OneMain Financial: Easy Personal Loans for Bad Credit

Ravinder kumar जून 01, 2025

OneMain Financial: A Simple Guide for Anyone Looking for a Personal Loan in the US

If you’re living in the US and need some money for urgent expenses like medical bills, home repair, or to clear your credit card debt, OneMain Financial might be a good option for you. Many people in America turn to this company when they need a personal loan, especially if their credit score is not very high.

In this article, I will explain everything you need to know about OneMain Financial — in simple words. I’ve written it from an Indian blogger’s point of view, but it is made specially for readers in the United States.

What is OneMain Financial?

OneMain Financial is a US-based lending company that gives personal loans. The company has been helping people since 1912, which means they have over 100 years of experience in the finance industry.

They are known for offering loans to people who may have a fair or poor credit score. Even if your credit is not good, OneMain still gives you a chance.

One good thing is that they have more than 1,400 branches in the US. So, if you don’t want to do everything online, you can also visit their office and talk to a real person.

What Type of Loans Do They Offer?

OneMain Financial gives personal loans — which means you can use the money for any personal need, like:

Paying hospital bills
Home renovation
Buying or repairing a car
Debt consolidation (combining all debts into one loan)
Wedding or holiday expenses
Emergency needs

You don’t have to tell them exactly what you are using the loan for. Once the money is yours, you can spend it as you need.

Loan Details at a Glance

Feature	Details
Loan Amount	$1,500 to $20,000
Loan Term	2 to 5 years
Interest Rate (APR)	Around 18% to 35.99%
Loan Type	Secured and Unsecured
Speed of Funding	Same day or within 1–2 days
Credit Score Needed	No fixed requirement

Secured vs Unsecured Loans – What’s the Difference?

Unsecured Loan: You don’t need to give anything (like your car or property) as security. You get the loan based on your credit history and income.
Secured Loan: You must give an asset (like a car) as collateral. If you can’t repay, the lender may take your car.

Secured loans usually have lower interest rates, but they also carry more risk for you.

Who Can Apply for a OneMain Financial Loan?

You can apply if:

You are 18 years or older
You have a regular source of income (job or benefits)
You have a US address
You can provide ID proof, bank details, and income proof

Even if your credit score is below average, you still have a good chance because OneMain looks at your full financial situation.

How to Apply for Loan at OneMain Financials

Step by Step

Prequalify Online
Go to the official OneMain Financial website. Enter your basic information. You’ll get a loan offer without affecting your credit score.
Complete the Full Application
If you like the offer, fill in more details, like income documents, ID proof, etc.
Visit the Branch (if needed)
Sometimes, you might be asked to visit a local branch to finish the process, especially for a secured loan.
Sign the Agreement & Get Funds
Once approved, you sign the agreement and the money will be sent to your account, sometimes on the same day.

Benefits of OneMain Financial

✔ Accepts borrowers with low or average credit
✔ Fast loan approval and money transfer
✔ Option to visit a real branch and talk to someone
✔ No hidden fees
✔ Offers both secured and unsecured loans

What You Should Keep in Mind

Interest rates are on the higher side
You may be required to visit a branch (some may find it inconvenient)
Loan amount is limited (max $20,000 for most)
No option for co-signer

Fees and Charges

OneMain is quite clear about its charges. Here are some common fees:

Origination Fee – This is a processing fee. It may be a flat fee or a percentage of your loan (depending on the state).
Late Fee – If you miss a payment, you’ll be charged a penalty.
NSF Fee – If your payment bounces due to low balance.

No prepayment penalty, so you can repay the loan early and save on interest.

What About Interest Rates?

Rates depend on many things:

Your credit score
Whether the loan is secured or not
The loan amount
Loan duration

Generally, if your credit score is low, your interest rate will be higher. But if you can give collateral, the rate might be lower.

OneMain Financial vs Other Lenders

Feature	OneMain Financial	Bank or Credit Union	Online Lender
Credit Score	Low to Medium	High	Varies
In-Person Help	Yes	Yes	Rare
Loan Speed	Fast	Slow	Fast
Rates	High	Low	Medium
Secured Loans	Yes	Some	Rare

Is OneMain Financial Safe and Trusted?

Yes. OneMain is a trusted lender in the US. They are regulated by government rules, and your data is kept secure.

They have been in business for over 100 years and are rated by the Better Business Bureau (BBB). Like any big company, there are some complaints too (mainly about interest rates), but most customers appreciate their support and fast service.

Who Should Choose OneMain Financial?

Choose OneMain If:

You have bad or average credit
You need money quickly
You want to talk to a real person
You don’t mind paying a higher rate

Avoid If:

You have good credit and qualify for cheaper loans
You want a large loan
You don’t want to visit a physical branch

Final Words: Should You Go with OneMain Financial?

If you need money quickly and don’t have a perfect credit score, OneMain Financial can be a very helpful option. They are flexible, fast, and offer both online and offline support.

Yes, their interest rates are a bit high, but they also give you a chance when others don’t. Just make sure you understand the terms clearly before taking the loan. And if possible, try to pay it off early to save money. You can visit to their official website address https://www.onemainfinancial.com for More Info.