OneMain Financial Personal Loans Review 2025

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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OneMain Financial Personal Loan

Check rates

Get matched with personal loan offers

Insider’s Rating

2.75/5

Perks

Offers debt consolidation, emergency, and home improvement loans and more for other life events and recreation

Regular APR

18.00% to 35.99%

Loan Amount Range

$1,500 to $20,000

Minimum Credit Score

None

Pros

• No minimum credit score
• Small minimum loan amount
• Quick loan funding

Cons

• High interest rates
• High origination fees
• Low maximum loan amount

Insider’s Take

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.

Product Details

• 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.

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Compare OneMain Financial

LightStream Personal Loan

Check rates

Get matched with personal loan offers

Insider’s Rating

4.75/5

Perks

0.50% discount on regular rates with AutoPay

Regular APR

6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)

Loan Amount Range

$5,000 to $100,000

Minimum Credit Score

660

Pros

• Competitive APR
• Approval decisions should come shortly after applying
• Loans can be funded the same day
• Wide range of borrowing amounts and terms
• No fees

Cons

• Only available to people with good credit
• No pre-approval option

Insider’s Take

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 review

Product Details

• 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

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SoFi® Personal Loan

Check rates

On SoFi®'s website

Insider’s Rating

4/5

Perks

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. 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.

0.25% AutoPay interest rate discount and a 0.25% direct deposit interest rate discount

Regular APR

Fixed rates from 8.99% APR to 29.99% 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 3/06/23 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.

8.99% - 29.99% fixed (with all discounts)

Loan Amount Range

$5,000 to $100,000

Minimum Credit Score

680

Pros

• High maximum loan limit
• No fees required
• Competitive APR

Cons

• High minimum credit score requirement
• High minimum loan amount
• No in-person support

Insider’s Take

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 review

Product Details

• 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.

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Upgrade Personal Loan

Check rates

On Upgrade's website

Insider’s Rating

4/5

Regular APR

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

9.99% to 35.99%

Loan Amount Range

$1,000 to $50,000

Minimum Credit Score

580

Pros

• Small minimum loan amount
• Quick access to funds
• Low minimum credit score

Cons

• Origination and late fees

Insider’s Take

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 review

Product Details

• 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

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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.

Avant personal loan review

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

Rebecca Potters

Rebecca Potters is a writer and editor with a background in personal finance, career guidance, e-commerce, and sexual wellness. Her work has been published in The Balance, Spy, Women, Scholastic, Slashfilm, and more.ExperienceRebecca began working in personal finance as an editor at The Balance in 2018, covering accessible budgeting, small businesses, and career guidance.Rebecca returned to personal finance in 2023 with Business Insider after leaving The Balance in 2020 to pursue other ventures. Her passion lies in creating accessible, digestible resources for marginalized communities facing barriers in their financial, mental, and sexual health. She works to maintain and update Business Insider’s personal finance reviews, roundups, and evergreen articles to ensure readers are provided with reliable, trustworthy information and advice.ExpertiseRebecca’s areas of personal finance expertise include: 

• Personal loans
• Student loans
• Banking 
• Savings
• Credit
• Budgeting

EducationRebecca is a graduate of McGill University, where she pursued a degree in English, focusing on how societal actions and pop culture inform one another through a lens of critical theory.

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Layla Melendez

Personal Finance SEO Editing Fellow

Layla Melendez is a personal finance SEO editing fellow based in New York City, specializing in optimizing content to help readers navigate financial decisions with ease and confidence. With over a year of experience in student journalism, she has developed expertise in copyediting, content creation, and digital media management, including working with CMS platforms to organize, upload, and manage digital archives. She recently joined the team at Business Insider in January 2025, where she works on enhancing the accessibility and visibility of personal finance content for a global audience.ExperienceLayla is passionate about making financial literacy approachable and practical. In her role, she focuses on optimizing personal finance articles, with a focus on student loans, personal loans, and mortgages.Before joining Business Insider, Layla gained experience in communication, journalism, and media through a variety of roles:

• At Relentless Awareness, she developed press materials and advocacy campaigns, including efforts that contributed to a $50 million funding boost for upstate NY cities.
• As a World News Intern for GBH’s The World, she edited and published digital stories, designed social media posts, and contributed to newsletter production.
• During her time with the NYC Comptroller’s Office, she managed social media accounts, created engaging IG Reels, and captured event photography featured in outlets like Politico and City & State NY.

ExpertiseLayla’s growing expertise includes:

• SEO strategy and content optimization
• Financial literacy education for beginners
• Digital storytelling, copywriting, and social media management
• Multimedia content creation using tools like Canva, Adobe Creative Suite, and WordPress

EducationLayla holds a degree in Communication and Journalism from the University at Albany, SUNY, where she has been recognized for academic excellence with awards such as the Spellman Academic Achievement Award and the Summa Cum Laude distinction.When she’s not working, Layla enjoys travel, listening to music, reading, and seeking out new experiences across the city.

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Elias Shaya

Compliance and Operations Associate

Elias Shaya is a Compliance and Operations Associate on Business Insider's personal finance team in New York. He collaborates with the editorial team to provide timely, accurate, and impartial financial advice to readers ExperienceElias is a point person on multiple personal finance topics, from credit cards to investment products. He ensures editorial content is transparent and accessible through clear and precise language while also complying with regulatory and partner marketing guidelines. Since joining as a compliance fellow in 2022, Elias has played a crucial role in the team’s compliance efforts, ensuring no stone is left unturned. His close attention to detail and broad knowledge of various complex financial subjects help minimize risk for partners while protecting editorial independence so readers get the best possible advice. Expertise: Elias’ expertise includes:

• Credit cards
• Investing
• Loans
• Mortgages

Education: Elias graduated from the College of Staten Island with a degree in International Business.When he’s not reviewing or updating personal finance topics, Elias enjoys traveling, comedy shows, and binge-worthy TV shows.

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