Min. Credit Score
Last Updated: September 1, 2022
Min. Credit Score
Several, varies by state
One to two business day
44 states, excluding AK, AR, CT, MA, RI and VT
You need a loan, but have limited options due to having bad credit?
No worries — OneMain Financial offers unsecured and secured personal loans to borrowers with poor credit.
If you are on the fence about applying, check out our OneMain Financial review. We will give you information about:
- What type of personal loan services OneMain Financial offers, and who they are best for
- How to borrow money from OneMain Financial
- OneMain Financial’s terms and requirements
- Third-party OneMain Financial reviews
- The pros and cons of using OneMain Financial
- The costs associated with using OneMain Financial
- How to contact OneMain Financial’s customer service
- Frequently asked questions (FAQ) about OneMain Financial
What Is OneMain Financial?
OneMain is a financial services company with branches across 44 US states. It has lent more than $152 billion to 15 million customers since 2005.
OneMain Financial offers the following types of personal loans:
- Debt consolidation loans
- Life event loans (wedding, medical, funeral, emergency, and moving loans)
- Recreation loans (boat, vacation, motorcycle, and RV loans)
- Auto loans (auto refinance, auto repair, car purchase, and cash out refinance loans)
- Home projects (home improvement loans)
Who Is OneMain Financial Best For?
OneMain Financial is best for people who need emergency funding but have limited borrowing options due to having bad credit.
Since its requirements for personal loans are lenient, OneMain Financial might be one of the best places to apply for personal loans for bad credit.
Getting Started With OneMain Financial
Here is how you can start your application process with OneMain Financial:
- Visit the official website
- Click on the ‘CHECK FOR OFFERS’ button
- Fill out a free application where you’ll provide the following information:
Desired loan amount
First name and last name
Date of birth
Last four digits of your social security number
Whether you own a vehicle
Monthly net income
Source of income (employed, retired, etc.)
Completing the online form won’t affect your credit score. It usually takes around ten minutes after completing the form to find out if you have been pre-approved.
However, you may have to wait a few days before receiving a final decision. If you get approved for a loan, you can expect to receive funds within one to two business days.
Terms & Requirements
To apply for a personal loan with OneMain Financial, you will need to provide the following documents:
- A valid, government-issued ID
- Your Social Security card
- Proof of residence (e.g. a utility bill)
- Proof of income (e.g. pay stubs)
The factors that can determine your loan eligibility are:
- Financial and credit history
- Leftover income after expenses
- The purpose of your loan
- Your location
- Whether you have filed for bankruptcy
OneMain Financial doesn’t disclose any other loan requirements prior to applying. Moreover, it has no minimum income or credit score requirements.
However, OneMain Financial does pose some limitations on the purpose of the loan. For example, borrowers cannot use loans for:
- College, university or vocational expenses
- Business or commercial
- Purchasing securities
- Illegal purposes
OneMain Financial Loan Terms
Minimum loan amount: $1,500
Maximum loan amount: $20,000
APR range: 18.00%–35.99%
Loan term length: 24, 36, 48 or 60 months
Collateral: both secured and unsecured loans are offered
OneMain Financial poses certain limitations as to how much users from different US states can borrow.
For example, the minimum loan amount in these states is higher than $1,500:
- Alabama: $2,100
- California: $3,000
- Georgia: $3,100 (unless you are a present customer)
- Ohio: $2,000
- Virginia: $2,600
- North Dakota: $2,000
Moreover, users of unsecured loans residing in the following states may borrow less than $20,000:
- Florida: $8,000
- Iowa: $8,500
- Maine: $7,000
- Mississippi: $7,500
- North Carolina: $7,500
- Texas: $8,000
- West Virginia: $14,000
OneMain Financial gives you the option to cancel your loan within seven days from the loan date. If you haven’t spent any money you borrowed, you can contact OneMain Financial and sign a cancellation agreement.
To secure a loan, you need to meet the following OneMain Financial collateral requirements:
- The collateral needs to undergo an appraisal
- The vehicle must be insured against physical damage for the term of the loan
If you are on active duty in the military, you, your spouse or dependents aren’t allowed to use a vehicle as collateral (accepted collaterals include automobiles, boats, motorcycles, RVs, and more).
Lastly, OneMain Financial won’t charge you a penalty for an early payoff. To pay off your loan early, you can:
- Make a one-time payment for the total outstanding balance
- Make monthly payments in the amount higher than that in your loan agreement
OneMain Financial Customer Reviews
How do customers feel about OneMain Financial? What are their experiences with the lender?
To find that out, we combed through OneMain Financial reviews on BBB and Trustpilot.
Most reviews on Trustpilot were positive, while those on BBB were mostly negative.
However, there are far more user reviews on Trustpilot than on either of the two platforms, and negative reviews on Trustpilot are addressed more quickly. So, we may conclude that customers mostly have positive things to say about their experience with OneMain Financial.
Here is the summary of positive OneMain Financial reviews:
- Users reported getting approved for a loan despite having bad credit
- Many borrowers stated that OneMain’s agents and staff were professional and helpful
- A great number of customers stated they were approved for a loan really fast
- Users mostly praised OneMain Financial’s customer service
And here is the gist of the negative reviews:
- Some users reported high interest rates despite having good or excellent credit
- A couple of borrowers accused OneMain Financial of failing to report their timely payments to credit bureaus, thus negatively affecting their credit score
- Some customers complained about being denied for a loan for not having collateral
Lastly, although not that reliable, we were able to find some OneMain Financial reviews on Reddit. What we could conclude from these was that users see the company as a legitimate but a last resort lender.
OneMain Financial Rates & Fees
Now, let’s discuss the rates and fees associated with OneMain Financial loans.
You can expect the following loan fees:
- Origination fee (either a $25–$500 flat fee or 1-10% of the total loan amount)
- Late payment fee (either a $5–$30 flat fee or 1.5%–15% of the monthly payment amount)
- Non-sufficient funds fee (ranging from $10 to $50)
- Governmental fee
As for the APR borrowers can expect, it ranges from 18% to 35.99%.
Privacy & Security
OneMain Financial collects personal and non-personal information about its customers. It uses this information to provide them with the services they request, verify their identity, communicate with them, and more.
OneMain Financial will share the information it collects on its users for:
- Everyday business purposes
- Marketing purposes
- Its affiliates’ business purposes
- Its nonaffiliates’ business purposes
OneMain Financial can share data from its current and past customers. However, users can contact the company and request it limits the sharing of their data.
As for user information security, OneMain Financial is SOC 2 certified, which means its security measures and practices meet the requirements and criteria set by the AICPA.
Should they have any questions or problems, here is how users can reach the OneMain Financial customer support team:
- By submitting a contact form on the website
- Via phone
- Via email
OneMain Financial Alternatives
How does OneMain Financial compare to companies that provide similar services? Let’s check it out.
OneMain Financial vs LendingClub
While both are direct lenders, LendingClub offers its services online, while OneMain Financial does business in person. Moreover, LendingClub has a higher maximum loan size: $40,000, as opposed to the $20,000 offered by OneMain Financial.
Furthermore, LendingClub offers lower loan rates.
Lastly, LendingClub is mostly meant for individuals with fair to good credit, while OneMain Financial offers loans for everyone, regardless of their credit score.
OneMain Financial vs Avant
What both companies have in common is that they are direct lenders that don’t offer business loans.
However, they do differ in some aspects. For example, Avant has a higher maximum loan amount ($35,000) and usually lends to individuals whose credit score ranges between 600 and 700. Meanwhile, OneMain Financial can lend up to $20,000 but may approve loans to borrowers with lower credit scores.
Now, let’s sum up the main points of our OneMain Financial review.
What we liked most about OneMain Financial is that it has no minimum credit score requirements — you can apply for a loan and even get one despite your credit not being that great. Therefore, OneMain Financial is a good solution for those with limited loan options.
Moreover, based on OneMain Financial loan reviews, the process of getting a loan is pretty straightforward and often quite fast. Not only that, but OneMain Financial’s staff is said to be extremely helpful, patient, and professional during the whole process.
What we see as one of OneMain Financial’s disadvantages is that many borrowers have complained about the rates being too high. Some users have said that the lender gave them very high rates despite them having a good credit rating.
All in all, we can conclude that OneMain Financial is a loan option to consider if you’re in need of emergency funding or don’t have a fair or good credit score. However, before signing any documents, make sure you read your loan agreement carefully.
- Low borrower requirements
- Applicants with bad credit are accepted
- Funding is available within a few business days
- High cost
- A branch visit is required
Is One Main Financial legit?
Yes, OneMain Financial is a legitimate company. It is a part of OneMain Holdings, Inc., a financial services holding company headquartered in Evansville, Indiana and founded in 1912.
Does One Main Financial hurt your credit?
If you’re only checking to see if you prequalify for a loan with OneMain Financial, this won’t affect your credit score. However, if you decide to proceed with your application, OneMain Financial will make a hard inquiry on your credit report, which can damage your score by a few points.
What kind of credit score do you need for One Main Financial?
OneMain Financial has no minimum credit score requirements. Therefore, anyone can apply for a loan with OneMain Financial, regardless of their credit score. That being said, your credit history will affect your chances of loan approval as well as the rates OneMain Financial will offer you.
How long does it take for One Main Financial to approve your loan?
This largely depends on your financial and credit circumstances. Most borrowers get approved for a loan within two business days, but some have to wait a while longer.
Is it easy to get a loan from OneMain Financial?
Due to OneMain Financial’s lenient requirements, borrowers’ approval odds are pretty good. However, since individuals with poor credit are seen as high-risk borrowers, they will most likely have to pay higher rates. In addition, OneMain Financial will probably ask them to provide collateral.
Does OneMain Financial do home loans?
No, it doesn’t. However, OneMain Financial does offer home improvement loans and mortgage payment solutions.
Is One Main Financial a good lender?
Based on user reviews, most borrowers are satisfied with OneMain Financial. It is most suitable for borrowers with bad credit or those who need emergency funding.