OneMain Financial Personal Loans Review 2022


Founded in 1912, OneMain Financial is the largest proprietary lending financial company in the United States, offering secured and unsecured personal loans. The company has more than 1,500 branches in 44 states.

OneMain Financial loans have fixed rates, fixed payments and no prepayment charges.

  • Both secure and non-secure options are available.
  • Co-signers are accepted.
  • Borrowers can be prequalified with a soft credit check.
  • OneMain approves loans for borrowers with lower credit scores.

  • Borrowers cannot use loan funds for business purposes.
  • The closure requires a visit to a physical branch.
  • Rates are higher than comparable lenders.
  • Larger loans require collateral.

OneMain Financial offers personal loans for a variety of reasons, but with some restrictions. Common uses of loans include:

  • Debt Consolidation
  • Car purchase, repair or refinancing
  • Wedding or funeral expenses
  • Medical debts
  • Vacations
  • Recreational vehicles
  • Home improvements

Borrowers cannot use their personal loan funds to:

  • Post-secondary education expenses
  • Professional or commercial purposes
  • Illegal activities
  • Invest
  • Gambling

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

The annual percentage rate you will 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 which is either a flat fee or a percentage of the loan amount. Flat fees vary by state and range from $25 to $400. Percentage fees vary from 1% to 10% of the loan.

OneMain Financial charges late fees on its loans, but the amounts may vary by state. Some loans assess a flat fee and others charge a percentage fee. Fixed charges range from $5 to $30 for fixed charges, or a percentage of 1.5% to 15% of the overdue amount. The insufficient funds fee is $10 to $50.

OneMain Financial does not disclose any minimum eligibility requirements. You can get prequalified loan offers and consult 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 closing date of the loan.

OneMain provides personal loans to people who have poor credit or a FICO score below the minimum of 660 required by many lenders. Credit score is not the only factor considered by OneMain Financial when approving personal loans or assigning loan terms. The lender also considers credit history, income, expenses, debt 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’s complaints database, with all but one receiving a timely response. Most of the complaints were about issues such as unexpected charges, difficulty repaying the loan, or difficulty getting the loan.

If you are applying for a OneMain Financial loan, you will need to visit 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, expenses, employment and warranty, if necessary. 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 a lower APR and a higher loan amount. The guarantee accepted includes car titles.

OneMain Financial offers a seven-day satisfaction guarantee, during which you can cancel a loan without penalty.

  • Borrowers with poor or fair credit
  • People who need a co-signer
  • Borrowers who can visit a branch in person

Q. What credit score do you need for a OneMain personal loan?
OneMain Financial does not disclose the minimum required credit score, but considers factors other than 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 complete the process you will need to visit one of the lender’s over 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 loans.enders rated by US News Loans.
Q. Is OneMain Financial a good lender?
OneMain Financial is rated A+ by the Better Business Bureau and is a good lender for borrowers who have poor credit or need a co-signer.


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