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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

OneMain Financial Personal Loans

Rachel Morey Rachel Morey Last update:
Est. APR
18.00-35.99%
Max loan
$20,000
Term
24-60

OneMain Financial is a lender with more than 1,500 branches across 44 states. They offer unsecured and secured personal loans to subprime borrowers. As a direct lender, they offer a quick prequalification process and the ability to receive funds quickly upon approval if you live near a branch location.

OneMain Financial Loan Types and Terms

Loan types
  • Personal loans, with or without collateral
  • Company also provides auto, boat, and RV loans and cash-out refinancing of cars
Loan amount $1,500 – $20,000*

* Borrowers in these states are subject to these minimum loan sizes:

  • Alabama: $2,100
  • California: $3,000
  • Georgia: Unless you are a present customer, $3,100 minimum loan amount.
  • Ohio: $2,000
  • Virginia: $2,600

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes:

  • Florida: $8,000
  • Iowa: $8,500
  • Maine: $7,000
  • Mississippi: $7,500
  • Carolina: $7,500
  • New York: $20,000
  • Texas: $8,000
  • West Virginia: $14,000

An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Repayment terms 24, 36, 48, 60 Months
APR 18% to 35.99% APR
Minimum credit score None
Lender type Direct lender
Good for: Subprime, fast receipt of loan funds
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OneMain Financial is good for borrowers who need access to cash, but have less than perfect credit, OneMain Financial may offer approval when other lenders won’t.

OneMain Financial Pros

  • Trusted lender for over 100 years
  • Online prequalification with a soft credit pull (hard credit pull is required if you submit loan application after prequalification)
  • In most cases, funds are available in your bank account within an hour after loan closing using your bank issued debit card or 1-2 business days via ACH.
  • No pre-payment fees.

OneMain Financial Cons

  • Borrower pays origination fees in most cases
  • Maximum loan amount is only $20,000
  • Some states set a maximum unsecured loan amount
  • Minimum 18% APR
  • Maximum loan term of 60 months

Application Process

OneMain Financial allows applicants to prequalify and view loan offers before it requires a hard credit pull. OneMain pre-qualifies applicants using a soft pull of their credit.

Furthermore, OneMain Financial grants personal loans based on number of criteria, including credit history and monthly net income. If you want to refinance your current auto loan, the value of the car is also part of OneMain’s criteria.

The prequalification application asks for the following information:

  • Desired loan amount
  • Full legal name
  • Email
  • Home address
  • Phone number
  • Date of birth
  • Last four digits of Social Security number
  • Whether you own or lease a vehicle
  • Monthly net income after taxes and deductions
  • Source of income

If you are pre-qualified for a personal loan, OneMain Financial will contact you with details about loan terms and and instructions about how to proceed. You’ll visit your local OneMain branch to provide proof of identity. You’ll also need recent pay stubs to prove your income and documentation of your expenses.

The loan officer at the branch will then provide you with loan documents. If you receive final approval and agree to the terms, you’ll sign the paperwork and receive your funds.

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Terms & Requirements

Paragraph describing the general terms and requirements and how they compare to other lenders or markets.

Loan Requirements

In addition to pre-qualification, you’ll need the following:

  • Valid government issued-issued picture ID
  • Proof of income
  • Proof of collateral (if necessary) may include a clear title in the borrower’s name for a vehicle fewer than 10 years old and proof of insurance
  • Other items may be requested depending on your unique situation

Credit score requirements

While there isn’t an official minimum credit score to get approval for a OneMain Financial personal loan, the company mostly serves the subprime market. Their minimum 18% APR on personal loans is much higher than companies that cater to customers with excellent credit.

Loan decisions are made based on a variety of factors including credit history, income, expenses, and availability and value of collateral (if applicable). Each customer’s loan terms are offered based on these factors and the customer’s ability to repay so that each customer can make a decision based on their unique situation and needs.

A secured loan (if you have collateral available) could help you get the funds you need, even if you can’t qualify for an unsecured loan based on your credit profile and income. OneMain Financial issues loans with cars fewer than ten years old as collateral. The vehicle must have a VIN number and you must have a clear title to qualify.

Debt-to-income ratio

The debt-to-income ratio isn’t disclosed on OneMain Financial’s website.

Loan Terms

OneMain Financial charges higher interest rates than many other lenders who specialize in lending money to people with poor to fair credit. Their APR includes an origination fee that is a flat fee of $25 to $400 or a percentage of the loan, ranging from 1% to 10%. Fees limits are imposed by individual state’s laws.

  • Minimum 18% APR
  • Maximum 35.99% APR
  • Loan amount range $1,500 to 20,000 (unless limited by state law)

Borrowers are also subject to the following fees:

  • Late payment fees: If you may a loan payment that is later than the grace period allowed by the state where you live, you’ll be charge between $5 and $30 per late payment or between 1.5% and 15% of your monthly payment amount.
  • Non-sufficient funds fees: If a check or electronic payment is returned because there isn’t enough money in the account, you’ll pay between $10 and $50 for each payment that’s returned, depending on state laws.

Loan Types

While you can use personal loan funds for almost any purpose, OneMain Financial specifically states that borrowers may not use a personal loan for any of these reasons:

  • Post secondary educational expenses
  • Gambling
  • Business or commercial purposes
  • Purchasing securities

Repayment Terms

Borrowers can choose to repay their personal loan in 24, 36, 48 or 60 months. Longer repayment terms may change your interest rate. Stretching a loan out over a longer period of time also increases the total amount of interest you’ll pay over the life of the loan.

Reviews

OneMain Financial has more than 22,000 reviews on TrustPilot with an average rating of five-out-of-five stars. Only 5% of reviewers gave the lender fewer than four-out-of-five stars.

Final Thoughts

For borrowers with credit challenges who can’t get approved for a personal loan with a lower APR, OneMain Financial may be the answer. It’s important to know that this lender’s maximum loan amount is $20,000. So, if you need access to more money, look elsewhere. For those with poor credit, offering collateral could help the chances of getting approved.

The company has a reputation for taking good care of their customers, and talking to someone face-to-face at a branch can help make the process of getting a loan a bit easier.

 

Address

OneMain Financial Group LLC

601 N.W. Second Street

Evansville, IN 47708-1013

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Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07 to a total of $10,565.2. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Rachel Morey Rachel Morey
Rachel Morey is a journalist specializing in finance content. She has written for some of the major lenders in the online personal and business finance industry. She has been writing professionally for nearly a decade and has projects in print and broadcasting. A native Iowan, Rachel has a special fondness for the open roads of rural America.
This review is based on the writer's personal opinion.