Tips and Advice

OneMain Financial Personal Loan Review 2023

OneMain Financial offers smaller personal loans for borrowers with fair credit. Learn how a OneMain loan works and decide if it's the right option for you.
Written by:
Rebecca Lake
Edited by:
Kristin Marino verified
Editor's Rating

Getting a personal loan makes sense if you need money to pay off or consolidate credit card debt. You can also use personal loans to pay for other expenses, whether home improvements, a move, or an emergency.

Online lenders are one possibility when deciding where to get a personal loan.

OneMain Financial offers personal loans for people who need funding but may have been denied loans elsewhere because of poor or limited credit history. It’s the largest personal installment loan company in the U.S., with more than 2.2 million customers.

If you need a loan and you’re worried about poor credit being a barrier to approval, OneMain could be the right lender for you.

This OneMain Financial review takes you through the most important things to know about the company’s loan options.

Pros and Cons of a OneMain Financial Personal Loan

Personal loans can have both advantages and disadvantages that borrowers should be aware of.

If you’re considering OneMain Financial for personal loans, here are the pros and cons.

Who Is OneMain Financial For?

OneMain Financial caters primarily to borrowers who have limited or poor credit scores. This lender could be good for you if you:

  • Have been denied personal loans elsewhere because of your credit history
  • Need to borrow between $1,500 and $20,000
  • Don’t mind accepting a higher interest rate on a loan
  • Need fast loan funding
  • Have the opportunity to add a co-signer or collateral to the loan, which could reduce your interest rate
  • Are comfortable with paying an origination fee for a personal loan
  • Live in a state in which OneMain Financial originates loans

If you have a higher credit score, say 660 or better, then you may want to consider another personal loan option.

A score in that range or higher could help you qualify for personal loans at lower rates and potentially fewer fees.

The good news is that if you have poor credit, a OneMain Financial loan could help you to improve your credit score.

Loan activity is reported to the three major credit bureaus. So if you’re making payments on time and paying the loan in full, that could help add points to your credit scores.

Top Features of OneMain Financial

OneMain Financial does have some attractive features that make it worth considering if you need a personal loan. Some of the top benefits of borrowing with OneMain include:

Soft credit pull

Checking your rates with OneMain Financial will not affect your credit scores. That’s because OneMain only uses a soft credit pull unless you decide to submit a full application. Then you’ll be subject to a hard credit check.

Mobile app

OneMain makes it easy to manage your loan account and schedule payments through its mobile app. That’s a plus, as some online personal loan lenders don’t include an app as a key feature.

Fast approval and funding

It’s possible to submit an application and get a loan decision with OneMain Financial in as little as 10 minutes. Once you’re approved, you may be able to get loan funding as quickly as the next business day.

Secured and unsecured loans

OneMain offers both secured and unsecured personal loans, which can make borrowing more accessible for individuals with the lowest credit scores. If you’re approved for a secured loan you’ll need to offer some type of collateral but that could reduce your interest rate.

Loan terms

OneMain Financial personal loans have terms ranging from 24 to 60 months. So you have some flexibility when it comes to choosing a loan repayment term that fits your budget.

How to Apply

You can first check your rates if you want to apply for a personal loan with OneMain Financial. Remember, this doesn’t affect your credit score.

You can do that online if you choose to move ahead with a full application. You’ll need to share details about your finances and employment history. And you’ll need to share:

  • A copy of a valid, government-issued photo ID
  • Proof of residence (i.e. driver’s license, utility bill, signed lease, etc.)
  • Proof of income (i.e. pay stubs, bank statements, tax forms, etc.)

Once you apply, you’re connected with a OneMain Financial loan specialist. They’ll ask for any additional information that may be needed to make a loan decision.

If you’re approved, you can review the loan terms, sign the required documentation and receive loan funding. Getting the money deposited to your bank account by the next business day after approval is possible.

Rating the Features

Before taking on any personal loan, it’s important to know what you’re signing up for. To wrap up this OneMain Financial, personal loan review, here’s more on how the various features compare:

User experience

Overall, OneMain Financial has a positive user experience. It’s easy to navigate the website, check your rates, or submit a full application.

You can also get help with applying over the phone or in person at a OneMain Financial branch.

Loan funding is fast once you’re approved. In terms of the company’s reputation,

OneMain Financial has a 4.8 rating on Trustpilot. So if you’re wondering whether OneMain is legit, the answer is yes.

Fees and rates

OneMain Financial doesn’t charge prepayment penalties if you decide to pay your loan early. But it’s important to keep the origination fees in mind.

Again, this fee can range from $25 to $500 or 1% to 10%, depending on your state. Compared to other online lenders that don’t charge origination fees, that can make borrowing with OneMain more expensive.

It’s also important to consider the rates. Since these loans are designed for people with bad credit or no credit, the rates are higher compared to what other lenders offer.


OneMain Financial allows you to review your rates and loan terms before moving ahead with a loan.

Once you’re approved, your loan activity is reported to the major credit bureaus.

If you have questions, there’s an extensive FAQ library that covers the most important aspects of getting a loan.


Personal loans from OneMain Financial can be secured or unsecured, co-signed, or signed by just one person. As mentioned, there are multiple loan terms, and you can choose your loan due date initially, then change it up to two more times over the life of the loan.

Loans are not offered in every state, which may be a disadvantage for some. But overall, these loans are widely available with few exceptions.

Customer support

Customer support is available by phone or at a OneMain Financial branch. Branches are available in all states where OneMain personal loans are offered. Customer service is offered by phone Monday through Friday, but there is no online chat support.

Bottom Line

OneMain Financial is suited for borrowers who need smaller loans and may be hindered from getting other loans by low credit scores.

You can start by checking your rates with OneMain Financial if you need a loan.

And if the loan terms offered work for you, you can take the next step and apply for a loan.

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