Written by Rebecca Betterton Rebecca Betterton
Edited by Aylea Wilkins Aylea Wilkins
Updated on Jan. 1, 2023
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At a glance
Rating: 4.1 stars out of 5
Rating: 5 stars out of 5
Rating: 3 stars out of 5
Rating: 4.3 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 brick-and-mortar banks may find it easier to be approved for a loan through OneMain.
Loan amount$1,500 – $20,000
APR from18.00% – 35.99%
Term lengths24-60 months
This lender is best for secured personal loans.
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 providing 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
Short approval process
Options for people with poor credit
Low minimum loan amount
Multiple fees(Video) 3 Best Personal Loan Companies
Interest rates are notably higher
Not available in every state
Do you qualify?
- Credit score requirements: Not specified
- Income requirements: Not disclosed
- Co-signers and co-borrowers: Yes
You may still qualify for a loan with OneMain Financial even if your credit isn't in the best shape. 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 are also not permitted for loan use.
The loan also can’t be used to buy securities or for gambling purposes. And, of course, can’t be used for illegal purposes.
OneMain Financial versus Avant
Avant personal loans offer higher loan amounts for eligible borrowers at $2,000 to $35,000, compared to OneMain Financial’s $1,500 to $20,000 borrowing threshold. Personal loan rates through Avant personal loans also start at 9.95 percent APR for qualified borrowers, and offer a secured personal loan product as well.
OneMain Financial versus NetCredit
NetCredit allows borrowers to take out small personal loans as low as $1,000, and sometimes as low as $500 for borrowers in certain states. Personal loans from OneMain Financial, by comparison, have a loan minimum of $1,500. However, NetCredit has a significantly higher APR range, at 34 percent to 155 percent APR.
OneMain Financial: in the details
$1,500 – $20,000
18.00% – 35.99%
Funds available in
Potentially as soon as the same day if approved before noon; can be deposited by ACH in up to 2 business days
What we like and what we don’t like
What we like
- Short approval process: OneMain says that the average time from applying to receiving funds is just one day, so you can get the money you need quickly.
- Options for people with poor credit: If you have poor credit and need a personal loan, you may still be able to get approved for a OneMain Financial secured loan using your vehicle or even RV as collateral.
- Low minimum loan amount: Generally, OneMain Financial requires a minimum loan amount of $1,500. A low minimum borrowing amount is helpful for those who don’t want to take out a loan for more than they actually need. But some states have different minimum amount requirements.
What we don't like
- Multiple fees: OneMain charges a late fee, a non-sufficient funds fee and an origination fee. In some cases, the origination fee can be as much as $500 or 10 percent of your loan amount.
- Interest rates are notably higher: Compared to personal loan rates from other lenders, personal loans from OneMain Financial start considerably higher than most competitors. A higher APR increases your cost to borrow which isn’t ideal, if you qualify for a personal loan through another lender that has lower rates.
- Not available in every state: OneMain Financial has a broad service reach in that it provides personal loans to borrowers across 44 states. However, it doesn’t offer personal loans in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island and Vermont.
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 support support team Monday through Friday, between 5 a.m. and 5 p.m. at 800-290-7002 for existing loan borrowers, or 800-525-0451 for new OneMain Financial personal loan applicants.
- By email: email@example.com.
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 online application and enter basic personal information.
If you’re pre-approved for a LendingClub personal loan, you’ll see the APR, origination fee, terms and maximum amount you can borrow. Select the amount and terms that align with your borrowing needs.
Receive an almost-instant response, along with an email containing more detailed information.(Video) OneMain Financial Personal Loan Review
Present proof of identity, employment, income, expenses and collateral if you’re using your car or another motorized vehicle.
The whole process takes on average only one day, although the process may be longer under some circumstances.
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 up to two times 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.
The request also can’t be placed within a 12-month period as a prior payment date-change request, and your preferred payment date must be within 15 days of your original payment date.
Fees and penalties
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
Personal loans from OneMain Financial are fixed and range from 18 percent to 35.99 percent APR, depending on your qualifications.
Sometimes. If your loan is approved by noon, your loan might be disbursed on the same day when receiving funds through the SpeedFunds debit card network.
OneMain Financial personal loans don’t have a minimum score requirement since it doesn’t base personal loan applications solely on credit scores. For those who don’t qualify for its unsecured loan, it offers a secured personal loan product as an option.
How Bankrate rates OneMain Financial
Overall Score 4.1 Explanation Availability 5.0 OneMain has a fast funding and approval process. Affordability 3.0 Because it caters to borrowers with poor credit, OneMain’s APRs are extremely high. Customer Experience 4.3 While OneMain has a good online platform, its customer support hours are slightly limited.
To select the top personal loan lenders, Bankrate considers 15 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 41 lenders and gave each a Bankrate rating, which consists of three 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.
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.
On This Page
On This Page
- At a glance
- Pros and cons
- Do you qualify?
- In the details
- What we like and what we don't like
- How to contact OneMain Financial
- How to apply
- Fees and penalties
- Frequently asked questions
- Our rating
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And while having a credit score below 670 most often disqualifies you for the majority of personal loan lenders, OneMain Financial has no minimum credit score requirement for applicants, and even has a secured loan option (with collateral) to make borrowing more accessible.Is OneMain Financial a predatory lender? ›
Despite its high average rates, a loan with OneMain Financial can be a good option for borrowers who want to avoid predatory lenders. OneMain Financial is a lender that offers personal loans ranging from 18.00% to 35.99% at fixed rates.How fast do you get money from OneMain Financial? ›
By Automated Clearing House (ACH): Funds are deposited into your checking or savings account and are available approximately 1 to 2 business days after the loan closing date.How long does the review process take with OneMain Financial? ›
Submit your application.
OneMain Financial will typically provide a decision on your application within 1 to 14 business days.
OneMain Financial usually approves personal loans within one to two business days. Once you submit an online application, it will be reviewed and you can get a decision in as little as ten minutes. However, in some cases, approval may take up to a day, depending on the state.Does OneMain Financial approve the same day? ›
Myth 6: You have to wait a long time to get your funds
Here at OneMain, you could get your money the same day if your application is approved before noon. ** On average, OneMain customers who choose to receive their funds through direct deposit can expect their money in 1-2 business days.
To cancel your loan, please contact the branch listed on your loan agreement or call (800) 961-5577.How does OneMain Financial verify income? ›
OneMain Financial may verify income by requesting financial information like bank statements, pay stubs or tax returns. In other cases, they'll just use credit report information. Either way, you will also have to meet other OneMain Financial requirements to be considered for loan approval.Can you pay off OneMain loan early? ›
If you want to pay off your personal loan early, you can do so any time and OneMain will not charge you a prepayment fee. To pay off your loan early, you can: Make a one-time payment for the total outstanding balance. Pay an extra amount when you make your regularly scheduled monthly payment.Is OneMain Financial instant? ›
Same day money
ACH funds are available approximately 1 to 2 business days after the loan closing date. Funds through SpeedFunds can be accessed on the loan closing date by using a bank-issued debit card.
OneMain Financial only uses a soft pull of your credit, which does not affect your score, to pre-qualify potential borrowers, and your odds of approval are very high if you get pre-qualified. The negative impact on your credit from applying for and opening a new loan does not have to last long, either.Does OneMain give you a check? ›
How will I receive my funds? You may choose to receive your loan in one of the following ways: By direct deposit ‐ Get your funds deposited directly into your checking or savings account. In person ‐ Receive a check at the branch during the loan closing.What does pre approved mean at OneMain Financial? ›
OneMain Financial pre-approval allows you to see your odds of approval for a personal loan from OneMain Financial, as well as your potential interest rate, and the process will have no impact on your credit score.Does OneMain do a hard pull? ›
But unlike most lenders, OneMain only shows borrowers their potential loan amount and whether they qualify for a secured loan, an unsecured loan or both. The lender requires a formal application with a hard credit pull to show your rate and repayment terms.How long is a loan under review? ›
STEPS IN LOAN APPLICATION PROCESS. The process for loan approval generally takes 2-3 months after the application is submitted. Loan fees of 0.5% to non-profits, and 1% to for-profits will be charged to all borrowers. 1.What is the minimum credit score for OneMain Financial? ›
No minimum credit score for approval.
Most personal loan lenders require credit scores above 660 to apply, but OneMain Financial doesn't have a minimum.
You may be offered a secured or unsecured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn't require any collateral at all.What credit bureau does OneMain use? ›
At Experian, one of our priorities is consumer credit and finance education.What is the best time to apply for a loan? ›
The best time to apply for a loan depends on your circumstances. There is no one perfect season to apply. We do not approve more loans in the spring than the summer. Instead, you want to take a look at your personal finances to determine when you should apply for a loan.Do you get approved for a loan right away? ›
Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score. However, one of the primary factors that will affect your approval time is where you get your loan from.
Can OneMain Financial Garnish My Wages? Yes, if OneMain Financial has a judgment entered against you. If OneMain Financial is currently garnishing your wages or threatening to do so, contact our office as soon as possible.What is the interest rate at OneMain Financial? ›
What is the interest rate on a personal loan from OneMain Financial? Personal loans from OneMain Financial are fixed and range from 18 percent to 35.99 percent APR, depending on your qualifications.Can OneMain Financial take your car? ›
If you're unable to pay it back, the lender will not only keep your title, but will take your vehicle as well.What proof of income do you need for a personal loan? ›
Evidence of income may include recent tax returns, monthly bank statements, pay stubs and signed letters from employers; self-employed applicants can provide tax returns or bank deposits.How many pay stubs do I need for a loan? ›
For standard employment income, the lender will generally review the previous two years W2's and most recent 30 days of pay stubs to help guide in what income can be used for qualifying.What loans Cannot verify income? ›
A no-doc mortgage loan, also known as a no-income verification home loan, does not require you to provide income proof to the mortgage lender. This no doc loan is more like a reduced documentation loan rather than a no income loan.What happens if I stop paying OneMain Financial? ›
Known for high interest rates, late fees, and aggressive debt collection tactics, there is a chance that OneMain Financial will sue you if you don't pay off your debt to the company.Can you return a loan if you don't use it? ›
Once loan proceeds have been deposited into your account (or a check delivered into your hands), there's no real way to give it back. From the moment you sign loan papers, you're a borrower. As such, you're on the hook to respect the terms of the loan, including the repayment plan.What happens if you pay off a loan too early? ›
A prepayment penalty is a fee that some lenders charge when borrowers pay off all or part of a loan before the term of the agreement ends. In effect, prepayment penalties dissuade the borrower from paying off a loan ahead of schedule, which causes the lender to miss out on interest income.Is OneMain Financial a secured loan? ›
What does OneMain Financial use as collateral? If you're applying for a personal loan with OneMain, your loan specialist may offer you the option of a OneMain Financial secured loan, which will require collateral.
OneMain reports account information to the Credit Reporting Agencies after each month end. For instance, in September, we report the account status as of August 31st. OneMain account updates are typically posted to customers' credit reports by the Credit Reporting Agencies around the 10th-15th of each month.Can you be denied a personal loan after pre-approval? ›
The personal loan application involves more documentation. For example, your pre-approval might be based on a certain amount of income. What happens if your lender is unable to verify your income? You could be rejected for the loan -- even though you passed the pre-approval process.Can a pre-approved loan be denied? ›
However, it is possible for a lender to decline your loan application even if you were pre-approved. This is likely to happen if the lender finds the information you gave when you applied for the pre-approved loan offer was inaccurate, or if its hard credit check raises any other concerns.Can a personal loan be denied after approval? ›
It's worth noting, however, that getting approved during the prequalification process doesn't mean you'll definitely get a loan. It's not a guarantee, but it is a useful way to gauge your chances and compare rates from various lenders.Why is loan approval taking so long? ›
Each situation is different, but underwriting can take anywhere from a few days to several weeks. Missing signatures or documents, and issues with the appraisal or title insurance are some of the things that can hold up the process.How often do loans not get approved? ›
You may be wondering how often underwriters denies loans? According to the mortgage data firm HSH.com, about 8% of mortgage applications are denied, though denial rates vary by location and loan type. For example, FHA loans have different requirements that may make getting the loan easier than other loan types.How long does a personal loan take to finalize? ›
Typically, you can expect to wait 1 – 7 business days for a personal loan to go through. Approval will generally take 1 – 3 business days, while disbursal will typically take 1 – 5 business days. It is possible for a loan to take as long as 30 days to process.What is the qualifications to get a loan for OneMain Financial? ›
OneMain Financial has no minimum credit score requirement for applicants. For the best odds of being approved for a personal loan from OneMain Financial, however, you should have a credit score of 600 - 650 or higher.What credit score is the main one? ›
The FICO score is the most widely known score. Its main competitor is the VantageScore. Generally, they both use a credit score range of 300 to 850.What is the easiest loan to get approved for? ›
The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit.
You may be offered a secured or unsecured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn't require any collateral at all.Does OneMain Financial do credit checks? ›
But unlike most lenders, OneMain only shows borrowers their potential loan amount and whether they qualify for a secured loan, an unsecured loan or both. The lender requires a formal application with a hard credit pull to show your rate and repayment terms.What credit bureau does OneMain Financial check? ›
If you don't have an online account yet, sign up now! If you are not currently a OneMain customer, you can get your VantageScore by contacting one of the three major credit reporting agencies (TransUnion, Experian, or Equifax) to request your current score.What is the lowest credit score you should have? ›
- Very poor: 300 to 579.
- Fair: 580 to 669.
- Good: 670 to 739.
- Very good: 740 to 799.
- Excellent: 800 to 850.
OneMain financial offers both types, and only secured loans require collateral. According to representatives, the most common kind of collateral used for a OneMain Financial loan is a vehicle, such as a car, RV, boat, or truck.Can you pay off OneMain Financial loan early? ›
If you want to pay off your personal loan early, you can do so any time and OneMain will not charge you a prepayment fee. To pay off your loan early, you can: Make a one-time payment for the total outstanding balance.How to get out of OneMain Financial loan? ›
- Check your credit score. ...
- Get pre-qualified (if possible). ...
- Apply for the new loan. ...
- Wait for funds. ...
- Pay off the old loan. ...
- Repay the new loan.
A no credit check loan is a type of loan that does not require a hard inquiry into your credit report during the application process. That means the specifics of your credit history do not factor into approval for the loan. Loans with no credit check do not guarantee approval, though.How much of a personal loan can I take out? ›
What Is A Common Range For Personal Loan Amounts? In general, most lenders allow borrowers to take out $1,000 – $50,000. The amount you're approved for, however, can depend on certain factors in your finances. Rocket LoansSM offers personal loans from $2,000 – $45,000.