The bottom line: OneMain is an option for bad credit borrowers, but it comes with high starting rates and an origination fee.
Pros & Cons
May fund a loan the same day.
Offers joint and secured loan options.
Free credit score access.
Charges origination fee.
Rates are high compared to other lenders that serve similar borrowers.
Compare to Other Lenders
18.00 - 35.99%
9.95 - 35.99%
7.99 - 35.97%
2 to 5 years
2 to 5 years
3 to 5 years
$1,500 - $20,000
$2,000 - $35,000
$1,000 - $35,000
Min. Credit Score
Min. Credit Score
Min. Credit Score
Compare estimated rates from multiple lenders
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To review OneMain Financial, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.
OneMain is an online personal loan lender that accepts low credit scores on a loan application. OneMain personal loans are commonly used for debt consolidation, wedding and medical expenses, home improvement projects and auto financing.
OneMain doesn't have a minimum credit score requirement. Instead, the lender uses an in-house algorithm to evaluate borrowers. Three of the most important factors on a loan application are ability to repay, credit stability and whether the loan is secured with collateral, according to a spokeswoman.
High rates: OneMain’s starting annual percentage rate is higher than rates charged by other online lenders that cater to people with low credit. OneMain’s APRs top out at 35.99% and include an origination fee, charged as either a flat fee ($25 to $400) or a percentage of your loan amount (1% to 10%). OneMain loans can have repayment terms between 2 and 5 years.
Fast cash: OneMain provides fast loans; you can complete an application and receive a decision in less than 10 minutes. Once you’ve been approved, you can receive funds as soon as the same day by check, or one to two business days via bank payment.
Funding time also varies based on what time you submit the application and how long it takes you to provide the documents necessary to get your application approved, according to OneMain. The process requires you to visit a OneMain branch to complete.
Secured loan option: You can also apply for a secured loan, which may help you qualify for a lower APR, larger loan amount or longer loan term compared with an unsecured loan. OneMain accepts car titles with VINs as collateral.
As with any secured loan, if you can’t make your loan payments, you could end up losing your vehicle.
Credit insurance: OneMain may offer optional credit insurance with secured or unsecured loans. This insurance adds to your costs and may not be needed, so learn about the pros and cons before you buy it.
Satisfaction guarantee: This lender has a seven-day satisfaction guarantee, during which time a borrower can cancel his or her loan.
Free credit score: Approved OneMain borrowers have free access to their VantageScore, a consumer credit score that’s a competitor to FICO. The score is sometimes used by personal loan providers to evaluate borrowers and underwrite loans.
» MORE: Personal loans for fair credit
Refinancing option: Borrowers can refinance a loan from another lender with OneMain and OneMain loans can be refinanced with another lender.
How to qualify: OneMain doesn't publicly disclose much about its average borrower, however, a spokeswoman says the average borrower has 626 credit score and the average OneMain loan APR is 27%.
A borrower's ability to make loan payments on top of any existing debts or other obligations is a big factor in loan approval, the spokeswoman says.
You can calculate your debt-to-income (DTI) ratio to see how much of your income is dedicated to existing debts. Loan applications with a high DTI aren't approved as often by most lenders as those with a low DTI.
Loan example: For a borrower with bad credit, a $10,000 unsecured personal loan with a repayment term of two years at 27.2% APR would carry monthly payments of $545, according to NerdWallet’s personal loan calculator.
Before you shop for a personal loan
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How to apply for a OneMain Financial loan
You can apply by submitting your personal, employment and financial information at OneMain’s website. You’ll get an email with a decision on your application, and a representative will contact you to schedule an appointment at a branch office to discuss your options and verify your information.
on OneMain Financial's website
Personal Loans Rating Methodology
NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.