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. Annual percentage rates (APRs) run from 9.99% to 35.99%, among the highest of major lenders, and all OneMain loans include an origination fee. Funding can arrive in as little as one hour after closing for borrowers who receive money on a debit card.
Key Takeaways
OneMain serves borrowers many other lenders turn away: There's no published minimum credit score, and OneMain said it weighs your overall ability to repay, not just your score.
Rates run high compared with most competitors: APRs span 9.99% to 35.99%, and every loan includes an origination fee, either as a percentage or a flat dollar amount, depending on your state.
Loan amounts are smaller than at many online lenders: The standard range is $1,500 to $30,000, though your state can shift both the floor and the ceiling.
Funding can be very fast: Borrowers who choose a bank-issued debit card can receive funds within about an hour of closing.
A secured loan may get you better terms: Offering a vehicle as collateral can help you qualify for a larger loan or a lower rate, but you could lose the vehicle if you default.
OneMain isn't available everywhere: It reportedly doesn't lend in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont or Washington, D.C. It also reportedly doesn't lend in U.S. territories.
Summary generated by AI, verified by MoneyLion editors
Quick Verdict: Is OneMain Financial Worth It?
Here's the short version:
Best for: Borrowers with fair-to-bad credit or a thin credit file who've been turned down elsewhere and want fast funding and 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, from a $3,100 minimum in Georgia to a $7,000 maximum in Maine.
APR range: 9.99% to 35.99%, fixed
Main costs: An origination fee on every loan, either 1% to 10% of the loan or a flat $25 to $500, depending on your state.
Credit impact: Checking for offers won't affect your credit score. A hard inquiry occurs when you formally apply.
OneMain Financial at a Glance
Feature | Detail |
|---|---|
Loan amounts | $1,500 to $30,000 (varies by state) |
APR | 9.99% to 35.99% (fixed) |
Terms | 24 to 60 months |
Origination fee | 1% to 10% of the loan, or a flat $25 to $500, depending on state |
Minimum credit score | None published |
Secured loan option | Yes, using an eligible vehicle |
Prepayment penalty | None |
Funding speed | As soon as one hour after closing via debit card, or about one to two business days by check or Automated Clearing House (ACH) |
Branch network | More than 1,300 branches |
Not available in | Reportedly Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont, Washington, D.C. and U.S. territories |
What Is OneMain Financial and How Do Its Loans Work?
OneMain Financial said it has served customers for more than 100 years. Today it operates as OneMain Financial Group, LLC, under its parent company, OneMain Holdings, Inc., headquartered in Evansville, Indiana. You can apply online, by phone or at one of its more than 1,300 branches.
OneMain offers both secured loans and unsecured personal loans. Unlike many online lenders, it emphasizes in-person service. Many borrowers complete the process at a physical branch.
What Rates, Fees and Terms Does OneMain Offer?
Here's what to expect:
APR: Fixed rates from 9.99% to 35.99%, depending on your credit, income, state and whether your loan is secured. APRs are generally higher on loans not secured by a vehicle.
Loan amounts: $1,500 to $30,000, though state rules shift this. For example, minimums are $3,000 in California and $3,100 in Georgia, while maximums are $7,000 in Maine, $11,000 in North Carolina and $13,500 in West Virginia.
Terms: 24 to 60 months
Origination fee: Included on every loan, either as a percentage of the loan (1% to 10%) or a flat amount ($25 to $500), depending on where you live.
Prepayment penalty: None
Some OneMain loans use precomputed interest rather than daily simple interest, which can affect how much you save by paying early. Ask which method applies to your loan before you sign.
What Credit Score Do You Need for OneMain Financial?
OneMain doesn't publish personal loan requirements tied to a specific minimum score and markets itself to borrowers across the credit spectrum, including those with limited credit history. Third-party reviews suggest many approved borrowers have scores in the 600s, but OneMain doesn't confirm a range.
Instead of relying only on your score, OneMain considers your credit history, whether you have enough income left after monthly expenses and whether collateral is available.
Does OneMain Offer a Secured Loan?
Yes. OneMain offers secured personal loans backed by a vehicle, alongside its unsecured loans. Securing your loan can help you qualify for a lower rate or a larger amount, but it puts your vehicle at risk if you fall behind on payments.
Larger loan amounts require a first lien on a vehicle no more than 10 years old that meets OneMain's value requirements, is titled in your name and has valid insurance. Active-duty service members and their spouses or dependents covered by the Military Lending Act can't pledge 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.
Why It Matters
OneMain can be a lifeline when other lenders say no, but the combination of a high APR and an origination fee makes it one of the costlier mainstream options. Comparing the full APR and asking whether a secured loan would lower it can save you hundreds or thousands of dollars over the life of the loan.
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?
For a broader walkthrough that applies across lenders, see MoneyLion's guide on how to get a personal loan. Here's how the process works specifically with OneMain:
Check for offers: Prequalify online or by phone using a soft credit check, which won't affect your credit score.
Review your offer: If you prequalify, you'll see potential loan amounts, rates and terms.
Complete your application: Apply online, by phone or in a branch. Provide identity, income and any collateral documents.
Expect a hard credit inquiry: This happens during final underwriting and can cause a small, temporary dip in your score.
Sign and get funded: With a bank-issued debit card, funds can arrive within one hour of closing. Checks and ACH transfers can take about one to two business days.
Common Mistakes To Avoid With OneMain Financial
Watch for these common missteps:
Assuming the advertised APR floor applies to you: At 9.99%, OneMain's lowest rate is higher than many online lenders' starting rates, and most borrowers with fair or bad credit will land well above it.
Overlooking the origination fee: Compare the full APR, which includes the effect of the loan origination fee, rather than just the interest rate.
Not asking about a secured loan: If you have an eligible vehicle, ask whether securing the loan would improve your rate.
Assuming the headline loan range applies in your state: Confirm your available range directly with OneMain.
Pros and Cons of OneMain Financial
Pros | Cons |
|---|---|
Works with borrowers across the credit spectrum, including fair and bad credit | APRs run high, from 9.99% up to 35.99% |
No published minimum credit score | Every loan includes an origination fee |
Fast funding, potentially within an hour of closing | Loan amounts are smaller than at many online lenders ($30,000 max) |
Secured loan option can unlock better terms | Not available in every state |
Large branch network for in-person support | Some loans may use precomputed interest |
No prepayment penalty | Minimum credit score isn't disclosed, so it's hard to gauge your odds |
How Does OneMain Financial Compare to Other Lenders?
Feature | OneMain Financial | Upstart | SoFi® |
|---|---|---|---|
APR range | 9.99% to 35.99% | 6.3% 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 |
Origination fee | 1% to 10%, or $25 to $500 flat | 0% to 10% | 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 more than credit score | Good-to-excellent credit borrowers who want larger loans |
Upstart may work better if you have little credit history, since it weighs factors like education and employment alongside your score. SoFi may be the better fit if you have stronger credit and want a larger loan.
If even OneMain's terms are out of reach because of your credit, compare OppLoans personal loans next. It skips a traditional hard credit check in favor of a specialty credit bureau, but it charges a much higher APR in return.
Who Should Get a OneMain Financial Loan?
OneMain may be a good fit in these situations:
You've been turned down elsewhere: You have fair, limited or bad credit and other lenders have declined you. If you're not sure where you stand, MoneyLion's guide on getting a personal loan with bad credit covers what to expect.
You want in-person help: You'd like the option of working with someone at a branch
You need money fast: Debit card funding can arrive within an hour of closing
You have a vehicle to pledge: You want to see whether a secured loan gets you better terms
Consider looking elsewhere in these situations:
You have strong credit: You could likely qualify for a meaningfully lower rate
You need a bigger loan: OneMain tops out at $30,000
OneMain doesn't lend in your state: Confirm availability before applying
You want to avoid origination fees: Every OneMain loan includes one
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 history.
The trade-off is real: APRs run as high as 35.99%, every loan includes an origination fee and loan amounts top out lower than at many online competitors. If you 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.
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. It considers your credit history, income after expenses and available collateral, not just your score.
How fast does OneMain Financial fund a loan?
Funds can arrive within one hour of loan closing if you choose a bank-issued debit card. If you're paid by check or ACH, it may take about one to two business days after closing.
Does OneMain Financial charge an origination fee?
Yes, all OneMain loans include an origination fee. Depending on your state, it's 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?
OneMain reportedly doesn't lend in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont or Washington, D.C. It also reportedly doesn't lend in U.S. territories. Check availability with OneMain before applying.
Can I get a secured loan through OneMain Financial?
Yes, OneMain offers secured loans backed by an eligible vehicle, which can help you qualify for better terms. Your vehicle is at risk if you default, and borrowers covered by the Military Lending Act can't pledge a vehicle.
Key Terms
Origination fee: A one-time charge for processing a loan, which OneMain includes on every loan as a percentage 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 a larger amount.
Unsecured loan: A loan approved based on your credit and income rather than collateral.
Precomputed interest: A method that calculates total interest upfront, which can reduce how much you save by paying a loan off early.
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.
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
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