OneMain Financial Personal Loan Review
Personal loans from $1,500 to $20,000 with APRs from 18% to 35.99%. No minimum credit score. Both secured and unsecured options available. Same-day funding possible at one of ~1,400 branch locations.
Key terms
- Loan amount
- $1,500 – $20,000
- APR range
- 18.00% – 35.99%
- Repayment term
- 24 – 60 months
- Minimum FICO
- None disclosed (accepts subprime)
- Origination fee
- Flat $25 – $500 OR 1% – 10% (state-dependent)
- Late fee
- 1.5% – 15% of payment (state-dependent)
- Prepayment penalty
- None
- Funding speed
- Same day at a branch; 1 – 2 business days online
- Available in
- 44 US states — verify your state
- Branch network
- ~1,400 locations
Best for — and when to skip
Best for
- Poor credit (FICO under 580) without credit union access
- Borrowers who want in-person branch service
- Owners of a paid-off car willing to use it as collateral
- Need for same-day decision and same-day funding
Skip OneMain if
- FICO above 670 — Upgrade, Best Egg, or a credit union will offer better APR
- Need more than $20,000 — cap is firm
- Don't want to risk a vehicle as collateral
- Live in CT, MA, RI, or VT — not available in all states
Pros and cons
+Pros
- Accepts borrowers with no minimum credit score
- Both secured and unsecured loan options
- Large branch network for in-person service
- Same-day funding possible at a branch
- No prepayment penalty
−Cons
- APRs start at 18% — well above prime-credit lenders
- Origination fees vary by state and can be substantial
- Maximum loan size is relatively small ($20,000)
- Secured loans put your collateral at risk if you default
- Fee structures less transparent than fully-online competitors
Secured vs. unsecured at OneMain
OneMain is one of the few personal loan lenders that publicly offers a secured option. Typical collateral: a car, truck, or motorcycle owned outright. The benefit is a lower APR or larger loan; the risk is real — if you default, OneMain can repossess the vehicle.
Two things to consider before pledging a vehicle:
- Only pledge a vehicle you can afford to lose in a worst-case scenario.
- Compare the APR difference between secured and unsecured before deciding — if the gap is small, the unsecured option removes the collateral risk.
How to apply
Pre-qualify online
Visit onemainfinancial.com — soft credit pull only.
Review your offers
If unsecured terms aren't workable, you may be offered a secured option using a vehicle as collateral.
Verify with documents
OneMain requires ID and proof of income. For secured loans, vehicle title.
Sign in person or online
Some states require an in-branch closing; others allow fully digital signing.
Receive funds
Same day at a branch; otherwise 1 – 2 business days by ACH.
Frequently asked questions
See what OneMain Financial offers you.
Apply online or visit a branch — no minimum FICO required. Everyone is considered on their full financial picture.
Apply at OneMain FinancialREI LoanDoc may earn a commission if you apply through this link — this comes from the lender, not from you, and has no effect on your loan cost or how this review was written. Rates and terms are set by OneMain Financial and subject to change. Advertiser Disclosure · Affiliate Disclosure
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