OneMain Financial loans serve as a solid option for those with poor credit who are unable to secure better rates from other sources, making them a preferable choice over payday loans.
However, if your credit is good to excellent, you might find more affordable loan options with different personal loan lenders.
OneMain Financial Personal Loan Review
OneMain Financial is a lender that provides personal loans with fixed rates ranging from 18.00% to 35.99%. Unlike many online loan providers, OneMain Financial has physical branches in 44 states, making it a suitable option for those who prefer a personal touch during the loan process.
Offers secured and unsecured loans: If you have poor credit and are uncertain about qualifying for an unsecured loan, OneMain allows you to apply for a secured loan, which requires collateral, to access lower interest rates.
High interest rates: OneMain Financial tends to charge significantly higher interest rates compared to some other lenders, so borrowers with good credit might discover better rates elsewhere.
Small loan amounts: This lender could be ideal if you’re in search of a small personal loan, as the maximum amount available from OneMain Financial is $20,000.
Quick funding timeline: The duration from application submission to loan fund receipt can be as short as one hour, which is relatively quick compared to some competitors.
May change your due date: If you need to adjust your budget, OneMain Financial offers the flexibility to choose a new payment due date.
Best for low-credit borrowers: While individuals with good credit scores may find more favorable interest rates with other lenders, those with lower credit scores might find it easier to qualify with OneMain Financial.
