Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.
OneMain Financial Personal Loan
Fees
Origination fee of up to 10% or $500, late fee up to $30 or 15% of your monthly payment amount, depending on your state
Regular Annual Percentage Rate (APR)
18.00% to 35.99%
OneMain Financial Personal Loan
Fees
Origination fee of up to 10% or $500, late fee up to $30 or 15% of your monthly payment amount, depending on your state
Regular Annual Percentage Rate (APR)
18.00% to 35.99%
from participating lenders
Details
Regular Annual Percentage Rate (APR)
18.00% to 35.99%
Fees
Origination fee of up to 10% or $500, late fee up to $30 or 15% of your monthly payment amount, depending on your state
Pros & Cons
Highlights
Pros and cons of OneMain Financial personal loans
Who is OneMain Financial best for?
OneMain is a great lender for borrowers with poor credit scores who 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.
How OneMain Financial compares
Side-by-side snapshot
Editor’s Rating
Regular Annual Percentage Rate (APR)
18.00% to 35.99%
Editor’s Rating
Regular Annual Percentage Rate (APR)
8.05% to 36.00%
Editor’s Rating
Regular Annual Percentage Rate (APR)
9.95% to 35.95%
*While Avant does not charge an origination fee, it does charge an administration fee of up to 4.75%.
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.
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 Avant or OneMain.
Avant could be a stronger option than OneMain due to OneMain’s higher interest rates. Avant fees could be lower, as this lender caps its origination and administrative fees at 4.75%, while OneMain’s fees could go up to 10%, or $500 depending on your state.
LendingClub doesn’t offer a secured loan option, which could give OneMain an advantage for anyone who wants to lower their interest rate with collateral. Funding through LendingClub will take at least four business days, according to the lender’s site, giving OneMain’s same-day funding another advantage.
See our ratings methodology for personal loans »
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 get money 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.
Frequently asked questions
OneMain Financial is a Better Business Bureau-accredited company, and the BBB, a non-profit organization focused on consumer protection and trust, gives the company an A+ rating. The BBB measures companies by evaluating business’ replies to consumer complaints, honesty in advertising, and clarity about business practices.
OneMain does not have any recent controversies. Due to its clean history and top-notch BBB rating, you might want to use OneMain as your personal loan provider. However, BBB scores don’t ensure you will have a beneficial relationship with the company and are simply a starting point on your search for a personal loan provider.
The credit impact of a OneMain loan depends on how consistent you are in repaying it. If you make reliable, on-time payments, you may actually see your credit score rise over time. If you are late on payments or miss them entirely, your credit score may be damaged.
OneMain financial is a reputable personal loan lender that is accessible to borrowers with low credit scores.
You could receive money as soon as the same day with the lender, though it could take up to two business days. This is faster than you’ll get your money from many other lenders.
