OneMain Financial Personal Loans: An In-depth Review

OneMain offers loans for bad credit with quick funding, but watch out for high APRs and fees.


  • Loan Range: Offers loans from $1,500 to $20,000, catering to small-scale financial needs.
  • APR Range: Interest rates span from 18% to 35.99%, reflecting the risk profile of borrowers with below-average credit.
  • Loan Terms: Flexible repayment terms of 24, 36, 48, or 60 months.
  • Secured and Unsecured Loans: Provide the option for borrowers to choose secured loans, using collateral like a vehicle title, which can ease the qualification process.
  • Origination Fee: Charges a state-dependent origination fee ranging from 1% to 10%.
  • Same-Day Funding: Funds are available the same day approval is granted, offering quick financial relief.
  • Broad Availability: Services are available in 43 states, with a significant physical presence of over 1,500 branches.


  • Accessibility for Bad Credit: OneMain Financial is accessible to individuals with less-than-perfect credit scores.
  • Secured Loan Option: The ability to secure a loan with collateral can provide lower APRs and increase approval chances.
  • Speed of Service: Quick approval and funding process, with potential same-day access to funds.
  • Widespread Physical Presence: The extensive network of branches allows in-person service, a rarity in online lending.

Product Summary

OneMain Financial is a go-to lender for borrowers with below-average credit, offering secured and unsecured personal loans. Its loans are relatively small, ranging from $1,500 to $20,000, with flexible repayment periods of up to 60 months. The higher APR range and origination fees reflect the risk associated with lending to this demographic. However, the option for a secured loan, using assets like a vehicle as collateral, presents a valuable opportunity for borrowers to access funds they might not otherwise qualify for.

The lender’s vast physical presence across 43 states underscores its commitment to accessibility and customer service. Although OneMain Financial’s rates are higher than some competitors, its swift approval and funding process, along with the lack of strict credit score requirements, make it a viable option for those needing financial assistance without the best credit history. Nonetheless, prospective borrowers should weigh the costs against other financing options, especially considering the high APRs and origination fees associated with OneMain Financial’s loans.

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