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OneMain Financial offers secured loans and permits co-applicants, making it a good option for borrowers with poor credit or no credit. However, its APRs are higher than you may find with other lenders, and it also charges high origination and late fees.
- Pros & Cons
Secured loans available
Quick loan disbursement
Seven-day cancellation policy
Certain minimums apply in some states
High origination fees
Collateral required for some borrowers
- Certain minimums apply in some states: Some states have special loan minimums higher than the standard $1,500.
- Co-applicants allowed: If you have less-than-stellar credit, adding a co-applicant may improve your odds of qualifying for a loan or a larger loan amount. Not all personal loan lenders allow co-applicants, but OneMain Financial does.
- Quick loan disbursement: Once your loan application is approved, OneMain Financial will disburse your funds in as little as one business day.
- Seven-day cancellation policy: If you take out a loan from OneMain Financial and change your mind, you can take advantage of the lender’s seven-day cancellation policy and return the funds without interest charges. You have seven days from the date of your loan agreement to cancel the loan.
- High origination fees: While many personal loan lenders don’t charge origination fees, OneMain Financial does. In fact, its origination fees can be quite high; depending on where you live, fees can be as high as 10%.
- Higher-than-average APRs: OneMain Financial’s loans have higher-than-average APRs. The loans carry APRs ranging from 18% to 35.99%.
- Collateral required for some borrowers: Depending on your creditworthiness and income, OneMain Financial may decide you’re ineligible for an unsecured loan. If that’s the case, you may need to apply for a secured loan with collateral instead. Another option that may be offered is taking a smaller loan.
OneMain Financial is a personal loan lender that allows customers to apply for loans at one of its branches or online. It primarily serves non-prime customers; the majority of OneMain personal loans are issued to borrowers with scores of 619 or below.
Customers can borrow between $1,500 and $20,000 through OneMain Financial and have up to five years to repay the loan. The company issues both secured and unsecured loans. Prospective borrowers applying for a secured loan and using their property as collateral may qualify for lower rates or a larger loan amount.
OneMain disburses loans in as little as one business day after an applicant is approved, so it could be a good choice if you have an emergency expense and need money quickly.
With 10.3 million customers, OneMain Financial is one of the largest installment loan lenders in the country. It’s headquartered in Evansville, Indiana, but it has branches in 44 states. According to the company, 89% of Americans live within 25 miles of a OneMain Financial branch.
Types of Personal Loans Offered By OneMain Financial
OneMain Financial issues both secured and unsecured personal loans. You don’t get to choose which kind of loan you apply for. Instead, OneMain Financial uses the information on your application to determine your eligibility for a loan and what type of loan to offer you. Depending on your credit and the requested loan amount, OneMain Financial may require you to provide some form of property as collateral to secure the loan.
All of OneMain Financial’s loans have fixed interest rates, and there are no prepayment penalties if you choose to pay off the loan early.
Time to Receive Funds
When you submit your application, you’ll likely receive a loan decision within 10 minutes. If you’re approved and sign the loan agreement, you could get the requested money as soon as the next business day.
OneMain Financial Personal Loan Features
OneMain Financial’s loans have the following standout features:
If you have less-than-stellar credit and want to improve your odds of qualifying for a loan—or want a larger loan amount than you got approved for on your own—you can apply for a OneMain Financial personal loan with a co-applicant. A co-applicant generally has excellent credit and stable income and is responsible for the loan’s repayment if the primary borrower falls behind.
Co-applicants are different from co-signers in that co-applicants share responsibility for the loan and also have access to the loan funds.
When you submit your application, OneMain Financial may offer you a secured or unsecured loan. If you are offered a secured loan, you’ll have to use your property—such as a car or motorcycle—as collateral. With a secured loan, you may be eligible for a lower rate or a larger loan amount.
Apply for a OneMain Financial Personal Loan
To qualify for a loan, you must be at least 18 years old—or the age of majority in your state. OneMain Financial will ask you for a copy of a government-issued ID, proof of residence, and proof of income.
You can apply for a personal loan from the lender by following these steps:
- Apply: OneMain Financial will ask you for basic information about your requested loan amount, income, and contact information.
- Review the response: OneMain Financial will send you a loan decision within minutes after submitting your information. If approved, you will connect with a loan specialist online, over the phone, or in person at a branch to discuss if any collateral is needed and to verify your identity.
- Sign the agreement: After meeting with the specialist, OneMain Financial will send you the final loan agreement and disclosures. Review them carefully before signing to make sure you understand the loan’s fees and terms. Once the document is signed, OneMain Financial will disburse your loan.
Can You Refinance a Personal Loan with OneMain Financial?
OneMain Financial doesn’t allow you to refinance your existing personal loans but it does allow you to refinance existing auto loans and consolidate debt.
OneMain Financial’s customer service department is only available in person, via phone, and through an email contact form. Customer support can be reached Monday through Friday from 5:00 a.m. until 5:00 p.m. PST; its phone lines aren’t staffed on the weekends. To contact a representative, call 1-800-290-7002 or use the search tool to find a branch near you.
While OneMain Financial wasn’t highly ranked in a recent third-party customer satisfaction study, it generally is well-reviewed by customers.
In the J.D. Power 2022 U.S. Consumer Lending Satisfaction Study, OneMain Financial ranked close to last out of 24 personal loan lenders. On a 1,000-point scale, OneMain Financial’s score was 679, which was well below the segment average.
However, the company has an “excellent” rating of 4.8 out of 5 stars based on over 48,000 reviews on TrustPilot. Customers frequently cite the company’s great customer service, easy application process, and fast loan disbursement speed in their reviews.
Borrowers can create online accounts at OneMainFinancial.com. Once your account is created, you can view monthly statements, schedule payments, and update your contact information.
How OneMain Financial Compares to Other Personal Loan Companies
OneMain Financial offers secured and unsecured loans to people with less-than-perfect credit scores. But with its high APRs and fees, it’s worth shopping around and getting quotes from other lenders.
If you’re looking for a loan, here’s how OneMain Financial stacks up against Upgrade, another popular personal loan lender:
OneMain Financial vs. Upgrade
Both OneMain Financial and Upgrade offer personal loans. However, there are some key differences to keep in mind:
- While OneMain Financial’s maximum loan amount is $20,000, Upgrade allows borrowers to take out as much as $50,000.
- The longest loan term OneMain Financial offers is 60 months. By contrast, Upgrade has loan terms as long as 84 months.
- OneMain Financial focuses on non-prime consumers. While Upgrade doesn’t specify a minimum credit score, the weighted average for its customers' scores is 711, higher than the score of a typical OneMain Financial customer.
|Loan Amounts||$1,500 to $20,000||$1,000 to $50,000|
|Loan Terms||Two to five years||Two to seven years|
|APR||18.00 to 35.99%||8.24% to 35.97%|
|Origination Fee||0% to 10%||1.85% to 8.99%|
|Late Fee||$5 to $30||Up to $10|
|Unemployment Protection Available||No||No|
Read our full Upgrade personal loans review.
If you have poor to fair credit—or no credit history at all and need cash quickly—OneMain Financial might be a solution for you. It disburses its loans as soon as the next business day after approval, and it accepts borrowers with non-prime credit scores. Plus, it offers secured loans and accepts co-applicants.
OneMain Financial customer reviews are largely positive and its loan application process is simple and quick. However, OneMain Financial does have high APRs and origination fees, so prospective borrowers may find better rates elsewhere. Before choosing a lender, compare offers from several personal loan lenders to find the best loan for your needs.
Frequently Asked Questions
How hard is it to get a loan with OneMain?
It's simple and easy to get a loan with OneMain. Loan applications are reviewed in as quickly as 15 minutes and there are multiple options for applicants with poor or no credit history to apply.
What is the minimum credit score for OneMain Financial?
OneMain Financial has no minimum credit score requirement and offers joint applications for applicants with poor credit.
Does OneMain Financial hurt your credit?
Like any loan application, OneMain Financial will do a hard pull of your credit history as part of your official application, which may temporarily hurt your credit. However, you can avoid this by pre-qualifying prior to officially applying for a loan.
How fast do you get money from OneMain Financial?
After you submit your application, you’ll likely receive a loan decision within 10 minutes. If you’re approved and sign the loan agreement, you could get the requested money as soon as the next business day.
Does OneMain Financial help build credit?
By making on-time payments and keeping track of your monthly statements, you'll build credit in repaying your OneMain Financial loan.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.
Our full personal loan methodology, including our data collection process and weighted data points, is available for review.
Disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loan-fees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university, or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives, or other speculative investments; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan that does not require you to provide collateral (such as a motor vehicle) to the lender. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
OneMain Financial. "Loan Information."
OneMain Financial. "Personal Loans."
U.S. Securities and Exchange Commission. “10-K OneMain Financial,” Page 59.
OneMain Financial. "About Us."
J.D. Power. "2022 U.S. Consumer Lending Satisfaction Study."
TrustPilot. "OneMain Financial."
Upgrade. “Personal Loans.“
Upgrade. “Upgrade Partnership With Banks.”