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OneMain Financial Personal Loan Review
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.
OneMain Financial offers personal loans with fixed interest rates. Although these interest rates run high, the lender offers fast funding on approved loans. This loan may be a good option for borrowers with less-than-perfect credit, who are borrowing small amounts from $1,500 to $20,000. You will need to visit a branch to complete the application process.
Keep reading to learn more about OneMain Financial’s personal loans.
- OneMain Financial personal loan highlights
- OneMain Financial at a glance
- Eligibility requirements
- What borrowers are saying about OneMain Financial
- Applying for a personal loan from OneMain Financial
- Who’s the best fit for a OneMain Financial personal loan?
- Alternative personal loan options
OneMain Financial personal loan highlights
- Small borrowing limits: Loan amounts range from $1,500–$20,000.
- High interest rates: OneMain Financial interest rates may be high compared to competitors, ranging from 18.00% to 35.99%¹ APR.
- Cancellation option: Borrowers can cancel within 7 calendar days with no questions asked.
- No prepayment fee: Pay in full at any time with no penalty.
- Will need to visit a branch: After you complete an online application, you’ll be required to visit a branch to verify income and employment information, among other things.
OneMain Financial at a glance
- APR range: 18.00%–35.99%¹
- Minimum credit score: Not specified
- Terms: 24 to 60 months
- Origination fee: 1.00% - 10.00%
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Eligibility requirements
- Minimum credit score: Not specified.
- Minimum credit history: Not specified.
- Maximum debt-to-income ratio: Not specified.
Your eligibility for a personal loan with OneMain Financial is based on a variety of factors including your credit and financial history, whether you have ever filed for bankruptcy, your income, the purpose of the loan and where you live. To get details about the requirements for all of these elements of eligibility, call the lender at 1-800-961-5577 or visit a branch.
Keep in mind that during the application process, you may be asked to visit a OneMain Financial branch. The lender does not have branches in the following states:
- Alaska
- Arkansas
- Connecticut
- Massachusetts
- Rhode Island
- Vermont
What borrowers are saying about OneMain Financial
OneMain Financial reviews reveal the lender gets high marks from its borrowers. It has garnered 4.4 out of 5 stars over more than 3,500 reviews on LendingTree. Almost 2,500 of the reviewers give the lender 5 stars. Reviewers consistently comment glowingly about the staff who served them and the quick, easy and stress-free nature of the borrowing process.
“From the time [the] OneMain associate contacted me, the entire process was flawless and so easy!” said Jack from Omaha, Neb. “It’s like I was talking to a friend sitting on my deck having a beer!”
Many borrowers are pleased with OneMain Financial’s willingness to lend even if to those with lower-than-ideal credit scores.
“Very helpful in my time of need and even with my credit not being that great,” wrote Donna from Bloomington, Ill. “Nice to know there is help out there when you really need it. Thank you so much for treating me as a person [—] not just a number on a credit score.”
Those who don’t give OneMain Financial the highest marks comment that the interest rates are high, and in some cases that service was slow or less than ideally responsive.
“The responsiveness and customer service was excellent, but the rate is horrible,” complained Michael from Omaha, Neb. “I could save more money by using my credit card with a 15% interest rate.”
While not every borrower or applicant had a positive experience with this lender, the overwhelming perspective of the reviewers who have weighed in on it on LendingTree is enthusiastically positive.
Applying for a personal loan from OneMain Financial
The first step in securing a personal loan from OneMain Financial is to either call or visit a representative to discuss your eligibility or get prequalified online, which will not affect your credit score. After you are prequalified, you’ll be matched with a representative who you’ll work with either in person or over the phone to finalize your loan process.
That rep will likely ask you for more information about your financial and credit situations, discuss the purpose of the loan with you and go over any requirements for collateral. You’ll need to provide various documentation, including:
- Valid, government-issued ID
- Proof of residence, such as a signed lease
- Proof of income, such as a pay stub or tax return
Once you’re approved and have accepted the loan terms offered, you’ll sign your loan documents and receive your funds into your bank account by the next business day. You’ll be able to choose from a variety of methods for making payments, including online, by phone, in person, by mail, via the OneMain app or in cash at participating retailers such as some 7-Eleven and Family Dollar locations.
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Who’s the best fit for a OneMain Financial personal loan?
OneMain Financial may be a good fit for borrowers who don’t have the advantage of a stellar credit score but who are on relatively solid financial and employment footing. (You can explore our list of bad credit personal loans here. The interest rates for these loans are relatively high, so those with top-tier credit scores will likely want to look elsewhere.)
This is also a good option for those who need to borrow quickly and only need a small amount of funds. If you need to borrow more, you can easily find other lenders with higher borrowing limits.
This lender is not a good option for those who don’t have easy access to one of OneMain Financial’s branches. Approved borrowers are asked to visit a branch to complete their application. Although some borrowers may like to have face-to-face time with their lender, others may prefer the online-only application process offered by some competitors.
Alternative personal loan options
LightStream
- APR: 3.99%–19.99%*
- Minimum credit score: Not specified
- Terms: 24 to 144 months
- Origination fee: No origination fee
LightStream, a division of SunTrust bank, offers loans of $5,000 to $100,000 to those with “good credit.” These loans come with lower interest rates than some other online loans, since the customers they are targeting typically have a better financial and credit profile than average.
LightStream goes out of its way to make sure customers are happy; if you aren’t completely satisfied, fill out the bank’s questionnaire within 30 days of receiving your loan and LightStream will send you $100. Some may also like that LightStream is a leader in eco-friendly lending; the bank originated the concept of the paperless online loan, and the institution plants a tree for every loan it funds.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $10,000 loan at 5.49% APR with a term of 3 years would result in 36 monthly payments of $301.91.
Upstart
- APR: 4.37%–35.99%
- Minimum credit score: 600
- Terms: 36 or 60 months
- Origination fee: Is 0.00% - 8.00%
Upstart partners with banks to provide online loans of $1,000 to $50,000 at a wide range of rates. The lender works with those with average credit scores and above and distinguishes itself by taking a borrower’s education and experience into account when deciding on terms.
Upstart is a good alternative for those who want a fast online lender who can supply funds within a day or two and who feel that their education and experience make them a better candidate for borrowing than their credit score alone.
Best Egg
- APR: 5.99%–35.99%²
- Minimum credit score: 700
- Terms: 36 or 60 months
- Origination fee: 0.99% - 5.99%
Best Egg provides personal loans of $2,000 to $50,000 (and sometimes up to $50,000 with special codes) that can be used for a variety of purposes, from debt consolidation to major purchases to adoption expenses. This is a good option for borrowers with good credit, as the lender requires a minimum credit score of 700 and provides relatively low rates for those with excellent scores.
Best Egg is one of the more transparent lenders: It provides all of the requisite information about eligibility, fees, terms and other questions on its website. The company offers excellent service, lots of information about borrowing and an easy online prequalification process that won’t affect your credit score.
¹Not 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. 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. 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 securities; 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 which does not require you to provide collateral (such as a motor vehicle) to the lender.
²The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.
*Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR.
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