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One Main Financial Credit Score Needed

Downsides Of A Onemain Personal Loan

OneMain Financial Presents: M is for Money – Credit Score

There are two main downsides to getting a loan with OneMain.

The first one is the fact you have to visit a branch location to get the loan and set up your monthly payment. Again, you cant do everything online like you can with some other lenders. If you live in one of the six states that dont have a branch location, youre going to be out of luck getting this loan.

The second downside is the high interest rate you could face to get a loan. If you need the money and you have poor credit you can check out our list of the best bad credit loans. Fully explore your choices before committing.

What Is Upstarts Unique Offering

Seamless benefit

Using AI, Upstart automates the personal loans application process. The AI weighs all relevant factors to help you make an informed decision.

Multiple Financial Services

Personal loans, auto refinancing, loans for home improvements, loans for weddings and other celebrations, medical loans, debt consolidation, and more are all offered by Upstart.

Fast turnaround

Personal loans can get approved within just 1-3 days. After approval, a personal loan is deposited to your account within a business day 99% of the time.


You can pay off a portion of it anytime. You won’t incur penalties.

If you want to know more about Upstart, read a full Upstart Review here.

Personal Loans At Onemain Financial

You have two personal loan options at OneMain Financial: secured or unsecured. With a secured loan, you are providing collateral to the lender in the form of a vehicle or other valuable property. This property is essentially offered up to back the loan in case of default. That means the lender can come take possession of your collateral item if you stop paying on your loan.

Because the debt is secured, the lender is typically willing to offer a lower interest rate on your loan. Unsecured debt, however, is not backed by collateral. This usually means the lender will charge a higher interest rate on the loan and your borrowing limits may be lower.

Additionally, borrowers in some states will be restricted to certain loan minimums and maximums. For instance, California borrowers cannot take out loans for less than $3,000, Texas and Florida borrowers can take out no more than $8,000 in an unsecured loan, and West Virginia borrowers are limited to $14,000.

As per OneMain Financials website, larger loans will require collateral in the form of a lien on a motor vehicle. This vehicle must:

  • Be less than 10 years old
  • Meet certain value requirements
  • Not be owned by an active duty military member, their spouse, or their dependents covered by the Military Lending Act
  • Be titled in the borrowers name
  • Have valid insurance
Loan types
24, 36, 48, or 60 months

Recommended Reading: Personal Loan Affect Credit Score

Onemain Financial Review Summary

OneMain Financial loans are best for people with bad credit, as both unsecured and secured personal loans are available. OneMain Financial also has flexible lending terms, allowing borrowers to pay back their loans in 24 to 60 months.

However, OneMain Financial personal loans are not ideal for people with excellent credit. The lowest possible APR is 18%, which is far higher than the minimum charged by many competing lenders . Theres also an element of uncertainty when it comes to fees on OneMain Financial loans. You will owe an origination fee, but it depends entirely on the state in which you live.

Below, you can find more information about the major pros and cons of OneMain Financial personal loans, as well as how they rate in three key categories: Terms, Requirements & Application, and Reviews & Transparency. You can also see how OneMain Financial loans compare to offers from other lenders.

Onemain Financial Loan Review 202: Is It Worth If You Have Bad Credit

OneMain Financial personal loan review: No minimum credit score ...

Writer, Contributor


Review & Fact Check: Baruch Mann

Baruch Mann

Financial Expert, The Smart Investor CEO


Writer, Contributor


Review & Fact Check: Baruch Mann

Baruch Mann

Financial Expert, The Smart Investor CEO


We earn a commission from our partner links on this page. It doesn’t affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

In this Review..

OneMain is unique to other online personal loan providers in that they have over 1,500 physical locations or branches. This is helpful to borrowers who may have issues getting lending with traditional banks. OneMain Financial is best for borrowers with less than perfect credit and could be a good fit for you if you have issues getting funding through traditional methods.

OneMain rates are higher than average, but it is a much better deal than payday lenders. There is also a quick turnaround time, so if you are in a financial jam they might be a good choice.

However, if you have good to excellent credit, you may want to look at a personal loan for good credit first. This review will cover mostly OneMain Financial personal loan offerings, even though OneMain considers auto loans like personal loans.

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How Does One Main Financial Make Money

One Main Financial makes money through the interest rates on personal loans. They will offer you the loan and charge an interest rate. Many customers also report that their interest rates are higher than other lenders.

Because of this, One Main Financial makes good money by offering you loans. That is why you must take into account all the fees and rates to understand how much you have to pay. In addition, it will give you a better idea of what to expect when taking a loan from them.

Which Loan Products Does Onemain Financial Offer

Technically, OneMain Financial only offers personal loans to consumers. There are endless ways to use this funding, though whether youre trying to pay off credit card debt, upgrade your home, or pay for a family vacation, for example making it a very versatile financial product.

Here are a few common reasons for considering a personal loan:

Read Also: What Is The Good Credit Score

What Is Onemains Unique Offering

Perfect for fair to bad credit

OneMain Financial offers loans to people with bad credit who are not eligible for traditional loans. No specific credit score is required, but you need to fill out a prequalification form in their website.

Online and Offline availability

OneMain Financial has more than 1,500 physical branches nationwide spread out across four states, where you can meet with their representatives to clarify your alternatives.

Secured and unsecured loans

Choose between an unsecured loan and a secured loan with collateral, such as a car title. Secured loans are ideal for borrowers with bad credit.

Money on the same day

You can receive your funds the same day if your loan is approved by noon.

If you want to know more about OneMain Financial, read a full OneMain Financial Review here.

Onemain Financial Personal Loan Review : A Unique Take On Same

OneMain Financial Loan Reviews 2021: How To get $250k OneMain Financial Personal Loans Bad Credit?

Last updated Aug. 25, 2022| By Stephanie Colestock

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Ifyoure thinking about taking out a personal loan, there are plenty of options on the market today to choose from. Learning more about how to get a loan and shopping around to find the best option for you is important, though. This ensures you get the funding you need from a trusted lender while saving money and frustration along the way.

To that end, we bring you our OneMain Financial personal loan review. OneMain Financial is an innovative personal loan provider that aims to change the way consumers borrow money. Well discuss what makes this lender stand out and why they might be on your short list if a quick loan is ever necessary for you to reach your financial goals.

Read Also: Credit Score Needed For Chase Freedom Unlimited

How We Arrived At Our Top Personal Loan Picks

We evaluated over 50 different personal loan providers to find the best loans for a variety of needs. In general, the lenders that we included in our list scored well in each of the criteria below. All of the lenders have clear rates, terms and fees disclosed on their websites. We considered the following criteria in our review:

What Do Upstart And Onemain Financial Offer

OneMain Financial, like Upstart, employs a peer-to-peer lending model. Investors provide finance directly, and consumers benefit from more affordable loan terms.

You can choose between two-, three-, and five-year term lengths for your personal loans. Fortunately, both OneMain and Upstart allow borrowers to change their payment dates. They also offer the option to send money directly to creditors for those consolidating debt. Both offer financial services like debt consolidation, credit card refinancing, personal loans, auto refinancing, and more.

OneMain and Upstart make it easy to get a personal loan approved. OneMain evaluates every application individually and has no minimum credit score requirement. Upstart does not rely solely on FICO scores. But for people with a credit history, Upstart expects the metric to be 600 or higher. Those without a credit score or history can still have their application reviewed. As such, both are suitable for people who can’t obtain personal loans due to low credit scores or a lack of credit history.

Like Upstart, OneMain offers unsecured loans. It usually provides borrowers with funds within a day or two. Likewise, Upstart has a quick application process and aims to credit funds to borrowers within one business day. Both provide borrowers with access to flexible repayments.

Also Check: When Does Your Credit Score Update

What Is One Main Financial

One Main Financial is a personal loan company offering loans to people in the U.S. It is one of the top choices for people with a poor income and credit who dont have many options. That is because the company doesnt have hard cut-off points for a credit score.

After looking at your credit history and ability to repay debt, the company will approve you for a loan. Besides that, One Main Financial will also give you the option to secure your loan with collateral. It enables the company to reduce the risk that comes with giving a loan to an applicant.

You can opt for a personal loan from One Main Financial for home improvement, debt consolidation, life events, recreational vehicles, and more. On the other hand, you cant use the loan to go to college, start a business, invest in securities, or illegal activities. So, you can opt for a loan for any of these reasons.

What Are The Fees And Aprs


One big thing to consider with any personal loan is cost. Costs can add up in two ways: the fees the lender charges and the APR.

At OneMain, theres no application fee. There is, however, an origination fee. This is a processing fee thats charged for underwriting the loan.

The origination fee varies based on which state you live in and its added to the loan.

Also, there’s no prepayment penalty. So, it’s okay to funnel any extra cash toward your balance. It’s generally better to get rid of the debt as soon as you can anyway.

Other fees include late fees and returned payment fees. One thing you wont pay is a prepayment penalty.

That means you can pay your loan off early without an extra charge.

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Onemain Financial Application Process

Start by getting pre-qualified with OneMain. This helpful step allows you to find out what rates they will offer you without affecting your credit score. Simply enter your personal and contact information, along with the last four digits of your social security number, to get started.

If you like the terms you see, you can continue with the online application process. This includes entering information on what kind of loan youd like, plus some additional financial and employment items. Youll get a near-instant response as to whether your loan application has been approved.

From there, youll need to schedule an appointment with a loan specialist at a local branch or remote location. At that time, youll talk about what your funding options are, as well as verify your personal and financial information.

Youll need to provide required documentation, including your drivers license, proof of income, and proof of employment. Lastly, you simply sign your loan agreement to receive your funds. The entire process can take as little as one day.

Expensive Loans With Optional Add

While you can get approved for a loan from OneMain Financial with poor credit, the rates and fees make them an expensive option. The specifics of your loan can vary depending on your creditworthiness, but even the loan with the best rate will have an 18% annual percentage rate which may be higher than what you’d pay to carry a credit card debt balance.

You also may need to offer a vehicle as collateral depending on your creditworthiness. Even if you have good credit, you may need to secure the loan to qualify for a larger loan amount.

OneMain Financial also charges origination fees on all its loans. The fee amount, and whether you’re charged a flat fee or a percentage of your loan amount, can vary depending on your creditworthiness and where you live. The maximum fee you’re charged will either be a flat $400 fee or 10% of your loan amount.

When you’re taking out your loan, OneMain Financial may also offer you several types of credit insurance:

  • : Can cover the remaining loan balance if the borrower dies.
  • : Covers a certain number of monthly loan payments if you lose your job through no fault of your own.
  • : May cover your monthly loan payment if you’re injured or get sick.

These insurance plans can make sure you don’t fall behind on a loan. However, the credit insurance premiums may be added to your loan’s total amount and accrue interest along with your loan.

Applying For A Personal Loan From Onemain Financial

You can check whether you qualify for a personal loan without any impact to your credit on OneMain Financials website. When youre ready to apply, you can start your application online as well. Youll have to enter some basic personal information:

  • Name and contact information
  • Social Security number and date of birth
  • Employment information
  • Financial information, including income and any property owned

The application takes about 10 minutes to complete, and you should get a decision shortly after.

If youre approved, youll have to visit a brick-and-mortar location to submit documents and finalize your application. This is a limiting factor if you live in one of the six states Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island and Vermont without a physical branch.

To complete the loan process, youll have to provide, at a minimum, government-issued identification, proof of residence and proof of income.

Once you accept your offer and sign your loan documents, you could receive your money as soon as the same day. If you choose to receive an Automated Clearing House payment or if OneMain Financial requires additional verification it could take longer.

Terms Can Vary Depending On Where You Live

One Main Financial Review // Personal Loans for People With Bad Credit

OneMain Financial offers loans in 44 states, but loan specifics, including the amount you can borrow, can vary depending on where you live. For example, the minimum loan amount is $2,000 in Ohio but $3,000 in California.

Another distinction is that in some states the interest is “precomputed” and added to the account balance when the loan is issued, while elsewhere the interest accrues daily using a simple interest system.

With precomputed interest, the loan’s interest is combined with your loan amount when you take out the loan. Your monthly payment is determined by dividing this sum by the number of months you’ll be repaying the loan, and making larger monthly payments won’t decrease how much interest accrues as you go.

In states with daily simple interest loans, the interest accrues as you go based on your loan’s remaining principal balance. Making larger payments can decrease your principal balance and lead to less interest accruing each day.

OneMain Financial loans are not available in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island or Vermont.

What To Do If You Are Rejected From Onemain Financial

Your personal loan application may be declined by OneMain Financial if you do not meet one or more of their requirements. This should not cause concern because most rating factors can be improved upon over time to enhance your creditworthiness.

If your application is declined, ask OneMain Financial for the exact reason you were declined. This will help you figure out if you need to seek an alternative loan or work on improving some attributes before reapplying. Some of the reasons you may be declined include not having a steady source of income or lack of suitable collateral, high debt to income ratio or other reasons.

It is recommended to avoid reapplying immediately after being declined as this may impact your credit score negatively. However, you may find that there are other financing options available to you, but this will depend on why you were declined. For instance, applying with a co-applicant may help to boost your creditworthiness and increase your chances of approval.

Bottom Line: Which Personal Loan Provider Wins

People with bad credit can apply for a personal loan from either of these lenders. However, OneMain offers smaller loan amounts, although with more scalable repayment terms.

Upstart provides more in terms of minimum and maximum loan amounts ranging from $1000 to $50,000. OneMain Financial’s lowest available APR of 18% is nearly double that of Upstart’s lowest APR of 5.40%. Both companies have a similar maximum APR of 35.99 %.

OneMain has branches in the 44 states where it provides personal loans. Though a borrower can obtain a loan without visiting a branch, those who prefer to interact with a loan officer in person may visit a OneMain branch. Furthermore, OneMain borrowers have seven days to change their minds and cancel the loan without making any payments. This feature is available from only a few lenders.

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