OneMain Financial Personal Loans Review 2024


Worried about financing your expected and unexpected expenses? Whether it is debt consolidation, medical, vacation, or any other requirement, OneMain Financial Personal Loans can help you meet your current and future financial needs.

What is OneMain?

OneMain is a lending platform that offers personal loans to prospective borrowers with a bad credit history. The loans are available at fixed rates and for terms ranging from 24 months to 60 months. To complete the application process, you need to meet a loan specialist at a local branch. After proper evaluation of your application, the loan funds may be approved on the same day.

What services do OneMain offer?

OneMain offers both secured and unsecured personal loans to prospective borrowers. While a secured loan requires providing collateral such as a motor vehicle, there is no collateral required for an unsecured loan.

The need for collateral is determined by a number of factors such as the amount of loan applied for, credit history of the borrower, and financial and income status, among others. While it is easier to get approval for a secured loan, your collateral may be seized in case of a default.

Borrowers can get loans to meet financial requirements such as:

  • Loans for Debt Consolidation.
  • Life event loans like medical loans, wedding loans, funeral loans, emergency loans, or moving loans.
  • Recreation loans like vacation loans, motorcycle loans, RV loans, and boat loans.
  • Auto loans like auto repair loans, car purchase loans, auto refinance loans, and cash-out refinance.
  • Loans for home improvement.

The minimum loan amount ranges from $1,500 to a maximum of $20,000. However, it may vary for some states. Loan terms will likewise vary based on the personal information provided such as your income, expense, credit history, available collateral, and debts.

Borrowers can use the personal loan calculator available on the official website to get an estimate of the monthly payment for different loan amounts.

How does OneMain work?

A personal loan application at OneMain is approved or rejected based on a number of factors. Different lenders have unique underwriting requirements that typically include information relating to the credit profile and financial status of the applicant, and prevailing state laws, among others.

While the OneMain platform does not provide a set list of requirements to qualify for a loan, it takes into account the following factors for approving or declining an application:

  • Credit Score: A minimum credit score is not required to apply. Instead, OneMain considers the borrower’s entire credit history while reviewing an application. So, even if you have a bad credit history, you are still eligible to qualify for a loan by paying a higher interest rate.
  • Income Details: There is no mention of any monthly or annual income and the maximum debt-to-income ratio to qualify for a loan. However, these factors are also considered at the time of evaluating a loan application.
  • Co-applicants and co-signers: If you are looking for a larger loan amount or unable to qualify for a loan, you can send your application to a co-applicant. The responsibility of loan repayment lies with the co-applicant along with equal ownership of the fund.
  • Collateral: If you require a larger loan amount, OneMain offers a secured personal loan in return for collateral of sufficient value. Motorcycles, boats, RVs, trucks, and cars are accepted as collateral. These vehicles require appraisal and insurance against damage. Moreover, members of the military are not eligible to use collateral.

OneMain features one of the easiest loan application processes in the market. The steps to successfully apply for a loan are:

Step 1: Check the applicable rate

Prospective borrowers can check the applicable rates on their loan amount by providing some basic information relating to their employment, financial, and personal details. Furthermore, it won’t affect the credit score as OneMain does not conduct a hard credit check at this point.

Step 2: Submit documentation

Applicants who are conditionally approved for a loan will be contacted by a OneMain loan specialist who will help complete the loan application process. The applicant is required to furnish necessary documents like proof of income by providing pay stubs or tax returns, a copy of identity card, details of collateral, etc. The entire process can be conducted at any branch, over the phone, or online.

Step 3: Sign the loan agreement

A formal contract with all the applicable terms, rates, and fees for your loan will be prepared by OneMain. Once the borrower agrees to the terms and conditions of the loan and signs the document, they will be able to receive the funds.

Step 4: Receive the money

Borrowers can receive their loan amount in two ways – either in person via check from any OneMain Financial branch or as a direct deposit to the bank account. The time taken to receive the fund will vary depending on the chosen payment method.

Rates and fees

The Annual Percentage Return (APR) varies from 18.00% to 35.99%. The better your income, credit, and financial status, the lower the applicable APR.

A flat origination fee from $25 to $500 or a percentage fee ranging from 1% to 10% of the loan amount will be applicable depending on the prevailing state laws.

Also, there is a flat late payment fee from $5 to $30 or a percentage fee from 1.5% to 15% of the monthly payment amount or the outstanding loan balance will be applicable as a late payment fee.

While there is no prepayment penalty, a $10 to $50 charge might be imposed if there are insufficient funds at the time of repaying your loan amount.

In the case of collateral, OneMain may impose certain government fees for registering its lien against the vehicle’s title.

Repayment terms

Depending on your financial status, you may be eligible for a secured or unsecured personal loan. You can get loans ranging from $1,500 to $20,000 with repayment terms varying between 24 and 60 months. In the case of a secured loan, you will need to provide collateral for receiving funds. OneMain discloses all these parameters in its loan fee disclosure.

Pros & Cons


  • Suitable for borrowers with a low credit score.
  • Secured and unsecured personal loans are available.
  • Evaluation of income and credit history of the borrower instead of the credit score.
  • Loan funds are available as early as the same business day.
  • Borrowers can obtain prequalification with a soft credit check.


  • Relatively low maximum loan amount of $20,000.
  • The loan cannot be used for any business purpose.
  • Relatively high APR.
  • Origination fee applicable.
  • Loans of larger amounts require a lien on an automobile.


For what purposes can you get OneMain loans?

OneMain provides loans to meet a wide range of purposes including:

  • Medical debts
  • Funeral expenses
  • Wedding expenses
  • Purchase, repair, or refinance of auto
  • Debt consolidation
  • Home improvements
  • Recreational vehicles
  • Vacation

However, such personal loans cannot be used for the following purposes:

  • Commercial or business
  • Investing
  • Gambling
  • Illegal activities, or
  • Postsecondary education expenses

Is OneMain a reputable platform?

OneMain received an A+ rating from the Better Business Bureau. For the year 2020, it resolved 176 user queries and grievances. It’s a reliable platform for borrowers with a low credit score or those requiring a co-signer.

How long does it take to apply for and receive a loan at the OneMain platform?

From the start of the application process to the receipt of funds, the entire process usually takes around one day. The time may vary depending on the time during which the application is made, the total documents required for completing the application, the time required for receiving the documents, and other factors.

Moreover, the average time for the online application is as follows:

  • Less than 10 minutes for completing the application and receiving the decision
  • One business day for signing the agreement and receiving the funds

How can you qualify for a loan on the OneMain platform?

OneMain does not prescribe any minimum eligibility requirement for making an application. It helps to get prequalified and check out the suitable loan offers by performing a soft credit check. The platform also accepts co-signers.

What are the documents required to apply for a personal loan at OneMain?

You need to furnish the following documents as a part of the verification process:

  • A copy of your Social Security Card.
  • A copy of any valid government-issued identity card, such as a passport or driving license.
  • Proof of residences such as a utility bill, a signed lease, or a driving license containing the current address.
  • Proof of income such as tax returns or pay stubs.

OneMain may ask for additional documents to complete the verification process.

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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