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OneMain Financial Personal Loans Review for 2021

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Susan Guillory

Susan Guillory

Updated February 14, 2022

Overview of OneMain

If you’re looking to get a loan online, OneMain Financial is one web-based lending option. The company offers personal and auto loans that are generally in the range of  $1,500 to $20,000—with fixed rates and fixed payments. OneMain provides both secured and unsecured personal loans.OneMain lending reviews tend to be high, particularly in regards to loans for people who don’t have good credit,. Here’s an overview of OneMain personal loans, including some pros and cons:
Pros and cons

Pros

  • Flexible term lengths, from 24 months to 60 months
  • Approved funds typically deposited within one day
  • Local branches in 44 states, if you prefer to meet in person

Cons

  • Personal loan interest rates higher than traditional lenders 
  • Origination fee and other fees can be charged to borrowers 
  • Secured loans require fully insured collateral

OneMain Personal Loan Terms, Rates, and Fees

Loan amounts: $1,500 to $20,000APR range: 18.00% - 35.99%Origination fee: May be flat ($25 to $500) or percentage-based (1-10%) (Updated as of 2/14/2022.)Minimum credit score: No minimum credit score required by lender Time to funding: As little as 1 dayCo-borrower needed: No

Other Lenders

In addition to reading OneMain reviews, interested individuals may want to research other lenders to find the best rate and terms for your individual financial situation.

What Types of Loans Does OneMain Offer?

OneMain offers personal loans and auto loans to individuals who might not otherwise qualify for lending because of their credit scores. Their unsecured personal loans can be used for a variety of things, including:
  • Debt consolidation
  • Auto
  • Wedding
  • Moving
  • Funeral
  • Vacation
  • RV
  • Home improvement
OneMain loan reviews give kudos for the faster turnaround on funding, usually within a day, as well as the fact that the loans may be easier to qualify for than others for people with less than excellent credit. Personal loan funds from OneMain cannot be used for postsecondary education expenses, however. 

Important to Keep in Mind

While qualifying for a loan with OneMain may be easier for some applicants than with other lenders, do keep in mind there could be some additional fees that are more than what similar lenders charge.With OneMain personal loans, there is an origination fee. Origination fees are fees charged by lenders to cover the cost of processing and handling the loans. An approved borrower’s origination fee with OneMain will either be a flat rate or a percentage of the amount borrowed, depending on which state you live in. These fees could be $25 to $500 for flat rates (depending on the borrower’s state of residence). And, percentage-based fees can range from 1% to 10% (depending on the borrower’s state of residence). It’s worth recalling that this fee may also get called a ‘Loan Processing Fee,’ ‘Credit Investigation Fee,’ ‘Documentation Preparation Fee,’ etc in the loan agreement. (Updated as of 2/14/2022.)Additionally, OneMain charges a late payment fee—which is either a flat rate (i.e., $5-$30) or a percentage of your loan amount (i.e., 1.5%-15%). The late payment fees allowed vary from state to state. Depending on the borrower’s state of residence, a fee might also be charged for non-sufficient funds. Where allowable, this fee is assessed if a payment (either check or electronic debit) is returned because of insufficient funds in the borrower’s designated payment account. While the amount may vary from state to state, non-sufficient funds fees with OneMain generally range from $10 to $50 per returned payment.For secured loans, in states where it’s allowed, OneMain may also pass on the governmental fees (sans markup) associated with filing official liens on a vehicle’s certificate of title.  

The OneMain Personal Loan Application Process

The online personal loan application process with OneMain is fairly fast and straightforward. And, according to OneMain, checking if you are prequalified does not impact your credit report.

OneMain Requirements for Applicants

While OneMain may not put as much emphasis on credit scores as other lenders, credit history is one factor in the loan application process. Other financial factors considered in the personal loan application process can include: 
  • Financial history
  • Income and expenses
  • Loan purpose
  • Value of insured collateral (for secured loans)
  • Whether or not you have filed for bankruptcy
  • State of residence

Application Process

You can find out if you are prequalified for a loan with OneMain in minutes. Then, the full application will ask for a loan applicant’s: 
  • Contact information 
  • Social Security number 
  • Monthly net income (and source of income)
  • Loan amount requested
Once that information has been submitted, an applicant for a personal loan with OneMain can then see if they’ve prequalified for any lending offers. If an application is pre-approved, you will then be required to provide additional documentation to close the loan—such as:
  • A copy of a government-issued ID (i.e., a driver’s license or passport)
  • Proof of residence 
  • Proof of stated income 
Once approved, borrowers can typically receive funds within one business day.

The Bottom Line

For those who have struggled to prequalify for lending elsewhere in part due to their credit scores, OneMain may provide an easy loan application process for financing up to $20,000.Be sure to see what stipulations exist for borrowers in your state. Some states have different limits for how much you can borrow. And, it’s worth reiterating here that additional fees may apply and will vary—depending on where you live.Looking for more personal loan options? With Lantern's help, you can find the right one for you.

Frequently Asked Questions

Is OneMain Financial a good loan?
Is OneMain Financial safe?
Is it hard to get a loan from OneMain Financial?
Can you pay off a OneMain Financial loan early?
Does OneMain Financial require collateral?
Does OneMain do a hard credit pull?
What are the requirements for a OneMain Financial loan?
What do I need to get a loan from OneMain Financial?

About the Author

Susan Guillory

Susan Guillory

Susan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
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