Best for:
- Borrowers with below-average credit
- Debt consolidation
- Small loan amounts
OneMain Financial provides personal loans to borrowers who don’t necessarily have great credit, but are willing to pay a higher interest rate — up to 35.99%. With a history dating back 100 years, OneMain says it’s provided loans to more than 10 million customers over the years.
In this post:
- OneMain Financial interest rates and loan details
- OneMain Financial personal loans review
- How OneMain compares to other lenders
- How to take out a personal loan with OneMain Financial
- What to consider before applying for a OneMain Financial personal loan
OneMain Financial interest rates and loan details
OneMain Financial offers both secured and unsecured personal loans of up to $20,000, with repayment terms ranging from two to five years. You won’t pay any prepayment penalties for paying off your loan early, but OneMain charges origination fees that vary from state to state. In New Mexico, for example, OneMain may charge a loan processing fee of up to $200.
Here are some more details about OneMain Financial personal loans:
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| Credible rating | 
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| Fixed rates | 18.0% - 35.99% APR 4 |
| Loan size | $1,500 to $20,000 (may require collateral) |
| Loan terms | 2 to 5 years |
| Min. credit score | None |
| Time to get funds | As soon as the same day, but usually requires a visit to a branch office |
| Fees |
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| Loan use |
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| Key benefits |
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| Residency | Photo I.D. issued by U.S. federal, state or local government required. |
| Best for |
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OneMain Financial personal loans review
OneMain Financial has more than 1,400 branches in 44 states. It has provided financial services for 100 years. In addition to offering personal loans, OneMain works with clients to develop a repayment plan and monthly budget to ensure they can afford their loans.
OneMain Financial provides loans to borrowers with less-than-perfect credit. The lender offers both secured and unsecured personal loans. Meeting in person allows loan officers to get more detailed information not available with an online application, so you may have better chances of qualifying. Additionally, previous borrowers may qualify for larger loans once they successfully pay off their initial balance.
Read More: How Personal Loans Work
How to qualify
When evaluating your loan application, OneMain looks at your financial history, credit history, income and expenses, and loan purpose to see if you qualify for a loan. The company’s “ability-to-pay” evaluation looks at your net income, and a loan specialist reviews your outstanding debts and personal living expenses.
If you take out a personal loan to consolidate high-interest credit card debt, that could leave you with more net disposable monthly income, which increases your chances of being approved. Debt consolidation can also help your credit score.
Learn More: What You Can Use a Personal Loan For
Repayment
OneMain Financial offers repayment terms ranging from two to five years. You can choose a repayment term that best fits your budget and financial goals. If you want to repay your loan faster, you’ll have higher monthly payments but pay less interest. If you opt for lower monthly payments, you’ll spend less each month but pay more in interest over the life of your loan.
OneMain Financial personal loans have fixed interest rates, so you don’t have to worry about your monthly payment changing. And OneMain doesn’t charge prepayment penalties on its loans if you want to pay your loan off ahead of schedule.
You have multiple repayment options, including online, over the phone, mail, or in person at a OneMain branch. You can also make cash payments at CVS, 7-Eleven, Casey’s General Store, and Family Dollar Stores that utilize the PayNearMe system.
Secured loan option
You may qualify for an unsecured personal loan, which is a loan that’s not secured by collateral like a car, boat, camper, or RV. But if you’re willing to provide collateral, OneMain’s secured personal loans could allow you to borrow more money at a lower interest rate.
For example, in several states, OneMain’s borrowing limits for unsecured loans are considerably less than $20,000. In these states, you’ll need to put up collateral if you’re seeking a loan larger than the following amounts:
- Iowa: $8,500
- Maine: $7,000
- Mississippi: $7,500
- North Carolina: $7,500
- West Virginia: $14,000
Many lenders offer secured and unsecured loans. Unsecured loans only require your signature to get the loan. Secured loans require collateral and your signature to qualify for a loan. Collateral may include the title to your vehicle, valuable jewelry, or valuable artworks. If you can’t repay your loan, the lender can take your collateral to collect the debt you owe. Secured loans are often offered to borrowers with bad credit history.
How OneMain compares to other lenders
Here’s how OneMain compares to other lenders who specialize in serving borrowers with fair to good credit.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| Fixed rates | 18.0% - 35.99% APR 4 | 5.4% - 35.99% APR4 | 7.99% - 35.99% APR |
| Loan amount | $1,500 to $20,000 (may require collateral) | $1,000 to $50,0005 | $2,000 to $36,500 |
| Repayment terms | 2 to 5 years | 3 to 5 years4 | 2 to 6 years |
| Time to fund | As soon as the same day, but usually requires a visit to a branch office | As fast as 1 business day6 | As soon as the next business day |
| Minimum credit score | None | 580 (in most states) | 600 |
How to take out a personal loan with OneMain Financial
OneMain Financial requires borrowers to apply for a personal loan on its website.
You’ll need to provide personal information, including:
- Name and address
- Current employment
- Income statements
- Proof of employment
- Proof of address
- Personal identification
If you’re approved, you’ll meet with a loan specialist at one of their branch offices to discuss funding options. If necessary, the lender may ask you to provide additional information or collateral to secure your loan.
After you’ve completed the application process and signed the paperwork, you can expect to see the funds in your account within a few days. OneMain Financial may be able to provide you with funds on the same day.
What to consider before applying for a OneMain Financial personal loan
OneMain Financial stands out from other lenders by providing face-to-face borrower evaluations, and for offering both secured and unsecured loans. But keep these things in mind before you apply for one of its loans:
- Won’t be able to complete the entire loan process online: While you can start the application process online, you’ll have to visit a OneMain branch location to finalize your application and sign for your loan. Other lenders allow you to complete the entire loan process digitally, which can be more convenient.
- Charges origination fees: Many lenders charge origination fees for processing the loan, which cuts into the total loan funds you’ll receive. But if you have good credit, you may be able to find a lender that doesn’t charge this fee.
- May pay a high interest rate: Since OneMain works with borrowers with little or no credit history, you’ll pay a higher interest rate for your loan. If you have good to excellent credit, you may be able to find a more competitive rate with a different lender.
You should compare rates from OneMain and other lenders to determine which option best fits your financial needs. Comparing rates and loan terms is the easiest way to save money on personal loans.
Finding a lender that offers longer repayment terms can make your monthly payment more affordable, while lower interest rates can reduce the total cost of your loan. Before applying, take a few extra minutes to consider rates and terms from at least three lenders.
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The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. OneMain charges origination fees. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.49%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
6Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
