OneMain Financial Personal Loans Review 2022 – Forbes Advisor

Personal loan applications are approved or denied based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from the applicant’s credit profile and other factors that demonstrate ability to repay the loan, such as income.

We have confirmed with a OneMain Financial representative that it does not list the defined requirements you will need to meet to qualify for a loan. Instead, it considers your ability to pay and your credit history, among other factors, before approving an application.

Credit score requirements

OneMain Financial does not disclose or enforce a minimum credit score and instead reviews your entire credit history when reviewing your application.

A OneMain Financial has confirmed that it “does not use FICO scores in [its] subscription, and there is no minimum credit score for a OneMain loan. When evaluating loan applicants, OneMain considers a customer’s ability to pay and credit history, among other factors. Ultimately, we want to ensure that borrowers do not create undue financial pressure on themselves by accepting a loan from us. »

Many other websites report that you can still qualify for a loan with OneMain Financial even if you have bad credit, although you may have to pay a high rate for it.

Income requirements

OneMain Financial does not disclose its monthly or annual income requirements and the maximum debt-to-income ratio (DTI) allowed to qualify for a loan. However, he will always consider these factors when deciding your ability to repay the loan.

Co-signers and co-applicants

If you are unable to qualify for a loan on your own or need a larger loan amount, you can apply with a co-applicant. Co-applicants also become fully responsible for repaying the loan and also own the funds. However, OneMain Financial does not allow the use of co-signers.

Related: Co-Borrowers Vs. Co-signatories


If you need additional resources to qualify for a loan or receive a larger loan amount, OneMain Financial accepts collateral of sufficient value to help reduce this risk you pose. It accepts vehicles, such as cars, trucks, motorcycles, boats and motorhomes, as collateral, but requires that they first be assessed and insured against damage. The military is not allowed to use collateral.

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