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Our goal here at Credible is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

Best for:

  • 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 offers both secured and unsecured personal loans of up to $20,000, with repayment terms ranging from 2 to 5 years. There are no prepayment fees, 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.

onemain financial personal loans
Loan size$1,500 to $20,000 (may require collateral)
Loan terms2 to 5 years
Minimum credit scoreNone
Time to get fundsAs soon as the same day, but usually requires a visit to a branch office
Fees
  • Origination fees vary by state
  • No prepayment penalty
Loan useDebt consolidation, home improvement, any personal expense or purchase
Key benefits
  • Available to borrowers with less than prime credit
  • In-person "ability-to-pay evaluation"
  • Previous customers may qualify for larger loans
Residency
Photo I.D. issued by U.S. federal, state or local government required.
Best for
  • Below average credit

  • Debt consolidation

  • Smaller loan amounts

OneMain Financial personal loans review

You can apply for a OneMain personal loan online. Then, if you’re approved, you’ll meet with a OneMain loan specialist at one of the company’s nearly 1,600 branch offices to discuss your options.

Although OneMain says funds can be available the same day you’re approved, your loan specialist will want to see documentation verifying your identity, income, expenses, and employment.

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 offers repayment terms of two, three, four, or five years, allowing you to choose a loan with a monthly payment that’s the best fit for your budget. The interest rate and monthly payment on all OneMain personal loans is fixed, and there are no prepayment penalties.

You can make payments online, over the phone, by mail, or at OneMain branch offices. Cash payments are also accepted through the PayNearMe service at participating CVS, 7-Eleven, Casey’s General Store, or Family Dollar stores.

Secured loan option

You may be offered an unsecured personal loan, or 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:

  • Florida: $8,000
  • Iowa: $8,500
  • Maine: $7,000
  • Mississippi: $7,500
  • North Carolina: $7,500
  • Texas: $8,000
  • West Virginia: $14,000

How OneMain compares to other lenders

Here’s how OneMain compares to other lenders who specialize in serving borrowers with fair to good credit.

 one main financialupstartlendingpoint
Fixed rates18.00% - 35.99%*

*rates as of August 2019
6.14% - 35.99% APR415.49% - 34.99% APR
Loan amount$1,500 up to $20,000
(may require collateral)
$1,000 to $50,0005$2,000 up to $25,000
All APRs reflect autopay and loyalty discounts where available | Read more about Rates and Terms

How to take out a personal loan with OneMain Financial

If you’re in the market for a personal loan, comparing rates offered by the best personal loan companies can help you find the best personal loan for your needs. Although OneMain is not one of our partner lenders, Credible allows you to compare prequalified personal loan rates from other lenders who offer personal loans.

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Checking rates won’t affect your credit

How OneMain can improve

OneMain Financial stands out from other lenders by providing face-to-face borrower evaluations, and for offering secured as well as unsecured loans.

However, OneMain could improve by:

  • Offering lower rates to borrowers with good credit
  • Providing more transparency around fees
  • Allowing borrowers to close loans online without visiting a branch office

About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 3.99% - 35.99% APR with terms from 24 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 8%. 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 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. 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.

5Your 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 OH is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.

6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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