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OneMain Financial Personal Loans: 2024 Review

Updated on Jan. 1, 2024
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At a glance

Rating: 4.4 stars out of 5
Bankrate Score
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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
This lender is best for secured personal loans.

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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 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 funding.

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    Options for poor credit.

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    Low minimum loan amount.


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    Multiple fees.

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    Interest rates are notably high.

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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 are other forbidden uses. And, of course, loans can’t be used for illegal purposes.

How this lender compares

Rating: 4.4 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24-60 months
Min Credit Score
Not disclosed
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
Loan Amount
Term Length
Not disclosed
Min Credit Score
Not disclosed

OneMain Financial vs. Avant

Avant’s loans are significantly lower cost than OneMain Financial’s when it comes to both interest rates and fees. However, OneMain Financial offers secured loans and allows co-signed applications  — which Avant lacks. This can make OneMain Financial loans easier to qualify for when compared to Avant’s.

Read a full comparison of OneMain Financial vs. Avant

OneMain Financial vs. NetCredit

While both OneMain Financial and NetCredit cater to those with lower credit scores, NetCredit’s loans have a significantly higher starting APR. NetCredit also doesn’t offer secured loans, nor does it allow co-signers.

OneMain Financial: In the details

What we like and what we don’t like 

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

What we like

  • Quick funding. The average time from applying to receiving funds is just one day, so you can get the money you need quickly.
  • Options for poor credit. You could get approved for a OneMain Financial secured loan with poor credit by using your vehicle or even RV as collateral.
  • Low minimum loan amount. OneMain Financial’s minimum loan amount is $1,500, although Alabama, California, Georgia, North Dakota, Ohio and Virginia have higher minimums.

What we don’t like

  • Multiple fees. There’s a late fee, an insufficient funds fee and an origination fee. The latter is as much as $500 or 10 percent of your loan amount.
  • Interest rates are notably high. OneMain Financial’s loans have a higher-than-average starting APR, making its loans less affordable than other options. 
  • Not available in every state. OneMain Financial doesn’t offer loans in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington, D.C.

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 customer support team Monday through Friday, between 6 a.m. and 6 p.m. at 800-290-7002 for existing loan borrowers, or 800-525-0451 for new OneMain Financial personal loan applicants.
  • By email. Email

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:

The whole process only takes one day on average, although the process may be longer under some circumstances. For example, if you are applying for a secured loan, your collateral will need to undergo an appraisal.

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 once in a 12 month period and up to two times total 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.

Your preferred payment date must be within 15 days of your original payment date.

Fees and penalties

Many personal loan lenders have moved away from charging fees. Unfortunately, OneMain Financial is not among them.

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 unusually 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.