MoneyGeek’s Take

OneMain Financial Personal Loan Lender Review

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ByChristopher Boston
Edited byCasie McCoskey
ByChristopher Boston
Edited byCasie McCoskey

Updated: December 23, 2023

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OneMain Financial offers borrowers secured and unsecured personal loans with quick applications and potential same-day funding. It stands out for its face-to-face services at local branches and over a century of experience. While beneficial for consumers needing smaller loans quickly and those valuing personal interaction, its higher APR and fees might not suit everyone. OneMain Financial may be ideal for borrowers seeking flexibility and personalized service, but customers with solid credit might find better terms elsewhere.

  • OneMain Financial

    • 18% to 35.99%APR Range
    • NoneMinimum Credit Score
    • $1,500 to $20,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    OneMain Financial’s personal loans come with clear terms: fixed rates and fixed payments. That means your monthly repayment amount stays the same throughout the loan period. There are also no fees for paying off your loan early, allowing you to manage your debt without extra costs.

    It also has a strong presence in many communities. With local branches nationwide, you can have face-to-face discussions about your loan options. This personalized service, backed by over 100 years of experience, ensures you get a loan that fits your needs.

    Moreover, if you need money quickly, OneMain Financial delivers. If approved by noon, you could receive your funds the same day, a feature that sets it apart from many lenders. These features make OneMain Financial a solid choice for personal loan borrowers, offering both convenience and reliability.


    • Options for both secured and unsecured loans
    • Quick application process, with a response in minutes
    • No prepayment fees for early loan repayment
    • Offers repayment assistance for financial hardships
    • Seven-day cancellation period for loans


    • Higher APR range
    • Charges origination and late payment fees
    • Only lends up to $20,000
    • Restricts use of vehicles as collateral by active duty military
    OneMain Financial

Features of OneMain Financial Personal Loans

OneMain Financial provides personal loans that offer flexibility and support for various needs. You can use these funds for anything from consolidating debt to funding home improvements, but be aware of fees like origination or late payment fees. Loan terms vary, allowing you to choose a repayment plan that fits your budget.

OneMain also provides repayment assistance, easing your financial stress in tough times. Its customer service is known for being helpful, and its accessible online platform makes managing your loan convenient. Weighing these features against other lenders helps you decide if OneMain Financial is the right choice for your personal loan needs.

What Can You Use Your Funds For?

Before you get a personal loan from OneMain Financial, understand how you can utilize your funds. Like other lenders, it sets certain constraints, including restrictions for paying for college, business investments or speculative ventures. However, there are many permitted uses for your funds. Here are some of the most common ways people use their loan money:

  • Debt Consolidation: By consolidating, you replace several payments with one monthly payment, often at a lower interest rate. This process can simplify your finances and help you pay off debt faster.

  • Car Purchase: Whether it's a brand-new or pre-owned vehicle, a personal loan can provide the funds you need. Personal loans for cars are helpful if you want to avoid the restrictions or higher rates that sometimes come with traditional auto loans.

  • Emergencies: If you face unexpected expenses like a sudden home repair or an urgent medical need, a personal loan can offer the necessary funds quickly, helping you handle these crises without depleting your savings.

  • Medical Costs: Health care expenses not covered by your health insurance plan can be overwhelming. A personal loan can help cover the costs of medical procedures, treatments or necessary medications, easing the financial burden during stressful health-related situations.

  • Home Improvement: Whether you're looking to remodel your kitchen, fix a leaky roof or just want to update your home, a personal loan can fund these improvements. It's a great way to invest in your property, increase your home's value and enhance your living space.

  • Moving and Relocating: Moving can be expensive, especially if it's to another city or state. A personal loan can cover moving company fees, rental deposits or other relocation costs, making the transition smoother and less financially stressful.

  • Weddings: Your wedding day is special, and a personal loan can help you finance it. From the venue to catering, photography and attire, it can ensure you have the day you dream of without the financial strain.

  • Vacations: Everyone deserves a break. A personal loan can fund your travel, accommodation and activities, allowing you to enjoy a vacation without worrying about upfront costs.

  • Funeral Expenses: Funeral costs can add up quickly in the event of a loved one's passing. A personal loan can help manage these expenses, possibly even supplementing final expense insurance and providing you with the means to honor your loved one without immediate financial burden.

Understanding these practical uses allows you to assess how a OneMain Financial personal loan aligns with your needs, ensuring you make a selection that supports your financial well-being.

OneMain Financial Personal Loan Terms

Understanding the terms of a OneMain Financial personal loan will enable you to make a more informed financial decision. Knowing details like available loan amounts, repayment terms and APRs (Annual Percentage Rates) helps you figure out if a loan fits your budget and goals.

  • APR Range: OneMain's personal loans can have an APR as high as 35.99%. Rates tend to be higher for loans not secured by a vehicle. However, you might get a larger loan or lower APR if you have strong credit.

  • Loan Amount Range: You can borrow between $1,500 and $20,000. However, there might be different minimum loan amounts depending on where you live. For example, in Alabama, the minimum is $2,100, and in California, it's $3,000. Also, some states have maximum limits for unsecured loans, like $9,000 in North Carolina.

  • Repayment Terms: You can choose a repayment period between 24 to 60 months. OneMain Financial looks at your credit history, income, expenses and if you're offering collateral like a vehicle. Based on that, it provides loan terms that suit your ability to repay, ensuring you get a plan that aligns with your financial situation.

OneMain Financial provides options to pick a loan that suits your needs. Whether handling an unexpected expense or funding a large purchase, knowing these terms can help you choose a loan you can comfortably repay without straining your finances.

OneMain Financial Personal Loan Fees and Discounts

Knowing the corresponding fees is helpful when you take out a personal loan from OneMain Financial. Understanding these costs allows you to plan your finances and avoid surprises. Here's a breakdown of what you might encounter:

  • Origination Fees: The origination fee is what OneMain charges for processing your loan. It varies by state and can be a flat fee from $25 to $500 or a percentage of your loan amount, ranging from 1% to 10%.

  • Late Payment Fees: If you miss a payment, you might have to pay a late fee. Depending on where you live, it can be a flat amount from $5 to $30, or a percentage of your monthly payment, between 1.5% to 15%.

  • Non-Sufficient Funds (NSF) Fees: If a payment bounces due to insufficient funds in your account, you'll face an NSF fee. It ranges from $10 to $50, depending on the state.

  • Governmental Fees: If a vehicle secures your loan as collateral, there might be fees related to the vehicle's title. These are the same fees the state or county charges, passed on to you without any extra cost.

Being aware of these fees helps you understand the overall cost of your loan, ensuring you make a decision that fits your budget.

OneMain Financial Personal Loan Repayment Assistance

Choosing a personal loan lender isn't just about the loan itself but also the support you get if you run into financial troubles. OneMain Financial offers repayment assistance, which can be a game changer.

If you're facing challenges in making payments, the key is to act quickly. Making a partial payment can lead to a late fee and show your account as past due. However, OneMain Financial is ready to help. Call (800) 961-5577 and discuss your situation with its representatives. They've helped many customers who've faced unexpected financial issues.

The same goes if you anticipate a drop in income. OneMain will discuss options with you and work to find a plan that fits your new budget. This approach focuses on finding solutions together, ensuring your loan doesn't become an overwhelming burden during tough times.

OneMain Financial Customer Service

When choosing a personal loan lender, there are several factors to consider. Customer service quality is a big one. It's forward-thinking to understand the support your lender provides whenever you have questions or concerns about your loan. OneMain Financial offers several ways to get in touch, making managing your loan easier.

For any issues with existing loans, you can call OneMain Financial at 800-290-7002. If you're looking to apply for a loan, the number to dial is 800-525-0451. Its team is available Monday to Friday, from 9 p.m. to 9 a.m.

OneMain Financial's customer service is highly rated by borrowers, with a Trustpilot score of 4.8 out of 5. Of 60,017 reviews, 53,340 are 5/5 stars, 89% of customers. This rating demonstrates its commitment to helping customers and addressing their needs effectively.

OneMain Financial Personal Loan Online Resources

Before deciding on a personal loan lender, check out the resources they provide to help you manage your finances. OneMain Financial offers online tools and educational materials for making informed financial decisions.

Its financial calculators include a personal loan calculator to estimate monthly payments, a lifestyle savings calculator to see potential savings from reduced spending, a budget calculator for planning monthly budgets and a debt consolidation calculator to understand the benefits of consolidating debts.

OneMain Financial provides educational resources through articles on various financial topics, like money management and understanding loans. You can also find micro-courses on subjects like taxes, credit scores, emergency savings and budgeting. These feature videos, interactive questions and short narratives.

Qualifying for a OneMain Financial Personal Loan

Understanding what OneMain Financial looks at when assessing your eligibility for a personal loan helps you gauge your chances of approval and prepare the necessary documents before applying. Here are the details:

  • Financial History: OneMain reviews your past financial behavior, including how you've managed loans and credit in the past.

  • Credit History: Your credit score and credit report play a significant role. While OneMain doesn't state specific minimum credit score requirements, a healthy credit history usually increases your chances of approval.

  • Income and Expenses: OneMain Financial checks your income and regular expenses. This step ensures you have enough income to manage loan repayments comfortably.

  • Loan Purpose: The lender also considers why you seek the loan. Some purposes might be more favorable than others.

  • Bankruptcy History: If you've filed for bankruptcy, this could impact your eligibility.

  • State of Residence: Loan availability and terms can vary based on where you live.

A co-signer or a co-applicant can be a good idea if your financial profile does not meet the criteria on its own. It can increase your chances of approval and potentially secure better loan terms. However, the co-signer also becomes responsible for the loan, which can affect their credit and finances if you don't make payments on time.

Is a OneMain Financial Personal Loan Right for You?

Deciding if a OneMain Financial personal loan is right for you ensures your chosen loan meets your needs and financial situation. It's about matching what OneMain offers — from loan amounts and terms to fees and customer service — with what you're looking for. It can help you avoid future financial strain and ensure you're comfortable with your choice. Remember, the right loan should fit into your life, not complicate it.

Who Can Benefit From a OneMain Financial Personal Loan?

If you're someone who needs money quickly, OneMain Financial stands out. It can provide funds as soon as the same day you're approved, making it ideal for urgent financial needs. OneMain's nationwide branches offer a significant benefit for borrowers who value a personal touch. You can walk into a local branch and have a face-to-face conversation about your loan options, making it a good match if you prefer discussing financial matters in person rather than online.

Repayment flexibility is another area where OneMain shines. It offers assistance if you're facing financial hardships and have no penalties for early loan repayment. This flexibility makes this lender a good choice if your financial situation is likely to improve. Lastly, OneMain Financial caters to a wide range of borrowers by providing secured and unsecured loan options. It can accommodate your preference, whether you have collateral to offer or prefer an unsecured loan, making it a versatile choice for different financial needs.

Who Shouldn’t Secure a OneMain Financial Personal Loan?

OneMain Financial might not be the ideal lender for consumers in need of larger loan amounts. Its maximum loan limit is $20,000, which could be limiting if you require a more substantial sum. Active duty military members should also be cautious. OneMain Financial has a policy against using vehicles as collateral for them. It could be a significant drawback for military members considering secured loans with their vehicles as collateral.

Borrowers with access to lenders offering better terms or lower interest rates might want to look elsewhere. OneMain Financial's APR range starts from 18%, which is higher than that of other lenders. If you have a strong credit profile, exploring options with more favorable terms could be more beneficial.

If you foresee challenges in making timely payments, the late payment fees and higher interest rates at OneMain Financial could add to your financial strain. In such cases, seeking a lender with more lenient policies or lower fees might be a wiser choice.

How to Apply for a OneMain Financial Personal Loan

Applying for a OneMain Financial personal loan is straightforward. Knowing each step ahead can translate to a smoother and more efficient experience. When applying for a personal loan, here’s what you can expect with OneMain Financial:

Choose Your Application Method

Start by choosing how you want to apply for your OneMain Financial personal loan. You have three convenient options: online, over the phone or in person at one of their 1,400 branches.

Decide on Loan Type

Decide if you need a secured or unsecured loan. For a secured loan, you can use assets like automobiles, motorcycles or boats as collateral, which will be appraised to determine their value. Note that active military personnel and their families cannot pledge vehicles as collateral.

Complete the Application

Filling out the application online takes only a few minutes. You'll need to provide your personal and financial information to see your loan offers.

Submit Necessary Documents

Before finalizing your loan, OneMain requires a copy of a valid, government-issued ID, proof of residence and proof of income. This could include your driver’s license, utility bill, pay stubs or tax returns.

Loan Approval and Document Signing

Once your application is approved, you'll sign the loan documents. It typically takes about 30 to 45 minutes.

Choose How to Receive Your Funds

You have options for receiving your loan funds. If you use a bank-issued debit card, you can receive the funds as quickly as an hour after signing. Alternatively, funds can be deposited via ACH into your bank account within one to two business days, or you can receive a check during your loan closing at a branch.

After receiving your loan, OneMain Financial gives you a 7-day grace period. During this time, if you decide the loan isn’t right for you, you can cancel it, provided you still have the funds.

This step-by-step guide gives you an idea about each stage of the loan process with OneMain Financial, helping you navigate your application confidently and efficiently.

What to Do if You’re Denied

Being denied a personal loan from OneMain Financial can feel disappointing, but it's important to remember it's not an impossible challenge. You can take several steps to understand and improve your situation. Consider the following:

  • Understand the Reasons for Denial: You'll receive a letter by email or physical mail explaining why OneMain denied your application. That's your starting point. Understanding the specific reasons for the denial can guide you on what to improve, be it your credit score, income stability or debt-to-income ratio.

  • Boost Your Financial Profile: Work on improving the factors contributing to your loan denial. It could involve paying down existing debts, improving your credit score or increasing your income. These enhance your chances for future loan approvals and contribute to your overall financial health.

  • Consider a Co-Signer or Co-Applicant: Someone with a more robust financial background could improve your chances. Their credit and income can help compensate for areas where you might need help.

  • Look for Alternative Financing Options: Explore other lenders or loan types with different eligibility criteria. Credit unions, online lenders or short-term loans could be viable options. Each has its own terms and conditions, so compare and find what works best for you.

  • Seek Professional Financial Advice: If you need help with how to proceed, consulting a financial advisor can be beneficial. They can provide personalized advice on improving your financial standing and exploring suitable borrowing options.

A loan denial from OneMain Financial isn't the final word on your financial capabilities. By understanding the reasons for it, improving your financial standing, considering other borrowing options or seeking professional advice, you can move toward your financial goals with confidence and clarity.

FAQ About OneMain Financial as a Personal Loan Lender

We've compiled a list of frequently asked questions to further enhance your understanding of OneMain Financial as a personal loan lender. These answers provide detailed information to help you make an informed decision.

Does OneMain Financial restrict the use of your funds from a personal loan?
What is the minimum credit score requirement for a OneMain Financial personal loan?
How long does OneMain Financial take to approve a personal loan?
Does OneMain Financial have a mobile app?
Is a OneMain Financial personal loan secured or unsecured?
How much can I borrow using a OneMain Financial personal loan?
What fees will I encounter with a OneMain Financial personal loan?
How does applying for a OneMain Financial personal loan affect my credit score?
Does OneMain Financial offer an autopay discount for personal loans?
Can you have co-signers on a OneMain Financial personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.