OneMain Financial Personal Loans Review (2026)

Our take on OneMain Financial

OneMain Financial earned its 3.8 / 5-star rating mainly by being one of the few lenders offering bad-credit personal loans, but also because of another rarity. On average, OneMain approved significantly higher loan amounts for borrowers with sub-580 credit scores than other Credible lending partners. 

Despite its accessibility and relatively large loan amounts for bad-credit borrowers, OneMain shares some of the drawbacks typical of bad-credit lenders, such as high interest rates and fees. This review will cover both the pros and cons and help you decide whether you should consider this or another lender.

Who (or what) is OneMain Financial best for?

• Bad-credit borrowers seeking larger personal loans: Although the maximum loan amounts available from many Credible lending partners are higher than OneMain's, 12 months of loan data show the difference between what's available and what's approved. Among borrowers with credit scores below 580, the average loan amount from OneMain was $9,058, while average loan amounts from Avant and Reprise were $6,215 and $6,833, respectively. However, if you're seeking a bad-credit personal loan of less than $7,000, you may get a lower rate from Reprise. 
• Bad-credit borrowers with cosigners, collateral, or modest incomes: In addition to having no minimum credit score or income requirement (when you apply directly with OneMain), the lender allows cosigners and secured loans. These features can also help borrowers with sub-580 credit scores qualify. 

Learn More: Best Low-Income Personal Loans

Who is OneMain not best for?

OneMain personal loans are generally not best for borrowers with anything better than bad credit. If your credit score is above 670, you should probably avoid OneMain altogether. OneMain had the highest average rates of any Credible lending partner for borrowers in the good, very good, or excellent range (and in many cases, by a lot).

Even if your credit is in the borderline fair-good area, you might qualify for a somewhat smaller loan amount but a significantly lower interest rate from a different lender. For example, below are average rates and loan amounts that Reprise and OneMain borrowers with fair credit qualified for on the Credible marketplace:

Pros and cons

Details on the pros 

• Bad-credit loans available: OneMain specializes in loans for borrowers with bad credit, with no minimum credit score requirement, as well as no minimum income requirement. To qualify for a OneMain loan through Credible, it’s recommended that you earn at least $10,000 annually.
• Larger loans for bad credit: On average, no other Credible lending partner approved larger loans for borrowers with credit scores below 580. 
• Secured and cosigned loans: Securing a loan with an asset, such as a car or a house, or using a cosigner could make it easier to qualify. Still, remember that secured loans are risky for you (you could use your collateral if you default) and cosigned loans are risky for your cosigner (they're responsible for repayment if you default, and their score could be damaged if you make late payments).
• Physical branches: If you prefer in-person customer service, OneMain has more than 1,300 branch locations in 44 states.

Details on the cons

• High starting APR (and high rates in general): OneMain's starting APR of 18.00% puts it at a disadvantage against many other personal loan lenders, although its rates for borrowers with bad credit are typical (average 31.00% on loans through Credible). Still, its rates compare favorably with more expensive alternatives such as payday loans.
• Origination fees: Depending on the state where you live, OneMain may charge origination fees as flat fees or a percentage of your loan amount. Flat fees vary by state ($25 to $500). Percentage-based fees also vary by state (1% to 10%).
• Not available nationwide: OneMain Financial personal loans aren't available in Alaska, Arkansas, Connecticut, Kentucky, Massachusetts, Rhode Island, and Vermont.

How to qualify for a OneMain Financial personal loan

OneMain considers eligibility criteria, including:

• Credit score and financial history: While OneMain Financial doesn’t have a minimum credit score requirement when you apply directly, your credit and financial history will be considered. This includes reviewing how many loans and credit cards you have, how much you owe, if you pay your bills on time, and how long you’ve been managing credit. The company will also consider whether you have filed for bankruptcy, and if so, how you’ve handled your credit since. 
• Income and employment: You’ll need to have enough income to qualify for the loan you’re applying for. There is no minimum income requirement, though it’s recommended that you make $10,000 per year or more. The main concern is that you have the ability to repay the loan. When you prequalify, you’ll be asked what type of employment you have, whether you’re employed, self-employed, retired, or have another income source. 
• Value of collateral: If you applied for a secured loan, the lender needs to evaluate your collateral to determine if its value is sufficient to support the loan. Also, if you’re using a car as collateral, it needs to be no older than 10 years to qualify for a “larger” OneMain loan. (OneMain doesn’t indicate how large “larger” is.)
• State of residence: Your state may affect what loan terms you qualify for. Some states have minimum and maximum loan amounts.

OneMain Financial personal loan purposes

Acceptable uses for a OneMain personal loan include:

• Debt consolidation
• Emergencies
• Home improvement
• Medical expenses
• Auto purchases and refinancing
• Auto repair
• Moving
• Wedding
• Pools
• Vacation
• Motorcycle, RV, or boat
• Funeral
• IVF services

Personal loans cannot be used for post-secondary school expenses, business or commercial purposes, or to purchase cryptocurrency assets. 

OneMain Financial fees and penalties

• Loan origination fees: Origination fees are different for each loan application with OneMain Financial. The kind of fee you're charged and the size of the fee depend on the state where you live. They can range from 1% to 10% of the loan amount or a flat fee between $25 and $500. 
• Late fees: OneMain Financial charges late fees when a payment hasn’t been made by the end of the grace period. It’s not the same for each loan. Fees are subject to state limits, but can range between $5 and $30 per late payment or a percentage of the late payment between 1.5% and 15%.
• Government fees: If there are any fees your state or county government charges for adding OneMain as a lienholder on collateral used for a secured loan, you are responsible for them. 
• Insufficient funds fees: An insufficient funds fee ranges from $10 to $50 if an electronic check or ACH transaction is returned.

OneMain Financial vs. other lenders

OneMain Financial company details and history

OneMain Financial specializes in lending to non-prime borrowers, with products including personal loans and credit cards. Originally founded as a company called Commercial Credit, OneMain's roots in the financial services industry date back to 1912. It has served more than 18 million customers since 2006. 

Headquartered in Evansville, Indiana, OneMain Financial has over 1,300 branches and does business in 47 states. 

Contact information

OneMain Financial has in-person branches as well as multiple ways to contact customer service:

• Phone: 833-390-2053, 8 a.m. to 9 p.m. ET Monday through Friday and 9 a.m. to 6 p.m. ET Saturday
• Email: [email protected] 

You can also fill out a contact form on the OneMain Financial website or use the branch locator tool to find a branch near you. Alternatively, you can check the online help center for answers to common questions.

Methodology 

Credible evaluated 32 lenders across 1,216 data points to choose the best lender overall, plus top picks for different borrowers and use cases. Across lenders, we collected data on customer experience and service options, minimum and maximum fixed interest rates, minimum and maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more.

We assigned a numerical value to each attribute based on how that feature compared with the same feature for every other lender in the set. Attributes were grouped into categories, scores were compiled, and categories were weighted according to their relative importance — for instance, rates and fees were weighted highest since loan cost is among the most important factors in determining loan value.

• Rates and fees: 18.75%
• Eligibility and options for bad and no credit: 17.5%
• Availability: 12.5%
• Loan amounts and terms: 10%
• Customer satisfaction: 10%
• Customer service: 10%
• Efficiency and fund delivery: 10%
• Discounts: 7.5%
• Credible proprietary data: 3.75%

We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates. Learn more about how Credible rates lenders by exploring our full personal loans lender rating methodology.