How It Works

Getting a personal loan from OneMain Financial is simple. Here's your step-by-step guide from application to funding.

Getting Your Loan in 4 Simple Steps

From application to funding, we've streamlined the process to get you the money you need as quickly as possible.

1

Apply Online

5-minute application. No credit score impact.

2

Review Offers

Compare personalized loan options.

3

Get Approved

Fast approval with local specialist support.

4

Receive Funds

Same-day funding available.

Detailed Step-by-Step Guide

1

Apply Online in Minutes

Quick, easy, and secure application process

Getting started with OneMain Financial is incredibly simple. Our online application takes just 5 minutes to complete and won't impact your credit score during the pre-qualification stage.

What You'll Need to Get Started

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Personal Information Name, address, phone number, email
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Government ID Driver's license or state ID
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Employment Details Employer name, income information
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Bank Account Account number and routing number

Application Methods

You have three convenient ways to apply:

  • Online: Complete the entire application from your computer or mobile device at any time
  • By Phone: Call 1-800-290-7002 to speak with a representative who will guide you through the application
  • In-Person: Visit any of our 1,300+ branches to work face-to-face with a loan specialist
πŸ’‘ Pro Tip: Have your documents ready before starting the application. This speeds up the process and ensures you can complete everything in one sitting.

Understanding Pre-Qualification

Pre-qualification is a soft credit inquiry that lets you see potential loan offers without affecting your credit score. This is a risk-free way to explore your options before committing to a full application.

πŸ“‹ What Happens Next: Once you submit your pre-qualification, our system instantly analyzes your information and generates personalized loan offers tailored to your financial situation.

Privacy & Security

Your information is protected with bank-level encryption (256-bit SSL). We never sell your personal data to third parties. All information is used solely for evaluating your loan application and is kept confidential in accordance with our privacy policy.

2

Review Your Personalized Offers

Compare options and choose what works best for you

After completing your pre-qualification, you'll receive personalized loan offers based on your unique financial situation. Each offer includes clear, transparent details about rates, terms, and monthly payments.

Understanding Your Loan Offer

Your loan offer will include the following key information:

  • Loan Amount: The total amount you're approved to borrow
  • APR (Annual Percentage Rate): Your interest rate, ranging from 18% to 35.99%
  • Loan Term: The length of time to repay (24, 36, 48, or 60 months)
  • Monthly Payment: Your fixed monthly payment amount
  • Origination Fee: One-time fee of 1% to 10% of the loan amount
  • Total Amount to Repay: Principal plus all interest over the loan term
πŸ’° Example Loan Calculation: A $6,000 loan with 24.99% APR repayable in 60 monthly installments would have monthly payments of $176.07. The total amount repaid would be $10,564.20, which includes $4,564.20 in interest.

Comparing Your Options

You may receive multiple loan offers with different terms. Here's how to choose:

  • Lower Monthly Payment: Choose a longer term (48-60 months) if you need lower monthly payments, but note you'll pay more interest over time
  • Less Total Interest: Select a shorter term (24-36 months) to pay less interest overall, though monthly payments will be higher
  • Best Overall Value: Balance the monthly payment you can afford with the total cost of the loan
βœ“ Smart Move: Use our loan calculator to experiment with different amounts and terms. Find the sweet spot where your monthly payment fits comfortably in your budget without stretching your loan term unnecessarily long.

Secured vs. Unsecured Options

If you're offered both secured and unsecured loans, consider:

  • Secured Loan (with collateral): Lower interest rates, potentially higher amounts, but you risk losing your collateral if you can't repay
  • Unsecured Loan (no collateral): Slightly higher rates, no risk to your assets, more flexible
⚠️ Take Your Time: You don't need to accept an offer immediately. Take time to review all terms, ask questions, and ensure you're comfortable with your decision. Our loan specialists are available to explain anything that's unclear.

Questions? Talk to a Specialist

If you have questions about your offers or need help deciding, you can:

  • Call our customer service line for immediate assistance
  • Visit a local branch to discuss options face-to-face
  • Use our online chat feature for quick answers
3

Finalize Your Application & Get Approved

Submit documentation and receive your final approval

Once you've chosen your loan offer, it's time to complete the full application and submit any required documentation. This is where we verify your information and move toward final approval.

Documents You'll Need to Provide

To complete your application, please have these documents ready:

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Government-Issued ID Valid driver's license, state ID, or passport
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Proof of Income Recent pay stubs, tax returns, or bank statements
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Proof of Residence Utility bill, lease agreement, or mortgage statement
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Bank Account Info Recent bank statement showing account details
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Vehicle Title (if secured) Clear title for vehicles used as collateral
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References Personal or professional references (names and contact info)

Additional Documentation for Self-Employed Applicants

If you're self-employed, you may also need to provide:

  • Most recent 1-2 years of tax returns
  • Profit and loss statements
  • Business bank account statements
  • Business license or registration documents
πŸ“€ How to Submit Documents: You can upload documents directly through our secure online portal, email them to your loan specialist, or bring them to a branch in person.

Verification Process

Our team will verify your documentation to ensure:

  • Identity Verification: Confirming you are who you say you are
  • Income Verification: Ensuring you have sufficient income to repay the loan
  • Employment Verification: Contacting your employer to confirm employment status
  • Bank Account Verification: Confirming account ownership and standing

Credit Check

At this stage, we'll conduct a hard credit inquiry, which may temporarily affect your credit score by a few points. This is a standard part of the approval process and is necessary to finalize your loan terms.

πŸ’‘ Credit Impact Minimization: If you're shopping for loans, try to complete all applications within a 14-30 day window. Credit bureaus typically count multiple inquiries for the same type of loan as a single inquiry if done within this timeframe.

Working with Your Loan Specialist

Throughout this process, a dedicated loan specialist will:

  • Answer any questions you have about the application
  • Help you understand loan terms and conditions
  • Explain your payment options and schedule
  • Work with you to create a budget that accommodates your loan payment
  • Discuss optional insurance products (if you're interested)

Approval Timeline

Most applications are approved within minutes to a few hours. However, approval time can vary based on:

  • Completeness of your application
  • Speed of employment and bank verification
  • Complexity of your financial situation
  • Time of day/week you apply
⚠️ Important: Not all applications are approved. We look at your overall financial picture to ensure the loan is manageable for you. If your application is declined, we'll explain why and may suggest alternative options or steps you can take to improve your approval chances in the future.

What Happens After Approval?

Once approved, you'll review and sign your loan agreement, which includes:

  • Complete loan terms and conditions
  • Payment schedule and amount
  • APR and finance charges
  • Your rights and responsibilities
  • Contact information for questions
πŸ“ Read Before You Sign: Take time to read your loan agreement thoroughly. Make sure you understand all terms, fees, and your monthly payment obligation. Don't hesitate to ask questionsβ€”we want you to feel confident about your decision.
4

Receive Your Funds

Get your money fast and start using it right away

Congratulations! Your loan is approved and it's time to receive your funds. OneMain Financial offers multiple funding options to get you your money as quickly as possible.

Funding Options

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SpeedFunds (Same-Day) Available the same day via debit card if approved before noon
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ACH Transfer (1-2 Days) Direct deposit to your bank account via ACH network
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Check by Mail Physical check mailed to your address (5-7 business days)

SpeedFunds: Same-Day Funding

Our fastest funding option! If you're approved before noon (local time) and choose SpeedFunds, you can access your loan proceeds the same day using a bank-issued debit card. Here's how it works:

  • Complete your application and get approved before 12:00 PM
  • Choose SpeedFunds as your disbursement method
  • Provide a valid debit card linked to your bank account
  • Funds are typically available within hours on your loan closing date
βœ“ Best For: SpeedFunds is ideal for emergencies or time-sensitive needs where you need access to money immediately, such as urgent car repairs or unexpected bills.

ACH Transfer: Direct Deposit

The most common funding method, ACH transfer deposits your loan directly into your bank account:

  • Funds are electronically transferred to your checking or savings account
  • Typically available within 1-2 business days after loan closing
  • No need to visit a branch or deposit a check
  • Secure and reliable method used by millions
πŸ“… Timing Example: If you sign your loan agreement on a Monday morning, you can typically expect to see funds in your account by Tuesday or Wednesday.

What to Do Once You Receive Your Funds

Once the money is in your account, you're free to use it for your intended purpose:

  • Debt Consolidation: Pay off high-interest credit cards or other debts immediately
  • Home Improvements: Pay contractors or purchase materials for your project
  • Emergency Expenses: Address urgent financial needs
  • Major Purchases: Buy necessary items or services
⚠️ Use Funds Responsibly: Remember, this is a loan that must be repaid. Use the money for its intended purpose and avoid the temptation to spend it on unnecessary items. Stay focused on your financial goals.

Understanding Your Repayment Schedule

Your first payment will typically be due approximately 30 days after your loan closes. You'll receive:

  • A payment coupon book (if paying by mail)
  • Online account access to view your balance and make payments
  • Mobile app access for convenient payment management
  • Email or text reminders before each payment is due

Setting Up Your Payments

To make repayment as easy as possible, we recommend setting up automatic payments:

  • AutoPay: Payments are automatically deducted from your bank account each month
  • Benefits: Never miss a payment, build positive payment history, potential for fee waivers or discounts
  • Control: You can adjust or cancel AutoPay anytime through your account
πŸ’‘ Pro Tip: Set up AutoPay for a few days after your regular paycheck arrives. This ensures funds are available in your account when the payment is due, reducing the risk of overdrafts or missed payments.

Payment Options

You have multiple ways to make your payments:

  • Online: Through your account portal or mobile app
  • By Phone: Call our automated system or speak with a representative
  • In-Person: Visit any OneMain Financial branch
  • By Mail: Send check or money order with your payment coupon
  • AutoPay: Automatic deduction from your bank account

Accessing Your Account

After receiving your funds, make sure to:

  • Download the OneMain Financial mobile app
  • Register for online account access
  • Set up text or email payment reminders
  • Save customer service contact information
  • Review your loan agreement and keep it in a safe place
πŸ“± Mobile App Features: Through our app, you can make payments, check your balance, view payment history, track your credit score for free, request credit increases, and contact customer supportβ€”all from your phone.

Early Payoff Option

Remember, OneMain Financial does not charge prepayment penalties! If you receive extra money or want to pay off your loan early, you can do so at any time and save on interest charges.

βœ“ Smart Strategy: Even making just one extra payment per year or paying a little extra each month can significantly reduce your total interest paid and shorten your loan term.

Questions After Funding?

Our customer support team is here to help with any questions or concerns:

  • Phone: 1-800-290-7002 (Monday-Friday, 8am-8pm ET)
  • Online: Submit a question through your account portal
  • In-Person: Visit your local branch
  • Mobile App: Use the in-app chat feature

Typical Application Timeline

0

Before You Start

Preparation Phase

Gather necessary documents including ID, proof of income, bank account information, and any collateral details (if applying for secured loan).

1

Application Submitted

Day 0 - 5 minutes

Complete online application or visit a branch. Pre-qualification results typically appear within minutes.

2

Review & Choose Offer

Day 0 - 15 minutes

Review your personalized loan offers, compare terms, and select the option that best fits your needs and budget.

3

Documentation & Verification

Day 0-1 - 30 minutes to 24 hours

Submit required documents and complete verification process. This may include employment verification and additional information requests.

4

Final Approval

Day 0-1 - Minutes to hours

Receive final approval decision. Most applications are approved same-day if all documentation is complete and submitted early.

5

Sign Agreement

Day 0-1 - 15 minutes

Review and sign your loan agreement electronically or in person. Make sure you understand all terms before signing.

6

Receive Funds

Day 0-2

Same-day funding via SpeedFunds (if approved before noon) or 1-2 business days via ACH transfer to your bank account.

⏱️ Speed Factors: The total time from application to funding depends on several factors including time of day you apply, completeness of your application, how quickly you respond to requests, speed of employment verification, and your chosen funding method. Many customers receive funds the same day!

Tips for a Smooth Application Process

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Prepare Documents in Advance

Having all necessary documents ready before you start saves time and ensures you can complete your application in one session without delays.

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Know Your Budget

Calculate what monthly payment you can comfortably afford before applying. Use our loan calculator to find the right amount and term for your situation.

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Check Your Credit Report

Review your credit report before applying to understand your credit standing and correct any errors that might affect your approval or rate.

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Ask Questions

Don't hesitate to ask our loan specialists questions about anything you don't understand. We're here to help you make informed decisions.

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Apply Early in the Day

If you need same-day funding, apply before noon to maximize your chances of receiving SpeedFunds the same day.

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Stay Responsive

Check your email and phone regularly during the application process. Quick responses to our requests help speed up approval and funding.

Frequently Asked Questions

How long does the entire process take? β–Ό
The entire process from application to funding can be completed in as little as the same day if you apply before noon and are approved for SpeedFunds. Most customers receive their funds within 1-2 business days via ACH transfer. The timeline depends on when you apply, how quickly you provide documents, and your chosen funding method.
Will checking my rate affect my credit score? β–Ό
No, pre-qualification uses a soft credit inquiry that does not affect your credit score. However, if you proceed with a full application, we'll conduct a hard credit inquiry which may temporarily lower your score by a few points. This is standard for all loan applications.
Can I cancel my application after submitting it? β–Ό
Yes, you can withdraw your application at any time before signing the final loan agreement. There's no penalty for withdrawing an application. If you've already signed the agreement, you may have a right to cancel within 3 business days, depending on your state laws.
What if I'm denied? Can I reapply? β–Ό
If your application is denied, we'll provide a clear explanation of why. You can reapply after addressing the issues that led to denial, such as improving your credit score, increasing your income, or reducing your debt-to-income ratio. We recommend waiting at least 30 days before reapplying.
Can I get a loan if I'm self-employed? β–Ό
Yes! We work with self-employed individuals. You'll need to provide additional documentation such as tax returns, profit and loss statements, and business bank statements to verify your income. Our specialists understand the unique situation of self-employed borrowers.
Do I need perfect credit to qualify? β–Ό
No. OneMain Financial works with borrowers across the credit spectrum, including those with less-than-perfect credit. We look at your whole financial picture, not just your credit score. While better credit may qualify you for better rates, we've helped millions of people with various credit histories.
What happens after I receive my loan? β–Ό
After receiving your funds, your first payment will typically be due in about 30 days. You'll have access to your online account and mobile app to manage payments, view your balance, and track your credit score. We recommend setting up AutoPay to ensure you never miss a payment.

Ready to Get Started?

Apply now and get a decision in minutes. No impact to your credit score during pre-qualification.

Start Your Application

Questions? Call us at 1-800-290-7002 or visit a branch near you