About OneMain Financial Reviews
OneMain Financial offers personal loans online and at 1,500 physical locations in 44 states. Customers can choose between unsecured personal loans, secured personal loans and auto loans. You can secure your personal loan with an automobile, RV or boat. In many cases, loans are available the same day you’re approved. OneMain Financial offers loans from $1,500 to $20,000.
Overall Satisfaction Rating
- 5 stars
- 4 stars
- 3 stars
- 2 stars
- 1 stars
- Flexible term lengths
- Secured and unsecured loans
- Loans from $1,500 to $20,000
- Charges an origination fee
OneMain Financial offers secured and unsecured loans with APRs up to 35.99% and terms up to 60 months. OneMain loans have fixed rates and payments and no prepayment penalties.
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They email me to see my offers, They do not even show me a rate of interest, they right away get a hard inquiry in my credit, Without notice or warning. They call me to see if I would like to apply for the credit, I explain that I'm not interested and please remove the hard inquiry, The customer service representative shows that they don't care about my concern issue if you do not apply for the credit. Before you give them any personal information to see your pre-qualify be aware that they will affect your credit.
I've been paying my loans on-time since April 2020 (about 13 months). I borrowed $15k and my monthly payments are $569 a month. I'm so disappointed with how little my principal balance has gone down. I should have about half of the loan paid down by now if it wasn't for the ridiculous interest. Instead, I only have less than $2k of interest paid off after paying over $500 a month for this long. These loans are shameful - should be illegal.
I called requesting a refund to my account and I spoke to the branch manger and another representative. Both were extremely rude and unprofessional. The manager kept yelling and told me to call back then hung up the phone. I called back and no one picked up. I have tried calling this office from 10:13am to 10:38am over 41 times and no one was picking up the phone. They just let the phone rang and go to voicemail purposely. I left several voicemail and email. Never received a call back. Awful response time. I had to call the customer service number for them to reach the branch for me...horrible service quality. If I never had to deal with this Melville branch ever again I would prefer not to. They are rude tone of voice, unfriendly, unprofessional, doesn’t show concern for their customers, Can’t get a hold of a real person, Rude discourteous behavior, Lack of manners....just disgusting.
Their website says it won't affect credit scores. The Agent on the Phone took 10 minutes collecting all information. I affirmed that if I do not need an offer if they would do a hard check but they said they won't and then immediately placed a hard check on the account. Their agents need to be trained on differences between hard and soft credit checks.
Due to COVID, I requested assistance numerous times with me struggling to keep up with my payments. One Main Financial called me at 4 times a day every after refusing assistance. Finally, I stopped asking for assistance and may my payments without going into 2 payments past due. Then Texas winter storm caused additional issues with over 3,000.00 in pipe damages and very high Homeowners deductible. Therefore, this caused even a more financial hardship.
Again I was inundated with several harassing and debt collector tactic calls a day even from different One Main branches. I called my One Main Financial Branch in which I was told the manager was calling about my payment. The representative asked me to hold while I waited for the manager to come to the phone. The representative asked me was I affected by the Winter Storm and replied, "Yeah, with over $3000.00 in damages." He explained it would be a forbearance but without documentation. This concerns me without me signing paperwork.
I am giving one star to the concept of borrowing a large sum of money at a high credit card rate. The fact that OneMain Financial specializes in these loans is why I am giving them one star. They are leaders in a sector of banking that I wish didn’t exist. But I am not mad in them, or even disappointed in them. I just wish I – and many others – hadn't needed them, or could have found a better way to get through without such bad loans. I am writing during a peaceful ending to an expensive relationship with OneMain Financial. I had an $11,000 loan (the product of being refinanced one time), and the interest rate was 27 percent. In the first 1-1/2 years of $345 payments, the principal dropped only $2,000. My interest payments in this period were more than $4,000. Yuk.
I made all the same mistakes with my loan that many other one-star reviewers did. I took the loan because they offered it to me. I paid little attention to the horrible interest rate. And I only later wanted out of the loan. Luckily, I have a 401(k) I can borrow out of, so I am self-re-financing this loan, which is unfortunate. But this OneMain Financial loan’s interest rate is really bothering me. By borrowing the pay-off out of my 401(k), I will drop my interest to 3.5 percent, and I will pay back my retirement account very aggressively, to do the least damage. And I will save myself from wasting another $4,000 in interest. Taking this loan was not a good move for my overall financial picture. I should have taken a second job. Nothing I bought with that money was worth wasting $4,000 in interest in just 18 months.
But I am not angry at OneMain Financial! They did not force me to take the money, they offered it. The interest rate and all the useless add-ons they offer are completely disclosed in the paperwork you sign. I declined all of their add ons. NOTE: They position those add-ons as required, and you can – like I did – cross out every one of them before signing. There is no predatory lending here. I signed for the loan, and that’s on me, not them. There was no coercion, no sleight of hand. Granted, this is hardly an A-Team of banking executives. It has the feel of a used car lot finance office, in the appearance of the staff and the behavior of some of them. But the borrowing transaction was honest and convenient. (It is NOT dishonest to charge a lot of money for a service.). To be expensive is not the same as being predatory.
For the person who is going to sue over predatory lending, you most assuredly will lose. To be a lender, any lender, is to be in the risk business. They are taking great risk in lending to those of us who have, or had at the time, poor credit. All lenders charge more for higher risk loans, and most refuse to lend to low credit score borrowers in the first place. Try to focus on the reality: at the time my score was barely 600, I signed my name and they deposited $11,000 in my checking account. $11,000 is real money. I was happy at the time. As the account aged, the regret started to set-in. Lately, refinancing this loan has become a bit of an obsession for me.
I am talking to you if you are considering one of these high-interest loans. Before you sign, is this absolutely necessary? Can the purchase(s) wait? Can you borrow the money from family, or out of retirement? Can you pick up a side job, in say delivery or security? Because once you sign, and they give you a big chunk of money, there will be a day when you are sad about the amount of interest you are paying. And you may or may not be able to re-finance. Don’t waste thousands and thousands of dollars in interest. Thank you for reading.
Every month I am reminded what scum this company is. People, like myself, who are struggling apply for these loans because of emergencies. I understand interests rates but this is ROBBERY!! $300.00/monthly payments for only $20-$30 going towards the actual principal... This should be ILLEGAL!! How anyone with sense can give this place a good rating is fraud!!
I had two loans with OneMain - Secured with a car - paid off and a consumer loan. I ran into some problems paying the consumer loan on time and they sued. Asked for about 35% more than what I owed. Then I negotiated a settlement with their lawyer and paid as agreed in court. Now they are trying to garnish my wages, not keeping to the agreement. They were very predatory while I was a customer, refinancing over and over again, then treated me terrible. Do not do business with OneMain.
OneMain doesn't care about you. Just like any other company they only care about the $$$. I have been off work since March 2020. I finally applied for the unemployment insurance that I took with my loan. I was denied the insurance claim because I am receiving (PUA) pandemic unemployment assistance instead of regular (UI) unemployment insurance. To me being unemployed is being unemployed. What other thing could it mean?
On November 19th, 2020 I was contacted by a OneMain rep to refinance a loan I had with them. So I submitted everything online and was contacted by a different rep to complete the process. Background, I have had 4 loans with Onemain. The first two I paid off early, the second two are active and one was being refinanced which would make it loan number five. So everything was fine and I even asked the rep since there was a payment due on the loan being refinanced should I expect the payment to come out or would the new loan override it. She assured me everything was fine and the money won't come out of my bank account. So we closed and I signed all the docs digitally. Was told to wait the 3 days for the money to be in my bank account.
By the third day when I checked my bank account, there was no deposit and the money for the payment was taken out. So I called and was told there was a "fund deposit issue" and they would call me back with answers. So a day and a half goes by with no return call. So I called and was handed over to a different rep. She said the same that there was a "fund deposit issue" and they were resubmitting my paperwork. Long story short, they never returned my calls, if a wanted any info as to what was going on I had to call them. On numerous occasions, I was told they would call me (even saying the branch manager would call me) but they never did. I as the customer always had to call them.
When I finally did get a call it was at 6:30 PM Friday evening and I was at the grocery store and right away the rep starts going over the closing statement. I let her know that I didn't have access to a computer to digitally sign the paperwork and we agreed that she would call me back on Monday between 3-6 PM. Well on Monday 6:00 PM came and went so I called them. The woman who answered the phone stated that the rep who was suppose to call me left for the day. I received a call15 minutes later and the rep I spoke with tried to explain that the whole process of "booking" the closing would have to be done all over again. So we agreed that she would call me the next day at 2:00 PM. Yes, you guessed it 2 PM came and went with no call.
She did however call after 3:00 to say they were having yet more issues and that she would call me later. I explained to her that in the past it would take two days at most and was wondering why we were now at the end of the second week and still couldn't get this done. I also asked her why no one from that office has reached out to the me to keep me informed on what was happening with their loan and why I had to keep calling them back (I waited some times a few days for a call but never got one). She had no response except to keep saying sorry. Well she never did call me back later.
So I called another lender Freedom Plus. Within 2 hours I had a loan for $20,000.00 with them paying off one of the Onemain loans and two other credit cards and put some money in my pocket. In two hours they made it happen, OneMain was going into week three with zero results, no calls from any reps being informative to the customer on what was happening, no planning with the customer on when the "closing" or "booking' was going to happen. Just one huge lack of any coordination on Onemain' s part all together as to NOT inconvenience the customer or in this case keep a long time customer. Prior to calling Freedom, I did call Onemain back one last time. After eight minutes on hold, I hung up. Lastly, the branch where I live knew about what was happening and filed a complaint with corporate. That was last week, still haven't heard back and doubt I ever will.
They keep sending me advertisements for no reason at all and looking into my personal info to lure me into a high rate loan with them and calling them does not help because they are rude on the phone.
Personal loans always seem to be needed at the worst possible times. No one wants to have to take out a loan to simply live, to pay for an emergency, to overreach in order to have enough money for a reliable vehicle. Let's just be real, personal loan company's are in the business to make money off of you. When you have no other choice, you have to bite the bullet and get hammered with ridiculous interest rates. It doesn't matter how hard you work, how good of a person you are, or what the need is. They are overly nice, they oversell what you can afford, and let's not forget the extras: ie auto plan. So all that said by the time you get to signing the paperwork you get the pucker factor when you hear your monthly payment. If you can avoid personal loans that is best. If you cannot, go in with a solid borrow amount and do not allow them to talk you into financing more than you can afford.
Received a offer in the mail and needed a loan. What I didn't realize was the interest was just unbelievable but I justified it in my mind thinking I could handle this. For months I did. Onemain is a great company to get you that HIGH interest loan but like any other loan company it's about you paying back not about you as a person. I had to turn it over to a National Debt Relief company to get out from under the high interest rates. So I don't recommend One Main loan. Tried to talk to them but their answer was to, "Come in and let's see if we can lower your payments" but in fact in doesn't lower your high interest rates. It just sets up to to pay way longer than you planned.
I went to One Main Financial to get a title loan to help us out with our finances when our company went under. Although they did approve our title loan in our time of need, we definitely paid the price. The interest rate was outrageous. We put our Durango title as collateral on the loan. The payback was more than double our loan amount. If you are in a very bad bind it’s an option but I would pick any other choice due to the high interest rates.
The office in Berlin NJ sent many solicitations. I finally answered and borrowed $5,000 to refinance my car and borrow $2,000 to move. They charged me $7,000 to borrow $7,000. The lady who set me up with the loan asked me if I wanted gap insurance. I told her yes. She said O.K. that she would set it up with another insurance company. Now they say I don't have gap insurance. I was set up and cheated. They had me paying $14,000 for a $7,000 loan. I will be taking them to court for predatory lending. I feel they were racist too.
Very satisfied with the service. I especially like Angela. She explained the loan process and everything done on line in the office. When I need money in a hurry One Main was the one, banks unless you got perfect credit won't even. I love the absolute about them. I love the direct deposit of my payment so it is never late monthly. If you need a loan I would recommend One Main Financial. Ask for Angela. Marlton NJ office.
Have worked with them on a couple of occasions. They are not real organized as I kept having to call them several times to get things done. Then had to go their several times to do more. Interest pretty high so probably won't use them again. They are close by so that was a help. Sometimes the staff is a little impatient and rude.
Their interest rates are very high. I wouldn't recommend them to anyone. I tried to get a loan from them and they denied me. After I looked over the paperwork I realized their interest rate is very high and I would being paying a lot on a small loan. As a single mom of 4 kids I can't afford to get myself into this type of loan agreement and overall I'm glad I didn't get approved for the loan.
I've never used this company because like so many they tell you you're preapproved when in reality you're eligible to apply. So anybody can do that. It tricks you into applying and getting a bad mark on your credit score. For sake of people not understanding this all loan companies should at least make that either apparent or don't do a hard inquiry.
One Main Financial representatives truly care about you as an individual, are empathetic to your needs, and go out of their way to help. They are a reputable company and very easy to do business with. Payments are easy to set up on line. I highly recommend One Main Financial for your personal loan needs.
Boy oh boy...The interest rate is ridiculous. Wished I would have never signed up with them. My monthly $200 payment and only $20 goes to principal. What a huge mistake. Plus my truck was used as collateral. HUGE MISTAKE!
OneMain looks for the best choices for me with payment options. I call and tell them what I need and in the same day they are calling me back with options for me. I love the "small town" atmosphere with them and how they assist me.
I was a previous customer of OMF and was a victim of their predatory lending tactics. I had a original loan I applied and got approved for and not even a year later they will offer you another loan to wipe out your first loan. Do not believe the pros other than you getting the money the same day when you meet their qualification standard. I paid 2 loans off and as a returning customer my vehicles was too old for collateral for my 3rd loan during Covid and yet my loan the first time around was not unsecured. High interest rates they will hit you with regardless of credit.
They prey on the weak offering you more than what you ask for to make you think you have good credit and their customer service stinks when you are not qualified. I advise to opt out from all credit offers and join a credit union. It's time to put death to these lending sharks who only seems to want to help themselves MORE than their customers. BEWARE AT ALL COSTS. INTEREST RATES WILL MAKE SURE YOUR LOAN IS PAID BACK DOUBLE. NON NEGOTIABLE TOO.
Don't waste your time. They are loan sharks. Go somewhere else to get your loan. The staff are rude and I was glad to finally pay it off. They are continuing to solicit a new loan. Hell will freeze over first!
I was falsely manipulated into applying for a loan. The agent never explained that my car would be refinanced. I specifically asked did collateral mean refinance and was told no. After completing the application I was approved for a REFINANCE LOAN and had no idea. I feel used and deceived. I would had never agreed for a 12000 refinance loan knowing I owe 11000 dollars on my car. This is terrible. Please do not get scammed like me.
If I could give OneMain Financial a negative star I would. I started an online application on 7/31/2020. After being approved for $11,000 with a co applicant, I started the document verification process with Erica. It was deceptive and an unprofessional process from beginning to the end. I even had to escalate the complaint to Corporate. From claiming she didn’t receive my documents, to telling me AFTER we were approved that the co applicant had to live at my residence (without also providing me with a copy of that policy because it is NOT listed anywhere on the application or the website) to flat out lying. Also changing the approved amount. Very suspicious to me.
Erica and the office Manager Melissa claimed my co application, who was working out of town as a truck driver “, MUST come in to sign papers. Despite the pandemic, quarantining and virtual technology. He MUST BE PRESENT. So fine, We booked him a flight. They were notified. She said the day we choose to come in to sign documents were fine. Then later that day said she wasn’t going to be in???? Then WHY say the day was good? Very suspicious. Then Only for her the very next day to say I was approved but the co applicant must be a close relative or live in my home. I asked her WHY NOT TELL ME THIS INFO FROM THE VERY BEGINNING???? Maybe I could have chosen the proper co applicant!!!! Even the Customer Complaint hotline reps & Supervisor said that was not true! Erica and the office manager Melissa are disgraceful. I suspect something very fraudulent or discriminatory going on in that office!
I am grateful I will Not be doing business with that company. Simply due to their employees' behavior and conduct. It’s disgraceful and without integrity. Do yourself a favor and do NOT give them any of your information or do business with them. I just checked the reviews for this company. Should of did my due diligence in the beginning. The reviews are PATHETIC!!!! Stay clear.
This is my only source of debt. I renewed/refinanced at the beginning of the year. I was signed up for automatic debits on the 5th without my permission. One came out and I overdrafted, I got a big fee from my bank. So, I called in and asked to be taken off automatic debits. The rep said ok, but it only worked for that month. The next month I was in the same situation, big overdraft and fee from my bank. I called in again and scheduled payments on the correct days through October. It worked for 2 months.
This month, I was scheduled for the 14th, they reverted to the original date of the 5th without telling me. Now I am overdrafted with a fee from my bank. My bank will not refund the charge because they see me as a risk who frequently overdraws, even though I have asked OneMain several times not to auto debit me on the 5th, but rather to charge me on my payday. How can companies like this expect us to be 100 percent on time all the time with no question if they do not provide the same standard of service?
I was pre-approved and inquired about a loan. I was told it would not be a hard inquiry on my credit report and I just wanted to talk about my loan options. We tried to call each other a couple of times. I kept trying but every time I reached someone I got the run around and then was never called back. Then all of a sudden they deny when I hadn't even thought I had made an official inquiry. They hadn't even discussed their pre-approval with me. Then I see there's a hard inquiry on my credit report. They lied! I'm pretty upset as it's now definitely not helping to have an extra ding on my report when getting a home mortgage. Especially when I was told that wouldn't happen. ????
I have been a customer of OneMain for 4 years now. I refinanced a vehicle with them and got a cash out loan for an additional 10k totalling 40k. I'm down to 12k left to pay and pay $650 per month. I have never been late and never missed a payment. As a matter of fact, I over pay every month by paying a steady $175 per week to my loan. In 2018 I went self employed and my CPA does what all accountants do, keeps my taxes low as possible. Last week I applied for a loan reduction to reduce the amount on my vehicle note. I figured they could lower the payment and I would still pay the same and get the vehicle paid off quicker.
They declined me saying that I didn't make enough money to pay less for my vehicle payment. So I don't make enough money to pay less but I can still pay what I'm paying? Does that even make sense? In other words, keep paying what you're paying because we would rather repo the vehicle than you pay it off. That's not gonna happen though because I still make great $$$, I just have a good CPA.
Moral to the story is, they're not here to help you in any way. They want to keep jacking your funds and work a lot like Wells Fargo did with the mortgage scams. If you were in a bind because of Covid they would rather repo your vehicle than reduce your payment so you could afford to keep your vehicle. They don't care how long you've been a customer and they don't care that you've never missed a payment. They just want your money and they are not here to do anything to help whether in a crisis time or not!!! Thankfully, it doesn't affect my situation, but at least I now know if I were in a bad situation because of the current crisis I may as well go drop the keys at the office because they're not assisting anyone!!
A Rule of 78 loan a loan where the interest is "pre-computed". You likely remember hearing this terminology in your loan interview, but when you asked them to explain to you what that means, they simply say the loan interest is computed in advance. This is a false explanation. Precomputed means the loan is calculated using what is known as a "reverse sum of digits". In English, this means your interest payments are moved as far as possible to the front end of your loan. Meaning, if you were to make 12 payments on a 60 payment loan with OneMain you will pay about 7.63% of the principle of your loan, vs 35.74% of the interest! To be clear, you can not win by paying off this loan early under almost any circumstances as I will breakdown below..
The loan is structured to protect OneMain and punish you for paying off the loan early, particularly on a high-interest loan, mine is 25.7%. With rates this high combined with the use of the reverse sum of digits, you will be forced to pay the entirety of the 9 or $10,000 of interest you will be charged over the life of the loan. This leads to tons of profit for OneMain and a lot of loss for you.
I am paying off my loan today and I have only reduced my principal balance by $780 in $4,900 of payments over the last 11 months. I am essentially am paying 39.7% interest as a result of paying off my loan early, costing me thousands. The numbers speak for themselves, you are basically being forced to stay in their loan with little to no ability to refinance or restructure the debt due to this reverse allocation of interest. Protect yourself. Do your future self a favor and do not take a loan from OneMain under any circumstances, no matter how dire your situation. Hopefully, someone will come along that is willing to teach the public about their personal finances and provide honest, straightforward options for so-called “sub-prime” borrowers like us. I wish you all the best.
OneMain Financial Company Information
- Company Name:
- OneMain Financial
- Company Type:
- Ticker Symbol:
- Year Founded:
- Formerly Named:
- NTBS-2320 6801 Colwell Blvd.
- Postal Code:
- United States
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