OneMain Financial Personal Loans Review: Rates & Fees

OneMain Financial is an online and branch-based lender offering unsecured and secured personal loans to borrowers across the credit spectrum, including those with bad credit. Loan amounts run from $1,500 to $30,000, with APRs from 11.99% to 35.99%. People with good credit, however, will likely find lower rates and more competitive offers elsewhere.

Key Takeaways

• Built for fair-to-poor credit: OneMain Financial works for borrowers who struggle to qualify elsewhere, offering unsecured and secured personal loans from $1,500 to $30,000 with two- to five-year terms.

• Fast funding available: Approved borrowers can get funds in as fast as one hour through in-branch SpeedFunds, or within one to two business days via check or ACH.

• Higher costs to expect: APRs run from 11.99% to 35.99%, plus origination fees, late fees and nonsufficient funds fees that vary by state.

• Rate transparency gap: Pre-qualification only shows approval odds and loan amounts, not your estimated APR or monthly payment, which only appears after a hard credit pull.

• Shop around first: If you have good credit, compare offers from SoFi or Upgrade personal loans for lower rates and larger loan amounts. If your credit is thin, check rates with Upstart loans too.

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What Is OneMain Financial?

With roots dating back to 1912, OneMain Financial offers credit cards, auto loans and personal loans to non-prime borrowers as part of its stated mission to "improve the financial well-being of hard-working Americans." Non-prime borrowers have thin or higher-risk credit profiles and might have difficulty obtaining financing from traditional lenders, while prime borrowers typically have stronger financial profiles and credit scores of 660 or higher.

OneMain Financial offers both secured and unsecured personal loans. A secured loan requires you to use a titled vehicle, like a car, truck, motorcycle or boat, to back the loan. If you don't pay as agreed, OneMain can seize this asset. OneMain Financial is a direct lender, meaning it underwrites, issues and services its own loans rather than relying on a partner bank. It's headquartered in Evansville, Indiana, and operates more than 1,400 branches across 44 states.

Pros and Cons

Pros

• Lends to borrowers with fair and poor credit.

• Offers both unsecured and secured personal loans.

• Fast funding available, including same-day options.

• Has in-person branch support in most states.

Cons

• High APRs relative to lenders that primarily serve good-credit borrowers.

• Charges origination fees, late fees and nonsufficient funds fees.

• Unavailable in some states, with borrowing limits that vary in others.

• No rate estimates provided during pre-qualification.

• Larger loan amounts generally require vehicle 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.

Key Features

Interest Rates

OneMain Financial personal loans carry APRs ranging from 11.99% to 35.99%. Higher APRs are more common on unsecured loans, and OneMain states on its website that it may offer lower APRs to highly qualified applicants.

That range still runs high relative to industry standards. Most personal loan providers charge somewhere between 7% and 36%, depending on an applicant's creditworthiness. Some lenders, including LendingClub and LightStream, advertise starting rates near 6.5%, though these companies generally don't lend to borrowers with bad credit.

Borrowers with good credit might save significantly through a lender with a more competitive starting rate. This chart shows the estimated monthly payment and total borrowing cost for a two-year, $5,000 personal loan at two different rates.

In this example, qualifying for an 8% starting APR instead of an 18% rate might save you about $24 each month and $564 in total fees and interest over the life of the loan.

Loan Amounts

OneMain offers personal loans ranging from $1,500 to $30,000. That's a fairly average minimum, though the highest amounts generally require vehicle collateral. Some lenders, including SoFi and Wells Fargo, offer personal loans up to $100,000, though those institutions largely cater to good-to-excellent credit borrowers.

Another caveat: In several states, OneMain personal loans have different borrowing limits. These 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 maximum 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 two to five years. Those are relatively standard options, though several lenders, like Discover personal loans and credit unions such as UN Federal Credit Union, offer longer repayment periods of seven years or more.

Generally, longer terms help lower your monthly payment but cost more in total fees and interest over time. That trade-off may not be available to, or ideal for, borrowers who only qualify for high APRs.

This chart illustrates how a five-year, $10,000 loan at OneMain's highest APR could already cost more in total interest than a seven-year, $10,000 loan at Discover's highest APR.

Funding Speed

OneMain Financial advertises funding "as soon as one hour after loan signing," but that timeframe generally requires opting into SpeedFunds, an in-branch service that loads loan proceeds onto a bank-issued debit card.

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

Other Notable Features

OneMain Financial has over 1,400 physical locations nationwide where you can meet one-on-one with a loan specialist, complete a loan application, make payments and more.

OneMain lets you pre-qualify for a loan without a hard credit pull. However, it only shows approval odds and estimated loan amounts, not your estimated APR or monthly payment. OneMain has previously carried an A+ rating with the Better Business Bureau and a strong Trustpilot score, though third-party rating aggregators show some variation over time. Its mobile app is generally well-rated in the Apple App Store and Google Play Store.

It's also worth knowing OneMain's history with regulators. In 2023, the Consumer Financial Protection Bureau ordered OneMain to pay $20 million, including $10 million in consumer redress, for allegedly using high-pressure sales tactics to sell optional add-on products and failing to fully refund interest on canceled add-ons. More recently, in 2026, a coalition of state attorneys general filed suit over similar add-on sales allegations; OneMain has disputed those claims. Neither action affects the loan terms discussed in this review, but it's a reasonable factor to weigh before you apply.

Costs and Fees

OneMain Financial doesn't charge prepayment penalties, but it does charge other personal loan fees that some lenders now skip. That includes a loan origination fee, typically a one-time charge for processing a new application.

Unlike lenders that deduct the origination fee from your proceeds, OneMain generally finances the fee into your total loan amount. For example, if you're approved for a $5,000 loan with a 5% origination fee, your loan balance becomes $5,250, and you'll pay interest on that larger amount rather than receiving less cash upfront.

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

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

• Late payment fee: 1.5% to 15% of your outstanding payment, or $5 to $30.

• Nonsufficient funds fee: $10 to $50 per returned payment.

• Governmental fee: Whatever amount your state charges to OneMain.

Eligibility Criteria

OneMain considers standard criteria, including credit and financial history, income, expenses and any past bankruptcy, when evaluating your loan application. It doesn't disclose a minimum credit score requirement.

That said, it actively positions itself as a lender for non-prime borrowers, and users in online forums report approvals with fair or even poor credit scores, albeit at high APRs or with collateral required.

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

• A valid government ID.

• Your Social Security card.

• Proof of residence, such as a utility bill.

• 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, follow these steps:

1. Check for offers. Visit the lender's website and provide the last four digits of your Social Security number to authorize a soft credit check.

2. Submit your application if you qualify and want to pursue an offer. This step could trigger a hard credit pull that may temporarily lower your credit score.

3. Provide supporting documentation so OneMain can verify your identity, income and loan details.

4. Review your loan terms carefully, since OneMain doesn't share estimated APRs during pre-qualification and fees can vary widely by state. Confirm your monthly payment, payment schedule and total borrowing cost are manageable.

5. Accept your loan, sign the required documents and choose how you'd like to receive your funds: ACH transfer, check or bank-issued debit card.

Comparable Options

Comparison shopping can help you find a more affordable personal loan. Here's how OneMain Financial stacks up against two alternatives.

Upgrade: Upgrade personal loans is another online lender offering unsecured and secured personal loans to non-prime borrowers. It offers a lower starting APR, a higher maximum borrowing amount and slightly more flexible repayment terms than OneMain. Upgrade's origination fees start a bit lower, too, so it's worth comparing both offers side by side.

SoFi: If you have good credit, you could secure a more affordable offer through a lender that primarily works with prime borrowers. SoFi personal loans offers APRs between 8.74% and 35.49%, notably lower than OneMain's, and its origination fees are either waived or optional depending on which bank originates the loan. SoFi also charges no late fees to new borrowers.

If you'd rather compare a lender that competes directly in OneMain's own lane, Avant targets a similar fair-to-poor-credit audience but with a lower starting APR of 9.95% and a higher maximum loan amount of $35,000; read our full Avant vs. OneMain Financial comparison for a deeper breakdown of rates, fees and eligibility.

If you want to check rates quickly with a newer online entrant, Zable's personal loans offer same-day funding for approvals before 3:30 p.m. ET and a comparable APR floor, though Zable caps loans at $35,000 and isn't available in 13 states.

And if you bank on the East Coast with excellent credit, you might once have considered Santander, though Santander personal loans are currently paused while the bank decides whether to relaunch the product.

If you'd rather compare several offers at once, MoneyLion's tool can help you compare personal loan offers from multiple providers side by side.

Who It's Best For

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

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 top providers, so you can compare rates, terms and fees before choosing a lender.

Bottom Line

While there aren't many personal loan providers willing to finance fair-to-poor credit borrowers, OneMain Financial isn't your only option for a OneMain Financial personal loans review to consider. You might find a better deal by checking rates and offers with OneMain and other less stringent lenders, like Upgrade, Upstart loans or Prosper. If OneMain and its closest competitors still don't fit, our roundup of Eloan personal loan alternatives covers several additional current lenders, including MoneyLion, LightStream, SoFi and Best Egg.

So long as you can pre-qualify without hurting your credit, there's little downside to also trying your local bank or credit union. Good-credit borrowers should consider casting an even wider net, since options like SoFi or Discover will likely beat OneMain's rates by a wide margin.

Key Terms

• Non-prime borrower: A borrower with a thin or higher-risk credit profile, typically a credit score below 660, who may not qualify for financing through traditional banks or lenders with stricter underwriting standards.

• APR (Annual Percentage Rate): The yearly cost of borrowing expressed as a percentage, incorporating the interest rate and certain fees. OneMain's APRs range from 11.99% to 35.99%, starting higher than most lenders that serve fair-credit borrowers.

• Secured personal loan: A loan backed by collateral, in OneMain's case a titled vehicle such as a car, truck, motorcycle or boat, that the lender can repossess if you default. Pledging collateral can improve approval odds or unlock a larger loan amount.

• Collateral: An asset pledged to back a loan that a lender may seize if you fail to repay as agreed. OneMain accepts fully insured, titled vehicles for its secured loan products.

• Origination fee: A one-time charge to process and fund a loan, calculated as a percentage of the loan amount or as a flat fee. OneMain's ranges from 1% to 10% or $25 to $500 flat, varying by state, and is typically financed into your loan balance rather than deducted from your proceeds.

• Nonsufficient funds (NSF) fee: A charge assessed when a loan payment is returned because your bank account lacks sufficient funds. OneMain may charge $10 to $50 per returned payment, depending on your state.

• Pre-qualification: A preliminary review of your credit profile, typically using a soft credit check, that estimates your approval odds and potential loan amounts without affecting your credit score. OneMain's version doesn't include an estimated APR or monthly payment.

Summary generated by AI, verified by MoneyLion editors

Sources

• Consumer Financial Protection Bureau – Hard vs. Soft Credit Inquiries

• Consumer Financial Protection Bureau – Secured vs. Unsecured Debt

• Consumer Financial Protection Bureau – OneMain Financial Enforcement Action (2023)

• OneMain Financial – Loan Amounts and Fees

Summary generated by AI, verified by MoneyLion editors

FAQ

Here are quick answers to common questions about OneMain Financial personal loans.

Is OneMain Financial good for personal loans?

OneMain Financial offers unsecured and secured personal loans to a wide range of borrowers, making it a reasonable option if you have poor-to-fair credit and low approval odds elsewhere. That said, its loans tend to carry high APRs and fees, so if you have good credit, you might find a better deal elsewhere.

How fast can I get a loan from OneMain Financial?

OneMain Financial can provide funding in as little as one hour if you choose disbursement to a bank-issued debit card through its SpeedFunds service. Other funding methods, like check or ACH, can take one to two business days or longer, depending on verification timing and your bank's deposit policy.

What credit score do I need for a OneMain Financial loan?

OneMain doesn't publish a minimum credit score requirement and says it evaluates applicants across the credit spectrum, including those with fair or poor credit. Your income, existing debt and whether you offer collateral also factor into approval and pricing.

Is OneMain Financial legit?

Yes, OneMain Financial is a licensed, direct lender that has operated for over a century and reports payment activity to major credit bureaus. It has faced regulatory scrutiny, including a 2023 CFPB order over add-on product sales practices, so it's worth reviewing your loan terms carefully before signing.

Does OneMain Financial verify income?

OneMain Financial may request proof of income, such as pay stubs, bank statements or tax returns, as part of its loan verification process. Documentation requirements can vary depending on your application and the loan amount you're seeking.