Personal Loans FAQ

A personal loan is an unsecured or secured loan that provides a lump sum of money you repay in fixed monthly installments over a set period. Unlike credit cards, personal loans have fixed interest rates and predictable monthly payments. At OneMain Financial, personal loans range from $1,500 to $20,000 with terms from 24 to 60 months. You can use the funds for almost any purpose including debt consolidation, home improvements, medical expenses, or emergencies.

Personal loans offer flexibility in how you use the funds. Common uses include: debt consolidation (combining multiple debts into one payment), home improvements and repairs, medical and dental expenses, car repairs, wedding expenses, vacation and travel, moving costs, emergency expenses, major purchases, and education costs. Unlike auto or mortgage loans, personal loans give you freedom to use the money as you see fit.

At OneMain Financial, you can borrow between $1,500 and $20,000 depending on your state and creditworthiness. The amount you qualify for depends on factors like your income, employment history, credit profile, and debt-to-income ratio. Use our online calculator to estimate your potential loan amount and monthly payments.

While many lenders require good to excellent credit (670+), OneMain Financial considers applicants with all credit types. We look beyond your credit score at factors like income, employment history, and your overall financial situation. Even if you have bad credit, been denied elsewhere, or have limited credit history, you may still qualify for a personal loan with us.

To apply for a personal loan, you typically need: a valid government-issued ID (driver's license or passport), proof of income (recent pay stubs, W-2 forms, or tax returns), your Social Security number, proof of residence (utility bill or lease agreement), and bank account information for fund deposit. Additional documents may be required based on your situation and loan amount.

Yes! OneMain Financial specializes in working with borrowers who have less-than-perfect credit. We consider your complete financial picture, not just your credit score. Factors like steady employment, income stability, and your relationship with money all matter. We also offer secured personal loans where you can use your vehicle as collateral to potentially get better rates.

Personal loan interest rates at OneMain Financial range from 18.00% to 35.99% APR depending on your credit profile, loan amount, term length, and state regulations. Your actual rate will be determined after you apply and complete the verification process. All rates are fixed, meaning your monthly payment stays the same for the life of the loan.

OneMain Financial offers personal loan terms from 24 to 60 months. Shorter terms mean higher monthly payments but less total interest paid. Longer terms offer lower monthly payments but more interest over time. Our loan specialists can help you find the right balance for your budget and financial goals.

Yes! OneMain Financial has no prepayment penalties. You can pay off your personal loan early at any time without additional fees. Making extra payments or paying off early can save you money on interest charges. You can make extra payments through your online account, by phone, or at any branch.

We believe in transparency. All fees are disclosed upfront before you sign any loan documents. There are no hidden fees, no application fees, and no prepayment penalties. Your loan agreement will clearly show your interest rate, monthly payment, total cost of the loan, and any applicable fees.

You can apply for a personal loan online in about 5 minutes, by phone at 1-800-961-5577, or in person at any of our 1,300+ branches nationwide. The online application asks for basic information about yourself, income, and the loan amount you need. After submitting, you'll receive a response quickly, often within minutes.

At OneMain Financial, you can receive your personal loan funds as fast as the same business day after approval. The timeline depends on how quickly you can verify your information and complete the loan documents. Many customers complete the entire process and receive funds within 24-48 hours.

The initial application typically involves a soft credit check, which does not affect your credit score. If you proceed with the loan and it's approved, a hard inquiry will be made, which may temporarily affect your score by a few points. Making on-time payments on your personal loan can help build your credit over time.

Absolutely. OneMain Financial is one of the most established personal loan lenders in America with over 100 years of experience since 1912. We are NMLS licensed (#1339418), BBB A+ rated, and publicly traded on the New York Stock Exchange (OMF). We operate 1,300+ branches across 44 states and have served over 10 million customers.

You can reach our customer service team by phone at 1-800-961-5577 (Mon-Fri 8AM-8PM EST), through your online account, or by visiting any of our 1,300+ branches. Our team is ready to answer questions about your account, payments, or new loan applications.

OneMain Financial has over 1,300 branches across 44 states. You can find your nearest branch using the branch locator on our website. Our local teams offer personalized, face-to-face service to help you through the loan process and answer any questions.