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OneMain Financial Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
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Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 3 stars out of 5
3.0
Customer Experience
Rating: 4.3 stars out of 5
4.3

About Bankrate Score

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.

Moneybag
Loan amount $1,500 – $20,000
Rates
APR from 18.00% – 35.99%
Clock Wait
Term lengths 24-60 months
This lender is best for secured personal loans.

Best for secured personal loans

Personal loans from OneMain Financial provide borrowers with the option of taking out a secured personal loan. In exchange for collateral, such as providing the title to your car, you might qualify for a higher personal loan amount or a lower interest rate, compared to an unsecured loan. 
 
This can be a useful borrowing option for borrowers with bad credit who would otherwise not be eligible for an unsecured personal loan, or a loan through a traditional lender. 

OneMain Financial pros and cons

PROS

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    Short approval process

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    Options for people with poor credit

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    Low minimum loan amount

CONS

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    Multiple fees

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    Interest rates are notably higher

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    Not available in every state

Do you qualify?

  • Credit score requirements: Not specified
  • Income requirements: Not disclosed
  • Co-signers and co-borrowers: Yes

You may still qualify for a loan with OneMain Financial even if your credit isn't in the best shape. Securing your loan or borrowing with a co-signer are two ways to increase your chance of approval.

What OneMain Financial doesn't allow loan funds to be used for

OneMain Financial personal loans can’t be used toward higher education expenses. This includes college tuition and fees, and vocational courses and training. Business-related expenses are also not permitted for loan use. 

The loan also can’t be used to buy securities or for gambling purposes. And, of course, can’t be used for illegal purposes. 

OneMain Financial versus Avant

Avant personal loans offer higher loan amounts for eligible borrowers at $2,000 to $35,000, compared to OneMain Financial’s $1,500 to $20,000 borrowing threshold. Personal loan rates through Avant personal loans also start at 9.95 percent APR for qualified borrowers, and offer a secured personal loan product as well.

OneMain Financial versus NetCredit

NetCredit allows borrowers to take out small personal loans as low as $1,000, and sometimes as low as $500 for borrowers in certain states. Personal loans from OneMain Financial, by comparison, have a loan minimum of $1,500. However, NetCredit has a significantly higher APR range, at 34 percent to 155 percent APR.

OneMain Financial: in the details

What we like and what we don’t like

What we like

  • Short approval process: OneMain says that the average time from applying to receiving funds is just one day, so you can get the money you need quickly.
  • Options for people with poor credit: If you have poor credit and need a personal loan, you may still be able to get approved for a OneMain Financial secured loan using your vehicle or even RV as collateral.
  • Low minimum loan amount: Generally, OneMain Financial requires a minimum loan amount of $1,500. A low minimum borrowing amount is helpful for those who don’t want to take out a loan for more than they actually need. But some states have different minimum amount requirements. 

What we don't like

  • Multiple fees: OneMain charges a late fee, a non-sufficient funds fee and an origination fee. In some cases, the origination fee can be as much as $500 or 10 percent of your loan amount.
  • Interest rates are notably higher: Compared to personal loan rates from other lenders, personal loans from OneMain Financial start considerably higher than most competitors. A higher APR increases your cost to borrow which isn’t ideal, if you qualify for a personal loan through another lender that has lower rates. 
  • Not available in every state: OneMain Financial has a broad service reach in that it provides personal loans to borrowers across 44 states. However, it doesn’t offer personal loans in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island and Vermont.

How to contact OneMain Financial

There are three ways to contact the customer service representatives at OneMain Financial

  • In-person: To speak to a OneMain Financial associate in person, visit a local branch near you. Use the OneMain Financial branch search tool to find a nearby branch.
  • By phone: Call OneMain’s support support team Monday through Friday, between 5 a.m. and 5 p.m. at 800-290-7002 for existing loan borrowers, or 800-525-0451 for new OneMain Financial personal loan applicants. 
  • By email: customerservice@omf.com.

How to apply for a personal loan with OneMain

To apply for a personal loan with OneMain, you can get started either online or at a branch. To apply online, follow these steps:

Features and additional perks

As a OneMain Financial personal loan borrower, you can request to change your monthly due date which comes in handy when your financial situation changes. For example, if your new employer has a different payroll schedule. 
 
You can request a payment due date change up to two times throughout your entire loan term. However, you must have already made your first loan payment on the account, and the account can’t be 10 or more days past due.
 
The request also can’t be placed within a 12-month period as a prior payment date-change request, and your preferred payment date must be within 15 days of your original payment date.

Fees and penalties

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. Non-sufficient funds fees are anywhere from $10 to $50 per returned payment. However, you won’t be penalized for paying off your loan early.

OneMain Financial frequently asked questions

How Bankrate rates OneMain Financial

Overall Score 4.1 Explanation
Availability 5.0 OneMain has a fast funding and approval process.
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.

Methodology

To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

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.