Navigating Your Finances: OneMain Financial Personal Loan Deep Dive

Feb 04, 2024 By Susan Kelly

When considering a personal loan, it's crucial to understand the full spectrum of what the lending institution offers. OneMain Financial stands out as a provider of personal loans tailored to suit the individual needs of its borrowers. With its emphasis on personalized service, accessible lending options for those with less than perfect credit, and a variety of loan amounts and terms, OneMain Financial offers a potentially viable solution for those looking to consolidate debt, finance large purchases, or cover unexpected expenses. This exploration will delve into the specifics of OneMain Financial's personal loans, examining interest rates, fees, loan terms, and customer experiences to equip you with the knowledge to make an informed financial decision.

Overview of OneMain Financial Personal Loans

OneMain Financial is a national lender with over 1,500 branches in 44 states. Established in 1912, the company has been providing personal loans for over a century. This extensive experience and commitment to customer service have contributed to OneMain Financial's reputation as a reliable and trustworthy lender.

The loan amounts range from $1,500 to $20,000 for unsecured loans and up to $100,000 for secured loans. Loan terms can vary from 24 months to 60 months, providing flexibility for borrowers to find a repayment plan that fits their budget.

Types of personal loans available

OneMain Financial offers two types of personal loans:

  • Unsecured personal loans: These loans do not require collateral, making them a suitable option for borrowers who do not own assets or do not want to put their assets at risk. The loan amounts range from $1,500 to $20,000 and can be used for various purposes such as debt consolidation, home improvements, or unexpected expenses.
  • Secured personal loans: These loans require collateral, such as a car or savings account, and offer higher loan amounts up to $100,000. They may also have lower interest rates compared to unsecured loans due to the added security for the lender. However, it's essential to carefully consider the risks involved with secured loans before choosing this option.

Interest rates and fees

Interest rates and fees are an essential aspect to consider when taking out a personal loan. OneMain Financial takes a personalized approach to determining interest rates, considering factors such as credit history, income, and debt-to-income ratio.

The interest rates for unsecured loans typically range from 18% to 35.99%, while secured loans may have lower interest rates starting at 14.24%. Additionally, OneMain Financial charges an origination fee for their loans, which can vary depending on the borrower's state and loan amount. It's crucial to carefully review the terms and conditions to understand all fees associated with the loan.

Application Process

The application process for a OneMain Financial personal loan is straightforward and can be completed in person at a branch, over the phone, or online. Borrowers will need to provide basic personal information such as their name, address, income, and social security number.

Once the application is submitted, borrowers can typically receive a decision within minutes. If approved, funds can be received in as little as one business day, making OneMain Financial a convenient option for those who need quick access to funds.

Eligibility criteria

OneMain Financial has relatively relaxed eligibility criteria compared to traditional banks and other lenders. The minimum requirements include:

  • Being a US citizen or permanent resident
  • Being at least 18 years old
  • Having a valid government-issued ID
  • Having a verifiable source of income

Additionally, OneMain Financial considers other factors such as credit history, debt-to-income ratio, and overall financial stability when determining eligibility and interest rates. Those with less than perfect credit or a limited credit history may still qualify for a loan from OneMain Financial.

Pros and Cons of OneMain Financial Personal Loans


  • Personalized service and convenient application process
  • Flexible loan options for a variety of needs
  • Relaxed eligibility criteria compared to traditional banks


  • Higher interest rates and fees compared to some other lenders
  • Secured loans may put assets at risk if unable to make payments

Customer experiences

Customer reviews of OneMain Financial are generally positive, with many highlighting the personalized service and quick application process. However, some negative reviews mention high-interest rates and fees. It's essential to carefully review and understand all terms and conditions before taking out a loan with OneMain Financial to avoid any surprises.

Comparing With Competitors

When considering a personal loan, it's always wise to compare different lenders to find the best option for your specific needs. Some potential competitors of OneMain Financial include Avant, Marcus by Goldman Sachs, and Wells Fargo.

Avant offers similar loan amounts and terms as OneMain Financial but may have lower interest rates for those with good credit scores. Marcus by Goldman Sachs offers unsecured personal loans with no fees, making it an attractive option for borrowers looking to avoid origination or prepayment fees. Wells Fargo offers both secured and unsecured personal loans with competitive interest rates and a variety of loan amounts.

Ultimately, the best lender for you will depend on your individual financial situation. It's essential to carefully research and compare different options before making a decision. OneMain Financial's extensive experience and commitment to customer service make them a strong contender in the personal loan market, but it's always wise to consider all factors before taking out a loan.


OneMain Financial is a reputable and established lender that offers a variety of personal loan options for borrowers. Their personalized approach to determining interest rates and convenient application process make them an attractive option for those in need of quick access to funds. While their interest rates and fees may be higher compared to some other lenders, OneMain Financial's relaxed eligibility criteria can make them a viable option for those with less than perfect credit. It's essential to carefully review all terms and conditions before taking out a loan to ensure it is the best option for your specific financial situation. So, whether you're looking to consolidate debt, cover unexpected expenses, or make home improvements, OneMain Financial may be a suitable choice for your personal loan needs.

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