OneMain Financial Personal Loans Review

OneMain Financial offers both secured and unsecured personal loans

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one main financial personal loans
overall rating
2.6

Our Take 

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
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Secured loans available

  • Co-applicants allowed

  • Quick loan disbursement

  • Seven-day cancellation policy

Cons
  • Certain minimums apply in some states

  • High origination fees

  • Higher-than-average APRs

  • Collateral required for some borrowers

Key Takeaways
  • OneMain Financial personal loans can be used to pay for wedding expenses, cover relocation costs, finish home renovations, or consolidate debt
  • Loans cannot be used for postsecondary education expenses, such as tuition or room and board; business expenses; investments; or gambling
  • OneMain Financial operates about 1,400 branches in 44 states
  • Besides personal loans, it also offers credit cards for individuals with no credit or poor credit
Specifications
  • APR Range 18% to 35.99%
  • Loan Amounts $1,500 to $20,000
  • Loan Terms 2 to 5 years
  • Recommended Minimum Credit Score 580
  • Origination Fee Ranges from 1% to 10%
  • Late Fee $5 to $30
Top Rated For

Pros Explained

  • 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.

Cons Explained

  • Not available in all states: OneMain Financial doesn’t issue loans to residents of all 50 U.S. states. Its loans are not available in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, or Vermont.
  • 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.

Introduction

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. 

Through OneMain Financial, customers can borrow between $1,500 and $20,000 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.   

Company Overview

With 2.2 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. 

OneMain Financial primarily offers unsecured loans, but secured loans are also available.

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: 

Joint Applications

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.

Secured Loans

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 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 to consolidate debt.

Customer Service

OneMain Financial’s customer service department is only available in person, via phone, and email contact form. Customer support can be reached Monday through Friday from 7:00 a.m. until 7:00 p.m. CST; its phone lines aren’t staffed on the weekends. To contact a representative, call 800-290-7002 or use the search tool to find a branch near you. 

Customer Satisfaction

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 2021 U.S. Consumer Lending Satisfaction Study, OneMain Financial ranked last out of eight personal loan lenders. On a 1,000-point scale, OneMain Financial’s score was 826, which was well below the segment average. 

However, the company has an “excellent” rating of 4.8 out of 5 stars based on over 37,000 reviews on TrustPilot. Customers frequently cite the company’s great customer service, easy application process, and fast loan disbursement speed in their reviews. 

Account Management

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 715, higher than the score of a typical OneMain Financial customer.
  OneMain Financial Upgrade 
Loan Amounts $1,500 to $20,000 $1,000 to $50,000
Loan Terms  2 to 5 years  2 to 7 years 
APR  18.00 to 35.99%  5.94% to 35.97% 
Origination Fee 0% to 10%  2.9% to 8.00% 
Late Fee  $5 to $30  $10 
Unemployment Protection Available  No  No 

Read our full Upgrade personal loans review.

Final Verdict

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.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders including interest rates, fees, loan amounts and repayment terms to ensure that our content helps users make the right borrowing decision for their needs.

Article Sources

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  1. One Main Financial. "Our Mission Is To Improve the Financial Well-Being of Hardworking Americans." Accessed Dec. 21, 2021.

  2. One Main Financial. "Personal Loans." Accessed Dec. 21, 2021.

  3. OneMain Financial. "10-K Annual Report." Pages 10 & 59. Accessed Dec. 21, 2021. 

  4. OneMain Financial. "About Us." Accessed Dec. 21, 2021. 

  5. J.D. Power. "Pandemic Put Lenders to “Digital Test,” J.D. Power Finds." Accessed Dec. 21, 2021. 

  6. TrustPilot. "OneMain Financial." Accessed Dec. 21, 2021. 

  7. One Main Financial. "Personal Loans." Accessed Dec. 21, 2021.

  8. Upgrade. "Personal Loans up to $50,000." Accessed Dec. 21, 2021. 

  9. Upgrade. "Upgrade Partnership With Banks." Accessed Dec. 21, 2021.