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Pros explained
- Fast funding: OneMain Financial can disburse loans as soon as one hour after closing, with most funds available in one to two business days.
- Offers secured loans: You might be able to use your vehicle as collateral to access lower interest rates or higher loan amounts.
- Branch locations available: There are more than 1,300 OneMain Financial branches across the country—a benefit for borrowers who prefer in-person support.
Cons explained
- Low borrowing limit: OneMain Financial’s personal loan limit is $20,000, lower than many competitors.
- High APRs: APRs on OneMain Financial personal loans are relatively high compared to competitors.
- Origination fees might apply: You could pay an origination fee—a flat amount up to $500 or a percentage of your loan up to 10%—depending on your terms.
Buy Side’s take on OneMain Financial personal loans
OneMain Financial can make sense if you need a personal loan quickly, want to use collateral to access better terms or want the option to visit branch locations. Its relatively low maximum loan amount can be limiting, especially if you want to consolidate significant debt or fund a big project.
Borrowers with good to excellent credit might access lower interest rates and better terms with other lenders.
How OneMain Financial compares to other lenders
OneMain Financial ranks lower than many of Buy Side’s top personal loan lenders, primarily because of its high interest rates, origination fees and low borrowing limit. However, its secured loans are accessible for borrowers with eligible collateral who might otherwise struggle to qualify for funding.
OneMain Financial vs. Avant
Avant and OneMain Financial advertise fast funding times. Avant’s loans might be deposited by the next business day, while OneMain Financial’s loans are deposited in as little as one hour. Avant offers personal loans for $2,000 to $35,000 and repayment terms from 24 to 60 months.
Avant’s minimum APR is lower than OneMain Financial’s, so applicants with excellent credit might get a better rate with Avant.
OneMain Financial vs. LendingPoint
LendingPoint offers a wider range of loan amounts and repayment terms than OneMain Financial. Borrowers can access between $1,000 and $36,500, with terms from 24 to 72 months. LendingPoint’s minimum APR is lower than OneMain Financial’s.
LendingPoint does not disclose a minimum credit score and accepts applicants with various credit profiles. Unlike OneMain Financial, it does not offer secured personal loans.
How to apply for a OneMain Financial personal loan
Apply for a personal loan from OneMain Financial by following these steps:
- Prequalify with a soft credit inquiry: Submit basic personal and financial information online to check your offers and eligible terms. It won’t impact your credit score.
- Start an application: Accept your prequalified offer and apply for a personal loan online or in person at a branch location. Formally applying might trigger a hard credit inquiry, which can temporarily lower your score.
- Submit required documentation: Submit proof of identification, residence and income to process your application. Secured loans might require additional documentation to verify your vehicle ownership and value.
- Sign your loan documents: Upon approval, sign your closing documents, which typically takes 30 to 45 minutes.
- Select how you want to receive funds: Loan funds sent to your bank account-issued debit card can arrive as soon as one hour after closing. Direct deposits might take one to two business days to arrive. Checks are issued the same day as loan closing.