Man reviewing his personal loan paperwork from OneMain Financial.

OneMain Financial Personal Loans Review [2024]: Pros and Cons

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An unwelcome bill. 

An expensive life event. 

The need to consolidate debt. 

All of these situations amount to the same thing: You need money. And you need it now.

The obvious answer is a personal loan

19.1 million Americans have outstanding unsecured loans, so it’s a common solution. But what if your credit score is in rough shape? 

Are you totally doomed?

No. You’ll just have to settle for lenders that offer higher interest rates – lenders like OneMain Financial.

In this OneMain Financial personal loans review, I’ll give you the skinny on a perfectly legit lender with less-than-favorable terms. 

What You Need to Know About OneMain Financial Personal Loans

View of OneMain Financial mobile app to give users easy access to their loans.
OneMain Financial has a mobile app making it easy for users to make payments and keep track of their progress from anywhere!
Source: OneMain Financial

OneMain Financial personal loans are easy to qualify for – but they’re also expensive. That makes them a decent “Plan B” for anyone with a lower credit score.

There’s plenty to like about OneMain Financial personal loans. The loan amounts range from $1,500 – $20,000, and term lengths can be 24, 36, 48, or 60 months. That flexibility means you can figure out the payment schedule that works for you. 

So far, so good.

But here’s where my OneMain Financial personal loans review becomes a bit less rosy. 

OneMain Financial personal loans are expensive. 

Interest rates? High – with an APR range of 18.00%-35.99%.

Origination fees? Substantial – so you’ll pay upfront (up to 10%) when you take out the loan. 

Rate discounts? Nope – the rate you see is the rate you get.  

Graphic explaining that OneMain Financial’s average personal loan APR is 27%.
OneMain Financial is known for having higher-than-most interest rates, but they are typically easier to qualify for. 
Source: OneMain Financial

OneMain Financial personal loans might be expensive – but they could still be right for you. 

The question is this: Can you get better rates elsewhere? That’ll depend on your credit. 

If your credit score isn’t as high as you’d like, then a OneMain Financial personal loan could be just what you’re looking for.

How to Qualify for a OneMain Financial Personal Loan

Qualifying for a personal loan from OneMain Financial is relatively easy – but you’ll still have to meet a few basic requirements.

One great thing about OneMain Financial personal loans is that they don’t list a minimum credit score. 

Was that a sigh of relief I just heard? Yup – there’s nothing better than realizing a lower credit score won’t necessarily be disqualifying! 

But that doesn’t mean credit isn’t an issue. OneMain Financial says on its website that they consider your credit history. 

So, do you have a mortgage, an auto loan, or a credit card? Then you should be in decent shape. 

Have none of those things? Then you could be in trouble. 

There’s something else OneMain Financial looks into: your income. 

There’s no minimum income that you need to secure a loan – yippee! 

But, you do need to prove that you can meet your current expenses as well as make the monthly loan payments. 

OneMain Financial also offers secured loans, which are often easier to get. A secured loan is a personal loan that requires you to put up assets as collateral.

According to OneMain’s website, your collateral could be:

  • An automobile
  • A motorcycle
  • A truck
  • A camper
  • An RV
  • A boat

Just remember that secured loans are risky. If you fail to meet your payments, OneMain Financial can take your collateral. That could mean losing your car – yikes!

Moral of the story? Only apply for a secured loan if you’re completely sure you’ll be able to make the payments.  

Image of man standing next to his vehicle considering using it as collateral for a OneMain Financial personal loan.
You can use your car as collateral to secure a loan from OneMain Financial.
Source: Unsplash

How to Apply for a OneMain Financial Personal Loan

I want you to come away from this OneMain Financial personal loans review knowing exactly how to apply for a loan – so here’s the deal.  

Step 1: Get Your Documents Together

You’ll need a copy of a valid ID, proof of residence, and proof of income – which could include pay stubs or tax returns.

Step 2: Prequalify Online 

On the OneMain Financial website, you can enter some basic information to see what loan offers are available to you. 

Step 3: Complete An Online Application 

According to OneMain Financial’s website, the average person fills out their application in less than ten minutes. 

Once you apply, you’ll receive an initial response immediately. Then, you’ll wait longer while OneMain Financial verifies your information.

After your loan is officially approved, you’ll be able to sign the loan documents. From there, you’ll receive the funds within 1-2 business days, depending on the delivery method you’ve chosen. 

And that’s it! Beats sitting around in a bank all day, doesn’t it? 

Is OneMain Financial Legit?

OneMain Financial is a legitimate lender with the history and personnel to prove it. 

Now headquartered in Evansville, IN, the company was founded in Baltimore, MD, back in 1912. Talk about a long-term endeavor! 

CEO Doug Shulman spent four years as the Commissioner of the IRS. He’s been leading OneMain Financial since 2018.

So yes, this is a genuine company – a real entity with a physical presence in the world. 

Is OneMain Financial Safe?

All evidence suggests that OneMain Financial is a perfectly safe lender. 

Countless consumers have left online reviews describing positive experiences with the lender. Even negative reviews focus on high-interest rates, not fraudulent or predatory activities. 

But even if OneMain Financial is a safe lender, you’re still taking a risk when you apply for a personal loan – especially if you put your property up as collateral. 

I don’t say this to scare you! 

I just want you to come away from this OneMain Financial personal loans review with a full understanding of the risks.

Pros and Cons of OneMain Financial Personal Loans

Like any lender, OneMain Financial is stronger in some areas than others. 

Here are the pros and cons to consider:


  • No prepayment fees. That means you can pay off your loan as early as you’d like – saving yourself some serious money on interest.
  • Local branches. OneMain Financial might be an online lender, but they’ve got about 1,400 locations around the country. That’s right – you can talk to a real person!
  • Easier to qualify. With no minimum credit score and the ability to put up collateral, these loans are obtainable even if your credit isn’t great.  


  • High-interest rates. This is the big one. 18.00%-35.99% APR is a higher range than what you’ll find with most other lenders.
  • Origination Fees. In some states, it’ll be a flat fee. In others, it’ll be a percentage of the loan amount, up to 10%. Whatever it is, you won’t enjoy paying for it.
  • Prequalification doesn’t show your APR. You won’t learn your actual interest rate until the company conducts a “hard credit pull,” – which can cause a dip in your credit score.  
Two people signing OneMain Financial personal loan agreement paperwork.
OneMain Financial has around 1,400 physical branches where you can speak with an agent in person.
Source: Unsplash

OneMain Financial Reviews

It’s time to check out the OneMain Financial personal loan reviews that people have been posting online. 

Over on Reddit, someone started a thread asking about OneMain Financial:

A consumer asks for feedback on OneMain Financial personal loans on public Reddit forum.
A poster on Reddit asks for feedback on OneMain Financial personal loans.
Source: Reddit

The responses were positive. Check out how this person provides a wonderful overview:

Reddit thread explaining difference between secured and unsecured OneMain Financial personal loans.
Unsecured personal loans provide consumers with higher interest rates because they don’t require collateral. 
Source: Reddit

Another person noted that the customer service was attentive – perhaps too attentive!

OneMain Financial member describes how persistent the customer service team was with providing loan reminders.
OneMain Financial prides themselves in responsive customer service
Source: Reddit

But not everyone enjoyed their experience with OneMain Financial. On Consumer Affairs, one borrower complained about the terms of their loan. 

OneMain Financial personal loans review describes how personal loans are not a good fit for every financial situation.
Taking on personal loans is not for everyone and requires thorough research prior to signing a loan agreement. 
Source: Consumer Affairs

It seems this unhappy customer didn’t realize what they were in for. 

Let me repeat: The interest rates from OneMain Financial are far from ideal. You should know that from the start. 

Commonly Asked Questions About OneMain Financial Personal Loans

Alternatives to OneMain Financial Personal Loans?

Here are the best alternatives to OneMain Financial personal loans:

One Main Financial Loan Requirements?

To qualify for OneMain Financial personal loans, you must provide proof of residence, proof of income, and a social security or tax identification number. OneMain Financial also requires some credit history and an income level that will allow you to meet your expenses and pay off your loan. 

One Main Financial Early Payoff Penalty?

There is no penalty for paying off a OneMain Financial loan early. That means you can pay your entire balance at once or simply pay extra each time you make a monthly payment. 

One Main Financial Complaints? 

While OneMain Financial is a legitimate lender, some borrowers complain about the high-interest rates. OneMain Financial has an APR range of 18.00% – 35.99% – which is typically more than what you’ll see with many other lenders. 

Is OneMain Financial a Predatory Lender?

OneMain Financial is not a predatory lender. The company’s practices aren’t fraudulent or unfair. When OneMain Financial receives criticism, it’s often because of high-interest rates – but that’s something you should be aware of as a consumer. 

How Long Does One Main Financial Take to Approve a Loan?

Initial approval for a OneMain Financial personal loan takes around 10 minutes. Then, you’ll have to wait a little longer – perhaps a day or two – for final approval.

Is OneMain Financial a Real Loan Place? 

OneMain Financial is a real, legitimate lender. The company has physical headquarters in Indiana and around 1,400 branches across the United States. 

Does OneMain Financial Require Good Credit? 

OneMain Financial has no minimum credit score requirement. Feel free to also check out this list of the best lenders for people with bad credit. 

How Fast Do You Get Money From OneMain Financial? 

Some borrowers receive their money from OneMain Financial the same day their loan is approved. Others have to wait 1-2 business days. It all depends on how you receive your funds – by check or through a digital service.

Does OneMain Financial Approve the Same Day? 

OneMain Financial provides an “initial” approval minutes after you apply. Then, they review your information before giving a “final” approval – this process often takes a few business days. 

What is the Interest Rate on a Personal Loan From OneMain Financial? 

Personal loans from OneMain Financial have an APR range of 18.00% – 35.99%. This means they have higher-than-average rates. According to the Chamber of Commerce, the average APR for a personal loan is 7.25%.