OneMain Financial Personal Loan Review
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pros and cons
requirements
isn’t very transparent about its personal loan eligibility requirements, but it’s possible to qualify even with a score as low as . Before closing on a loan, you’ll be required to provide:
- Government-issued identification (such as a driver’s license or passport)
- Proof of residence (such as a rental agreement or utility bill)
- Proof of income (such as pay stubs or tax returns)
OneMain loans are not available in Alaska, Arkansas, Connecticut, District of Columbia, Massachusetts, Rhode Island, Vermont or in U.S. territories.
Most personal loan lenders consider an applicant’s payment history, income and debt-to-income ratio. If your credit score needs a little work, take steps to improve your score before applying for new credit.
If you meet the basic requirements listed above, you’ll need to tell OneMain how you plan to use your personal loan money. allows borrowers to use loan money for almost any purpose, but there are certain expenses you cannot put the money toward.
loans CAN be used for:
- Debt consolidation
- Major life events
- Recreational purchases
- Vehicle loans
- Home improvement projects
loans CANNOT be used for:
- College expenses
- Business/commercial costs
- Purchasing securities or cryptocurrency
- Gambling
- Illegal activities
If ’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that can best suit your financial goals and offer you the best rates, terms and amounts.
How to get a personal loan with
offers an easy, straightforward application process. Here’s what you’ll need to do:
- First, you’ll need to input how much money you’d like to borrow, as well as your basic information, including your full name, address and contact information (your email address and phone number).
- Next, you’ll need to provide with your monthly income information, your employment status, your vehicle status (whether you own, lease or have an auto loan), your date of birth and your Social Security number. After submitting this information, you’ll find out whether you’re preapproved for a loan.
- Next, you’ll need to provide government-issued identification, income verification and residential information so that the lender can verify your information.
- After verifies your information, you may have to submit to a hard credit inquiry. Once this lender officially approves you, the last step is to sign your loan contract. Borrowers can receive their loan funds within one hour. To do so, you must get your funds sent to the bank account that’s linked with your debit card.
If you’re denied a personal loan with because of your credit score, consider these strategies to boost your odds of approval.
How compares to other personal loan companies
Even if you believe aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare lenders. Here’s how a loan stacks up against similar lenders.
| LendingPoint | |||
|---|---|---|---|
| LendingTree’s rating | 3.2/5 | 4.8/5 | /5 |
| Minimum credit score | 660 | ||
| APRs | 7.99% – 35.99% | ||
| Loan amounts | $1,000 – $36,500 | ||
| Repayment terms | months | months | 24 to 72 months |
| Origination fee | Up to 10.00% | ||
| Funding timeline | May receive funds as soon as one hour | May receive funds as soon as one business day | May receive funds as soon as one business day |
| Bottom line | offers quick loans for borrowers with bad credit. If you have good or excellent credit, you’ll find better starting rates elsewhere. | is a good fit if you need money quickly and have fair or bad credit. You’ll need slightly better credit to qualify, but you can get larger loans with Avant. | LendingPoint has the lowest rates of these lenders, but you’ll need to have strong credit to qualify for its best rates. LendingPoint also offers larger loans and longer repayment periods than both OneMain Financial and Avant. |
How we rated
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
According to OneMain Financial’s website, it takes up to two business days from the time a consumer is approved to the time they receive their loan funds. However, you can get your funds within an hour of signing your documents if you get your money sent to the bank account linked with your debit card.
OneMain Financial offers loan amounts ranging from $1,500 – $20,000. However, in order to qualify for the higher loan amounts, you may be required to provide collateral. This is known as a secured loan.
OneMain Financial offers both unsecured and secured loans. Unsecured loans do not require collateral, meaning you won’t have to offer up anything valuable to your lender in case you can’t keep up with loan payments.
Secured loans require collateral. They can help borrowers with bad credit qualify for loans because the collateral lowers the risk in the eyes of lenders.
OneMain Financial allows you to use any of the following as collateral:
- Vehicles
- Motorcycles
- Boats
- Campers
- Recreational vehicles (RVs)
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