OneMain Financial Personal Loans Review 2024

Pros Explained

• Pre-qualification is available: If you're someone who already had lower credit, shopping for personal loans that perform hard credit checks could ding your score even further. OneMain’s pre-qualified offer lets you get a rate quote without a hard pull.
• Works with less-than-stellar credit: Many lenders may turn away borrowers with poor credit or without a solid banking history or accounts. OneMain primarily lends to those with a credit score of 619 or lower. 
• Co-applicants allowed: Adding a co-applicant may improve your odds of qualifying for a loan or a larger loan amount. Not all personal loan lenders allow co-applicants, but OneMain Financial does. 
• Low minimum late fees: If you forget to pay, One Financial’s late payment fees are on the lower end. At the high end, the fees are fairly average but not excessive. This is important because paying late fees adds to the total you must repay.

Cons Explained

• High origination fees: While many personal loan lenders don’t charge origination fees, OneMain Financial does. Depending on where you live, fees can be as high as 10% or a flat fee of up to $500.
• Higher-than-average APRs: OneMain Financial’s loans have higher-than-average APRs, likely reflecting the risks taken on lower credit scores. The loans carry APRs ranging from 18% to 35.99%, though the average borrower will pay less than 26%.
• Not available in all states: Residents of Alaska, Arkansas, Connecticut, the District of Columbia, Massachusetts, Rhode Island, and Vermont must look elsewhere for a loan.
• Precomputed interest used: OneMain Financial uses a repayment method called precomputed interest. According to the Consumer Financial Protection Bureau, this may not be the best option for consumers who want to pay down their loans quickly or with larger amounts.

Types of Personal Loans Offered by OneMain Financial

OneMain Financial issues both secured and unsecured personal loans. You don’t get to choose which kind of loan you apply for. Instead, OneMain Financial uses your application information to determine your loan eligibility and type.

Depending on your credit and the requested loan amount, OneMain Financial could require property as collateral to secure the loan. The institution states that larger loan amounts require collateral of an insured motor vehicle titled in your name that’s no more than 10 years old and meets One Main Financial’s requirements.

All of OneMain Financial’s loans have fixed interest rates.

Time to Receive Funds

When you submit your application, you’ll likely receive a loan decision within 10 minutes. If you’re approved and sign the loan agreement, you could get the requested money as soon as the next business day.

Borrower Requirements

To qualify for a loan, you must be at least 18 years old—or the age of majority in your state. OneMain Financial will ask you for a copy of a government-issued ID, proof of residence, and proof of income.

OneMain Financial Personal Loan Features

Change of Due Date

As long as your loan isn’t already past due, you may request one due date change per year and two over the life of your loan. You can call, visit a branch, or email your local branch to request a different due date.

Secured Loans 

When you submit your application, OneMain Financial may offer you a secured or unsecured loan. With a secured loan, you may be eligible for a lower rate or a larger loan amount.

You may If you are offered a secured loan, you’ll use your property as collateral. Options include:

• Cars
• Motorcycles 
• Boats
• RVs and campers

OneMain Financial will appraise the property value, and you must carry “full coverage” or physical damage insurance on the property (comprehensive and collision auto insurance, which isn’t typically required). You must own the property—so a vehicle you’re still paying off won’t qualify. 

Seven-Day Cancellation Policy

If you take out a loan from OneMain Financial and change your mind, you can take advantage of the lender’s seven-day cancellation policy and return the funds without interest charges. You have seven days from the date of your loan agreement to cancel the loan.

Precomputed Interest

OneMain Financial Loans rely on precomputed interest. This method calculates total interest due right at the loan’s initiation and isn’t reduced by early or larger loan payments. This is fine if you’re sure the loan’s repayment timeline is perfectly suited to your repayment schedule. But if you hoped to pay less interest, a precomputed interest loan isn’t as beneficial as a simple interest-rate loan. 

Co-Signers and Co-Applicants

If you want to improve your loan qualification odds or borrow a larger loan amount, you can apply with a co-applicant for a OneMain Financial personal loan. For the best results, a co-applicant generally should have excellent credit and stable income. This co-applicant will be equally responsible for the loan’s repayment. 

This is distinct from allowing a co-signer, which is when a second person is the backup if the primary borrower does not make their payments.

Can You Refinance a Personal Loan With OneMain Financial?

OneMain Financial allows you to refinance existing loans and use personal loans to consolidate debt from other creditors.

Customer Service

OneMain Financial’s customer service department is only available in person, via phone, and through an email contact form. Phone lines aren’t staffed on the weekends. To contact a representative, call 1-800-290-7002 or use the search tool to find a branch near you.

Customer Satisfaction

While OneMain Financial wasn’t highly ranked in a recent third-party customer satisfaction study, it generally is well-reviewed by customers on some platforms.

In the J.D. Power 2023 U.S. Consumer Lending Satisfaction Study, OneMain Financial ranked second to last out of 18 personal loan lenders. On a 1,000-point scale, OneMain Financial’s score was 698, well below the segment average.

However, the company has an “excellent” rating of 4.8 out of 5 stars based on over 58,000 reviews on TrustPilot. Customers frequently cite the company’s great customer service, easy application process, and fast loan disbursement speed in their reviews.

How to Apply For a OneMain Financial Personal Loan

You can apply for a personal loan from the lender by following these steps:

1. Apply: The application asks for basic information about your requested loan amount, income, contact information, and whether you own a vehicle. It also asks about your loan’s intended purpose, whether that's bill consolidation, medical expenses, auto repair or purchase, vacation expenses, or another use.
2. Review the response: OneMain Financial may perform a hard credit check when it obtains your credit report. Then the lender sends you a loan decision within minutes after submitting your information. If approved, you will connect with a loan specialist online, over the phone, or in person at a branch to discuss if any collateral is needed and to verify your identity.
3. Sign the agreement: After meeting with the specialist, OneMain Financial will send you the final loan agreement and disclosures. Review the paperwork carefully before signing to understand the loan’s fees and terms. Once the document is signed, OneMain Financial will disburse your funds.

Other Banking Services and Loans Offered by OneMain Financial

OneMain Financial also offers:

• One credit card
• Auto loans
• Auto leases
• Credit insurance 
• Optional non-credit term-level life insurance policies

The BrightWay credit card is in limited release and by invitation only.

Compare OneMain Financial With Other Personal Loan Lenders

The Bottom Line

If you have poor to fair credit—or no credit history at all—and need cash quickly, OneMain Financial might be a solution for you. It disburses its loans as soon as the next business day after approval, and it accepts borrowers with non-prime credit scores. Plus, it offers secured loans and accepts co-applicants, making it accessible to some people who might not qualify for a traditional bank lender. 

OneMain Financial customer reviews are largely positive and its loan application process is simple and quick. However, the cost of borrowing is significantly higher than other lenders thanks to higher-than-average APRs and origination fees. You could also pay more interest due to how the lender computes interest. Before choosing a lender, compare offers from several personal loan lenders to find the best loan for your needs.

How Hard Is It to Get a Loan With OneMain?

It's simple and easy to get a loan with OneMain. Loan applications are reviewed in as quickly as 10 minutes and there are multiple options for applicants with poor or no credit history to apply.

What Is the Minimum Credit Score for OneMain Financial?

OneMain Financial has no minimum credit score requirement. In fact, the majority of customers are those with poor credit scores or limited credit histories. As such, OneMain offers joint applications and secured loans.

Does OneMain Financial Hurt Your Credit?

Like any loan application, OneMain Financial will do a hard pull of your credit history as part of your official application, which may temporarily hurt your credit. However, you can avoid this by pre-qualifying prior to officially applying for a loan.

How Fast Do You Get Money From OneMain Financial?

After you submit your application, you’ll likely receive a loan decision within 10 minutes. If you’re approved and sign the loan agreement, you could get the requested money as soon as the next business day.

Does OneMain Financial Help Build Credit?

By making on-time payments and keeping track of your monthly statements, you'll build credit in repaying your OneMain Financial loan.

What Type of Loans Does OneMain Financial Offer?

OneMain Financial issues both secured and unsecured personal loans, all of which have fixed rates.

How Much Can I Borrow With a OneMain Financial Personal Loan?

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

What Can Be Used as Collateral for a OneMain Financial Personal Loan?

If you are offered a secured loan from OneMain Financial, you can use an asset or property you own as collateral. For example, a car or motorcycle can be used to secure a loan.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.