Item: OneMain Financial
Rating: 3.5

3.5

NerdWallet Rating

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3.5

NerdWallet Rating

Est. APR

18.00 - 35.99%

Min. credit score

None

Time to fund

1 day

Loan amount

$1.5K - $20K

Loan term

2 to 5 years

Origination fee

1% to 10% or $25 to $500.

Disclosures from OneMain Financial

Overview

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

Detailed breakdown

Affordability

(25%)

3/5

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

(20%)

5/5

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

(20%)

4.5/5

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility

(20%)

4/5

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

(15%)

4.5/5

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

Overall

3.5/5

Read more about our ratings methodologies for personal loans.

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.
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 qualify

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

Interested in this lender? See what rate you can get by pre-qualifying.

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Compare OneMain Financial to the best lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

3.5	4.5	5.0	5.0
EST. APR 18% - 35.99%	EST. APR 8.99% - 35.49%	EST. APR 7.9% - 35.99%	EST. APR 7.74% - 35.99%
LOAN AMOUNT $1.5K - $20K	LOAN AMOUNT $5K - $100K	LOAN AMOUNT $1K - $60K	LOAN AMOUNT $1K - $50K
MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE 600 Check Rates	MIN. CREDIT SCORE 600 Check Rates