OneMain Financial Personal Loans: 2022 Review (2024)

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At a glance

OneMain Financial is best for same day bad credit loan funds

Borrowers in a financial crunch may get relief the same day they apply for a personal loan with OneMain Financial. Most lenders require at least a business day before funds are disbursed.

The lender doesn’t disclose a minimum credit score, which means you may qualify for a loan with a score below the 600 minimum set by other bad credit companies. If the rate on an unsecured loan doesn’t meet your needs, you can explore OneMain’s secured loan options.

OneMain Financial doesn’t charge prepayment penalties, so you can pay extra or pay the balance in full without worrying about extra charges.

OneMain Financial personal loan purposes

Funds from a OneMain Financial personal loan can be used for everything from paying for an emergency car repair to putting in a pool before the summer heat kicks in. Borrowers can choose a secured loan to buy a car, RV boat or motorcycle.

If you need some extra money and own a car that’s almost paid off, OneMain Financial even offers a cash-out refinance option using your car as collateral. The lender prohibits using personal loan funds for college or trade school tuition, business purposes or to invest in the stock or crypto market.

Where OneMain Financial stands out

• Same-day funding possible for bad credit borrowers: If you’re a morning person with not-so-great credit who needs funds quickly, you could have OneMain Financial personal loans funds by noon on the same day you apply. Most personal loan lenders require at least one business day to disburse funds.
• Can add a co-applicant to help you qualify: Borrowers with low income or too much credit card debt to qualify on their own can add a co-signer to help. Many personal loan lenders don’t permit co-borrowers or co-signers.
• Secured loan options are also available: If you have a newer car with no loan on it, OneMain Financial is one of only a few lenders that allows you to use it as collateral for a personal loan. Your rate may be lower than an unsecured loan.

Where OneMain Financial falls short

• Higher start rates than other bad credit lenders: You’ll pay at least an 18 percent rate for a personal loan at OneMain Financial. If your score is in the fair or good credit range, other lenders offer lower APR options.
• Smaller loan amount maximums: OneMain Financial borrowers are limited to a $20,000 maximum loan amount, which is significantly less than the $35,000 or more offered by other bad credit lenders.
• More expensive fees than other lenders: Loan origination fees range from 1 percent to 10 percent of the amount you borrow, making it a pricey loan option. You may also pay a late payment fee, non-sufficient funds fee and fees related to getting a secured loan on your vehicle.

OneMain Financial customer experience

Customer support

Customer service is available Monday through Friday from 8 a.m. to 8 p.m. ET. There are dedicated customer service numbers for help with current customers, new loan applications and OneMain Financial’s mobile app.

Customers can also email a question for an answer back within one to two business days, according to the lender’s website. You can apply online, over the phone or in person at one of the over 1,300 branches throughout the country.

Digital experience

OneMain Financial customers can manage their loan from the company’s online app, which has a rating of 4.5 out of 5 stars from the 3,800 App Store user reviews. The website also offers a resources tab with helpful explainer content about different types of personal loans as well as financial calculators and guidebooks that cover a variety of personal finance topics.

What people are saying about OneMain Financial

Out of over 64,000 OneMain Financial reviews on third-party site Trustpilot, 89 percent give it a 5-star rating as of June 13, 2024. Many reviewers cited the quick and easy approval and funding process as reasons for the high ratings. Customers also loved OneMain’s warm, helpful in-person and phone customer service. Multiple reviews thank specific loan officers by name. One reviewer said, in part:

"All I spoke with were very informative and courteous. I was fully informed of all aspects of the loan and the money was deposited into my account within minutes of signing. The entire process took less than three hours."

— Trustpilot User

Negative reviews made up less than 3 percent of the total reviews and consistently revolve around not qualifying. OneMain Financial provided responses to almost all negative reviews and some positive ones.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

OneMain Financial vs. Avant

OneMain Financial’s same day funding option for qualified borrowers makes it a quicker cash option than Avant, which takes an average of 4.3 days to fund for Bankrate users. However, the average APR for Bankrate users who took out a personal loan from Avant was 14.59 percent, much lower than the average APR of less than 26 percent offered to OneMain Financial borrowers.

OneMain Financial vs. NetCredit

OneMain Financial gives you much more borrowing power at significantly lower rates than NetCredit. You’re capped at a $10,000 maximum loan amount for a NetCredit loan at rates ranging between 34 percent and 99.99 percent, compared to a $20,000 loan amount maximum with a rate range of 18 percent to 35.99 percent at OneMain Financial.

Do you qualify for a OneMain Financial personal loan?

You’ll need to document your income and expenses, and your credit report will be pulled to finalize your loan offer. There are also some unique qualifying requirements for OneMain Financial personal loans.

• For personal loans secured by your car, the car must meet specific conditions and age requirements and proof of insurance is required.
• OneMain Financial loans aren’t available in Alaska, Arkansas, Connecticut, District of Columbia, Massachusetts, Rhode Island, Vermont or U.S. territories.

How to apply for a personal loan with OneMain Financial

1. Get a quote: You can prequalify and get a preliminary offer within minutes without affecting your credit score.
2. Add information and finalize your application: You’ll need to add information for a co-signer if you need extra help qualifying. Prepare to provide proof of income and identity with items like a pay stubs and a government ID. If you apply for a secured loan you'll also need to provide details about your car.
3. Review the loan details: Review the final loan terms and conditions and make sure you understand all of the terms before you sign off on the paperwork. If you start your application early enough in the day, you could have your funds by that afternoon.

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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