OneMain Financial

4 out of 5

Funded by: OneMain Financial Group

At A Glance

OneMain's personal loans are typically used for debt consolidation, wedding and medical expenses, home improvement projects, auto financing, and more. To be approved by OneMain, they look at credit history and debt-to-income ratio. Compared to other lenders, they have more relaxed requirements.

Pros & Cons


  • Same-day funding
  • Offers joint and secured loan options
  • Free credit score access


  • Charges origination fee
  • Higher rates than other lenders

OneMain Financial Borrowers Qualifications

Annual income

None disclosed

Credit history

None disclosed

Credit score

None disclosed


No recent bankruptcy or delinquencies

State eligibility

OneMain Financial is available in all 50 states

OneMain Financial Key Details

Loan amount

$1,500 – $20,000

Loan term

2 to 5 years

Estimated APR

18.00 – 35.99%

Approval time

Get approved in munites

Time to funds

As fast as 24 hours

  • Origination fee: Flat fee of $25 to $400 or 1% to 10% of the loan balance
  • Late payment fee: $5 to $30 per late payment
  • Non-sufficient funds fee: $10 to $50 per payment returned
Pre-payment option

Prepayment option available

Credit inquiry

Soft credit check

OneMain Financial Review

Our Experts Take
Josh Patoka - Spade Business Team
Josh Patoka
November 11, 2020

OneMain Financial is a respected name in the personal lending industry, explicitly created for borrowers with less than stellar credit. In some cases, same-day funding is available to those who need money quickly. OneMain Financial provides services online, but they also offer helpful tools and resources to educate their customers about credit, making them a solid choice for newbies who require a personal loan.

Before signing up for a personal loan with OneMain Financial, take a look at this breakdown of some of its benefits and drawbacks.

Where OneMain Financial Personal Loans Shine

Accepts joint applications: If you are hoping to build credit with a partner, this is the place to do it. OneMain Financial allows for multiple borrowers on a single loan application, which allows for a higher chance of getting approved due to multiple incomes.

Secured loan options for people with poor credit: OneMain Financial doesn’t require a minimum credit score to apply or be approved. And if you happen to have a less than stellar credit score, you may qualify for a lower APR, more substantial loan amount using a car title with VINs as collateral. However, keep in mind that you could end up losing your vehicle if you can’t make your loan payments on time.

Fast cash: If you need money sooner rather than later, you’ll be pleased to know that OneMain Financial is lightning fast. You’ll be approved or denied within ten minutes of submitting your application. Funds will be sent in one to two business days via bank payment. If you’d rather be cut a check, be prepared to go to their physical branch location. Of course, funding times may vary, depending upon the amount of time required for the verification process.

Credit insurance: Both secured and unsecured loans come with optional credit insurance. Although credit insurance is beneficial to borrowers, it also has some drawbacks, including an addition to your overall costs.

Flexible loan options: OneMain Financial personal loans range from $1,500 to $20,000. Its loans have a fixed annual percentage rate of 18% to 35.99%, depending on your creditworthiness.

Many factors determine your eligibility for a personal loan, such as:

  • Financial history
  • Credit history
  • Income and expenses
  • Loan purpose
  • Whether you have filed for bankruptcy
  • State of residence

Where OneMain Financial Personal Loans Fall Short

Origination fees: OneMain Financial charges an origination fee for personal loans, which is common among lenders. This origination fee is built into the monthly payments, so if your loan is $1,000 and you’re charged a 3.5% origination fee, you’ll only receive $965.

Branch visit required: Most lenders let you complete the application online. OneMain Financial, on the other hand, requires that potential borrowers visit a branch to complete the application process.

High APR: You may qualify for an annual percentage rate (APR) of 18.00% to 35.97%, depending on your creditworthiness. This isn’t the most competitive APR on either end of the range. As mentioned above, your loan will also include an origination fee, charged as either a flat fee ($25 to $400) or a percentage of your loan amount (1% to 10%).

Is OneMain Financial Personal Loan Right For Me?

Since OneMain Financial has no minimum credit score requirements, it’s best for borrowers with bad to fair credit. And if you need your money as soon as possible, OneMain Financial is highly worth considering.


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