Fair credit loans with flexible terms



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Applying for a personal loan can seem like a lost blow, especially when your credit score is far from perfect. While there are dozens of personal lenders out there, not all banks will lend you the amount you need with the right repayment plan that fits your budget.

OneMain Financial offers four different terms, giving eligible borrowers the option of repaying the money in 24, 36, 48 or 60 months. So we ranked OneMain Financial as the best lender for flexible payment plans on our list of the best personal loans for bad credit.

And although having a credit score below 670 most often disqualifies you for the majority of personal lenders, OneMain Financial does not have a minimum credit score requirement for applicants, and even has a secured loan option. (with guarantee) to make the loan more accessible.

In advance, Select looked at OneMain Financial, looking at the APR, benefits, fees, loan amounts, and term lengths. (Learn more about our methodology below.)

OneMain Financial Personal Loan Review

OneMain personal financial loans

  • Annual percentage rate (APR)

  • Purpose of the loan

    Debt consolidation, large expenses, emergency costs

  • Loan amounts

  • terms

  • Credit needed

  • Original fees

    Fixed fees from $ 25 to $ 1 00 or percentage ranging from 1% to 10% (depending on your state)

  • Prepayment penalty

  • Late charge

    Up to $ 30 per late payment or up to 15% (depending on your state)


OneMain Financial charges a high APR, from 18.00% to 35.99%, and there is no discount on the automatic payment. In comparison, LightStream, for example, offers lower rates ranging from 2.49% to 19.99% * when you sign up for automatic payment. At the time of writing, the average two-year personal loan interest rate is 9.46%, according to the Fed.

The final APR you are eligible for is based on your individual loan application. Factors such as credit score, income, loan amount and loan term will be taken into account.


OneMain Financial approves applicants with fair credit and sometimes those with bad credit, and there is an option to apply for a secured loan when borrowers do not qualify for an unsecured loan based on their credit history.

Secured loans allow borrowers to use their car’s equity to potentially qualify for a lower interest rate. Rates, reimbursement terms and agreements vary depending on the individual and the state in which they apply.

Secured loans require a first lien on a motor vehicle that meets the value requirements of OneMain Financials, titled in the borrower’s name with valid insurance. The lender places a lien on the collateral until the loan is repaid in full.

Applicants can also apply with a co-applicant or, if married, can apply for a loan separately from their spouse. However, no co-signer is allowed.


The downside to OneMain Financial loans is the high origination fees ranging from $ 25 to $ 500, or a percentage ranging from 1% to 10% (it depends on your state). Fortunately, there is no prepayment charge or penalty if you want to make additional payments on your loan to pay off the balance faster.

For loans with no set-up fees, see our best list of personal loans.

Amount of the loan

Applicants looking for smaller loans may qualify for a OneMain Financial loan, which starts at $ 1,500. The maximum loan amount you can take out is $ 20,000.

Mandate’s duration

There are four different terms to choose from (pending final approval). Borrowers can take out a OneMain Financial loan for 24, 36, 48 or 60 months.

At the end of the line

While Reached loans are best for borrowers with no credit history, OneMain Financial is a solid option for fair credit borrowers looking for flexible terms to choose from. But watch out for fees and interest with this lender: the APR sits higher on the spectrum, from 18.00% to 35.99%, and origination fees can go up to $ 500.

That said, OneMain Financial can give borrowers the option of securing their loan with collateral, potentially making it more affordable. For another secured loan option, check out Before personal loans.

RELATED: Learn more about secured and unsecured loans

Our methodology

To determine which personal loans are best for consumers with bad credit, Select has analyzed dozens of US personal loans offered by online and traditional banks, including major credit unions. Where possible, we have chosen loans with no origination or enrollment fees, but we have also included options for borrowers with a lower credit rating on this list. Some of these options have origination fees.

When selecting and ranking the best personal loans, we focused on the following features:

  • APR at fixed rate: Variable rates can fluctuate over the life of your loan. With a fixed rate APR, you lock in an interest rate for the life of the loan, which means your monthly payment will not vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts / conditions: Each lender offers several financing options that you can customize based on your monthly budget and how long it takes to pay off your loan.
  • No early repayment penalties: The lenders on our list do not charge borrowers for prepayment of loans.
  • Simplified application process: We looked at whether lenders offer same-day approval decisions and a fast online application process.
  • Customer service: Each loan on our list provides customer service available by phone, email or secure online messaging. We have also opted for lenders who have an online resource center or advice center to help educate you about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by wire transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We have noted lenders who reward you for signing up for automatic payment by lowering your APR from 0.25% to 0.5%.
  • Creditors payment limits and loan amounts: The above lenders offer loans in a range of sizes, from $ 1,000 to $ 100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​your interest rate and monthly payment for such amount.

The rates and fee structures advertised for personal loans are subject to fluctuation based on the Fed rate. However, once your loan agreement is accepted, a fixed rate APR will guarantee your interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, many lenders will do a serious credit check and ask for a full application, which might require proof of income, identity verification, proof of address, etc.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.


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