to 10%) or a flat dollar amount ($25 to $500), depending on where you live.
Prepayment penalty: None.
OneMain publishes this representative example: a $6,000 loan at a 24.99% APR repaid over 60 monthly installments comes to a monthly payment of $176.07. Recalculated independently, that figure checks out exactly.
What Credit Score Do You Need for OneMain Financial?
OneMain doesn't publish a minimum credit score, and it markets itself specifically to borrowers across the credit spectrum, including those with limited credit history or scores in the high 500s. That said, most approved borrowers tend to have scores somewhere in the 600 to 650 range.
Rather than relying solely on your score, OneMain says it reviews your overall ability to repay, including your existing debts, payment history and how long you've managed credit. Having at least one active credit account is generally expected, even for thin-file applicants.
Does OneMain Offer a Secured Loan?
Yes. OneMain offers secured personal loans backed by eligible collateral, such as a vehicle, alongside its standard unsecured product. Securing your loan can help you qualify for a lower rate or a larger amount than you might get unsecured, but it also puts your collateral at risk if you fall behind on payments. Larger loan amounts often require a vehicle as collateral.
MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.
How Do You Apply for a OneMain Financial Loan?
Prequalify online or by phone. This step uses a soft credit pull, takes about five minutes and has no impact on your credit score.
Review your offer. If prequalified, you'll see potential loan amounts, rates and terms.
Complete your application. Apply in person, online or by phone, and provide identity, income and any required collateral documentation.
Undergo a hard credit inquiry. This happens as part of final underwriting and can cause a small, temporary dip in your score.
Sign your agreement and receive funds. Borrowers who close in a branch may receive funds as soon as one hour later via a debit card; other funding methods can take longer.
Common Mistakes to Avoid With OneMain Financial
Assuming the advertised APR floor applies to you. At 11.99%, OneMain's lowest rate is still meaningfully higher than many online lenders' starting rates, and most borrowers, especially those with fair or bad credit, will land well above that floor.
Overlooking the origination fee when comparing offers. Because the fee varies by state and loan structure, compare the full APR, which includes the fee's effect, rather than just the interest rate.
Not asking about the secured loan option. If you have eligible collateral, ask specifically whether securing the loan would improve your rate before accepting an unsecured offer.
Assuming your state's standard loan range applies. Because minimums and maximums shift by state, confirm your actual available range directly with OneMain rather than assuming the $1,500 to $30,000 headline figure applies everywhere.
Pros and Cons of OneMain Financial
Pros | Cons |
|---|---|
Works with borrowers across the credit spectrum, including fair and bad credit | APRs run high, from 11.99% up to 35.99% |
No minimum published credit score | Origination fee applies in every state |
Fast funding, potentially within an hour at a branch | Loan amounts are smaller than many online lenders ($30,000 max) |
Secured loan option can unlock better terms | Not available in six states or Washington, D.C. |
Large branch network for in-person support | No published rate discounts, including for autopay |
No prepayment penalty | Minimum credit score isn't disclosed, so it's hard to know your odds upfront |
How Does OneMain Financial Compare to Other Lenders?
Feature | OneMain Financial | Upstart | SoFi |
|---|---|---|---|
APR range | 11.99% to 35.99% | 6.20% to 35.99% | 6.99% to 35.49% |
Loan amounts | $1,500 to $30,000 | $1,000 to $75,000 | $5,000 to $100,000 |
Terms | 24 to 60 months | 3 or 5 years | 24 to 84 months |
Minimum credit score | None published | None published | None published; 670+ typical |
Origination fee | 1% to 10%, or $25 to $500 flat | Varies by state and profile | 0% to 7% (optional, for a lower rate) |
Best for | Fair-to-bad credit borrowers who want in-person support | Thin-file borrowers evaluated on income and education | Good-to-excellent credit borrowers who want larger loans |
Upstart may work better if you have little to no credit history, since it weighs education and employment alongside your score. SoFi may be the better fit if you have stronger credit and want a larger loan with member perks.
Who Should Get a OneMain Financial Loan?
Choose OneMain if you:
Have fair, limited or bad credit and have been denied by other lenders
Want the option of in-person support at a branch
Need funding very quickly, potentially within an hour
Have collateral available and want to explore a secured loan for better terms
Consider looking elsewhere if you:
Have good-to-excellent credit and could qualify for a meaningfully lower rate
Need more than $30,000 in a single loan
Live in one of the six states OneMain doesn't serve, or in Washington, D.C.
Want to avoid an origination fee entirely
The Bottom Line
OneMain Financial fills a real gap for borrowers with fair or bad credit who need fast funding and don't qualify for lower-rate loans elsewhere, backed by a large branch network and more than a century of operating history.
The trade-off is real: APRs run as high as 35.99%, an origination fee applies everywhere, and loan amounts top out lower than many online competitors. If you already qualify for a lower rate through another lender, that's almost always the better deal. OneMain is best reserved for borrowers who've been turned down elsewhere or specifically want in-person service.
Key Terms
Origination fee: A one-time charge for processing a loan, which OneMain applies in every state as either a percentage of the loan or a flat dollar amount.
Secured loan: A loan backed by collateral, such as a vehicle, which can help you qualify for a lower rate or larger amount than an unsecured loan.
Unsecured loan: A loan approved based on your credit and income rather than collateral.
Soft credit inquiry: A credit check used for prequalification that doesn't affect your credit score.
Hard credit inquiry: A formal credit check tied to a full application that can cause a small, temporary dip in your score.
Annual percentage rate (APR): The yearly cost of borrowing, including interest and the effect of fees, expressed as a percentage.
Summary generated by AI, verified by MoneyLion editors
Sources
Summary generated by AI, verified by MoneyLion editors
FAQ
Here are quick answers to common questions about OneMain Financial personal loans:
What credit score do you need for OneMain Financial?
OneMain doesn't publish a minimum credit score and markets itself to borrowers across the credit spectrum, including those with fair and bad credit. Most approved borrowers tend to have scores in the 600 to 650 range, though OneMain says it considers your full financial picture, not just your score.
How fast does OneMain Financial fund a loan?
Funding can arrive in as little as one hour for borrowers who close in a branch and receive funds via a debit card. Online or mailed funding can take longer, often about one to two business days.
Does OneMain Financial charge an origination fee?
Yes, in every state. Depending on where you live, the fee is either a percentage of your loan (1% to 10%) or a flat amount ($25 to $500), and your loan agreement shows the exact fee before you sign.
Is OneMain Financial available in every state?
No. OneMain operates in 44 states and doesn't currently lend in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island or Vermont, or in Washington, D.C.
Can I get a secured loan through OneMain Financial?
Yes. OneMain offers secured personal loans backed by eligible collateral, such as a vehicle, which can help you qualify for better terms than an unsecured loan, though your collateral is at risk if you default.
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