What OneMain Financial Offers
OneMain Financial is a branch-based lender specializing in personal loans for borrowers with all credit types, including bad credit. They've been in business since 1912 and have over 1,400 branches across the U.S. Here's a quick overview:
OneMain Financial's key features:
- No minimum credit score requirement - accepts all credit types
- Offers both secured and unsecured personal loans
- In-person support at branch locations nationwide
- Same-day funding available if you visit a branch
- Joint loan applications allowed
- Secured loans available (using vehicle as collateral)
OneMain Financial Pros
- No minimum credit score requirement
- Secured loan options can lower your rate
- In-person customer support at branches
- Same-day funding at branch locations
- Joint applications accepted
- Fast approval decisions
OneMain Financial Cons
- High minimum APR of 18% (vs 8-10% online lenders)
- Branch visit often required or strongly encouraged
- Lower maximum loan amount ($20K vs $50K+)
- Origination fees vary by state (not always disclosed)
- Limited loan term options (max 5 years)
- Rates generally higher than online competitors
Why You Might Need a OneMain Financial Alternative
While OneMain Financial is a good option for borrowers with very poor credit, you might look for alternatives if:
- Want online-only process: OneMain often requires or strongly encourages branch visits, which can be inconvenient. Online lenders let you complete everything from home.
- Looking for lower interest rates: OneMain's minimum APR is 18%, while online lenders like Upgrade and Avant start at 9.95-9.99%.
- Need higher loan amounts: OneMain caps at $20,000, but lenders like Upgrade and LendingPoint offer up to $50,000.
- Want faster funding: Online lenders often fund within 1-2 business days without requiring a branch visit.
- Prefer transparent fees: OneMain's fees vary by state and aren't always clear upfront; online lenders typically disclose all fees before you commit.
- Don't have collateral: If you need an unsecured loan and have fair (not poor) credit, online lenders may offer better rates than OneMain's unsecured loans.
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Top 5 OneMain Financial Alternatives Compared
Here's how the best OneMain alternatives stack up:
| Lender | Min. Credit | APR Range | Loan Range | Max Term | Online Only |
|---|---|---|---|---|---|
| OneMain (baseline) | None | 18.00% - 35.99% | $1.5K - $20K | 5 years | No (branch visit) |
| Upgrade | 560 | 9.99% - 35.99% | $1K - $50K | 7 years | Yes |
| Avant | 550 | 9.95% - 35.99% | $2K - $35K | 5 years | Yes |
| LendingPoint | 600 | 9.99% - 35.99% | $2K - $36.5K | 5 years | Yes |
| Upstart | 300* | 7.80% - 35.99% | $1K - $50K | 5 years | Yes |
| OppLoans | None | 160% - 179%** | $500 - $4K | 18 months | Yes |
*Upstart accepts applications from borrowers with scores as low as 300, but approval depends on their AI model assessment.
**OppLoans rates are extremely high and should only be considered as a last resort.
Detailed Alternative Reviews
1. Upgrade - Best Overall Online Alternative
Top PickUpgrade is the best online alternative to OneMain Financial, offering significantly lower rates (starting at 9.99% vs 18%), higher loan amounts, and a fully online process with no branch visits required.
Why Choose Over OneMain
- Much lower minimum APR (9.99% vs 18%)
- Higher loan amounts (up to $50K vs $20K)
- 100% online process - no branch visit
- Longer terms available (up to 7 years)
- Transparent fees disclosed upfront
- Free credit monitoring included
Considerations
- Requires minimum 560 credit score
- No secured loan option
- No in-person support
- Funding takes 1-4 days (vs same-day at OneMain branch)
Best for: Borrowers with 560+ credit who want lower rates and don't need the in-person service of OneMain.
2. Avant - Best for Similar Credit Flexibility
Low Credit OKAvant accepts credit scores as low as 550 and offers rates starting at 9.95% - much lower than OneMain's 18% minimum. Like OneMain, they specialize in fair and poor credit borrowers but with an online-only process.
Why Choose Over OneMain
- Much lower rates (9.95% minimum vs 18%)
- Fully online process - no branch required
- Higher max loan amount ($35K vs $20K)
- Low origination fee (max 4.75%)
- Next-day funding common
- Easy-to-use mobile app
Considerations
- Requires 550 minimum score (OneMain has none)
- No secured loan option
- $25 late payment fee
- Not available in all states
Best for: Borrowers with 550+ credit who want significantly lower rates than OneMain without needing a secured loan.
3. LendingPoint - Best for Credit Building
Credit BuilderLendingPoint accepts borrowers with 600+ credit scores and reports to all three credit bureaus, making them ideal if you want to rebuild credit while getting better rates than OneMain.
Why Choose Over OneMain
- Lower minimum rate (9.99% vs 18%)
- Higher loan amounts (up to $36,500)
- Fully online application process
- Reports to all three credit bureaus
- Fast funding (1-2 business days)
- Clear fee structure
Considerations
- Requires 600 minimum credit score
- Origination fee 0% - 6%
- Limited term options vs OneMain
- No secured loan option
Best for: Borrowers with 600+ credit who want to rebuild credit while getting competitive rates online.
4. Upstart - Best for AI-Based Approval
AI PoweredUpstart uses AI to evaluate applicants based on education, employment, and earning potential - not just credit scores. This makes them ideal if you have low credit but strong income or education.
Why Choose Over OneMain
- Much lower rates (7.80% starting vs 18%)
- Higher loan amounts (up to $50K)
- 100% online process
- Considers education and job history
- Fast funding (often next business day)
- Good for thin credit files
Considerations
- High origination fees (up to 12%)
- Approval depends on AI model factors
- Income requirements can be strict
- No secured loan option
Best for: Borrowers with strong income/education but lower credit scores who want AI-based underwriting.
5. OppLoans - Best for Very Bad Credit (But High Rates)
Last ResortOppLoans is an online alternative for borrowers with very poor credit who can't get approved elsewhere. However, their rates are extremely high (160-179% APR) and should only be considered as a last resort.
Why Choose Over OneMain
- No minimum credit score
- 100% online process
- Fast funding (next business day)
- Focuses on income, not credit
- No prepayment penalty
- Reports to credit bureaus
Considerations
- Extremely high rates (160-179% APR vs OneMain's 18-36%)
- Low maximum loan amount ($4K)
- Short terms (18 months max)
- Much more expensive than OneMain
- Should only be last resort option
Best for: Borrowers with very bad credit who need small amounts and can't qualify for OneMain or other options. Important: OppLoans is significantly more expensive than OneMain - only consider if you've been declined everywhere else.
How Swipe Solutions Helps You Compare
Instead of applying to multiple lenders one-by-one (and risking multiple hard credit pulls), Swipe Solutions lets you:
- Compare multiple offers at once: See rates from various lenders with one form, including both online lenders and traditional options
- No credit score impact: We use soft pulls that don't affect your score during the comparison process
- Get matched based on your profile: Our system shows you lenders most likely to approve you based on credit, income, and other factors
- Save time and money: Results in 2 minutes vs. hours of individual applications, and potentially save thousands with lower rates
- Access better rates: Our network includes lenders with rates starting around 10% - potentially half of OneMain's 18% minimum
See Better Rates Than OneMain
Compare rates from multiple online lenders in one place. Many offer rates 8-10% lower than OneMain's minimum.
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