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FAQs

What is the maximum you can borrow from OneMain Financial? ›

OneMain makes personal and auto loans from $1,500 - $20,000. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance.

It is not difficult to get a personal loan from OneMain Financial because you need a credit score of 600 or higher to qualify, according to third-party sources. You will also have to meet other common requirements like being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.

OneMain Financial doesn't have a minimum credit score for approval. Most personal loan lenders require credit scores above 660 to qualify.

The hiring process at OneMain Financial takes an average of 17.15 days when considering 379 user submitted interviews across all job titles. Candidates applying for Internship had the quickest hiring process (on average 1 day), whereas Recruitment Coordinator roles had the slowest hiring process (on average 120 days).

The monthly payment on a $3,000 personal loan will depend on the loan term and the interest rate. For example, the monthly payment on a two-year $3,000 loan with an annual percentage rate (APR) of 12% would be $141.22. The monthly payment on a $3,000 loan with a six-year term and an APR of 12% would be $58.65.

If you want to pay off your personal loan early, you can do so any time and OneMain will not charge you a prepayment fee. To pay off your loan early, you can: Make a one-time payment for the total outstanding balance. Pay an extra amount when you make your regularly scheduled monthly payment.

Bankrate's view: OneMain Financial offers personal loans for those with poor or little credit history. It stands out for its fast funding, which can be especially challenging to find if you have bad credit. It also allows you to provide collateral to secure your loan to potentially reduce your APR.

By Automated Clearing House (ACH): Funds are deposited into your checking or savings account and are available approximately 1 to 2 business days after the loan closing date.

Upon approval, we'll discuss your options and verify things like identity, income, expenses and any needed collateral on the phone, online or at a branch.

Does OneMain Financial call your employer? ›

Yes, OneMain Financial may call your employer after you provide their contact information and give permission for the call during the application process.

If you're approved for a loan, you may see secured or unsecured next to your offer. A secured loan requires that you provide collateral, like a vehicle. An unsecured loan doesn't require any collateral from you.

A legal lending limit is the most a bank or thrift can lend to a single borrower. The legal limit for national banks is 15% of the bank's capital. If the loan is secured by readily marketable securities, the limit is raised by 10 percentage points, bringing the total to 25%.

Although loan amounts vary across lenders, the maximum amount for personal loans typically ranges from $500 to $100,000. In some cases, you may qualify for a loan larger than what you need. Before accepting any loan, consider what you can afford to repay and be sure you don't borrow more than what you can manage.

The amount a lender may approve you to borrow will depend on various factors, such as your credit score, income and debt-to-income ratio (DTI). Review your budget before applying for a loan to assess how much you can comfortably afford to borrow — doing this can minimize your chances of defaulting.