OneMain Financial 2025 Personal Loan Review

OneMain Financial offers personal loans to borrowers across the credit spectrum, including those with limited credit histories. However, its loans can be expensive and the lender charges several fees, including an origination fee. It's a good idea to compare OneMain loans with other options before you borrow.

» MORE: Compare the best personal loans

OneMain Financial personal loans at a glance

• Disclosure from OneMainDisclosure from OneMain

  You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant’s state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral. Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant’s name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount. For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees. Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options. Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.

Where OneMain Financial personal loans stand out

Works with borrowers across the credit spectrum. OneMain works with borrowers who have credit scores ranging from bad (high 500s or lower) to excellent (high 700s and up). The lender also works with borrowers with thin credit files, though you’ll need at least one active credit account to qualify. OneMain says it considers a borrower’s overall ability to repay instead of focusing solely on their credit scores.

Fast funding. OneMain says most borrowers can receive same- or next-day funding once their loan application is approved. Customers who opt to have their loan deposited to a debit card linked to their bank account can receive loan funds in as little as an hour, while those who opt for direct deposit get their funds within a day or two.

Secured loan option. OneMain offers secured personal loans and accepts vehicles less than 10 years old (including cars, trucks, motorcycles, RVs and boats) as collateral. A secured loan can help borrowers qualify for better loan terms; however, OneMain can seize your collateral if you don’t repay the loan. To use a vehicle as collateral, you’ll need to have it appraised and meet the lender’s insurance requirements.

» MORE: Best secured personal loans

Choose and change your payment date: OneMain Financial borrowers can pick their payment date when they sign a loan agreement and change the due date twice during repayment. This feature is helpful if your income and expenses change due to a new job or different payday, for example.

Option to pay creditors directly with debt consolidation loans. OneMain offers the option to directly pay up to 10 creditors for debt consolidation loans. Direct pay to creditors can simplify loan repayment and reduce the temptation to spend funds you borrowed to lower debt.

Where OneMain Financial personal loans fall short

Pre-qualification doesn't include APR: Like most other online lenders, OneMain Financial allows borrowers to pre-qualify for its personal loans. But unlike other lenders, OneMain doesn't show your potential rate; rather, borrowers only see their potential loan amount and whether they qualify for a secured or unsecured loan. To see your rate and repayment terms, the lender requires a formal application with a hard credit pull that can ding your scores by a few points.

High APRs and no rate discounts. Another drawback with OneMain is its high annual percentage rates. OneMain says a substantial number of its customers receive rates from 18% to 35.99% — a higher range than many other lenders. It also doesn’t offer any rate discounts. Other lenders offer rate discounts for setting up automatic payments or using the direct payment feature with debt consolidation loans.

Charges an origination fee. In addition to high rates, OneMain charges an origination fee that may be 1% to 10% of the loan amount or a flat fee of $25 to $500, depending on the state. While many lenders deduct this fee from the loan amount, OneMain finances the charge into the loan amount. For example, if you take out a $5,000 loan with a 5% origination fee from OneMain, the amount you're actually borrowing is $5,250. Not all lenders charge an origination fee.

No option to add a co-signer. OneMain offers joint loans, which allow co-borrowers to share access to loan funds and responsibility for payments, but it doesn’t allow co-signers. A co-signer can't access the loan funds, but must agree to repay the loan if the primary borrower can't. Having a co-borrower or co-signer with good credit can boost your odds of approval and help you secure better terms.

How to use OneMain Financial  personal loans

Do you qualify for a OneMain Financial personal loan?

OneMain doesn’t have a minimum credit score to qualify for a personal loan. The lender says it works with borrowers across the credit score spectrum, including those with thin credit files, and focuses on whether a customer can responsibly manage repayment when it approves loan applications. While the lender also doesn’t have a minimum income, it calculates each borrower’s disposable income to confirm they can afford loan payments.

OneMain’s borrowing requirements

• Must have a government-issued ID, like a driver’s license or passport.

• Must have a Social Security number or individual taxpayer identification number.

• Cannot have an active bankruptcy; borrowers seeking an unsecured loan can’t have filed bankruptcy within one year.

• Must have at least one open credit account.

» MORE: How to get a personal loan

Lawsuits against OneMain Financial

The Consumer Financial Protection Bureau (CFPB) ordered OneMain to pay $20 million in refunds and penalties for deceptive sales practices in 2023. The CFPB says OneMain failed to refund interest charges to 25,000 customers who cancelled loans within the lender’s full refund window, and that it misled borrowers into purchasing unnecessary add-ons as a condition of obtaining the loan. ^[0]

The lender said it entered into the agreement “to avoid litigation and focus on providing our customers industry-leading service.”

How we rate OneMain Financial personal loans

NerdWallet writers and editors rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s how we scored OneMain this year: