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OneMain Financial Personal Loans: 2023 Review

Updated on April 17, 2023
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At a glance

Rating: 4.4 stars out of 5
Bankrate Score
Caret Down
Rating: 5 stars out of 5
Rating: 3.9 stars out of 5
Customer Experience
Rating: 4.4 stars out of 5
Rating: 4.2 stars out of 5

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 banks may find it easier to be approved for a loan through OneMain.

Loan amount $1,500 – $20,000
APR from 18.00% – 35.99%
Clock Wait
Term lengths 24-60 months
Credit Good
Min Credit Score 300
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


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    Quick approval process

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    Options for people with poor credit

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    Low minimum loan amount


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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?

You may still qualify for a loan with OneMain Financial even if your credit isn't in the best shape. You will still need to meet some minimum requirements to be eligible, but OneMain Financial doesn't list these requirements on its website. 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, the purchase of securities and gambling purposes are also not permitted uses. And, of course, can’t be used for illegal purposes.

How this lender compares

Rating: 4.4 stars out of 5
Bankrate Score
APR from
18.00% – 35.99%
Loan Amount
$1,500 – $20,000
Term Length
24-60 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
9.95% to 35.99%
Loan Amount
$2,000 - $35,000
Term Length
12 to 60 months
Min Credit Score
Rating: 4.3 stars out of 5
Bankrate Score
APR from
34.00% - 155.00%
Loan Amount
$500 - $20,000
Term Length
Not disclosed
Min Credit Score
Not disclosed

OneMain Financial vs. Avant

Most of the differences between Avant and OneMain come to the basics. Avant has slightly higher minimum and maximum amounts, and its minimum APR is lower. Otherwise, the two are fairly evenly matched in terms of features and benefits. However, Avant isn't available in several states, including Colorado, Hawaii, Iowa, Nevada, New York, Vermont and West Virginia.

Read a full comparison of OneMain Financial vs. Avant

OneMain Financial vs. 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 

Personal loans from OneMain Financial boast an easy application but do also carry downsides like additional fees. 

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. 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. At

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 4.4 Explanation
Availability 5.0 OneMain has a fast funding and approval process.
Affordability 3.9 Because it caters to borrowers with poor credit, OneMain’s APRs are extremely high.
Customer Experience 4.4 While OneMain has a good online platform, its customer support hours are slightly limited.
Transparency 4.2 Credit requirements are not listed, but prequalification is available.


To select the top personal loan lenders, Bankrate considers 20 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 over 30 lenders and gave each a Bankrate rating, which consists of four 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.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by 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.