MoneyGeek’s Take: OneMain Financial Personal Loan Review

OneMain Financial personal loans are a good option for borrowers with fair to poor credit who do not need funds right away because there is no set minimum credit score requirement. Our OneMain Financial personal loan review highlights the key features required to qualify and OneMain Financial's pros and cons.

Last Updated: 6/24/2022
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OneMain Financial offers secured and unsecured personal loans with flexible terms for borrowers with poor credit. Loans are funded within five days, so this lender is not a good option for borrowers who need money for emergency expenses. OneMain Financial personal loans can be used for various purposes, including debt consolidation, financing large purchases and emergency expenses.

At a Glance: OneMain Financial Personal Loans


  • OneMain Financial

    • 18% to 35.99%APR Range
    • NoneMinimum Credit Score
    • $1,500 to $20,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms
    • 5 DaysTime To Recieve Funds

    on OneMain Financial Website

MoneyGeek Breakdown - OneMain Financial Personal Loan Details

  • APR

    18%–35.99%

  • Credit Score Requirements

    There is no minimum credit score requirement to qualify for a OneMain Financial personal loan.

  • Income Requirements

    Proof of regular income is required but there is no set minimum limit.

  • Loan Amounts

    Loan limits range from $1,500 to $20,000, depending on the state.

  • Loan Terms

    24–60 months

  • Permitted Uses

    Debt consolidation, home improvement, funding emergency expenses, medical expenses and auto repair

  • Prohibited Uses

    Gambling, illegal activities and investing

  • Time to Receive Funds

    Five days

  • Origination Fees

    1%–15% of the loan amount depending on the state

  • Late Fees

    $5–$30 per late payment depending on the state

  • Prepayment Penalty Fees

    No prepayment fees are charged for paying your loan off early.

  • Co-signers and Co-applicants

    Co-applicants are allowed

  • Perks

    Quick funding and secured loan options

  • Mobile Application

    OneMain Financial has a mobile application that borrowers can use to manage their accounts.

Is OneMain Financial Right for You?

Personal lenders offer different rates, loan terms and limits. The best lender for you ultimately depends on your particular profile and financial needs. You can go through our OneMain Financial personal loan review to see if this lender is the best option based on your needs.

Who OneMain Financial Is Perfect For

If you have poor to fair credit and do not need emergency funds quickly, OneMain financial is perfect for you. This lender does not have a minimum credit score requirement and offers flexible loan options.

Once you submit your application, OneMain Financial will qualify you for either an unsecured or a secured personal loan based on your profile. This makes it possible for you to borrow even higher loan amounts since you can use collateral to get a secured loan. You can also apply with a co-applicant which may also increase your overall creditworthiness making you eligible for higher loan limits.

Who Should Not Choose OneMain Financial

In comparison to other lenders in the market, OneMain Financial interest rates are relatively high. Borrowers with good credit who can get personal loans from other lenders should consider other alternatives.

OneMain Financial also has high fees, and borrowers will incur high origination and late fees, making the loan’s cost even higher. This lender is not ideal if you require high loan limits since the maximum loan limit in most states is $20,000.

How to Apply for a OneMain Financial Personal Loan

You can apply for a OneMain Financial personal loan online. You will be required to provide personal details, including your address, proof of residence and income statements. Once you submit your information, your application will be reviewed and you will get an offer for either a secured or an unsecured personal loan. Loans are typically funded within five days of loan application approval.

1

Prequalify

You can check the OneMain Financial prequalification page to see if you prequalify. This will not negatively impact your credit score because pre-approval only requires a soft credit check.

2

Fill Out Application Form

To apply for a personal loan, you need to submit an online application with your information, including address, residence, financial and income status. Once you have completed the form, you will then submit it to OneMain Financial for review.

3

Wait for Approval

Once you have submitted your online application, your application will be reviewed and a hard credit check will be done. In most cases, you will get an approval decision within minutes, but this can vary depending on the state and your profile.

4

Review Loan Agreement

If your loan is approved, you will receive a loan offer with the terms, rates and other features of the loan for which you have been approved. You need to review the agreement carefully and understand all the fees, terms and rates that apply.

5

Sign Loan Agreement

Once you have understood all the terms and stipulations that apply to the personal loan, you can sign the loan agreement form.

6

Receive or Direct Funds

Your funds will be disbursed to you by OneMain Financial within five business days through a bank-issued debit card, check or direct deposit.

7

Make Payments

You will be required to make monthly payments on your loan according to the terms and duration you signed up for in the loan agreement. Late payments will attract late charges at the rate stipulated in your loan agreement.

What to Do if You Are Rejected From OneMain Financial

Your personal loan application may be declined by OneMain Financial if you do not meet one or more of their requirements. This should not cause concern because most rating factors can be improved upon over time to enhance your creditworthiness.

If your application is declined, ask OneMain Financial for the exact reason you were declined. This will help you figure out if you need to seek an alternative loan or work on improving some attributes before reapplying. Some of the reasons you may be declined include not having a steady source of income or lack of suitable collateral, high debt to income ratio or other reasons.

It is recommended to avoid reapplying immediately after being declined as this may impact your credit score negatively. However, you may find that there are other financing options available to you, but this will depend on why you were declined. For instance, applying with a co-applicant may help to boost your creditworthiness and increase your chances of approval.

Frequently Asked Questions About OneMain Financial Personal Loans

If you are considering getting a OneMain Financial personal loan, having all the information will help you make the right choice. You can learn more about this lender in our frequently asked questions section.

Read More on Personal Loans

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