OneMain Financial Personal Loans Review 2023

OneMain Financial provides personal loans for various reasons but with a few restrictions. Common uses for loans include:

Borrowers cannot use their personal loan funds for:

OneMain Financial offers personal loans of $1,500 to $20,000 and repayment terms from 24 to 60 months. Depending on your credit, you may be approved for an unsecured or a secured loan. For a secured loan, you’ll need to provide collateral, such as a vehicle, to receive the funds. In some states, the minimum and maximum loan amount can vary. For example, the minimum loan in California is $3,000, and Florida sets a maximum unsecured loan size of $8,000. OneMain explains these parameters in its loan fee disclosure.

The annual percentage rate you’ll pay on a OneMain Financial loan ranges from 18.00% to 35.99%.

You can receive the funds as soon as one business day after your loan is approved. The lender charges an origination fee that is either a flat fee or percentage of the loan amount. Flat fees vary by state and range from $25 to $400. Percentage fees range from 1% to 10% of the loan.

OneMain Financial charges a late fee on its loans, but the amounts can vary by state. Some loans assess flat fees and others charge percentage fees. Flat fees range from $5 to $30 for flat fees, or a percentage fee of 1.5% to 15% of the delinquent amount. Non-sufficient funds fees are $10 to $50.

OneMain Financial doesn’t disclose any minimum eligibility requirements. You can get prequalified and view loan offers with a soft credit check. OneMain Financial also accepts co-signers.

Loans are funded by check or electronic deposit to your bank account via ACH or SpeedFunds debit card. ACH funds are available one to two days after the loan closing date. SpeedFunds are available on the loan closing date.

OneMain extends personal loans to people who have thin credit or a lower FICO score than the 660 minimum that many lenders require. Credit score is not the only factor OneMain Financial considers when approving personal loans or assigning loan terms. The lender also factors in credit history, income, expenses, debt-to-income ratio and available collateral.

OneMain Financial has an A+ rating with the Better Business Bureau. In 2020, OneMain Financial had 177 complaints in the Consumer Financial Protection Bureau complaint database, all but one receiving a timely response. Most complaints were filed regarding issues like unexpected fees, challenges paying the loan or difficulties in getting the loan.

In May 2023, the Consumer Financial Protection Bureau ordered OneMain Financial to pay $20 million for allegedly pushing borrowers to sign up for unnecessary products and then failing to honor a full-refund policy by keeping interest charges on add-on products.

If you’re applying for a OneMain Financial loan, you’ll need to go into a branch to complete the process. Borrowers can prequalify online by providing basic personal and financial information and the desired loan amount. OneMain will provide an instant prequalification decision. If pre-approved, OneMain will direct you to the nearest branch to verify identity, income, expense, employment and collateral, if required. A OneMain associate will review loan options with you. Loan documents are signed in-person before funds are disbursed.

You can get a secured loan from OneMain, which is an option if you want to qualify for a lower APR and larger loan amount. Collateral accepted includes car titles.

OneMain Financial offers a seven-day satisfaction guarantee, during which time you can cancel a loan with no penalty.

Q. What credit score do you need for a OneMain personal loan?
OneMain Financial does not disclose the minimum credit score needed, but considers factors beyond your credit score when making credit decisions.
Q. Can I get a personal loan from OneMain Financial?
You can apply for a OneMain Financial loan online, but to finish the process you’ll have to visit one of the lender’s 1,500+ branches. You can get a personal loan from OneMain Financial if you have a below-average credit score compared to what most lenders require, which is 780 for the best rates and a minimum of 660 with the majority of lenders rated by U.S. News Loans.
Q. Is OneMain Financial a good lender?
OneMain Financial is rated A+ by the Better Business Bureau and is an option for borrowers who have lower credit or who need a co-signer.