OneMain Financial Personal Loans: 2024 Review

OneMain Financial is best for same day bad credit loan funds

Borrowers in a financial crunch may get relief the same day they apply for a personal loan with OneMain Financial. Most lenders require at least a business day before funds are disbursed. 

The lender doesn’t disclose a minimum credit score, which means you may qualify for a loan with a score below the 600 minimum set by other bad credit companies. If the rate on an unsecured loan doesn’t meet your needs, you can explore OneMain’s secured loan options.

OneMain Financial doesn’t charge prepayment penalties, so you can pay extra or pay the balance in full without worrying about extra charges. 

OneMain Financial personal loan purposes

Funds from a OneMain Financial personal loan can be used for everything from paying for an emergency car repair to putting in a pool before the summer heat kicks in. Borrowers can choose a secured loan to buy a car, RV boat or motorcycle. 

If you need some extra money and own a car that’s almost paid off, OneMain Financial even offers a cash-out refinance option using your car as collateral. The lender prohibits using personal loan funds for college or trade school tuition, business purposes or to invest in the stock or crypto market. 

Where OneMain Financial stands out

• Same-day funding possible for bad credit borrowers: If you’re a morning person with not-so-great credit who needs funds quickly, you could have OneMain Financial personal loans funds by noon on the same day you apply. Most personal loan lenders require at least one business day to disburse funds. 
• Can add a co-applicant to help you qualify: Borrowers with low income or too much credit card debt to qualify on their own can add a co-signer to help. Many personal loan lenders don’t permit co-borrowers or co-signers. 
• Secured loan options are also available: If you have a newer car with no loan on it, OneMain Financial is one of only a few lenders that allows you to use it as collateral for a personal loan. Your rate may be lower than an unsecured loan. 

Where OneMain Financial falls short

• Higher start rates than other bad credit lenders: You’ll pay at least an 18 percent rate for a personal loan at OneMain Financial. If your score is in the fair or good credit range, other lenders offer lower APR options. 
• Smaller loan amount maximums: OneMain Financial borrowers are limited to a $20,000 maximum loan amount, which is significantly less than the $35,000 or more offered by other bad credit lenders. 
• More expensive fees than other lenders: Loan origination fees range from 1 percent to 10 percent of the amount you borrow, making it a pricey loan option. You may also pay a late payment fee, non-sufficient funds fee and fees related to getting a secured loan on your vehicle. 

OneMain Financial customer resources

Customer support

Customer service is available Monday through Friday from 8 a.m. to 8 p.m. ET. There are dedicated customer service numbers for help with current customers, new loan applications and OneMain Financial’s mobile app. 

Customers can also email a question for an answer back within one to two business days, according to the lender’s website. You can apply online, over the phone or in person at one of the over 1,300 branches throughout the country. 

Digital experience

OneMain Financial customers can manage their loan from the company’s online app, which has a rating of 4.5 out of 5 stars from the 3,800 App Store user reviews. The website also offers a resources tab with helpful explainer content about different types of personal loans as well as financial calculators and guidebooks that cover a variety of personal finance topics. 

How this lender compares

OneMain Financial vs. Avant

OneMain Financial’s same day funding option for qualified borrowers makes it a quicker cash option than Avant, which takes an average of 4.3 days to fund for Bankrate users. However, the average APR for Bankrate users who took out a personal loan from Avant was 14.59 percent, much lower than the average APR of less than 26 percent offered to OneMain Financial borrowers. 

OneMain Financial vs. NetCredit

OneMain Financial gives you much more borrowing power at significantly lower rates than NetCredit. You’re capped at a $10,000 maximum loan amount for a NetCredit loan at rates ranging between 34 percent and 99.99 percent, compared to a $20,000 loan amount maximum with a rate range of 18 percent to 35.99 percent at OneMain Financial. 

How Bankrate rates OneMain Financial