Who Is OneMain Financial Best For?
OneMain Financial is best for people with poor credit and a low income who have limited options. That’s because OneMain Financial doesn’t really have hard cut-off points for your credit score, debt or income when deciding whether to approve you for a loan. Instead, it looks at your entire credit history and ability to repay a new debt obligation.
What’s more, OneMain Financial gives applicants the option to secure their loan with collateral, which can reduce the risk an applicant with a lower credit score poses to the lender and help them qualify for a loan.
OneMain Financial Personal Loan Details
Loan Amounts & Terms
- Loan amounts.$1,500 to $20,000 in most states. The minimum loan amount is different in some states, including Alabama ($2,100); California ($3,000); Georgia ($3,100); North Dakota ($2,000); Ohio ($2,000); and Virginia ($2,600). In addition, there are maximum loan amounts for Maine ($7,000); Mississippi ($12,000); North Carolina ($11,000); and West Virginia ($13,500).
- Loan term lengths. 24 to 60 months.
Loan Costs
- APR. 18.00% to 35.99% The better your credit, income and overall financial situation, the more likely you’ll pay a lower APR.
- Origination fees. OneMain charges either a flat fee or a percentage of the loan amount, depending on state laws. Flat fees range from $25 to $500 while percentage fees range from 1% to 10%.
- Late payment fee. Again, whether you pay a flat fee or a percentage fee depends on your state’s law. Flat fees range from $5 to $30. Percentage fees range from 1.5% to 15% of either your monthly payment amount or your outstanding loan balance
- Prepayment penalty. OneMain Financial does not penalize borrowers who pay off their loan before the term expires.
- Non-sufficient funds fee. If you make a payment and it’s returned due to insufficient funds, OneMain Financial may charge you between $10 and $50 depending on state laws.
- Government fees. If you put your car up as collateral, OneMain Financial may pass certain government fees onto you in order to register its lien against your car’s title.
Perks & Features
- Branch locations. OneMain Financial is unique among personal loan lenders in that it operates a network of physical branch locations around the country. According to the company, 90% of people who live in a state with physical locations are within 30 miles of a branch.
- Mobile app. OneMain Financial offers an app that you can use to manage your account, including looking up payment details, making payments and checking your VantageScore.
- Time to fund loans. Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1 to 2 business days after loan closing.
- 7-Day Ok. OneMain allows borrowers to cancel their loan and return the loan funds within seven days of funding.
How To Qualify for a OneMain Financial Personal Loan
Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income.
We confirmed with a OneMain Financial rep that it doesn’t list set requirements you’ll need to meet in order to qualify for a loan. Instead, it takes into account your ability to pay and your credit history, among other factors, before approving an application.
1. Credit Score Requirements
OneMain Financial doesn’t disclose or impose a minimum credit score and instead looks at your entire credit history when reviewing your application.
A OneMain Financial confirmed it doesn’t “use FICO scores in [its] underwriting, and there is no minimum credit score for a OneMain loan. In evaluating loan applicants, OneMain takes into account a customer’s ability to pay and their credit history, among other factors. Ultimately, we want to ensure borrowers are not creating undue financial strain on themselves in accepting a loan from us.”
Many other websites report that you can still qualify for a loan with OneMain Financial even if you have bad credit, although you may have to pay a high rate for it.
2. Income Requirements
OneMain Financial doesn’t disclose its requirements for monthly or annual income and the maximum allowed debt-to-income (DTI) ratio to qualify for a loan. However, it’ll still look at these factors when deciding your ability to repay the loan.
3. Co-signers & Co-applicants
If you’re not able to qualify for a loan on your own or need a larger loan amount, you can apply with a co-applicant. Co-applicants also become fully responsible for repayment of the loan and have equal ownership of the funds. However, OneMain financial does not permit the use of co-signers.
Related: Co-Borrowers Vs. Co-Signers
4. Collateral
If you need additional resources to help qualify for a loan or receive a larger loan amount, OneMain Financial accepts collateral of sufficient value to help reduce this risk you pose. It accepts vehicles, such as cars, trucks, motorcycles, boats and RVs, as collateral but requires they first be appraised and insured against damage. Military members aren’t allowed to use collateral.
How to Apply for a OneMain Financial Personal Loan
Like most lenders, OneMain Financial makes it fairly easy to apply for a personal loan. Here’s what the process looks like:
- Check your rate. OneMain Financial allows you to check your rate easily on its website by entering a few quick details about yourself, such as your income and personal details. There are no strings attached, and OneMain Financial doesn’t do a hard credit check at this point, so there’s no risk to your credit.
- Submit documentation. If you’re conditionally approved for a loan, a OneMain Financial will contact you to go over the rest of the loan application process and the documents needed. This includes documents like a copy of your ID, proof of income (such as tax returns or pay stubs) and proof of residency.
- Sign the loan agreement. OneMain Financial will draw up a formal contract with all of the rates, terms and fees for your loan. Once you sign it, you’ll be able to receive your funds.
- Receive your money. You can receive your money in two ways: in person via a check from a OneMain Financial branch or as a direct deposit into your bank account. The time varies depending on the method you choose.
Time to Receive Funds
Once you’re approved for a loan, you can receive your money relatively quickly. If you sign your loan agreement at a OneMain Financial branch, you can receive a check at the same time you’re there. Otherwise, you’ll receive your money within one to two business days via direct deposit.
OneMain Financial Customer Reviews
Reviews are fairly good across the internet for OneMain Financial. The company maintains a 4.11 out of 5 rating with the Better Business Bureau (BBB), although reviews tend to be better on other websites like Trustpilot (4.7 out of 5).
How OneMain Financial Personal Loans Stack Up
OneMain Financial is an expensive alternative. But if you’re looking for other options, here are other personal loan lenders worth checking rates with:
| OneMain Financial | SoFi® | LightStream | Upgrade | |
|---|---|---|---|---|
| Best for | Small amounts | Large loan amounts | Low interest rates | Co-signed loans |
| Loan amounts (depending on the loan purpose) | $1,500 to $20,000 | $5,000 to $100,000 | $5,000 to $100,000 | $1,000 to $50,000 |
| Minimum credit score | No minimum credit score requirement | Does not disclose | 700 | 600 |
OneMain Financial vs. SoFi®
SoFi® differ from OneMain Financial in that they require a minimum credit score of Does not disclose to be approved. In exchange, though, SoFi’s rates tend to be lower and the lender doesn’t charge any fees. SoFi is a solid choice if you need larger loan limits, with loan amounts between $5,000 to $100,000.
OneMain Financial vs. LightStream
LightStream is also geared more toward people with a good credit score, requiring a minimum score of 700. It also offers the lowest interest rates in the industry, depending on the loan purpose, and charges no fees (even late fees). Depending on the loan’s purpose, LightStream offers loan amounts between $5,000 to $100,000 and terms of two to12 years.
OneMain Financiall vs. Upgrade
Upgrade differs from OneMain with its lower minimum advertised APR of 7.99% and larger loan amounts of up to $50,000. Upgrade is best if you can apply with a co-signer and qualify for a loan with low interest rates.
Featured Partners
1
LendingPoint Personal Loans
$2,000 to $36,500
7.99% to 35.99%
600
2
SoFi®
Does not disclose
8.99% to 29.99%
$5,000 to $100,000
3
Avant
$2,000 to $35,000
9.95% to 35.99%
580
4
Upgrade Personal Loans
580
7.99% to 35.99%
$1,000 to $50,000
Methodology
We reviewed OneMain Financial based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated OneMain Financial based on the weighting assigned to each category:
- Loan cost. 35%
- Loan details. 20%
- Eligibility and accessibility. 20%
- Customer experience. 15%
- Application process. 10%
Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated OneMain Financial’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Personal Loans Rating & Review Methodology.
*Disclosures
Frequently Asked Questions (FAQs)
What credit score do you need for OneMain Financial?
OneMain Financial doesn’t have a minimum required credit score. OneMain determines your eligibility based on income, debt, credit history and collateral, if applicable.
What documents are needed for a OneMain Financial personal loan?
OneMain Financial requires a government-issued ID, proof of residency and proof of income.
How long does OneMain Financial take to approve a loan?
OneMain Financial says that its application and initial response can take as little as 10 minutes, but a final loan approval decision can take longer. Funds can be deposited as soon as the same day as closing, depending on the funding method.
How hard is it to get approved through OneMain Financial?
OneMain’s minimum borrower requirements are lower than many other lenders. This means it may be easier to get approved for a loan from OneMain Financial compared to other lenders.
