OneMain Financial Personal Loan Review

OneMain Financial offers loans to borrowers with low credit scores, but their loans come with high APR (18% - 35.99%).
OneMain Financial Loan Review
Mateo Beltroy
Author: Mateo Beltroy

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About OneMain Financial

OneMain Financial primarily offers personal loans and insurance products to consumers. OneMain Financial has served over 10 million customers across the United States.

OneMain Financial has both an online platform and physical locations in 44 states. 

OneMain Financial was founded in 1912 and is headquartered in Evansville, Indiana.



OneMain Financial Loan Details
Minimum credit score/credit range
18% - 35.99%
Loan amounts
$1,500 - $20,000
24 - 60 months
Approval turnaround
Next business day
All States
Late fee - $5 - $30 or 1.5% - 15%
Other fees
Origination fee - Up to 10%

Who Is OneMain Financial Best For

OneMain Financial personal loans are best for borrowers with low credit who may not qualify for other lenders. OneMain Financial doesn’t have a credit score acceptance cutoff and offers options such as secured loans to improve your chances of getting funding.

OneMain Financial has a high base APR of 18%, making it a costly loan option. This is especially true for borrowers with good credit who can find better terms with other lenders.

OneMain Financial Personal Loan Uses

OneMain Financial personal loans can be used for debt consolidation, home improvement, recreational expenses (boats, RVs and motorcycles), moving/relocation expenses, weddings, and emergencies.

The loans cannot be used for gambling, illegal activities, starting a business, investing, or postsecondary educational expenses.

How to Contact OneMain Financial

OneMain financial offers many forms of support for their customers.

You can get support in-person by visiting a local branch near you.

You are also able to call OneMain’s customer support team Monday through Friday, between 8:00 AM and 8:00 PM at 800-290-7002 if you already have a loan with them or 800-525-0451 for new loan applications.

You may also email OneMain Financial at [email protected].

Our Verdict

OneMain Financial offers loans for borrowers with low and fair credit scores. This is clearly reflected by their incredible 18% APR on the lower end of their range. OneMain personal loans are expensive and catered toward borrowers that would not be approved by other lenders given their financial history.

OneMain Financial has physical branches in 44 states, which is great if you need help or have any questions. 

OneMain allows borrowers to secure their loans with collateral which could result in more favorable terms.

If you are a borrower with good credit, you may be better off with other lenders like Upstart and SoFi, since OneMain’s loans can be very expensive in interest, even for borrowers with a healthy financial history.

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