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The bottom line: OneMain Financial‘s personal loans are a solid option for borrowers who have a low credit score. You may want to consider another company if you have a good credit score, because you can get lower rates elsewhere.
Potential for a small loan. You can get a loan for as little as $1,500, which is lower than what many lenders offer.
High origination fees. OneMain charges an origination fee on loans, which can either be a flat fee or percentage-based, depending on what state you live in. Flat fees range from $25 to $500, while percentage-based fees range from 1% to 10% of the loan’s value.
OneMain Financial offers both secured and unsecured personal loans, but we’re focusing on the company’s unsecured personal loan options. Unsecured loans are more common with OneMain Financial and with competing lenders.
An unsecured personal loan doesn’t require any collateral, such as a house or car. These personal loans can be used for a variety of purposes and often have fair interest rates. You can use an OneMain personal loan for many purposes, like debt consolidation and home improvements, but check with the lender to see if your expense qualifies for a loan.
OneMain allows several options for repayment, with term lengths of 24, 36, 48, or 60 months. There are no prepayment penalties. You may not want to choose OneMain if you have good or better credit.
OneMain Financial could be a good option if you need cash quickly. If your application is approved before noon on a business day, you could receive your money the same day. But if you choose to get money via direct deposit, it could take one or two business days.
If you value the ability to go to a branch and talk to an employee about your loan, OneMain may be a great choice. Other brick-and-mortar banks offering personal loans, like Wells Fargo, Santander, and PNC, have higher credit score requirements.
To contact OneMain by email, simply fill out the form located here. Or call Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.
Unlike many lenders, OneMain Financial doesn’t require a minimum credit score. But remember that the lower your credit score, the higher your interest rate will be. Anyone with a good or better credit score could likely get a better interest rate on a personal loan elsewhere.
You can find your credit report for free on annualcreditreport.com from any of the three major credit bureaus weekly through April 20, 2022. While this report won’t give you your credit score, it will show you information about your credit and payment history, which lenders use to decide whether to give you a loan. Reviewing your credit report can help you know what you need to improve.
You can find your score at no cost on your credit card statement or online account. You can also pay for it from a credit reporting agency.
Unless you need money fast, you may have the chance to boost your credit score before applying for a personal loan. Paying your bills in a timely fashion and maintaining low credit card balances may result in a better interest rate. That said, if your credit score goes up, you’ll still get a better rate at a lender other than OneMain.
OneMain Financial is a Better Business Bureau-accredited company, and the BBB, a non-profit organization focused on consumer protection and trust, gives the company an A+ rating. The BBB measures companies by evaluating business’ replies to consumer complaints, honesty in advertising, and clarity about business practices.
OneMain does not have any recent controversies. Due to its clean history and top-notch BBB rating, you might want to use OneMain as your personal loan provider. However, BBB scores don’t ensure you will have a beneficial relationship with the company and are simply a starting point on your search for a personal loan provider.
Min. credit score
Min. credit score
Min. credit score
18% to 35.99%
8.30% to 36.00%
9.95% to 35.95%
Apply for a loan
Apply for a loan
*While Avant does not charge an origination fee, it does charge an administration fee of up to 4.75%.
OneMain Financial and Avant personal loans have similar loan terms and loan amounts, but borrowers looking for same-day funds might find that OneMain has an advantage. Additionally, a minimum credit score requirement of 580 might exclude some borrowers.
LendingClub‘s minimum 600 credit score requirement might leave some borrowers out. With interest rates starting higher, borrowers who qualify with LendingClub could get lower rates from Avant or OneMain.
Avant could be a stronger option than OneMain due to OneMain’s higher interest rates. Avant fees could be lower, as this lender caps its origination and administrative fees at 4.75%, while OneMain’s fees could go up to 10%, or $500 depending on your state.
LendingClub doesn’t offer a secured loan option, which could give OneMain an advantage for anyone who wants to lower their interest rate with collateral. Funding through LendingClub will take at least four business days, according to the lender’s site, giving OneMain’s same-day funding another advantage.
The credit impact of a OneMain loan depends on how consistent you are in repaying it. If you make reliable, on-time payments, you may actually see your credit score rise over time. If you are late on payments or miss them entirely, your credit score may be damaged.
OneMain financial is a reputable personal loan lender that is accessible to borrowers with low credit scores.
You could receive money as soon as the same day with the lender, though it could take up to two business days. This is faster than you’ll get your money from many other lenders.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.