OneMain Financial is a popular lender that offers personal loans to borrowers with fair credit or bad credit. They have over 1,500 locations across the United States and can provide funds as quickly as the same day you apply. However, OneMain Financial isn’t always the most affordable option. Their loans come with origination fees as high as 10% and APRs starting at 18%.
If you need more competitive rates or increased flexibility here are 9 top alternatives to consider
1. Upstart
Upstart is an online lender that offers personal loans up to $50000. They use alternative data like your education and job history in their approval process so they may accept applicants with limited credit histories.
Key stats:
- Loan amounts from $1,000 to $50,000
- APRs from 7.69% to 35.99%
- Minimum credit score of 300 in some states (others require 600)
Upstart can be a good option if you don’t have a long credit history but have strong education or career credentials. Just keep in mind they charge origination fees up to 8%.
2. Upgrade
Upgrade provides quick access to funds through their online application process Many customers receive loan decisions within minutes and get their money as soon as the next business day.
Key stats:
- Loan amounts from $1,000 to $50,000
- APRs from 5.94% to 35.99%
- Minimum credit score of 620
Upgrade is a good choice if you need money fast. There are no prepayment penalties if you pay off your loan early. One drawback is Upgrade’s origination fees range from 2.9% to 8%, which is on the high end.
3. Avant
Avant accepts applications from self-employed borrowers who may not have pay stubs to verify income. They also work with fair credit scores starting at 580.
Key stats:
- Loan amounts from $2,000 to $35,000
- APRs from 9.95% to 35.99%
- Minimum credit score of 580
Consider Avant if you’re self-employed or have less-than-perfect credit. Just keep in mind they charge admin fees up to 4.75% of the loan amount.
4. LendingPoint
LendingPoint structures repayments around biweekly pay periods rather than monthly. This can make budgeting easier if you get paid every two weeks.
Key stats:
- Loan amounts from $2,000 to $36,500
- APRs from 7.99% to 29.99%
- Minimum credit score of 620
LendingPoint is worth considering if you want repayments to align with your pay schedule. But be aware they require at least one year at your current job.
5. Best Egg
Best Egg offers very competitive rates for borrowers with good credit. Their APRs start lower than what you’ll typically find at OneMain.
Key stats:
- Loan amounts from $2,000 to $50,000
- APRs from 5.99% to 29.99%
- Minimum credit score of 640
If you have a credit score of at least 640, Best Egg is worth considering for lower rates. Just watch out for their origination fees from 0.99% to 8%.
6. LightStream
LightStream offers loans up to $100,000 with no origination fees. Their starting APR is also lower than OneMain Financial’s.
Key stats:
- Loan amounts from $5,000 to $100,000
- APRs from 3.99% to 19.99%
- Minimum credit score of 660
LightStream can be a flexible option with no fees, but does require a higher minimum credit score. You’ll also need to provide collateral for loans over $25,000.
7. Prosper
Prosper offers competitive rates alongside flexible repayment terms. Opt for terms between 3 to 5 years.
Key stats:
- Loan amounts from $2,000 to $40,000
- APRs from 6.95% to 35.99%
- Minimum credit score of 640
Prosper is worth checking out if your credit is good and you want flexibility on loan terms. But origination fees can range from 1% to 5%.
8. Future Finance
Future Finance works with several partner banks to find you competitive rates. A soft credit check gives you an idea of your options before applying.
Key stats:
- Loan amounts from $2,000 to $50,000
- APRs from 7.99% to 29.99%
- Minimum credit score of 600
Future Finance gives you the ability to compare personalized rates from multiple lenders. One drawback is they have limited availability nationwide.
9. Marcus by Goldman Sachs
Marcus offers some of the lowest APRs available for borrowers with good credit. There are also no fees.
Key stats:
- Loan amounts from $3,500 to $40,000
- APRs from 6.99% to 24.99%
- Minimum credit score of 660
Marcus is a strong option if you want very low rates. Just keep in mind you need a credit score of at least 660 to qualify.
How to Choose the Best Alternative Lender
When comparing alternatives to OneMain Financial, here are some factors to consider:
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Interest rates and fees: Make sure to calculate the APR, which accounts for any origination fees or other charges. This gives you the true cost of borrowing.
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Loan amount: Each lender offers a different range of loan amounts. Apply with a lender that offers what you need.
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Credit requirements: Know the minimum credit score for approval and if the lender uses alternative data. This helps you estimate your likelihood of approval.
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Funding speed: Some lenders deposit funds within one business day, while others take at least a week. Choose an option that meets your urgency.
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Availability: Check lender availability for your state before applying. Some operate nationwide while others have limitations.
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Repayment terms: Look for a term length (such as 3 or 5 years) that creates an affordable monthly payment.
Doing your research is important to find the right alternative lender offering better rates and terms than OneMain Financial. The options above give you a great starting point to compare your choices.
Compare lenders with lower rates than this not-entirely-online lender offers — even with bad credit.
OneMain Financial offers secured and unsecured loans to borrowers and carries no strict credit score requirement. Its loans start at a low $1,500, which can be available as soon as the same day you apply. It also has high rates starting at a high 18%, including an origination fee as high as 10%.
It has locations in 44 states and offers online applications — but to fully apply, you may need to visit a brick and mortar. If there’s not a OneMain Financial location near you, or you’re in search of a lender offering lower costs for various lending situations, we’ve gathered a list of top-pick alternatives.
Our 6 top picks for companies similar to OneMain Financial
- For a limited credit history: Upstart
- For a quick turnaround: Upgrade
- For self-employed borrowers: Avant
- For borrowers with a biweekly paycheck: LendingPoint
- For bad credit: Integra Credit
- For borrowers with a high DTI: Prosper
- Not available in: Iowa, West Virginia
- Uses alternative data to help you get a lower rate
- Loans start at $1,000
- Most loans funded in one day
- Origination fee as high as 12%
- Not all states accept 300 credit scores
- Limited to 36- or 60-month terms
| Loan amount | $1,000 to $50,000 |
|---|---|
| APR | 7.80% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | 300 |
| Turnaround Time | As soon as 24 hours |
| Maximum Loan Term | 5 years |
| Minimum Loan Term | 3 years |
| APR | 7.80% to 35.99% |
|---|---|
| Min. credit score | 300 |
| Loan amount | $1,000 to $50,000 |
- Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
- Online application
- Quick approval process
- No early payoff fees
- Coapplicants accepted
- Bitcoin reward program
- Credit line products as well
- Origination fee can reach 9.99%
- APR can be as high as 35.99%
- High DTI ratio requirement
| Loan amount | $1,000 to $50,000 |
|---|---|
| APR | 8.49% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | 620 |
| Turnaround Time | Within 1 business day |
| Maximum Loan Term | 7 years |
| Minimum Loan Term | 2 years |
| APR | 8.49% to 35.99% |
|---|---|
| Min. credit score | 620 |
| Loan amount | $1,000 to $50,000 |
- Not available in: Colorado, Hawaii, Iowa, Nevada, New York, Vermont, West Virginia
- Accepts self-employed applicants
- Fair credit OK
- Check rates without
- Administrative fee of 9.99%
- Recently settled FTC lawsuit
- Not available in every state
| Loan amount | $2,000 to $35,000 |
|---|---|
| APR | 9.95% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | 580 |
| Turnaround Time | As soon as the next business day |
| Maximum Loan Term | 5 years |
| Minimum Loan Term | 1 year |
| APR | 9.95% to 35.99% |
|---|---|
| Min. credit score | 580 |
| Loan amount | $2,000 to $35,000 |
- Not available in: Colorado, Connecticut, Idaho, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, Vermont, West Virginia, Wisconsin, Wyoming
- Repayments line up with biweekly paycheck
- Accepts fair credit
- Must be at current job for a year
- Origination fee as high as 8%
| Loan amount | $2,000 to $36,500 |
|---|---|
| APR | 7.99% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | 620 |
| Turnaround Time | As soon as 1 business day |
| Maximum Loan Term | 5 years |
| Minimum Loan Term | 2 years |
| APR | 7.99% to 35.99% |
|---|---|
| Min. credit score | 620 |
| Loan amount | $2,000 to $36,500 |
- Only available in: Alabama, California, Delaware, Idaho, Missouri, New Mexico, South Carolina, Utah, Wisconsin
- Online lender
- Accepts bad credit
- No prepayment penalties
- High APRs
- High monthly cost
- No loans over $3,000
| Loan amount | $500 – $3,000 |
|---|---|
| Interest rate type | Fixed |
| Loan Term | 6 months to 2 years |
| Loan amount | $500 – $3,000 |
|---|
- Not available in: Iowa, North Dakota, West Virginia
- Offers loans up to $50,000
- Competitive interest starting at 8.99%
- Accepts debt-to-income ratio of 50%
- Long turnaround of at least four days
- Origination fee between 1% to 7.99%
- Requires credit score of 640+
| Loan amount | $2,000 to $50,000 |
|---|---|
| APR | 8.99% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | 640 |
| Turnaround Time | As soon as 1 business day |
| Maximum Loan Term | 5 years |
| Minimum Loan Term | 3 years |
| APR | 8.99% to 35.99% |
|---|---|
| Min. credit score | 640 |
| Loan amount | $2,000 to $50,000 |
7 things to know about OneMain Financial personal loans review
FAQ
What is the easiest loan to get approved for?
What is the easiest installment loan to get approved for?
What is the minimum credit score for OneMain?
Is OneMain Financial a good personal loan for bad credit?
OneMain Financial offers four different term lengths, giving qualifying borrowers the option to pay back the money in 24, 36, 48 or 60 months. We therefore ranked OneMain Financial as the best lender for flexible payment plans on our list of best personal loans for bad credit.
Does OneMain Financial offer personal loans?
OneMain Financial offers personal loans that range from $1,500 to $20,000, although minimum and maximum loan amounts differ in some states. OneMain Financial doesn’t offer loans in Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont, the District of Columbia or U.S. territories.
Can OneMain loans be used for business?
OneMain approves loans for borrowers with lower credit scores. Borrowers cannot use loan funds for business purposes. Rates are higher than some lenders. Some loans require collateral. What Can OneMain Loans Be Used For? OneMain Financial provides personal loans for various reasons but with a few restrictions. Common uses for loans include:
Does OneMain Financial have a low APR?
Your rate may be lower than an unsecured loan. Higher start rates than other bad credit lenders: You’ll pay at least an 18 percent rate for a personal loan at OneMain Financial. If your score is in the fair or good credit range, other lenders offer lower APR options.