OneMain Financial Personal Loan Review

Accessible loans for less-than-perfect credit, offering both unsecured and secured options.

OneMain Financial Personal Loan Review

OneMain Financial caters to individuals with less-than-perfect credit, offering a blend of unsecured and secured personal loan options. Here's a detailed breakdown of the features, benefits, and a comprehensive summary for potential borrowers.


  • Loan Types: Offers both unsecured and secured personal loans.
  • Loan Amounts: Available from $1,500 to $20,000.
  • Collateral for Larger Loans: Secured loans may require an automobile lien for amounts at the higher end.
  • Interest Rates: Rates are relatively high, reflecting the lender's willingness to work with borrowers of varied credit histories.
  • Origination Fee: Depending on location, this could be a flat amount or a percentage of the loan amount.


  • Accessibility: Caters to individuals with fair to poor credit scores.
  • Same-Day Funding: Possible to receive funds the same day as approval.
  • Prequalification Option: Offers a soft credit inquiry for prequalification, which doesn't affect your credit score.
  • In-Person Service: Nationwide network of about 1,400 branches for those who prefer face-to-face interactions.
  • Flexible with Co-Applicants: Accepting co-applicants could improve approval odds or secure a better rate.

Product Summary

OneMain Financial personal loans provide a viable solution for individuals struggling to secure financing due to credit challenges. The option between unsecured and secured loans, coupled with the ability to receive funds swiftly, makes OneMain an attractive choice for immediate financial needs. However, the necessity for collateral with larger loan amounts and relatively high interest rates compared to other lenders means borrowers should consider their ability to repay carefully, especially when securing the loan against personal assets like a vehicle.

While OneMain Financial's loans may come at a higher cost due to origination fees and potentially higher interest rates, their accessibility for those with less-than-perfect credit and the comprehensive branch network for personal service partially offset these drawbacks. For borrowers needing smaller loan amounts and those who may benefit from secured loan terms, OneMain Financial offers a practical, albeit costlier, alternative to traditional lending options.

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