Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who is OneMain Financial Best For?
OneMain is a great lender for borrowers who need to get a loan with bad credit and can't qualify for a loan elsewhere. The company could be a good option if you need cash quickly. If your application is approved before noon on a business day, you could receive your money the same day.
OneMain Financial offers both secured and unsecured personal loans, but we're focusing on the company's unsecured personal loan options. Unsecured loans are more common with OneMain Financial and with competing lenders. An unsecured personal loan doesn't require any collateral, such as a house or car, while a secured loan allows you to put up collateral in exchange for a rate that is often lower.
However, it has a high minimum interest rate, so borrowers with good credit will likely find a better rate with a different lender.
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OneMain Financial Personal Loan Features
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OneMain Financial Personal Loans Pros and Cons
How to Apply for a OneMain Financial Personal Loan
1. Fill out personal information on OneMain's website. Choose if you're applying for an individual or joint loan, a secured or unsecured loan, and your loan's purpose. You'll also need to request a loan amount. You'll also enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range.
2. Formally submit an application and await approval. When submitting a formal application, you'll need to send in proof of income, like a W-2, tax returns, or other financial documents.
3. Sign loan agreement and get your money. You'll potentially be able to receive your loan funds fast with OneMain. If your application is approved before noon on a business day, you could receive your money the same day.
4. Make a plan to repay your loan. Fit your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
OneMain Financial Frequently Asked Questions
Is OneMain Financial a legitimate company?
Yes,
What credit score does OneMain Financial require?
OneMain Financial doesn't have a minimum credit score for approval. Most personal loan lenders require credit scores above 660 to qualify.
Does OneMain Financial give you a loan the same day?
You could get money from OneMain Financial as soon as the same day, though it could take up to two business days. This is faster than you'll get your money from many other lenders.
Is it hard to get a loan from OneMain Financial?
OneMain is a good lender for borrowers who need to get a loan with bad credit and can't qualify for a loan elsewhere. However, it charges origination fees, and the interest rate you'll pay with bad credit will be much higher than you would with a better credit score.
Compare OneMain personal loans
OneMain Financial Personal Loan vs. Avant Personal Loan
OneMain Financial and Avant have similar loan terms and loan amounts, but borrowers looking for same-day funds might find that OneMain has an advantage. Additionally, a minimum credit score requirement of 580 might exclude some borrowers.
OneMain Financial Personal Loan vs. LendingClub Personal Loan
LendingClub's minimum 600 credit score requirement might leave some borrowers out. With interest rates starting higher, borrowers who qualify with LendingClub could get lower rates from OneMain.
Why You Should Trust Us: How We Rated OneMain Financial
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>