OneMain Financial Personal Loan Review 2020

3.9 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

OneMain Financial – About The Lender

OneMain Financial is a publicly traded financial service company that offers personal and auto loans or loan with collateral. Established in Baltimore in 1912 and a commercial lender, OneMain has gone through many acquisitions and name changes to become what it is now.

OneMain is unique to other online personal loan providers in that they have over 1,600 physical locations or branches. This is helpful to borrowers who may have issues getting lending with traditional banks. This review will cover mostly OneMain Financial personal loan offerings, even though OneMain considers auto loans like personal loans.

Loan Specification

Here are the basic specifications & requirements of OneMain Financial Personal Loan :

FeatureOneMain Financial Personal Loan
Loan Amount Range$1,000 -$30,000
Interest Rate Range16.05% – 35.99%
Term24-60 months
Origination feeup to 5%, varies by state
Prepayment feeNone
Minimum credit scoreNo Minimum
1st paymentAs soon as same day
Documents To Provide
  • Personal information (including address, phone number, email, and SSN)
  • Proof of Monthly income
  • Employment Details

OneMain Loan Pros & Cons

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


  • Application Options – You can apply with OneMain online, by phone, or at a local branch. Many personal loan providers do not have those options.
  • No or Poor Credit –OneMain helps borrowers that may have poor or no 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.​
  • Better Rates than Payday Lenders –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.
  • Quick Turnaround Times –OneMain Financial has a quick process and many borrowers are approved or rejected within 10 minutes. Many borrowers have their funds by the end of the day.
  • Rewards Program –OneMain Financial motivates borrowers by offering a reward program for those who pay their loans on time and do other activities including signing up for direct pay and using paperless statements.​
  • Joint Applicants –OneMain allows loans with joint borrowers. This can help improve your chances of getting approved.​
  • No Prepayment Penalty –The borrower can pay off the loan early without any fees.
  • Many Payment Options –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.​
  • 7 Day Satisfaction –If you no longer want your loan you can refund OneMain the funds and sign a cancellation agreement.


  • Higher interest rates –If you have good to excellent credit history and strong cash flows you can find better rates elsewhere. The lowest rate with OneMain is 16.05%.
  • No or Poor Credit –OneMain helps borrowers that may have poor or no 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.​
  • Sign at Branch –OneMain requires borrowers to visit a branch to review the loan and sign loan documents. Many other personal loan providers use an application process that can all be done online.
  • Restrictions on Use –OneMain has more restrictions than other personal loan providers.
  • Fees – 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. Their fee schedule is not clear because it depends on what state you reside in. Take into consideration that there are other lenders who do not charge some of these fees.
  • Not Available in All States –OneMain is not available the following states: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C.​

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

  • Debt Consolidation and Credit Card 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. The idea is that you can take high revolving interest credit cards and save money by replacing them with a low rate fixed installment.

  • 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.Typically, it takes a month or more to get an equity line of credit on your home. OneMain has a very quick turnaround so if those repairs were unexpected you can use OneMain to get repairs started quickly.

You can use an Upgrade loan to start your home improvement project immediately. Another advantage over a home equity line of credit is that it’s based on the credit worthiness of the borrower, not the equity of a home.

  • Auto

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. If you are interested, you can review the following links depending on what you are trying to do: auto refinancingauto purchase and cash out refinance. The rate ranges on the secured loans are the same for the unsecured loans.

  • Life Events

OneMain’s life event personal loan can be used for wedding costsmedical costs, or funeral costs. Whether the events were expected or unexpected, OneMain turnaround is quick and easy to help you cover those costs.

  • Recreation

A OneMain personal loan can be used for a number of recreational activities including vacation, buying a boatRV, or motorcycle. This type of loan also can be used with collateral.

  • OneMain Financial Application Process

OneMain Financial allows borrowers to apply online, 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.

The borrower usually gets a yes or no answer within 10 minutes. The online application requires basic information about yourself and your finances. 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. Read and agree to some disclosures, and then OneMain will do a hard credit pull and let you know if you have been approved.

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. They will also review the value of your collateral, if you are using collateral.

Once loan documents have been signed, you can walk out of the branch with a check. You can also have the money transferred to your checking account or take a prepaid card.
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 Loan is Best for..

OneMain Financial is best for borrowers with no or poor credit. 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.

There is also have a quick turnaround time, so if you are in a financial jam they might be a good choice. But eventually, you should take the time to find more favorable financing. If you have good to excellent credit, you should look at other providers first because they may have better rate offerings.