Personal Loans » Personal Loan Lender Reviews » OneMain Financial Loan Review 2022: Is It Worth If You Have Bad Credit?
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OneMain Financial Loan Review 2023: Is It Worth If You Have Bad Credit?

OneMain Financial is best for borrowers with less than perfect credit and could be a good fit for you if you have issues getting funding through traditional methods.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Andrew O'Malley
Andrew O'Malley

Writer, Contributor

Experience

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

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On Credible Website

OneMain could be a good fit for you if you have issues getting funding through traditional methods. OneMain does have high rates, but it is a much better deal than payday lenders.

APR

18.00% – 35.99%

Loan Amount

$1,500 -$20,000

Term

24-60 months

Min score

No Minimum

OneMain could be a good fit for you if you have issues getting funding through traditional methods. OneMain does have high rates, but it is a much better deal than payday lenders.

one main financial logo

APR

18.00% – 35.99%

Loan Amount

$1,500 -$20,000

Term

24-60 months

Min score

No Minimum

On Credible Website

OneMain is unique to other online personal loan providers in that they have over 1,500 physical locations or branches. This is helpful to borrowers who may have issues getting lending with traditional banks. OneMain Financial is best for borrowers with less than perfect credit and could be a good fit for you if you have issues getting funding through traditional methods.

OneMain rates are higher than average, but it is a much better deal than payday lenders. There is also a quick turnaround time, so if you are in a financial jam they might be a good choice. 

However, if you have good to excellent credit, you may want to look at a personal loan for good credit first. This review will cover mostly OneMain Financial personal loan offerings, even though OneMain considers auto loans like personal loans.

  • Application Options
  • Less than perfect Credit
  • Better Rates than Payday Lenders
  • Joint Applicants
  • No Prepayment Penalty
  • Many Payment Options
  • Higher interest rates
  • Fees
  • Not Available in All States

Do OneMain personal loans offer prequalification? 

OneMain does offer pre qualification with a soft credit check for potential customers. You can submit an inquiry to check your status and determine your rate.

This is a simple process and if you then decide to proceed, upon final approval, you can expect your funds the same day.

Can I negotiate with OneMain?

Since OneMain has no minimum credit limit requirements, its aim is not to be the most competitive loan option, but to provide finance for those who may struggle with typical lenders.

For this reason, it is unlikely that you will be able to negotiate with OneMain. However, it is still worth trying if you want to negotiate before you agree to the loan or negotiate a settlement figure if your circumstances change before the end of the loan term.

Can I pay off a OneMain loan early?

OneMain does not have any prepayment penalties that may impede you from repaying a loan early. However, OneMain is a lender that does charge origination fees for its loans. This fee can vary according to your home state.

In some states, there is a flat fee of up to $500, while in others you could pay a percentage of the loan sum up to 10%. These fees will need to be included in your calculations if you want to repay your loan and switch to another lender.

Can I get a OneMain loan with a 600 credit score?

OneMain is a decent option if you have a fair or bad credit rating. With a 600 score, you are firmly in the fair credit bracket, so you should have no major obstacles with OneMain.

However, you may be encouraged to take out the optional credit insurance that adds to the cost of your loan.

In this Review..

Requirements & Repayment Options

OneMain has a reasonable minimum loan size but not the largest maximum loan available, with a range of $1,500 -$20,000 . OneMain does not have a set minimum credit score or income requirement for applicants. Borrowers for personal loans must be at least 18 years old, as well as a US visa holder, citizen, or resident.

If you can't meet the minimum requirements, there are many other personal loan lenders. Keep in mind to pre-qualify so your credit score won't hurt. Also, there are alternatives to personal loans you may want to consider.

OneMain allows you to set your preferred payment date and change it whenever you want for your personal loan. With OneMain, you will not be able to obtain an autopay discount. However, there are no late fees in effect.

OneMain Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

You can apply with OneMain online, by phone, or at a local branch. Many personal loan providers do not have those options.

OneMain helps borrowers that may have less than perfect credit. If you have issues getting lending from traditional banks or other personal providers because of credit issues, OneMain may be willing to work with you.​

If you have been using payday lenders to get by for credit, OneMain is a better option. They have lower rates than those types of lenders and a personal loan could help you catch up.

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OneMain allows loans with joint borrowers. This can help improve your chances of getting approved.​

The borrower can pay off the loan early without any fees.

OneMain Financial has over a dozen payment options for their borrowers including online, in person at a branch, over the phone, using the OneMain app, by mail, and at your local WalMart store.​

The lowest rate with OneMain is 18%, which is a bit higher compared to industry average.

OneMain deducts a one-time origination fee amount directly from your loan funds. This should be considered in the pricing of your loan when you apply. OneMain also has other fees, such as late fees.

OneMain is not available the following states: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C.​

Customer Experience

The application process for a OneMain personal loan is very quick, and you will receive your funds very quickly. On the website, there are numerous useful financial education resources, as well as customer support lines that are open during the week.

You can also manage your loan obligations using the OneMain mobile app. Finally, OneMain got 821 out of 1000 possible points in the 2020 JD power research, lower than industry average.

OneMain Financial
iOS App Score
2.8
Android App Score
2.8
TrustPilot Rating
4.8
BBB Rating
A+
WalletHub Rating
3.8
Contact Options
phone
Availability
7 am – 7 pm (CT)

What Can a OneMain Personal Loan Be Used For?

OneMain offers personal loans for many different reasons including debt consolidation, home improvements, life events, recreation, and auto.

OneMain Financial personal loans cannot be used for any post-secondary education expenses, to fund a startup or an existing business, to purchase securities, gambling, or illegal activities

  • Home Improvement – The OneMain home improvement loan can be used for home repairs or renovations. The advantage of using a OneMain home improvement loan is that you do not have to use your home as collateral and you get funds much quicker with less documentation.
  • Auto Refinancing –OneMain offers auto loans that are both secured and unsecured. Unsecured loans can be used to cover auto repairs. The other offerings can be secured by your car.
  • Debt Consolidation – The OneMain Financial debt consolidation loan pays off one or more prior unsecured loans with the new loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender.
  • Recreation – A OneMain personal loan can be used for a number of recreational activities including vacation, buying a boat, RV, or motorcycle. This type of loan also can be used with collateral.
  • Life Events – OneMain’s life event personal loan can be used for wedding costs, medical costs, or funeral costs. Whether the events were expected or unexpected, OneMain turnaround is quick and easy to help you cover those costs.

How to Apply For OneMain Financial Personal Loan?

OneMain Financial allows borrowers to apply online for a loan, over the phone, or in person. Most of the time an online applicant will need to go to the local branch to meet with a loan specialist. The online application process is simple and quick.

OneMAin Financial Personal Loan

 The online application requires basic information about yourself and your finances. The borrower usually gets a response quickly. 

OneMAin Financial Personal Loan

 This includes the amount you want to borrow, loan use, name, address, email, date of birth, social security number, phone number, employment, and monthly income. 

OneMAin Financial Personal Loan

You then will have to make an appointment with a local branch to review loan options with a loan specialist. The specialist will verify information and ask for proof of ID, address, and employment or income. 

OneMAin Financial Personal Loan

Once loan documents have been signed, you walk out of the branch with a check. You can also have the money transferred to your checking account.
If you live remotely and do not live close to a branch, OneMain will try to work with you. They may call you or you can call them at 1-800-961-5577 to move the loan forward.

OneMAin Financial Personal Loan

FAQ

OneMain is a great place to get a loan if you have a less than perfect credit score. There are no credit score minimums to qualify. Instead, OneMain uses its in-house algorithm to evaluate applications. The lender prioritizes the ability to repay, credit stability, and whether the loan is secured, rather than a credit score.

However, this flexibility does come at a cost. The typical rates are quite high and you can only borrow up to $20,000 over a maximum of five years.

Before you can finalize your loan, OneMain does require documentation to support your application and improve eligibility chances. This includes proof of residents, a copy of a valid, government-issued ID, and proof of income in the form of tax returns or pay stubs.

Additionally, OneMain may ask for additional documentation based on your unique situation.

Although OneMain and Avant offer similar loan products, there are some crucial differences. Generally speaking, applicants with a decent score are likely to enjoy a more favorable rate with Avant, but if your score isn’t greatl, OneMain’s flexibility could offer you a great deal.

Avant also offers a higher lending potential. Which is better will depend on your circumstances. If you have a credit score below 620 or you can put up some collateral for your loan, OneMain is likely to be the better option. But, if your score is above 620 and you want an unsecured loan, you may want to opt for Avant.

Lending Club does offer a higher maximum loan amount for personal loans, with rates that are lower than OneMain. However, this is attached to more stringent requirements. Lending Club requires a minimum credit score of 600 and there is a loan minimum of $5,000. Additionally, Lending Club is also slower to release funds, as you may be waiting up to seven business days.

So, if you are looking for a larger loan and can meet the credit score minimums, Lending Club personal loan is a better choice for you. Check out Lending Club review for more info.

If you cannot meet the credit score minimums of LendingPoint, Onemain may be an option. This provider works with all credit profiles, but this does come at a cost. The rates are higher. So, if you do have a credit score of 585 or more, LendingPoint is the better choice.

However, Onemain does allow you to use collateral to back your loan and help you to qualify for a lower rate. But, there is an origination fee of up to 10% that you’ll need to consider.

Personal Loans Online Marketplaces

credible logo

bankrate logo

personalloan.com logo

APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
5.40% – 35.99%
4.99% – %35.99
5.99% – 35.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
12-84 months
6-84 months
3-72 months
Loan Amount
$1,000 – $100,000
$1,000 – $100,000
$1,000 – $35,000

Review Personal Loan Top Lenders

Alternatives Lenders For Consideration

Each of these three lenders will be appropriate for a different type of person. Payoff is generally beneficial for accepting applications from people with less-than-perfect credit.

SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. OneMain is somewhere in the middle, and it gives you quick access to your borrowed funds.

Read Full Comparison: Payoff Vs SoFi Vs OneMain: Compare Personal Loan Providers

LendingClub is a peer-to-peer online lending marketplace that prefers to work with people who have poor credit. The California-based company has over three million customers in the United States.

Avant is a Chicago-based lender that provides personal loans to people with bad credit. It also gives you quick access to funds as well as flexible repayment options. While OneMain is an online lender, it also has over 1,500 physical locations throughout the United States. This lender offers quick access to funds as well as a variety of loan options.

Read Full Comparison: OneMain Vs Avant Vs LendingClub: Which Personal Loan Suits You Best?

All three of these lenders have a lot of similarities. They each cater to people with poor credit scores and can have quite high rates of interest.

NetCredit and OneMain are very good for providing fast access to funds, while these all offer small loans. Out of all of these offerings, OneMain stands out the most when it comes to its range of options.

Read Full Comparison: OneMain vs Mariner Finance vs Netcredit: Which Personal Loan Is Better?

Both of these lenders make it possible for people with bad credit to obtain a personal loan. OneMain's offering is a little more limited, with loans that are relatively smaller in size but with more flexible repayment term lengths.

Read Full Comparison: OneMain Vs Upstart: Compare Personal Loan Providers

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Andrew O'Malley

Andrew O'Malley

Andrew O’Malley has a BSc in Economics and Finance. He has worked in the finance industry as a risk analyst and is now pursuing a career in writing. In recent years, he has written for a number of leading publications. He studied Economics and Finance and has been fascinated with the financial markets since his teens.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.