OneMain Financial: Personal Loan Review

Personal LoansPersonal Loan ReviewsOneMain Financial

OneMain Financial:
Personal Loan Review

The basics

Estimated APR

18% – 35.99%

Min. credit Score

Max. DTI Debt to Income Ratio

Origination Fees

1% – 10%

Late Penalties

$5 to $30

Prepayment Fees

Good for: Fast funding

Our verdict

OneMain Financial can be a good option for consumers who might be in a tight spot, whether that be their need for a secured loan or joint application. But the lowest APR is a whopping 18%, and you’ll have to pay an origination fee. Not to mention the inconvenience of having to visit a branch in person to complete the loan application.

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Beyond the basics

Fixed rates

Fixed payments

Personalized service

Loan Amounts

$1,500 to $20,000

Loan Terms

24,36,48,60 months

Time to funding

1 business day

BBB Rating



J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index

Full review

Lender/product description OneMain Financial is a lending-exclusive financial company that offers three different loan products: unsecured personal loans, secured personal loans, and auto loans.

Best used for

  • Debt consolidation
  • Home improvement
  • Life events
  • Recreation
  • Auto loans

Pros & cons

  • Possible same-day funding
  • Allows cosigners or coborrowers
  • Secured loans available
  • In-person visit required to complete application process
  • High interest rates
  • Charges origination fee

Most suitable for

  • Consumers who need a cosigner or coborrower
  • Consumers seeking secured loans

How to qualify OneMain Financial does not provide specific requirements but considers the following when determining a consumer’s eligibility for personal loans: financial history, credit history, income and expenses, loan purpose, whether they have filed for bankruptcy, and state of residence.

How to apply You can check for a prequalified offer online. You’ll need a copy of a valid, government-issued ID, social security card, proof of residence, and proof of income to finalize the loan. OneMain Financial requires an in-person branch visit to complete the loan application.

COVID-19 resources OneMain Financial offers a “Here to Help” page offering resources for consumers amid the coronavirus pandemic.

Footprint OneMain Financial loans are available in every U.S. state except Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont.

Loan example A loan of $10,000 at 25% APR will have a monthly payment of $332 for 48 months.