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At Bills.com, our goal is to help you make better-informed financial decisions and be confident in the decisions you make. We do this by creating and offering to you free of charge relevant, highly curated content and working with lenders and other providers of products and services (“Service Providers”) to present you with options based on your individual needs and circumstances.

We do not collect any fees or compensation from consumers; rather, we are affiliated with and/or compensated by the Service Providers that participate on our website. These Service Providers, not us, take applications; make credit decisions; offer, originate and make loans; negotiate loan terms; and/or offer debt settlement services. Our list of Service Providers, below, is neither exhaustive nor are the products and services they offer available in all states.

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OneMain Financial Personal Loan Review 2020

OneMain offers unsecured and secured personal loans. Interest rates are lower for secured loans. Cars that are owned free and clear are the asset used most often as collateral. If you can’t get approved for an unsecured loan and have a valuable asset, consider an OneMain loan.

Best for 

small, secured loans

OneMain Financial Personal Loan
Overall Rating:
3.7
Bills.com rating
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How we rate?

Bills.com ratings are determined by the editorial team. Lenders overall score is calculated based on rates, fees, customer service availability, and other factors. Our editors' assessment helps you make your own decisions on the best provider for your needs.

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Best for small, secured loans

OneMain offers unsecured and secured personal loans. Interest rates are lower for secured loans. Cars that are owned free and clear are the asset used most often as collateral. If you can’t get approved for an unsecured loan and have a valuable asset, consider an OneMain loan.

Fixed APR 18% - 35.99%
Loan Amounts
$1,500 - $20,000
Repayment 24 to 48 months
Fees Origination fee 1% - 10%, late fees
Time to fund As soon as 24 hours.
Min. Credit Score None
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Pros:
  • Option to have a secured loan.
  • Lower rate available for a secured loan.
  • No minimum credit score required.
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Cons:
  • You need to go into a physical branch location.
  • The lowest rate they offer is high, 18%.
  • An origination fee of up to 10%.

Compare to leading lenders

OneMain Financial Personal Loan
Bills.com rating
info.svg
How we rate?

Bills.com ratings are determined by the editorial team. Lenders overall score is calculated based on rates, fees, customer service availability, and other factors. Our editors' assessment helps you make your own decisions on the best provider for your needs.

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Fixed APR
18 - 35.99%
Loan Term
24 to 48 months
Loan amount
$1.5K - $20K
Min. Credit Score
None
Avant Personal Loan
Bills.com rating
info.svg
How we rate?

Bills.com ratings are determined by the editorial team. Lenders overall score is calculated based on rates, fees, customer service availability, and other factors. Our editors' assessment helps you make your own decisions on the best provider for your needs.

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Fixed APR
9.95 - 35.99%
Loan Term
24 to 60 months
Loan amount
$2K - $35K
Min. Credit Score
None
LendingPoint Personal Loan
Bills.com rating
info.svg
How we rate?

Bills.com ratings are determined by the editorial team. Lenders overall score is calculated based on rates, fees, customer service availability, and other factors. Our editors' assessment helps you make your own decisions on the best provider for your needs.

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Fixed APR
9.99 - 35.99%
Loan Term
24 to 48 months
Loan amount
$2K - $25K
Min. Credit Score
585

Compare estimated rates from multiple lenders

OneMain Financial: Top loan features

OneMain Financial has two unique features. They are the only online lender that accepts applications online but requires you to come to an office to get the money. They also offer secured and unsecured loans and report to the major credit bureaus.

Loan limits: OneMain offers loans from $1,500 to $20,000 repayable between 2 and 5 years.

High rates: Interest rates range from 18% to 35.99%. The high rates reflect OneMain accepting borrowers with bad credit.

Expensive fees: The most significant fee is your origination fee, which is deducted from the loan upfront. OneMain says, “Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount." OneMain also charges late fees and a fee for having a payment not go through due to insufficient funds.

Secured and Unsecured: If you own a car outright and use it as collateral., you will be able to borrow more and get a better rate than taking an unsecured loan.

Fast Funding: Though you have to come into a branch location to finalize your loan, online applications approved by noon can be funded the same day.

44 States: You can get a OneMain Financial loan in every state and Washington DC except for Arizona, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont.

Qualifying for a OneMain loan

OneMain has no minimum credit score requirements, but they do factor your score to decide whether to offer you a loan and what interest rate you get.

OneMain doesn’t state a specific debt-to-income requirement, but they focus on your ability to repay your loan. They look at your financial and credit history, income and expenses, the reason you want a loan, whether you have filed for bankruptcy, and the state you live in.

Suppose your credit and ability to pay are borderline. In that case, you may still qualify for a loan if you offer valuable collateral to secure your loan.

How to apply for a OneMain loan

OneMain Financial offers a simple online process. You can start by getting a rate quote and preliminary loan decision without affecting your credit score.

Applying is also simple. You are asked for:

  • Loan amount Loan purpose.
  • Their website lists bills consolidation, medical expenses, auto repair, auto purchase, vacation expenses, and others.
  • If you own a vehicle
  • Whether you are applying on your own or with a co-applicant
  • Some basic personal information

Your online application requires you to permit OneMain to pull your credit report and state that you can receive emails and PDF files. Applying for a loan results in a hard pull on your credit, which can lower your score.

Loan approval and getting money from OneMain Financial

Once you apply, OneMain moves very quickly. The part that takes the longest is that you have to visit a local branch to review any paperwork and supply them with:

  • A valid, government-issued ID (e.g. driver’s license or passport)
  • Your Social Security card
  • Proof of residence (e.g. a driver’s license with your current address, a utility bill, or a signed lease)
  • Proof of income (current pay stubs or tax returns) 

If you can prove the income you stated on your application and have the other documents, you can receive funds the same day, if your loan is approved before noon. If after noon, your loan will fund on the next business day. Funds deposited via ACH can take a day or two to clear. OneMain offers a SpeedFunds option that gives you access to the money the day the loan closes if you use a bank-issued debit card.

OneMain Financial- Customer service and customer satisfaction

OneMain makes it easy to manage your account online.You can view your statements, set up a payment date or make a payment, set up direct payment or update your contact information.

OneMain Financial has an A+ rating with the BBB.

OneMain offers a 7 day no questions asked cancelation period. Return the money you borrowed and the loan is canceled.

Compare personal loan rates

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