OneMain Personal Loans Review: A Last-Ditch Personal Loan for People With Bad Credit
Review
Updated
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OneMain offers personal loans for a wide range of credit types, including those with low credit scores. In this OneMain personal loan review, we'll explore the size and terms of OneMain personal loans, the APRs and other drawbacks, and who should consider OneMain as a lender.
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Great for: Secured loans
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OneMain Financial is interesting in that it minimizes the importance of credit scores. Instead, it considers the overall financial picture of each applicant. Another unusual feature of OneMain Financial is that it's one of the few online lenders that allows for secured loans.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Apply Now for Discover Personal Loan
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Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
7.99% - 24.99%
|
$2,500 - $40,000
|
660
|
Apply Now for Discover Personal Loan
Powered by Credible |
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
8.99% - 19.49%**
|
$2,000 - $30,000
|
740
|
|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
6.70% - 35.99%³
|
$1,000 - $50,000¹
|
300
|
This personal loan is a good fit for: Applicants with troubled credit histories who have struggled to get a personal loan from other lenders with better rates.
Applicants with fair or poor credit may be accepted
The main reason to get a OneMain personal loan is that it approves loans for folks with all manner of credit histories. This includes offering loans for bad credit. There is no published minimum credit score to be approved, and reviewers have reported being approved with credit scores in the 500s.
Additionally, OneMain offers both unsecured and secured loans. If you don't qualify for an unsecured loan, you may still receive a secured loan offer.
Check for prequalification online
You can use the prequalification tool online to see if you prequalify for a loan. Checking for prequalified offers uses a soft credit pull that won't impact your credit score. This can be a good first step if you're not sure if you meet the requirements for a OneMain personal loan.
Payments can be made online or through the mobile app
Once you have a OneMain loan, making payments is fairly easy. You can make payments online by logging into your online account through your web browser. You can also make payments through OneMain's mobile app on either iOS or Android devices. The mobile app has decent ratings overall in both app stores. Reviewers say it's easy to make payments, but also report that the app's interface could use improvement.
Allow applicants with cosigners
OneMain is one of the few personal loan lenders that allows joint applicants. This can be helpful if you can't qualify for a loan on your own due to credit or income limitations. However, personal loan cosigners are legally obligated to repay the loan if the primary borrower can't make the payments. As such, you should only use a cosigner if you're certain you can repay your loan.
Loan interest rates are extremely high
The biggest thing to note about OneMain personal loans is that the APR range is extremely high. In fact, it has some of the highest interest rates we've seen. Even the low end of its APR range is higher than nearly any other personal loan lender we've reviewed.
The higher your APR, the more interest fees you're going to pay. For example, a five-year, $5,000 loan with an 18% APR will cost more than $2,600 in interest fees over the life of the loan. At the high end, the same five-year, $5,000 loan with an APR of 35.99% will cost more than $5,800 in interest fees.
Origination fees
Not only will you pay a lot of interest fees for a OneMain personal loan, you'll only be charged origination fees. The exact amount you're charged will vary based on your state, but it can be as high as 10% of the loan amount. On a $5,000 loan, that would mean an extra fee of $500.
Larger loans require collateral
Although OneMain is known to approve borrowers with even bad credit, not all borrowers will qualify for an unsecured loan. How much you can get without collateral will depend on your credit history and income.
Larger loans will require you to use a vehicle for collateral. Accepted collateral may include:
Vehicles used for collateral must be less than 10 years old and titled in your name. You'll need to keep it fully insured against damage for the life of your loan. OneMain may also require an appraisal to determine the actual value.
Not available in some states
Rates, fees, and loan terms will all vary based on your state. But that's not all. OneMain personal loans are only available in the 44 states that host brick-and-mortar OneMain branches. You can't get a OneMain personal loan if you live in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, or Vermont.
To get a personal loan from OneMain, you need to:
Applying for a loan through OneMain can be a straightforward process as long as you have your documents in order. To apply:
OneMain personal loans are best used as a hardship loan for people with low credit scores who cannot get loans from lenders with lower interest rates. Consider OneMain if you:
There is no minimum credit score requirement to get a OneMain Financial personal loan. OneMain will look at your entire credit history, income, expenses, and potential collateral when making a loan decision.
A $15,000 loan from OneMain with a five-year term would have an approximate monthly payment between $380 and $540, depending on the APR. In addition, OneMain charges origination fees that vary based on your state of residence.
Yes, OneMain requires proof of income for personal loans. This is usually in the form of pay stubs or tax returns.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
*Upstart Loan Disclaimer
¹ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
³ The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.60% and a 8.51% origination fee of $851, for an APR of 23.07%. In this example, the borrower will receive $9149 and will make 60 monthly payments of $258. APR is calculated based on 5-year rates offered in December 2024. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Citi® Personal Loan Disclosure
**Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time. You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Existing Citi deposit and credit card customers who have been a Citi customer for less than 12 months are not eligible for a Citi® Personal Loan.
If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically.
Rates as of 06-03-2025. Your APR may be as low as 8.99% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, a loan term of 24 or 36 months, and includes a 0.5% APR discount for enrollment in automatic payments at the time of loan origination. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
Existing Citigold and Citi Priority customers will receive an additional 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.
To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.
Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.
Personal loans are made available by Citibank, N.A., Equal Housing lender
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
*Upstart Loan Disclaimer
¹ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
³ The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.60% and a 8.51% origination fee of $851, for an APR of 23.07%. In this example, the borrower will receive $9149 and will make 60 monthly payments of $258. APR is calculated based on 5-year rates offered in December 2024. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Citi® Personal Loan Disclosure
**Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time. You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Existing Citi deposit and credit card customers who have been a Citi customer for less than 12 months are not eligible for a Citi® Personal Loan.
If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically.
Rates as of 06-03-2025. Your APR may be as low as 8.99% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, a loan term of 24 or 36 months, and includes a 0.5% APR discount for enrollment in automatic payments at the time of loan origination. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
Existing Citigold and Citi Priority customers will receive an additional 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.
To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.
Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.
Personal loans are made available by Citibank, N.A., Equal Housing lender
