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Applying for a personal loan can feel like a shot in the dark, especially if you are credit-worthiness is less than perfect. While there are dozens of personal lenders out there, not every bank will lend you the amount of money you need with the right payout plan for your budget.

OneMain Financial offers four different terms that allow qualified borrowers to repay the money in 24, 36, 48 or 60 months. Hence, we have OneMain Financial on our list of the best flexible payment plan lender The best personal loans for bad credit.

And while a credit score below 670 will disqualify you for the majority of personal lenders in most cases, OneMain Financial has no minimum credit requirements for applicants and even offers a secured (collateralized) loan option to make borrowing easier.

Ahead, Choose reviewed OneMain Financial, looking at the APR, perks, fees, loan amounts and terms. (Read more about our methodology below.)

OneMain Financial Personal Loan Review

OneMain Personal Financial Loans

  • Annual percentage (APR)

  • Loan purpose

    Debt Consolidation, Large Spending, Emergency Costs

  • Loan amounts

  • conditions

  • Credit needed

  • Origination fee

    Flat fee from $ 25 to $ onem00 or a percentage between 1% and 10% (depending on your state)

  • Early withdrawal penalty

  • Late fee

    Up to $ 30 per late payment, or up to 15% (depending on your state)


OneMain Financial charges a high APR of 18.00% to 35.99%, and there is no Autopay discount. Compared, LightStream, for example, offers lower rates from 2.49% to 19.99% * when you sign up for automatic payment. At the time of writing, the average two-year personal loan interest rate is 9.46% the Fed.

The final APR you will qualify for is based on your individual loan application. Factors like credit-worthiness, Income, loan amount and loan period are taken into account.


OneMain Financial approves applicants with fair credit, and sometimes bad credit, and an option to apply for secured credit if borrowers do not qualify for an unsecured loan based on their credit history.

Secured loans allow borrowers to use equity from their car to potentially get lower interest rates. Prices, repayment terms, and agreements vary by individual and the state in which they apply.

Secured loans require an initial lien on a motor vehicle that meets OneMain Financials value requirements and is inscribed in the name of the borrower with valid insurance. The lender pledges the collateral until the loan is fully repaid.

Applicants can also apply with a co-applicant or, if married, apply for a loan separately from a spouse. However, no co-signers are allowed.


The downside to OneMain Financial loans is the high commitment fees, starting at $ 25 to $ 500, or a percentage of 1 to 10% (this depends on your state). Fortunately, there are no early repayment fees or penalties if you want to make additional payments on your loan in order to repay the balance faster.

For loans with no issuing fees, visit our List of the best personal loans.

Loan amount

Applicants looking for smaller amounts of credit can benefit from a OneMain Financial loan that starts at $ 1,500. The maximum loan amount that you can borrow is $ 20,000.

running time

There are four different runtime options to choose from (subject to final approval). Borrowers can take out a OneMain Financial loan for 24, 36, 48 or 60 months.

Bottom line

While upstart Loans are best for borrowers with no credit history, OneMain Financial is a solid option for fair credit borrowers looking for flexible terms to choose from. But watch out for fees and interest charges with this lender: the APR is higher in the range, from 18.00% to 35.99%, and the underwriting fees can go as high as $ 500.

However, OneMain Financial can offer borrowers the option to secure their loan with collateral, potentially making it more affordable. For another secured lending option visit Avant personal loans.

CONNECTED: Read more about secured vs. unsecured loans

Our methodology

To determine which personal loans are best for consumers with poor creditworthiness, Choose analyzed dozens of US personal loans offered by both online and brick-and-mortar banks, including large credit unions. Whenever possible, we’ve chosen loans with no admission or registration fees, but we’ve also included options for borrowers with lower credit scores on this list. Some of these options have origination fees.

In narrowing down and ranking the best personal loans, we focused on the following characteristics:

  • Fixed APR: Floating rates can go up and down over the life of your loan. With a fixed APR, you set an interest rate for the life of the loan, which means your monthly payment doesn’t vary and your budget is easier to plan.
  • Flexible minimum and maximum loan amounts / terms: Each lender offers more than one financing option that you can customize based on your monthly budget and the time it takes to repay your loan.
  • No early repayment penalties: The lenders on our list do not charge borrowers any prepayment fees.
  • Optimized application process: We considered lenders offering same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list has customer service available by phone, email, or secure online messaging. We also selected lenders with an online resource hub or advice center so you can learn about the personal loan process and your finances.
  • Payment of the fund: The loans on our list deliver funds instantly either by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the option to pay your creditors directly.
  • Autopay discounts: We identified the lenders who reward you for signing up for automatic payment by lowering your APR by 0.25% to 0.5%.
  • Payment limits and credit amount of the creditors: The above lenders offer loans in a range of sizes, from $ 1,000 to $ 100,000. Each lender advertises their respective payment limits and loan sizes, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

The interest rates and fee structures advertised for personal loans are subject to fluctuations according to the Fed rate. However, once you accept your loan agreement, a fixed APR guarantees your interest rate and the monthly payment remains constant throughout the life of the loan. Your APR, monthly payment, and loan amount depend on your loan history and creditworthiness. To get a loan, many lenders run a hard loan application and request a full application, which may require proof of income, identity verification, proof of address, and more.

Note to editors: Opinions, analysis, reviews or recommendations expressed in this article are solely those of the Select editors and have not been reviewed, approved or otherwise endorsed by third parties.

Tags : credit scoreinterest ratespersonal loans
Richard Dement

The author Richard Dement