Personal & Auto Loans From $1,500 - $30,0001
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But first, what exactly is a personal loan?
A personal loan is an installment loan that you can use for a variety of reasons2. From debt consolidation to home improvements to vacations, you can plan for both the expected and unexpected.
If approved, you’ll borrow a set amount of money at a fixed rate and pay it off over a scheduled period of time. Your scheduled payments lower your loan balance until the loan is paid in full. It can offer an alternative to credit cards by giving you a predictable and fixed repayment plan. And it may even help improve your credit if you pay on time.
Most common uses
How's it work?
Say you’re approved, now what?
You may be offered a secured or unsecured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.
Our rates and terms1
$1,500 - $30,000
Loan Amount Range
16.05% - 35.99%
24, 36, 48 or 60 Months
Your terms vary based on personal information like credit history, income, expenses, debts and available collateral. As an example, if you borrowed $6,000 with a 24.99% APR and 60 month term, your payments would be $176.07 per month. This example is based on an average customer with good credit.
Get an idea of estimated monthly payments for different loan amounts with our personal loan calculator 3
Before you close your loan, OneMain will need you to provide the following documents:
- A copy of a valid, government-issued ID (e.g. driver’s license or passport)
- Your Social Security card
- Proof of residence (e.g. a driver’s license with your current address, a utility bill, or a signed lease)
- Proof of income (e.g. paystubs or tax returns)
We may ask for additional items based upon your unique situation. Ready to apply? Start your loan application today.
On average, from the start of the application to the receiving of funds, the process takes about one day. The amount of time may vary, however, based on what time you submit your application, the number of documents required in order to approve your application, and how long it takes to receive those documents, among other factors.
Average lengths of time for the online application process (may vary depending on your circumstances):
- Completing the application and receiving a decision: Less than 10 minutes*
- Signing the agreements and receiving funds: By the next business day after approval
* May take longer depending upon the amount of time required for the verification process.
Ready to apply? Get your loan application started today.
A precomputed loan is a loan where the interest for the term is calculated when the loan is made. The interest is included in the account balance. Because interest is calculated when the loan is made and not as payments are made, the interest is "precomputed".
A precomputed loan is made up of the amount borrowed (also called the amount financed), plus precomputed interest, plus any prepaid finance charges. Prepaid finance charges are loan fees charged in addition to interest. Examples include an origination fee and an administrative fee. The amount financed and loan fees are called the "principal".
As payments are received, the account balance goes down by the amount of the payment. Payments are not applied separately to principal and interest because the account balance already includes both principal and interest.
If a precomputed loan is paid off early, all of the precomputed interest may not have been "earned". The earned interest will be calculated based on how long it took to pay off the loan. The unearned interest is then refunded by subtracting it from the account balance. The payoff amount is the remaining account balance plus any unpaid fees and charges, like late charges.
There are different methods for calculating the interest refund. These include the Rule of 78s or the actuarial method. Prepaid finance charges are usually considered earned at the time of the loan, so there is no refund if the loan is paid off early. Refer to your loan agreement to see the method for calculating the refund and if you are entitled to a refund of prepaid finance charges.Download more information about how precomputed loans work
Interest on a daily simple interest loan is calculated by using the daily simple interest method. This means that interest accrues on a daily basis on the amount of the loan (current outstanding principal balance) from the date the interest charges begin until you repay the loan. The daily simple interest method counts the number of days between the date your last payment is received and the date your current payment is received. To avoid paying additional interest, you should regularly and consistently make your standard monthly payment amount on or before your payment due date.
For more information, download a comprehensive review of how daily simple interest works. Included is the calculation used to determine the interest on a daily simple interest loan and various examples to illustrate how different payment patterns can affect unpaid accrued interest.
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