OneMain Financial Personal Loans Review 2024 (2024)

OneMain Financial is a lender focused on credit cards and personal loans. It could offer competitive loan terms depending on your credit history and needs. Loans for $1,500 - $20,000 are available, with secured and unsecured options supported. It’s also one of the fastest lenders, offering funds as soon as an hour after closing. Here’s a closer look at what you should know if you’re considering a personal loan from OneMain Financial.

OneMain Financial overview

OneMain Financial is based in Indiana, with options to borrow online or through one of about 1,400 branch locations. Here are some key details to know about OneMain Financial personal loans.

Small loans and bad credit

OneMain Financial Personal Loans Review 2024 (1)

OneMain Financial Personal Loans Review 2024 (2)

OneMain Financial Loan

Small loans and bad credit

OneMain Financial Loan

Loan amount

$1,500 - $20,000

Term

24 - 60 months

APR

18.00% - 35.99%

Min. credit score

None

OneMain Financial pros and cons

When you’re considering a ‌OneMain Financial personal loan, consider these pros and cons:

Pros

  • Loans offered with 24 - 60 months
  • Secured and unsecured loans available
  • Funding as soon as an hour after closing

Cons

  • Interest rates are high 18.00% - 35.99% APR
  • Origination fees 1.00% - 10.00% apply
  • Loans limited to $1,500 - $20,000

OneMain Financial loans

OneMain Financial offers a range of personal loans tailored to meet various needs. Borrowers can apply for loans ranging from $1,500 - $20,000, with terms extending from 24 - 60 months. These loans come with fixed APRs between 18.00% - 35.99%. Both secured and unsecured loan options are available, allowing flexibility based on the borrower's financial situation and requirements.

The process of obtaining a loan from OneMain Financial is streamlined and user-friendly. Prospective borrowers can check offers online without impacting their credit score. The application process is quick, with the possibility of getting a response within minutes. Once a loan is approved and documents are signed, borrowers can receive funds as fast as one hour after loan closing when using a debit card or within one to two business days through direct deposit or check.

Loan proceeds can be used for a wide range of personal needs, including debt consolidation or home improvement. You’re not able to use them for college or university expenses, or any business reason. You also can’t use OneMain loans to fund investments.

OneMain Financial loan requirements

To qualify for a personal loan from OneMain Financial, you’ll need to undergo a review of your credit and ability to repay the loan. This includes your financial and credit history, income and expenses, the purpose of the loan, any past bankruptcies, and other personal details.

Before closing your loan with OneMain, you'll need to provide certain documents: a valid government-issued ID (like a driver's license or passport), your Social Security card, proof of residence (such as a utility bill or lease), and proof of income (like pay stubs or tax returns). Additional information may be requested.

How to apply for a OneMain Financial personal loan

The easiest way for most people to apply for a personal loan from OneMain Financial is online. You can also apply in person at a OneMain Financial branch. Here are the steps to apply online:

  1. Complete the online application: Start by filling out the online application form, which takes only a few minutes and can quickly show your loan rates and offers.
  2. Review your loan terms: Once you receive your loan offers, carefully review the terms, including interest rates, repayment periods, and any fees.
  3. Complete collateral requirements if needed: If you opt for a secured loan, you will need to provide details and documentation of your collateral, such as a vehicle.
  4. Close on the loan: After choosing your loan and submitting all required documents, you'll sign the loan agreement to finalize the loan process.
  5. Receive your loan funds: Upon closing the loan, you can receive the funds as soon as one hour after closing via a debit card or within one to two banking days through direct deposit or check.

OneMain Financial alternatives

LightStream

Applicants with good credit

OneMain Financial Personal Loans Review 2024 (3)

OneMain Financial Personal Loans Review 2024 (4)

LightStream Personal Loan

Applicants with good credit

LightStream Personal Loan

Loan amount

$5,000 - $100,000

Term

24 to 84 months

APR

7.99% - 25.49%

Min. credit score

660

LightStream is a personal lender that’s a good choice for borrowers with good or excellent credit looking for the lowest rates around. You can borrow between $5,000 - $100,000, and LightStream guarantees you the lowest rate possible through its rate-beat program.

SoFi

Large loans

OneMain Financial Personal Loans Review 2024 (5)

OneMain Financial Personal Loans Review 2024 (6)

Sofi Personal Loans

Large loans

Sofi Personal Loans

Loan amount

$5,000 - $100,000

Term

24 to 84 months

APR

8.99% - 25.81%

Min. credit score

650

SoFi is a full-service banking and investment brokerage offering loans for $5,000 - $100,000 with very low fees. There’s no origination fee, prepayment penalty, or even late fees.

Upgrade

Personal loans, with banking services

OneMain Financial Personal Loans Review 2024 (7)

OneMain Financial Personal Loans Review 2024 (8)

Upgrade Loans

Personal loans, with banking services

Upgrade Loans

Loan amount

$1,000 - $50,000

Term

24 to 84 months

APR

8.49% - 35.99%

Min. credit score

580

Upgrade is a good alternative for borrowers with mediocre credit score histories. It offers $1,000 - $50,000 personal loans and also features banking products.

Frequently asked questions (FAQs)

Is OneMain Financial a legitimate lender?

OneMain Financial is a legitimate lender. It adheres to regulatory standards and offers transparent loan terms, ensuring borrowers receive clear and straightforward financial solutions.

Is it hard to get a loan from OneMain Financial?

Obtaining a loan from OneMain Financial can vary in difficulty depending on your credit history, income, and financial circ*mstances. While they offer loans to diverse borrowers, including those with less-than-perfect credit, approval is not guaranteed.

Does OneMain Financial offer bad credit loans?

Yes, OneMain Financial offers loans that are accessible to individuals with less-than-perfect or bad credit. You’ll still need to go through a review of your credit and finances, and borrowers with low credit scores may pay very high interest rates. Approval isn’t guaranteed.

This story was written by NJ Personal Finance, a partner of NJ.com. The information presented here is created independently from the NJ.com editorial staff, and purchases made through links in this article may result in NJ.com earning a commission.

OneMain Financial Personal Loans Review 2024 (2024)

FAQs

How hard is it to get approved through OneMain Financial? ›

It is not difficult to get a personal loan from OneMain Financial because you need a credit score of 600 or higher to qualify, according to third-party sources. You will also have to meet other common requirements like being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.

What credit score do you need for a OneMain Financial loan? ›

OneMain Financial is a top lender for borrowers with bad credit. There is no minimum credit score, which means you may be able to qualify with OneMain even if other lenders won't consider your application. And unlike payday loans, its APR is capped at 36 percent.

What is the lawsuit against OneMain Financial? ›

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has ordered installment lender OneMain Financial to pay $20 million in redress and penalties for failing to refund interest charged to 25,000 customers who cancelled purchases within a purported “full refund period,” and for deceiving borrowers about ...

What is the maximum you can borrow from OneMain Financial? ›

OneMain makes personal and auto loans from $1,500 - $20,000. Not all applicants will qualify for larger loan amounts or most favorable loan terms. 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.

What is the minimum income for OneMain Financial loan? ›

Not only does OneMain Financial not indicate a minimum credit score requirement, but it also doesn't provide a specific minimum income amount.

Does OneMain require collateral? ›

Collateral is required: A secured loan is not an option unless the borrower has collateral. This may be a house, car, boat, or anything else of value that's acceptable to the lender.

Can you be denied a loan after pre approval? ›

However, even though prospective homebuyers get pre-approved for a mortgage before shopping for homes, there's no 100% guarantee they'll successfully get financing. Mortgages can get denied and real estate deals can fall apart — even after the buyer is pre-approved.

How fast can I get a loan from OneMain Financial? ›

Same day money

You could get your money as soon as the same day if you're approved by noon.

Who does OneMain pull from? ›

When lenders pull your credit report from the 3 major credit bureaus — Equifax®, Experian® and TransUnion® — they see much more than just where you fall on the credit score scale. Getting a free copy of your VantageScore credit score is easy for OneMain customers.

What are the problems with OneMain Financial? ›

Relatively high interest rates

Compared to other personal loan lenders, OneMain's rates are relatively high. OneMain also charges an origination fee, which, depending where you live, may be a flat amount or a percentage of your loan amount.

What bank owns OneMain Financial? ›

OneMain in its present form is the result of Springleaf Financial's acquisition of OneMain Financial (formerly CitiFinancial) from Citigroup in November 2015, with OneMain becoming the surviving brand.

Does OneMain Financial let you pay off early? ›

If you want to pay off your personal loan early, you can do so any time and OneMain will not charge you a prepayment fee.

Does OneMain Financial approve everyone? ›

To qualify for a OneMain Financial personal loan, you need to be at least 18 years old, have a credit score of 600 – 650 and have enough income to make the monthly payments, among other requirements. Even if you meet all the requirements, you still may not get approved.

What is the minimum credit score for OneMain? ›

OneMain Financial doesn't have a minimum credit score for approval. Most personal loan lenders require credit scores above 660 to qualify.

Does OneMain Financial do a hard pull? ›

Yes, OneMain Financial does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

Does OneMain Financial accept everyone? ›

To qualify for a OneMain Financial personal loan, you need to be at least 18 years old, have a credit score of 600 – 650 and have enough income to make the monthly payments, among other requirements. Even if you meet all the requirements, you still may not get approved.

How does OneMain Financial verify income? ›

Proof of residence (e.g. a driver's license with your current address, a utility bill, or a signed lease) Proof of income (e.g. pay stubs or tax returns)

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