Get personal loan offers from OneMain and other great lenders. It takes just two minutes and will not affect you credit score.
Get StartedLoan amount
$1,500 – $20,000
Min. credit score
Not specified
APR from
18% – 35.99%
Funds available in
As soon as one day
Here's a breakdown of some of the benefits and drawbacks of OneMain personal loans.
OneMain Financial provides personal loans to borrowers with fair to poor credit. While the average loan size tends to be small, borrowers who might not qualify at other online lenders or brick-and-mortar banks may find it easier to be approved for a loan through OneMain.
OneMain Financial offers both unsecured and secured loans, which is great for borrowers whose finances are in rough shape; though secured loans require you to use collateral for your loan, they’re often easier to qualify for.
| Loan amount | $1,500 to $20,000 |
| APR | 18% to 35.99% |
| Minimum credit score | Not specified |
| Time to receive funds | As soon as one day |
Here’s a breakdown of some of the benefits and drawbacks of OneMain Financial personal loans.
OneMain Financial specializes in installment loans, ranging from $1,500 to $20,000, though higher minimums and lower maximums apply in some states. Its personal loans carry a fixed annual percentage rate, or APR, of 18 percent to 35.99 percent, depending on creditworthiness.
The rate quote you receive is based on multiple factors, including your credit history, income, debt and amount of collateral. The amount you’re asking for and your repayment term (24, 36, 48 or 60 months) also play a role.
OneMain Financial does not disclose a minimum credit score for eligibility, but it does allow you to provide collateral in the event of a secured loan.
OneMain Financial charges an origination fee that’s taken out of your loan amount. This fee can be either $25 to $500 or 1 percent to 10 percent of your loan amount, depending on your state.
OneMain Financial’s late fees and returned payment fees also vary by state. For late payments, you’ll be charged either $5 to $30 per late payment or 1.5 percent to 15 percent of your monthly payment or delinquent amount. Nonsufficient funds fees are anywhere from $10 to $50 per returned payment. However, you won’t be penalized for paying off your loan early.
To apply for a personal loan with OneMain, you can get started either online or at a branch. To apply online, follow these steps:
The whole process takes on average only one day, although the process may be longer under some circumstances.
| Overall Score | 4.0 | |
|---|---|---|
| Availability | 4.6 | OneMain has a fast funding process, though it doesn’t specify its eligibility requirements. |
| Affordability | 3.0 | Because it caters to borrowers with poor credit, OneMain’s APRs are extremely high. |
| Customer Experience | 4.3 | While OneMain has a good online platform, its customer support hours are slightly limited. |
To evaluate lenders, Bankrate considered categories of availability, affordability and customer experience. Availability included factors like time to get a loan, required income and credit score and loan amounts. Affordability included factors such as fees and APR. Customer experience included factors such as online access, customer support and app availability.
OneMain Financial received the scores it did because of factors like its high APR, limited state availability, fast time to send funds and accessibility in who it offers loans to.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.