OneMain Financial Personal Loan Review

Posted June 14, 2018 9:00 a.m. EDT

What is OneMain Financial?

OneMain Financial first began in 1912 under a different name — Commercial Credit — with a focus on lending to building contractors. By 1934, they were underwriting sales of trucks and offering home improvement loans. Through the years, the name of the company changed multiple times until, most recently, it was changed to OneMain Financial in 2015.

One Main Financial has branches in 44 states, where it serves more than 10 million customers.

In this review, we’ll focus exclusively on OneMain’s personal loan offerings.

OneMain Financial personal loan highlights

  • High interest rates: OneMain Financial offers personal loans with APRs ranging from 16.05%–35.99%. Those with good to excellent credit are likely to get a better rate elsewhere.
  • Flexible payment options: OneMain Financial offers many ways to make payments including online, in a branch, by phone, by mail, via an app and at a Walmart Service Desk.
  • Available to those with fair credit: While the APR is high, OneMain Financial services customers that other lenders might turn away.
  • You have to visit a branch to close your loan. That’s the case even if you choose to apply online
APR16.05%To35.99%Credit Req.Varies

Minimum Credit Score

Terms24 to 60


Fees Varies


on OneMain Financial’s secure website

OneMain Financial offers quick turnaround times and you can get your money the same day if you apply before noon. Interest rates are higher than other online lenders, especially for those with excellent credit, and you will need to visit a branch to get your loan.

OneMain Financial personal loan details


Fees and penalties

  • Terms: OneMain Financial offers personal loans for terms of 24 to 60 months.
  • APR Range: Loan APR ranges from 16.05% to 35.99%
  • Loan amounts: The minimum loan amount is $1,500 with a maximum amount of $30,000.
  • Time to funding: Can be same day but is usually no more than one day.
  • Hard pull/soft pull: Soft Pull when you apply but you can see if you pre-qualify, which will require a soft pull of your credit history and won’t impact your credit score.
  • Origination fee: Varies.
  • Prepayment fee: None.
  • Late payment fee: 5% of the amount in default.
  • Other fees: Lien recording fee if the loan is secured with an automobile: $55

OneMain Financial doesn’t offer much in the way of perks, but they do allow you to request changing your payment due date. They also are committed to helping customers understand finances by providing helpful resources.

OneMain Financial offers easy to find educational resources in the form of blog posts, courses, video tips and financial calculators.

From explaining financial terms to providing access to a free money management course, MoneySKILL, OneMain Financial stands by their mission of offering responsible loan products.

Eligibility requirements

  • Minimum credit score: Varies.
  • Minimum credit history: Must have some credit history, though they don’t specify the length required.
  • Maximum debt-to-income ratio: OneMain Financial does not specify what debt-to-income ratio is acceptable.

Additionally, you’ll need to be a U.S. resident and at least 18 years old. Over all, OneMain Financial is looking to see that you are able to repay the loan with a stable income and are similarly stable when it comes to where you live.

Applying for a personal loan from OneMain Financial

OneMain Financial makes it easy to get started with a personal loan application. You can either apply online or at a local branch and receive an answer to your application usually within 10 minutes.

The application asks for basic personal identifying information as well as:

  • Your intended purpose for the loan
  • How long you’ve lived at your current residence
  • Your current employer
  • Your current salary
  • Types of other financial products you have, such as a checking or savings account

If you choose to apply online, you will have to go to a local branch to close on your loan. Whether you go to the local branch to start your application or close on the loan that you applied for online, you’ll need to bring the following documents for verification:

  • A copy of a valid, government-issued ID
  • Proof of residence
  • Proof of income

How long it takes to receive your funds, depends on how you would like the funds issued. You can choose to be issued a check or a prepaid debit card (up to $10,000), which can usually be issued the same day. Or you may choose to receive your funds via an ACH disbursement which can take up to two business days.

Pros and cons of a OneMain Financial personal loan



  • Fast loan processing. OneMain Financial’s application from start to receiving funds can take as little as one day.
  • No application fee. There is no application fee required when submitting your loan request.
  • Lots of local branches. OneMain Financial has hundreds of branches in 44 states, making it likely that you are not located far from the nearest branch.
  • Available to those with lower credit scores. OneMain issues personal loans to those with lower scores which other lenders might turn away.
  • High interest rates. OneMain Financial offers loans with APRs ranging from 16.05%-35.99%. If you have a good credit score, you can likely find lower rates elsewhere.
  • Not an entirely online process. It’s not unusual to go to a physical branch location to close a loan, but as technology advances, there are companies that offer a completely online experience. OneMain does provide remote closings in some areas without physical branches.
  • No payment deferral. One perk some lenders offer is the ability to skip or defer a payment once a year. OneMain Financial doesn’t offer such a perk.

Who’s the best fit for a OneMain Financial personal loan?

While you can use OneMain Financial personal loans for a number of different reasons, they cannot be used for tuition or to start a business. However, OneMain Financial is great for anyone with a lower credit score looking to consolidate debt or cover an unexpected expense.

As OneMain Financial interest rates are similar to a credit card, their personal loans are less than ideal to cover anything other than a necessary expense.

For example, a personal loan from OneMain Financial could be great if you have credit card debt spread over several cards. A personal loan from OneMain could help to simplify your finances by consolidating — rolling everything into one monthly payment and having a fixed date to have it paid off. A personal loan could also help you to improve your financial standing as revolving credit is viewed differently from installment loans when it comes to your credit report. Though to reap the full benefits, you still need to make sure you’re making on-time payments.

Additionally, personal loans from OneMain Financial can be used to cover unexpected expenses, like medical care or a car repair bill, as these expenses can sometimes be quite large and require payment quickly. The personal loans from OneMain with their quick turnaround time and $30,000 limit could fit the bill.

However, chances are if you’re working with OneMain, you have a lower credit score and while a personal loan could also be used to purchase a car or vacation, the high APR with OneMain means you’d be better off waiting until you improve your score and shop elsewhere.

Alternative personal loan options


Established in 2007 as a peer-to-peer lender, Lending Club offers personal loans up to $40,000 with APRs as low as 5.98%. Because of the higher loan amount and potential for a lower APR, it’s worth seeing the rates you qualify for with LendingClub, [LendingClubInq]which you can check without having a hard pull on your credit.[/LendingClubInq]

APR5.98%To35.89%Credit Req.600

Minimum Credit Score

Terms36 or 60


Fees 1.00% - 6.00%


on Lending Club’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores in the mid-600s.... Read More The loan application process is online and only takes a few minutes to complete and you can check your interest rate without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.LendingClub is not available in Iowa and West Virginia Read Less


LendingPoint provides personal loans for fair credit customers. Similar to OneMain Financial, they offer a quick turnaround with the possibility of receiving funds in as little as one business day. LendingPoint’s rates and fees are again similar to those offered by OneMain, though their maximum loan amount is $25,000 with a term of 24 to 48 months. If you need money quickly, LendingPoint gives you the opportunity to check rates while allowing you to shop around for the best deal.

APR15.49%To34.99%Credit Req.585

Minimum Credit Score

Terms24 to 48


Fees Fee Varies


on LendingPoint’s secure website

LendingPoint offers personal loans for a wide variety of reasons, including paying for home repairs, consolidating credit card debt, or to make a large purchase. Their online process can help you to quickly apply for a personal loan, get qualified, and receive funding. While their interest rates can be higher than others, they do offer fast approval and can transfer funds to your bank account in 24 hours.


Peerform is another peer-to-peer lender offering personal loans of $4,000 – $25,000 with rates that are capped at 29.99%. [PeerformInq]Peerform allows you to check your rate without impacting your score.[/PeerformInq] That makes it worth it to shop around and see which lender, OneMain Financial or Peerform, will offer you the best rate.

APR5.99%To29.99%Credit Req.600

Minimum Credit Score

Terms36 or 60


Fees 1.00% - 5.00%


on Peerform’s secure website

Even with a credit score of 600, you still might be able to secure a loan through Peerform. This peer-to-peer lender gives you a customized grade based on your credit score, allowing for you to easily see the rate that you can obtain. While Peerform is great for those with less than stellar credit, you more than likely will be able to find better rates elsewhere.

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