OneMain Financial Personal Loans: 2020 Review

OneMain Financial provides personal loans to borrowers with fair to poor credit. While the average loan size tends to be smaller, borrowers who might not qualify at other online lenders or brick-and-mortar banks may find it easier to be approved for a loan.

While OneMain Financial offers unsecured personal, the application process is a little more involved. In the event that you don’t qualify for an unsecured loan, you might be able to qualify for a secured loan as long as you provide collateral.

OneMain Financial snapshot

Loan amount $1,500 – $20,000
APR 18% – 35.99%
Minimum credit score Not specified
Time to receive funds As soon as one day

Pros and cons of OneMain Financial personal loans

Here’s a breakdown of some of the benefits and drawbacks of OneMain Financial personal loans.

Pros:

  • Accepts joint applications: Unlike most lenders, OneMain Financial allows for multiple borrowers on a single loan.
  • Options for people with poor credit: If you have poor credit, you may still be able to get approved for a OneMain Financial “secured” loan using your vehicle or even RV as collateral.

Cons:

  • Branch visit required: Unlike other lenders, OneMain Financial requires that potential borrowers visit a branch to complete the application process.

Lending terms

OneMain Financial offers loans that range from $1,500 to $20,000. 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.

Fees and penalties

OneMain Financial charges an origination fee that’s built into the monthly payments. For example, if you are approved to borrow $10,000 and you’re charged a 3.5% origination fee, you’ll only receive $9,650. Keep in mind, though, that you’ll be making payments on the entire $10,000. You should factor in the origination charge when calculating the total amount you’re looking to borrow. Origination fees vary by state.

OneMain Financial’s late fees and returned payment fees vary by state, but you won’t be penalized for paying off your loan early.

How to apply for a loan with OneMain Financial

Once you’re approved online, you’ll have to go into a OneMain Financial branch for an in-person interview with a loan specialist to verify your identity and financial information before finalizing and signing off on the loan. If you require collateral to secure your loan, this is the time to bring it.

  1. Go to OneMain Financial’s online application and enter basic personal information.
  2. Include the desired loan amount, purpose of the loan, net monthly income, employment information, whether or not you own property and if you have a bank account.
  3. Receive an almost-instant response, along with an email containing more detailed information.
  4. Schedule an in-person appointment with the loan specialist to close your personal loan.
  5. Present proof of identity, employment, income and collateral if you’re using your car or another motorized vehicle.
  6. Like all lenders, the bank will do a “hard” credit check, which can adversely impact your credit score.

The whole process takes on average two to three days, although it is possible to receive your money the same day you apply or the next business day after approval.

How Bankrate rates OneMain Financial

Overall Score 3.9
Availability 4.6
Affordability 3.0
Customer Experience 4.1

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.