- OneMain's Niche in Personal Lending: Specializing in serving nonprime and thin-file borrowers, OneMain offers face-to-face support and accepts no minimum credit score, filling a gap in the lending market.
- High Costs of OneMain Loans: With an APR starting at 18% and origination fees up to 10%, loan costs are significantly higher compared to prime lenders, making it a costly option for borrowers.
- Loan Features and Limits: OneMain provides loans up to $20,000 with flexible repayment terms (24–60 months), offering secured loans with vehicle collateral and accepting co-borrowers to improve approval chances.
- Accessibility and Application Process: While prequalification can be done online via soft pull, many borrowers need to visit a branch for verification, which can delay funding and adds inconvenience.
- Customer Experience and Regulatory Issues: Customer satisfaction is mixed, with a high Trustpilot rating but numerous CFPB complaints related to fees and practices; the company faced a $20 million enforcement action in 2023.
- Check rates with OneMain Financial.
OneMain Financial Personal Loan Overview
OneMain Financial is a subsidiary of OneMain Holdings, Inc. (NYSE: OMF), headquartered in Evansville, Indiana. Founded in 1912, OneMain is one of the largest nonbank consumer installment lenders in the United States, with a network of approximately 1,300 branches across 44 states. The company specializes in personal loans for nonprime borrowers, a segment of the market that most online lenders and banks either decline or serve only marginally. OneMain Holdings reported approximately $5.1 billion in revenue for the full year 2024.
OneMain occupies a unique position in our 15-lender review series. It is the only lender that explicitly serves borrowers with no stated minimum credit score, offers both secured (vehicle-collateral) and unsecured personal loans, accepts co-borrowers, and maintains a physical branch network where borrowers can meet face-to-face with a loan specialist. This combination of accessibility and in-person service fills a critical gap for subprime and thin-file borrowers who are declined by online lenders.
The editorial angle for this review: OneMain is the lender of last resort in our series, and it knows it. The 18% APR floor is the highest in our review, the origination fees can reach 10%, and the $20,000 loan maximum is the lowest among our 15 lenders. But for borrowers with credit scores below 580, limited credit history, or a need for in-person support, OneMain may be the only option that says yes. The question is whether the cost of that access is worth it.
Pros and Cons of OneMain Financial Personal Loans
Pros
- No stated minimum credit score: OneMain considers all credit profiles, including borrowers with scores below 580 and those with thin credit files. The company evaluates overall ability to repay rather than relying solely on credit scores.
- Secured loan option: Borrowers can secure their loan with a motor vehicle (no more than 10 years old, titled in the borrower’s name with valid insurance). Secured loans may qualify borrowers for larger amounts or better terms. This is one of only three lenders in our series offering a vehicle-secured personal loan.
- Co-borrower accepted: OneMain accepts co-applicants, which can improve approval odds for borrowers with weaker credit. This is a rare feature among subprime-focused lenders.
- 1,300+ physical branches: OneMain operates the largest branch network of any personal loan lender in our series. Borrowers can meet in person with a loan specialist, which is valuable for those uncomfortable with fully digital processes or who need help navigating their options.
- SpeedFunds (1-hour funding): After signing loan documents in-branch, borrowers can receive funds within one hour via disbursement to a bank-issued debit card. This is one of the fastest funding options in our series for borrowers who complete the in-person process.
- No prepayment penalty: Borrowers can pay off their loan early without penalty, enabling interest savings on these high-APR loans.
- Soft pull prequalification: Borrowers can check for offers online without affecting their credit score.
Cons
- Highest APR floor in the series: The 18% minimum APR is the highest starting rate among all 15 lenders. By comparison, Avant starts at 9.95%, Upstart at 6.53%, and Upgrade at 7.74%. Even borrowers with the strongest credit profiles at OneMain will pay rates that exceed the midrange at most competitors.
- Origination fee up to 10%: OneMain charges origination fees that vary by state, either as a flat fee ($25 to $500) or as a percentage (1% to 10%). On a $10,000 loan, a 10% fee adds $1,000 to the financed amount. This is among the highest in our series.
- $20,000 maximum loan: The lowest maximum in our review series. Borrowers needing more than $20,000 must look elsewhere. Larger loan amounts at OneMain require vehicle collateral.
- Not available in 7 states + DC: OneMain does not operate in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont, Kentucky, or Washington, D.C. This is the most limited geographic footprint among bank/finance company lenders in our series.
- Branch visit may be required: While prequalification happens online, many borrowers must visit a branch to verify identity, income, and collateral before finalizing the loan. This adds time and inconvenience compared to fully digital competitors.
- $20 million CFPB enforcement (2023): In May 2023, the CFPB ordered OneMain to pay $20 million for pushing borrowers into unnecessary add-on products and failing to honor its full-refund cancellation policy.
- No rate discounts: OneMain does not offer autopay, loyalty, or direct-pay discounts.
OneMain Financial Personal Loan Rates and Fees
OneMain Financial personal loan APRs range from 18.00% to 35.99%, fixed for the life of the loan. OneMain states that a substantial number of its customers receive rates between 18% and 35.99%. The 18% floor is the highest starting rate in our 15-lender review series, far above the Federal Reserve’s reported average of 11.65% for 24-month personal loans at commercial banks (November 2025). Even the best-case OneMain rate exceeds the worst-case rate at American Express (19.97%) and Citibank (19.49%).
OneMain charges origination fees that vary by state. In some states, the fee is a flat amount ranging from $25 to $500. In others, the fee is a percentage of the loan amount, ranging from 1% to 10%. Unlike most lenders that deduct the origination fee from loan proceeds, OneMain finances the fee into the loan balance. For example, a $5,000 loan with a 5% origination fee results in a financed amount of $5,250. This means borrowers receive the full requested amount but pay interest on the fee. The effective cost is higher than it appears at first glance.
Late payment fees range from $5 to $30, depending on the state. Insufficient funds fees range from $10 to $50. There are no prepayment penalties, which is a meaningful benefit given the high APRs; borrowers who improve their credit or financial situation should consider refinancing or paying off the loan early to minimize total interest. OneMain does not offer autopay discounts, relationship discounts, or any other rate reduction mechanisms.
Scenario | Monthly Payment | Total Interest | Total Cost |
$10,000 at 25% APR, 36 mo. | $398 | $4,328 | $14,328 |
$10,000 at 25% APR, 60 mo. | $292 | $7,520 | $17,520 |
$10,000 at 30% APR, 36 mo. | $417 | $5,012 | $15,012 |
$10,000 at 30% APR, 60 mo. | $316 | $8,960 | $18,960 |
Note: Figures are approximate and do not include the origination fee, which varies by state. Including a typical 5% origination fee would increase the financed amount and total cost.
OneMain Financial Personal Loan Terms and Options
OneMain Financial offers personal loans from $1,500 to $20,000. Some states set higher minimums (for example, Alabama requires a minimum of $2,100). The $20,000 maximum is the lowest in our review series, well below Avant ($35,000), Upgrade ($50,000), and the $100,000 ceilings at SoFi and LightStream. Borrowers needing larger amounts must either pledge a vehicle as collateral (which may unlock higher approvals within the $20,000 range) or seek a different lender.
Repayment terms are 24, 36, 48, or 60 months. This is a narrower range than most competitors; there is no 12-month short-term option and no extended terms beyond 60 months. Given the high APRs, borrowers should choose the shortest term they can afford to minimize total interest, though even the 24-month option results in significant interest cost at rates above 25%.
OneMain offers both unsecured and secured personal loans. Secured loans require a first lien on a motor vehicle that is no more than 10 years old, titled in the borrower’s name, and covered by valid insurance. Securing the loan with a vehicle may improve approval chances and potentially result in a lower APR, though OneMain does not publish specific rate differences between secured and unsecured products. Active-duty military members, spouses, and dependents covered by the Military Lending Act cannot pledge a vehicle as collateral.
Co-applicants are accepted. This is a valuable feature for borrowers with weak credit who have a partner or family member willing to share responsibility. Loan proceeds can be used for debt consolidation, home improvement, medical bills, auto expenses, and other personal purposes. Proceeds cannot be used for post-secondary education, business purposes, cryptocurrency, securities, or gambling. OneMain does not offer direct payment to creditors for debt consolidation.
OneMain Financial Personal Loan Eligibility and Application
OneMain Financial does not disclose a minimum credit score, minimum income, or maximum debt-to-income ratio. The company states that it considers credit history, income, expenses, debt-to-income ratio, and available collateral when making underwriting decisions. Third-party sources report that borrowers with scores in the 600 to 650 range have reasonable approval odds, though OneMain regularly approves borrowers with scores below 580 and those with thin credit files (at least one active credit account is required).
Borrowers must be at least 18 years of age and a U.S. citizen, permanent resident, or visa holder. A Social Security number is required. Prequalification is available online with a soft credit inquiry that does not affect the borrower’s credit score. If prequalified, OneMain will typically direct the borrower to the nearest branch to verify identity, income, employment, and collateral (if applicable). Loan documents are often signed in person at the branch, though the company has expanded its digital capabilities.
OneMain Financial personal loans are available in 44 states. The company does not operate in Alaska, Arkansas, Connecticut, Kentucky, Massachusetts, Rhode Island, Vermont, or Washington, D.C. This is the most restricted geographic availability among the larger lenders in our review series. Applications can be submitted online, by phone, or in person at any of the approximately 1,300 branch locations.
OneMain Financial Personal Loan Funding Speed
OneMain offers multiple funding channels. The fastest option is SpeedFunds, which disburses loan proceeds to a bank-issued debit card within one hour of signing loan documents at a branch. This is one of the fastest funding timelines in our review series, though it requires completing the in-person branch process first.
Borrowers who prefer an ACH deposit or check disbursement can expect funds within 1 to 2 business days after loan closing. The overall timeline from initial application to funding depends on how quickly the borrower can complete the branch visit and provide required documentation (ID, income verification, and vehicle title for secured loans). For borrowers in rural areas or states with limited branch presence, the branch requirement can add time compared to fully digital lenders.
OneMain Financial Personal Loan Customer Experience
OneMain Financial scored below the industry average in J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study (industry average: 704). The specific score was not individually published, but the below-average placement reflects the high-cost, high-touch nature of the product and the customer base it serves.
The CFPB received 455 personal-loan-related complaints about OneMain Financial in 2023, one of the highest volumes among lenders in our series relative to portfolio size. Most complaints concerned unexpected fees, challenges with making payments, and issues with loan terms. All but one complaint received a timely response; 418 were closed with an explanation, 22 with nonmonetary relief, and 15 with monetary relief.
In May 2023, the CFPB ordered OneMain to pay $20 million ($10 million in consumer redress, $10 million in civil penalties) for deceptive sales practices related to add-on products such as credit insurance and identity theft protection. The CFPB found that OneMain employees pressured borrowers to purchase optional products and failed to honor the company’s full-refund cancellation policy.
On Trustpilot, OneMain has a strong 4.7 out of 5 rating based on over 75,000 reviews, with 88% being 5-star. This is one of the highest Trustpilot ratings in our series. Consumer Affairs reviews are more mixed. The OneMain mobile app is available but less polished than those of larger banks. Customer support is available by phone, online, and at approximately 1,300 branches, providing more in-person access than any other lender in our series.
OneMain Financial Personal Loan: Financial Strength and Reputation
OneMain Holdings, Inc. (NYSE: OMF) is a publicly traded specialty finance company. The company reported approximately $5.1 billion in revenue for the full year 2024 and maintains a loan receivables portfolio of approximately $23 billion. OneMain is not a bank and does not hold FDIC-insured deposits; it funds its lending through securitization, corporate debt, and capital markets. The company has operated continuously since 1912, making it one of the oldest consumer lending institutions in the United States.
OneMain holds an A+ BBB rating with accreditation dating back to 1985 (some sources report an A-). The 4.7 Trustpilot rating based on 75,000+ reviews is among the highest in our series. However, the $20 million CFPB enforcement order in 2023 and the high volume of CFPB complaints (455 in 2023, over 775 lifetime) are significant negatives. The company has cooperated with regulators, adjusted its add-on product practices, and doubled its cancellation refund period from 30 to 60 days.
Who Is OneMain Financial Best For?
OneMain Financial personal loans are a good fit for:
- Subprime borrowers (below 580): OneMain is one of the few lenders in our series that regularly approves borrowers with credit scores below 580. If you have been declined by Avant, Upstart, and Upgrade, OneMain may still say yes.
- Thin-file borrowers: Borrowers with limited credit history (at least one active account required) can qualify based on income, expenses, and overall ability to repay.
- Borrowers who need in-person support: The 1,300-branch network provides face-to-face service for borrowers who prefer not to apply online or who need help understanding their options.
- Borrowers with vehicle collateral: The secured loan option using a motor vehicle can improve approval odds and potentially lower the APR for borrowers who own a qualifying vehicle.
- Borrowers who need a co-applicant: OneMain accepts co-borrowers, which can strengthen the application for borderline candidates.
OneMain Financial personal loans are not a good fit for:
- Borrowers with good or excellent credit: If your credit score is above 660, you will almost certainly find better rates at SoFi, LightStream, Discover, U.S. Bank, or any of the bank lenders in our series.
- Borrowers needing more than $20,000: The $20,000 maximum is the lowest in our series.
- Fee-averse borrowers: The origination fee (up to 10%) combined with APRs starting at 18% makes OneMain one of the most expensive options.
- Borrowers in excluded states: Not available in Alaska, Arkansas, Connecticut, Kentucky, Massachusetts, Rhode Island, Vermont, or D.C.
How to Apply for a OneMain Financial Personal Loan
- Check for offers online: Visit onemainfinancial.com and complete a prequalification form with basic personal and financial information. OneMain runs a soft credit inquiry with no impact on your credit score.
- Review prequalification results: If prequalified, OneMain presents estimated loan amounts, rates, and terms.
- Visit a branch: OneMain will direct you to the nearest branch to verify identity, income, employment, and collateral (if applicable). Bring a government-issued photo ID, proof of income (pay stubs or tax returns), proof of residence, and vehicle title if applying for a secured loan.
- Review and sign loan documents: A OneMain loan specialist reviews loan options, explains terms and fees, and walks through the loan agreement. Documents are signed in person.
- Receive funds: Choose SpeedFunds (disbursement to a debit card within 1 hour) or ACH/check (1 to 2 business days).
How OneMain Financial Compares
The table below compares OneMain to three other lenders that serve subprime and near-prime borrowers.
Feature | OneMain Financial | Avant | Upstart | Upgrade |
APR Range | 18–35.99% | 9.95–35.99% | 6.53–35.99% | 7.74–35.99% |
Loan Amounts | $1.5K–$20K | $2K–$35K | $1K–$75K | $1K–$50K |
Origination Fee | $25–$500 or 1–10% | Up to 9.99% | 0–12% | 1.85–9.99% |
Min. Credit Score | None stated | ~580 | ~300 | ~580 |
Terms | 24–60 mo. | 24–60 mo. | 36–60 mo. | 24–84 mo. |
Funding Speed | 1 hr (SpeedFunds) | Next biz day | Next biz day | Next biz day |
Co-borrower | Yes | No | No | No |
Secured Option | Yes (vehicle) | No | Yes (vehicle) | Yes |
Branch Network | ~1,300 branches | None | None | None |
Rate Discounts | None | None | None | Autopay |
Final Verdict
OneMain Financial earns a 3.0 out of 5.0, reflecting its unique position as the subprime specialist in our review series. No other lender in our 15-lender coverage combines vehicle-secured loans, co-borrower acceptance, no stated minimum credit score, 1,300+ physical branches, and 1-hour funding. For borrowers who have been declined elsewhere, these features matter more than any APR comparison.
The cost is high. An 18% APR floor, origination fees up to 10%, and a $20,000 maximum mean that OneMain loans are expensive by any measure. A $10,000 loan at 25% APR over 60 months costs over $7,500 in interest alone, before adding the origination fee. Borrowers should treat OneMain as a bridge, not a destination: take the loan if you need it, make on-time payments to rebuild credit, and refinance with a lower-cost lender as soon as your credit profile improves.
If your credit score is above 660, do not use OneMain Financial. Lenders like Avant, Upstart, Upgrade, and LendingClub offer significantly lower rates and higher loan amounts for near-prime and prime borrowers. But if your score is below 580, your credit file is thin, or you need in-person guidance, OneMain fills a gap that no other lender in our series covers as comprehensively.
Methodology
This review is part of a 15-lender personal loan review series. Each lender is scored across six weighted categories: Rates & Fees (25%), Loan Terms & Flexibility (20%), Eligibility & Accessibility (20%), Speed & Application Process (15%), Customer Experience (10%), and Transparency & Reputation (10%). The weighted score formula produces a single rating out of 5.0, rounded to the nearest 0.5. Data sources include lender websites and fee disclosures, the CFPB Consumer Complaint Database and enforcement actions, J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study, Federal Reserve interest rate data, BBB and Trustpilot profiles, app store ratings, and SEC filings.
Frequently Asked Questions
Answers to your questions about OneMain Financial personal loans.
OneMain does not disclose a minimum credit score. The company considers all credit profiles, including borrowers below 580 and those with thin credit files. At least one active credit account is required.
Yes. The origination fee varies by state and can be a flat fee ($25 to $500) or a percentage of the loan amount (1% to 10%). Unlike most lenders, OneMain finances the fee into the loan rather than deducting it from the proceeds.
As soon as 1 hour after signing loan documents via SpeedFunds (disbursed to a bank-issued debit card), ACH or check disbursement takes 1 to 2 business days.
In many cases, yes. While prequalification happens online, OneMain typically requires a branch visit to verify identity, income, and collateral before finalizing the loan.
Yes. You can secure your loan with a motor vehicle that is no more than 10 years old, titled in your name, and covered by valid insurance. Secured loans may qualify you for larger amounts or better terms.
Yes. OneMain accepts co-applicants, which can improve approval odds for borrowers with weaker credit.
OneMain operates in 44 states. It is not available in Alaska, Arkansas, Connecticut, Kentucky, Massachusetts, Rhode Island, Vermont, or Washington, D.C.
Yes. There is no prepayment penalty. Given the high APRs, paying off the loan early can save significant interest.
