OneMain Financial Personal Loans Review 2023 (2023)

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Liz Knueven and Ryan Wangman, CEPF



  • OneMain Financial Personal Loans Pros and Cons
  • Who is OneMain Financial Best For?
  • How to Apply for a OneMain Financial Personal Loan
  • OneMain Financial Frequently Asked Questions
  • Check for Personalized Loan Offers
OneMain Financial Personal Loans Review 2023 (1) OneMain Financial Personal Loans Review 2023 (2)

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

OneMain Financial Personal Loans Review 2023 (3)

OneMain Financial Personal Loan


2.75 out of 5 Stars

Origination Fee

up to 10% or $500


late fee up to $30 or 15% of your monthly payment amount, depending on your state

Regular Annual Percentage Rate (APR)

18.00% to 35.99%

get rates without impacting your credit.

OneMain Financial Personal Loans Review 2023 (4)

OneMain Financial Personal Loan


2.75 out of 5 Stars

Origination Fee

up to 10% or $500


late fee up to $30 or 15% of your monthly payment amount, depending on your state

Regular Annual Percentage Rate (APR)

18.00% to 35.99%

(Video) $13,500 Personal Loan Approval - Prequalify With NO Hard Inquiry - OneMain Financial | Rickita

get rates without impacting your credit.

OneMain Financial Personal Loan

OneMain Financial Personal Loans Review 2023 (5)

get rates without impacting your credit.


Regular Annual Percentage Rate (APR)

18.00% to 35.99%

Origination Fee

up to 10% or $500


late fee up to $30 or 15% of your monthly payment amount, depending on your state

Editor's Rating

(Video) How To Get APPROVED For A $20,000 Personal Loan With ONE MAIN FINANCIAL | For Bad Credit


2.75 out of 5 Stars

Pros & Cons


No minimum credit score

Small minimum loan amount

Quick loan funding


High interest rates

High origination fees

Low maximum loan amount


More Information

  • No minimum credit score for approval
  • You may be able to get your loan on the same day that you apply
  • Loan amounts range from $1,500 to $20,000
  • Term lengths of 24, 36, 48, or 60 months
  • Loans made by OneMain Financial Group, LCL
  • Terms apply. See rates and fees for details and restrictions at

OneMain Financial Personal Loans Pros and Cons

Who is OneMain Financial Best For?

OneMain is a great lender for borrowers with poor credit scores who can't qualify for a loan elsewhere. The company could be a good option if you need cash quickly. If your application is approved before noon on a business day, you could receive your money the same day.

OneMain Financial offers both secured and unsecured personal loans, but we're focusing on the company's unsecured personal loan options. Unsecured loans are more common with OneMain Financial and with competing lenders. Anunsecured personal loan doesn't require any collateral, such as a house or car, while a secured loan allows you to put up collateral in exchange for a rate that is often lower.

However, it has a high minimum interest rate, so borrowers with good credit will likely find a better rate with a different lender.

How OneMain Financial Compares

Side-by-side snapshot

  • OneMain Financial Personal Loans Review 2023 (6)

    OneMain Financial Personal Loan

  • OneMain Financial Personal Loans Review 2023 (7)

    LendingClub Personal Loan

  • OneMain Financial Personal Loans Review 2023 (8)

    Avant Personal Loan

(Video) OneMain Financial Review

Editor's Rating


Regular Annual Percentage Rate (APR)

18.00% to 35.99%

Recommended Credit


Editor's Rating


Regular Annual Percentage Rate (APR)

8.05% to 36.00%

Recommended Credit

Average to Excellent

Editor's Rating


Regular Annual Percentage Rate (APR)

9.95% to 35.95%

Recommended Credit


Next steps

get rates without impacting your credit.

Next steps

get rates without impacting your credit.

(Video) The Truth About One Main Financial- Warning One Main Financial Review!

Next steps

get rates without impacting your credit.

*While Avant does not charge an origination fee, it does charge an administration fee of up to 4.75%.

OneMain Financial and Avant have similar loan terms and loan amounts, but borrowers looking for same-day funds might find that OneMain has an advantage. Additionally, a minimum credit score requirement of 580 might exclude some borrowers.

LendingClub's minimum 600 credit score requirement might leave some borrowers out. With interest rates starting higher, borrowers who qualify with LendingClub could get lower rates from Avant or OneMain.

Avant could be a stronger option than OneMain due to OneMain's higher interest rates. Avant fees could be lower, as this lender caps its origination and administrative fees at 4.75%, while OneMain's fees could go up to 10%, or $500 depending on your state.

LendingClub doesn't offer a secured loan option, which could give OneMain an advantage for anyone who wants to lower their interest rate with collateral. Funding through LendingClub will take at least four business days, according to the lender's site, giving OneMain's same-day funding another advantage.

See our ratings methodology for personal loans »

How to Apply for a OneMain Financial Personal Loan

1.Fill out personal information on OneMain's website.Choose if you're applying for an individual or joint loan, a secured or unsecured loan, and your loan's purpose. You'll also need to request a loan amount. You'll also enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range.

2. Formally submit an application and await approval. When submitting a formal application, you'll need to send in proof of income, like a W-2, tax returns, or other financial documents.

3.Sign loan agreement and get your money. You'll potentially be able to get money fast with OneMain.If your application is approved before noon on a business day, you could receive your money the same day.

4.Make a plan to repay your loan. Fit your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.

OneMain Financial Frequently Asked Questions

Is OneMain Financial trustworthy?

OneMain Financial is a Better Business Bureau-accredited company, and the BBB, a non-profit organization focused on consumer protection and trust, gives the company an A+ rating. The BBB measures companies by evaluating business' replies to consumer complaints, honesty in advertising, and clarity about business practices.

OneMain does not have any recent controversies. Due to its clean history and top-notch BBB rating, you might want to use OneMain as your personal loan provider. However, BBB scores don't ensure you will have a beneficial relationship with the company and are simply a starting point on your search for a personal loan provider.

Does OneMain Financial hurt your credit?

The credit impact of a OneMain loan depends on how consistent you are in repaying it. If you make reliable, on-time payments, you may actually see your credit score rise over time. If you are late on payments or miss them entirely, your credit score may be damaged.

Is OneMain Financial a predatory lender?

OneMain financial is a reputable personal loan lender that is accessible to borrowers with low credit scores.

How fast do you get money from OneMain Financial?

You could receive money as soon as the same day with the lender, though it could take up to two business days. This is faster than you'll get your money from many other lenders.

Check for Personalized Loan Offers

Liz Knueven

Personal Finance Reporter

Liz was a personal finance reporter at Insider. Before joining Insider, she wrote about financial and automotive topics as a freelancer for brands like LendingTree and Credit Karma. She earned her bachelor's degree in writing from The Savannah College of Art and Design. She lives and works in Cincinnati, Ohio. Find her on Twitter at @lizknueven.

Ryan Wangman, CEPF

Loans Reporter

Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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OneMain Financial OneMain Financial Personal loan Loans


(Video) When Your Credit Not On Point & You Need Money | My OneMain Financial Loan Experience


Is it easy to get approved by OneMain? ›

OneMain Financial approves applicants with fair credit and sometimes those with bad credit, and there's an option to apply for a secured loan when borrowers don't qualify for an unsecured loan based on their credit history. Secured loans let borrowers use equity from their car to potentially qualify for lower interest.

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.

How long does OneMain take to review? ›

Average time to complete the application and receive an initial response: Less than 10 minutes. Receiving a final decision will take longer and will depend on the amount of time required to verify your application information.

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.

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.

What are the easiest loans 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.

How long does it take for a loan under review? ›

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.

How long does a loan Team review take? ›

Underwriting—the process by which mortgage lenders verify your assets, check your credit scores, and review your tax returns before they can approve a home loan—can take as little as two to three days. Typically, though, it takes over a week for a loan officer or lender to complete the process.

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.

Does OneMain do a soft pull? ›

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.

Can I get a loan with a 517 credit score? ›

A 517 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you're looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn't require collateral or a security deposit.

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.

What does it mean when your loan application is in review? ›

The purpose is to evaluate your potential credit risk to the lender. In other words, a credit review helps a lender determine whether or not you are able to pay back the loan amount you're asking for. After the lender has completed their credit review, they'll either approve or deny your loan application.

What does loan application review mean? ›

Typically, a loan review is conducted on commercial loan files, either internally by bank staff or by hired third-party auditors. These investigators check for completeness of loan documentation and/or evaluate loan performance.

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.

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.

What loans Cannot verify income? ›

They're often called bank statement loans. NIVA. No-income, verified-assets (NIVA) loans are similar to SIVA loans, except income is not added to the application. Instead, lenders may review assets such as retirement and savings accounts.

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.

Can I get a personal loan with a credit score of 500? ›

It is possible to qualify for a personal loan with a poor credit and a credit score as low as 500, but your choices are very limited. The best way to get a personal loan with a 500 credit score is to start by checking to see if you pre-qualify for loans from major lenders.

What is the hardest type of loan to get? ›

Unsecured loans are harder to obtain and interest rates can be higher, as lenders rely heavily on your credit and other financial information to determine your loan eligibility. The better your credit score, the better the interest rate you're likely to get.

Which bank has the easiest personal loan approval? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.

Why is my loan pre approval taking so long? ›

Some of the factors that can impact how long it takes to get pre-approved include: How long it takes you to gather supporting documents. Whether there are mistakes on your credit report that need to be fixed. Your employment status (since you might need additional info if you're self-employed)

How do I know if my loan is approved? ›

How do you know when your mortgage loan is approved? Typically, your loan officer will call or email you once your loan is approved. Sometimes, your loan processor will pass along the good news.

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.

What do lenders review before they will loan a person money? ›

Lenders need to determine whether you can comfortably afford your payments. Your income and employment history are good indicators of your ability to repay outstanding debt. Income amount, stability, and type of income may all be considered.

What do you consider to be a red flag in loan applications? ›

High Interest Rate: The most obvious Red Flag that you are taking a personal loan from the wrong lender is the High Interest Rate. The rate of interest is the major deciding factor when choosing the lender because personal loans have the highest interest rates compared to other types of loans.

How often do loans not get approved? ›

You may be wondering how often underwriters denies loans? According to the mortgage data firm, 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.

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.

What kind of collateral does OneMain Financial require? ›

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 a 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.

How do you get approved for OneMain? ›

To apply for a OneMain loan, borrowers need a government-issued ID and and proof of income. What type of loans does OneMain Financial offer? OneMain offers unsecured loans, which aren't backed by collateral and have only one applicant. Applicants can get a secured loan by adding a vehicle as collateral.

Why will no one approve me for a loan? ›

Your Credit Score May Be Too Low

Though credit score requirements for personal loans may vary depending on the lender, most lenders will want to see a credit score that falls within the range of 600 – 700. If your credit score falls below this threshold, it might be tougher for you to get approved for a personal loan.

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.

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.

Who decides if you get approved for the loan? ›

A mortgage underwriter is the person that approves or denies your loan application.

What makes you more likely to be accepted for a loan? ›

One of the most important factors in getting approved for a loan is having a good credit score. If you have existing loans or monthly bills, make sure to pay them consistently and on time to ensure that your credit score remains high. Read more about credit score in one of our previous articles.

Can you have a 900 credit score? ›

Depending on the type of scoring model, a 900 credit score is possible. While the most common FICO and VantageScore models only go up to 850, the FICO Auto Score and FICO Bankcard Score models range from 250 to 900.

What's a bad credit score? ›

Poor: 300-579. Fair: 580-669. Good: 670-739. Very Good: 740-799.

Is A 650 A Good credit score? ›

A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.


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