OneMain Financial Personal Loan Review 2024

Published On March 12, 2024

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OneMain Financial is a personal loan lender that provides access to financing for borrowers across a wide range of credit scores. With customizable loan amounts, terms, and types, OneMain aims to address diverse borrowing needs. However, it’s important to weigh the pros and cons before taking out a OneMain personal loan.

Overview of OneMain Financial:

Founded in 1893 as Commercial Investment Trust, OneMain Financial has a long history serving customers across the U.S. Here are some key facts about the lender:

  • Services provided: Personal loans, secured loans, and other consumer financing
  • Credit score requirements: Minimum of 550, but specific loan terms are based on individual factors
  • Loan amounts offered: $1,500 to $20,000
  • Repayment terms: 24 to 60 months
  • Loan types: Secured loans requiring collateral like a car title and unsecured loans without collateral
  • Interest rates: Vary based on loan type, term length, credit score, and other qualifications
  • Application process: Online application, document submission, and funding in as fast as one day if approved

Types of Personal Loans Offered:

OneMain Financial provides both secured and unsecured personal loan options:

Secured Loans:

  • Require collateral like a car, motorcycle, boat etc. to secure the loan
  • May offer lower interest rates than unsecured loans
  • Risk losing collateral if the loan terms are not met

Unsecured Loans:

  • Based solely on creditworthiness, income, and other qualifications
  • No collateral required, reducing risks for the borrower
  • Often come with higher interest rates to offset the lack of collateral

Joint Loans:

  • Allow two co-borrowers to combine their income and qualifications
  • May improve the chances of approval and allow borrowing larger amounts
  • Both borrowers share responsibility for repaying the full loan

Qualifications for OneMain Financial Loans:

OneMain Financial considers multiple factors when evaluating loan applications:

  • Credit score: Minimum of 550, but a higher score improves your chances of approval and lower rates
  • Income: Stable monthly income; full-time, part-time, self-employment, pensions, social security, and other sources accepted
  • Existing debt obligations: Your total monthly debt payments should not exceed 50% of your gross monthly income
  • Credit history: At least 3 active trade lines (credit cards, loans, etc.) with some history of responsible use

Meeting these minimum qualifications doesn’t guarantee approval. OneMain also accounts for your full financial profile when making lending decisions.

Loan Amounts, Terms, and Usage:

OneMain Financial personal loans provide:

  1. Loan amounts: $1,500 to $20,000
  2. Loan terms: 24 to 60 month repayment terms
  3. Usage: Loan funds can be used for any personal purpose such as:
  • Debt consolidation
  • Home improvements
  • Medical bills
  • Auto repairs
  • Major purchases
  • Moving expenses
  • And more

Review all available term lengths to choose an affordable monthly payment for your budget.

Interest Rates and Fees:

OneMain Financial interest rates vary by loan type, term length, and personal factors like credit score. Generally, expect rates between 18% and 35.99% APR. Lower credit scores will result in higher rates.

Fees include:

  • Origination fee from 0% to 10% of the loan amount
  • Late fee of $20 if payment is over 10 days late
  • Potential prepayment penalties on secured loans
  • Always account for fees in your total loan costs.

OneMain Financial’s Application Process:

To get a personal loan with OneMain Financial, follow these steps:

Go to and click on “Apply Now”.

Select whether you want a secured or unsecured personal loan.

Choose your desired loan purpose and amount.

Fill out the online application form and add your personal and financial information.

E-sign loan documents if pre-approved.

Provide any required verification documents.

Get a final loan decision, typically within minutes.

Review and sign your loan agreement if approved.

Receive your funds via direct deposit, potentially as fast as the same business day.

OneMain Financial’s Reputation:

OneMain currently has a B rating with the Better Business Bureau, indicating there have been some customer complaints but they were addressed appropriately.

Pros of OneMain Financial:

  • Fast access to funds when needed
  • Loans for a wide range of credit scores
  • Both secured and unsecured loan options
  • Friendly customer service

Potential Cons:

  • Interest rates substantially higher than some lenders
  • Mixed reviews of customer service experiences
  • Ongoing CFPB investigation into lending practices

It’s important to read recent customer feedback before deciding. Many borrowers are satisfied with OneMain, but ensure you’re comfortable with their rates and practices.

Comparing OneMain Financial to Other Lenders:

OneMain Financial offers more flexible credit requirements than banks but rates may be higher than some online lenders. Comparison shopping can help you find the best loan for your situation.

LenderMin. Credit ScoreAPR RangeLoan Amount
OneMain55018% – 35.99%$1,500 – $20,000
LendingClub6008.05% – 35.99%$1,000 – $40,000
Prosper5607.95% – 35.99%$2,000 – $40,000

Regulatory Actions and Compliance:

OneMain Financial is currently being investigated by the Consumer Financial Protection Bureau (CFPB) regarding potential violations of the Consumer Financial Protection Act in their lending practices. The allegations from the CFPB include:

  • Improperly handling origination fee refunds on denied loans
  • Misrepresenting expected refund amounts to applicants
  • Charging for add-on products without consent

The CFPB investigation is ongoing. No final determination has been made yet, but consumers should be aware of these concerns. Responsible borrowing involves researching any regulatory issues with lenders.


OneMain Financial offers an option for borrowers with lower credit scores than traditional banks. Their loans provide fast funding for various needs. However, it’s essential to:

  • Compare interest rates and fees to other lenders
  • Review OneMain’s reputation and current regulatory issues
  • Only borrow loan amount what you can afford to repay
  • Avoid payday loans and predatory lending practices

If you have fair credit and need access to funds quickly, a OneMain Financial personal loan may suit your needs. But proceed with caution, conduct thorough research, and make fiscally responsible borrowing decisions.


What types of personal loans does OneMain Financial offer, and how do secured and unsecured loans differ?

OneMain Financial provides both secured and unsecured personal loans. Secured loans require collateral, such as a car title, which may result in lower interest rates but poses a risk to the collateral. Unsecured loans, based on creditworthiness, do not require collateral but often come with higher interest rates.

What are the qualification criteria for obtaining a personal loan from OneMain Financial, and how does credit score impact loan terms?

To qualify for a OneMain Financial personal loan, applicants need a minimum credit score of 550, stable monthly income from various sources, debt obligations not exceeding 50% of gross income, and a credit history with at least three active trade lines. Credit score influences loan terms, with higher scores improving approval chances and potentially lowering interest rates.

How does the application process for a OneMain Financial personal loan work, and how quickly can funds be accessed if approved?

The application process involves selecting loan type, purpose, and amount, completing an online application, e-signing documents if pre-approved, providing verification documents, and receiving a final loan decision, often within minutes. If approved, funds can be deposited via direct deposit, potentially on the same business day.

What are the interest rates, fees, and potential drawbacks associated with OneMain Financial personal loans?

OneMain Financial interest rates range from 18% to 35.99% APR, with factors like loan type, term length, and credit score influencing rates. Fees include origination fees (0% to 10% of the loan amount) and late fees ($20 if over 10 days late). Borrowers should be aware of potential prepayment penalties on secured loans and carefully consider fees in the total loan cost.

How does OneMain Financial compare to other lenders, and what factors should borrowers consider when choosing a loan provider?

OneMain Financial’s flexible credit requirements make it an option for a wide range of borrowers, but it’s crucial to compare rates, fees, and customer reviews with other lenders. Factors such as minimum credit score, APR range, and loan amounts differ among lenders. Researching each lender’s reputation and current regulatory issues, like OneMain’s ongoing CFPB investigation, is essential in making an informed borrowing decision.

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