Business Insider's personal finance team compared OneMain Personal Loans to the best personal loans of 2025 and found it to be in need of improvement.
High interest rates, poor customer service, and the potential negative impact on credit scores during the application process make it a less favorable option compared to competitors offering lower rates, better transparency, and more borrower-friendly terms.
OneMain Personal Loan Pros and Cons
Pros
- No minimum credit score for approval. Most personal loan lenders require credit scores above 660 to apply, but OneMain doesn't have a minimum.
- Potential for a small loan. You can get a loan for as little as $1,500, which is lower than what many lenders offer.
- Get your loan quickly. You may be able to get your loan on the same day that you apply with OneMain.
- Several repayment options. The lender offers online payments, in-branch payments, by-phone payments, by-mail payments, and payments via the OneMain app. It also allows payments at participating retailers using the free PayNearMe service at participating locations.
- No prepayment penalties. Payments for OneMain Personal Loans are due monthly, but you can make as many early payments as you'd like with no additional charges.
Cons
- High origination fees. OneMain charges an origination fee on loans, which can either be a flat fee or percentage-based, depending on what state you live in. Flat fees range from $25 to $500, while percentage-based fees range from 1% to 10% of the loan's value.
- High starting interest rates. Interest rates for OneMain's personal loans range from 18.00% to 35.99% APR. In contrast, Avant's personal loans start at 9.95% APR.
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18.00% to 35.99%
$1,500 to $20,000
None
Pros
Cons
OneMain Financial's personal loans are a solid option for borrowers who have low credit scores . You may want to consider another company if you have a good credit score, because you can get lower rates elsewhere.
OneMain Financial personal loan- No minimum credit score for approval
- You may be able to get your loan on the same day that you apply
- Loan amounts range from $1,500 to $20,000
- Term lengths of 24, 36, 48, or 60 months
- Loans made by OneMain Financial Group, LCL
- Terms apply. See rates and fees for details and restrictions at https://www.onemainfinancial.com/legal/loan-fees.
Compare OneMain Financial
6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)
$5,000 to $100,000
660
Pros
Cons
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
LightStream Personal Loan- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 12 years
- Apply online and you'll receive a response shortly during business hours.
- Receive your funds as soon as the same day
- Loans are made by Truist Bank, member FDIC
8.74% to 35.49% fixed (with all discounts)
$5,000 to $100,000
680
Pros
Cons
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
SoFi- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
9.99% to 35.99%
$1,000 to $50,000
580
Pros
Cons
Upgrade is a solid lender if you can qualify for its lowest interest rate. But if your credit isn't in great shape, you may be able to find a better deal elsewhere.
Upgrade Personal Loan- Loan amounts range from $1,000 to $50,000
- Loan term lengths range between 2 to 7 years
- You can get your money within one business day after your loan is reviewed and approved
- Loans made by Upgrade's lending partners
OneMain Financial Personal Loan Overview
What Are OneMain Personal Loans?
OneMain personal loans are a worthwhile option for borrowers with low credit scores. However, you will want to consider an alternative if you have a good credit score because you can get lower rates elsewhere. The best personal loan for you will depend on your credit score, which determines what you qualify for and can lower your rate.
Key Features and Benefits
OneMain bank offers both secured and unsecured personal loans, but we're focusing on the company's unsecured personal loan options. Unsecured loans are more common with OneMain and with competing lenders. An unsecured personal loan doesn't require any collateral, such as a house or car, while a secured loan allows you to put up collateral in exchange for a rate that is often lower.
The company could be a good option if you need cash quickly. If your application is approved before noon on a business day, you could receive your money the same day.
However, it has a high minimum interest rate, so borrowers with good credit will likely find a better rate with a different lender.
OneMain Financial Loan How To Apply
Eligibility Requirements for OneMain Financial Loans
OneMain doesn't have explicit eligibility requirements for personal loans, but factors that impact eligibility include:
- Credit history: There's no minimum credit score requirement, but applicants should have a credit history.
- Income: Borrowers must have enough to cover their expenses and monthly loan payments.
- Expenses: Your regular expenses will be considered when your application is reviewed.
- Collateral: If you apply for a secured loan, the collateral you put up against the loan must meet certain requirements.
Other factors that impact your eligibility include the loan's purpose, your state of residence, and whether or not you've filed for bankruptcy.
Step-by-Step Guide to Applying for a OneMain Personal Loan
1. Fill out personal information on OneMain's website. Choose if you're applying for an individual or joint loan, a secured or unsecured loan, and your loan's purpose. You'll also need to request a loan amount. You'll also enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range.
2. Formally submit an application and await approval. When submitting a formal application, you'll need to send in proof of income, like a W-2, tax returns, or other financial documents.
3. Sign loan agreement and get your money. You'll potentially be able to receive your personal loan funds fast with OneMain. If your application is approved before noon on a business day, you could receive your money the same day.
4. Make a plan to repay your loan. Fit your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
OneMain Financial Personal Loan Terms and Rates
Interest Rates and APR
Fixed-rate personal loans with OneMain have APRs ranging between 18.00% to 35.99%. This is higher than interest rates you can get with many other lenders, so consider other options before applying to OneMain. With OneMain, borrowers can also expect origination fees, the amount of which is contingent on the borrower's state of residency.
For instance, flat origination fee amounts vary by state, ranging between $25 and $500. Percentage-based fees vary by state and range from 1% to 10% of the total loan amount, subject to state limits. OneMain also charges late payment fees, and insufficient funds fees. It does not charge any prepayment penalties, which means you can pay off your loan early without paying extra charges.
Late payment fees vary based on the state where your loan originated. Late payment fees are either a flat fee ranging from $5-$30 per late payment, or they're a percentage of your monthly payment amount, ranging from 1.5% to 15%.
Loan Amounts and Terms
OneMain offers personal loans between $1,500 and $20,000 with terms from 24 to 60 months (two to five years). It also offers the option to change your payment due date two times within the life of the loan.
OneMain Personal Loan Alternatives
OneMain Financial vs. Avant Personal Loan
A OneMain Financial Personal Loan and Avant Personal Loan have similar loan terms and loan amounts, but borrowers looking for same-day funds might find that OneMain has an advantage. Additionally, a minimum credit score requirement of 580 might exclude some borrowers.
Avant could be a stronger option than OneMain due to OneMain's higher interest rates. Avant fees could be lower, as this lender caps its origination and administrative fees at 4.75%, while OneMain's fees could go up to 10%, or $500 depending on your state.
OneMain Financial vs. LendingClub
LendingClub's personal loan minimum credit score requirement of 600 might leave some borrowers out. With interest rates starting lower, borrowers who qualify with LendingClub could get better rates here than from a OneMain Financial unsecured loan.
Given LendingClub doesn't offer secured loans, OneMain has an advantage for borrowers who want to reduce their interest rates with collateral. Funding through LendingClub Personal Loan will take at least 1-3 business days, according to the lender's site, giving OneMain's same-day funding another advantage.
LendingClub personal loan review
OneMain Financial Personal Loan Customer Experience
User Reviews and Ratings
OneMain Financial has 4.7/5 starts on TrustPilot, with the most consistent negative feedback highlighting inconsistencies in communication, loan terms, and conversations with loan officers. OneMain also earned 4.19/5 stars on BBB, with an A- rating from the BBB itself.
Common Praises and Complaints
Borrowers with OneMain have cited an easy application process, communicative agents, and fairly swift loan processing. However, several borrowers have reported monthly payments being withdrawn twice from their bank accounts, and other inconsistencies in how the loan overall was managed by OneMain.
Why You Should Trust Us: How We Rated OneMain Financial
We rate all personal loan products on a scale of one to five. The overall rating is a weighted average considering seven different categories, judging some more heavily than others. We look at the following criteria, specifically:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
See more on how we rate personal loans >>
OneMain Personal Loan FAQs
What are the main benefits of a OneMain Personal Loan?
The main benefits of a OneMain Personal Loan include flexible loan amounts, quick approval and funding, personalized loan terms, and the ability to use the loan for various purposes, such as debt consolidation, home improvement, and major purchases.
Are there any fees associated with OneMain Personal Loans?
OneMain charges an origination fee, late fees, and insufficient funds fees if and when applicable. Review the loan agreement for specific fee details.
Does applying for a OneMain Personal Loan affect my credit score?
Applying for a OneMain Personal Loan will affect your credit score, because OneMain performs a hard credit check when you apply. However, it consider factors beyond just the ideal OneMain Financial credit score, making them a viable option for those with diverse credit profiles.
Who is eligible for a OneMain Personal Loan?
You're eligible for a OneMain Personal Loan if you're a U.S. citizen or permanent resident, are at least 18 years old, and meet minimum credit and income criteria. Specific requirements vary, so check OneMain's official website for detailed information.
How can I maximize the benefits of a OneMain Personal Loan?
To maximize the benefits of your OneMain Personal Loan, use the loan for reasons that provide the most value, such as consolidating high-interest debt or making home improvements that increase your property's value.
OneMain Financial Personal Loan disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers in these states are subject to these maximum loan sizes: North Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers. Maine: $7,000. Mississippi: $15,000. West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Fixed rates from 8.74% to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 08/08/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000— $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 11/03/25. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
