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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.
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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.
In the beginning of March 2020 I called One Main to let them know that my full payment would not be available because of the beginning of the stay at home and no one called me back. They went into my bank acct and took what was available causing 3 overdraft fees which they refused to take responsibility for. When I finally talked to someone at the branch I was told that they had allowed customers to not have to make a March payment, that's funny because they went into my bank acct in March.
I was hit by an uninsured driver and One Main failed to remind me of a benefit I was offered and paying for which would allow me to get my deductible back since my car insurance had to cover the repairs, instead I had an employee at the branch hang up on me and report me to corporate and they sent out a letter telling me that I could not go into the branch. I have no idea what the employee said to them, but I do know that she didn't tell them that she hung up on me while I was trying to get information about getting my money back for the deductible. Then all of a sudden I got an email telling me that my payment was due on the 1st of the month for June, which is weird because my payments have always been on the 15th so someone went into my customer file and changed my payment due date. This company is trash. They don't return phone calls, they lie on you and lie to you! PLEASE DO NOT GET A LOAN WITH THIS COMPANY!
Horrible to be honest as someone fixing their credit. I have about a 60% utilization on $5300 in total credit which was paid down by $1600 this month. I make $4200 a month and my debts are low regardless sp paying off cards and merchant accounts are easy as pie. Without even verifying income they denied me, and of course, I get hit with a hard inquiry without an offer of even a $1500. I'll bet my life on it by spring I'll have almost a 700 credit score starting from the low 500s 9 months ago, which I am now around 600 and will NEVER ask them for money again. I'd rather pay 29.9% interest through another bank than give them my money.
When these cards I just paid off hit I will be around a 622. Credit scoring system is so broken it really hurts people from mistakes they made 15 years ago or debts that aren't even theirs. They can't get removed because of the crappy service from VA and Medical debt collectors and companies like this do NOT take this into consideration.
If I would've gone the full term on my loan payments I would've ended up paying 10k for a 5k loan. They pull you in with quick money or dept consolidation of you have bad credit. I own a small business and because of COVID have been shut down since March. They send out this thing saying how they'll help by deferring my payment and glamorize it, when in reality they only deferring half my payment and tacking on that 100% interest rate making my payoff amount go up by $200! Of course, they don't mention that. Basically just kicking you while you're already down. Stay away!!
Please do not ever get a loan with One Main Financial, they are a rip off! Their interest rates are extremely high, they have hidden fees that are not explained in the beginning and once you are in a contract they are putting your payment majority to the interest and only a small amount to the principal. I first got insurance through them to ensure security if a crisis occurred during the loan, I canceled it in a few weeks, they did not totally deduct correctly from my balance from the insurance taken off.
Also I had car insurance through them for a few months due to expensive full coverage with my insurance and that raised my payment higher, once I deducted that insurance and got my own back, the principal balance barely changed. They are still adding extra fees and my payoff is wrong. When I took the loan out in July of 2019, it was for 14,500. I have paid a little over 3000 dollars in that time frame, as of today my payoff balance is 15,121.13! Go figure, they are a scam!!!! Sophia ** is my name.
If you want to get taken on an astronomical interest rate, deal with incompetent financial advisers (basically used car salesmen) and get harassed constantly by collections, 6-8 phone calls a day for missing a payment by 4 days, call them. Absolutely the worst experience ever.. Run. There are much better options than dealing with these bottom feeders.. Horrible.
Tell me this is not predatory lending. $4000 loan at whatever compound interest. 1st they don't tell you there is origination fee ($700) on top. You sign then later you find out you are paying back $4700 with compound interest. Monthly payment of $164 and $67 goes to principal and the rest $98 interest every month. If you don't plan to pay the loan at a lump sum some day, don't use this lender. Do the math. It's predatory lending at its best. I don't understand why credit karma market them.
We received a letter for a loan offer from OneMain Financial in November of 2018. We just had a baby in August, prior to having her I went on bed rest so being without a second income for a while added some stress to the holidays so we looked into the loan and decided to go in to our local branch. Everything sounded wonderful. We did not need this loan to survive, we were not delinquent in any bills and we did not jump into an offer out of desperation. We qualified for an $8,000 loan and we accepted. We set up automatic payment and planned to pay it off with next year's tax return.
Fast forward to March 2020, it's tax season, we receive our return and we go to pay it off and our payoff balance is $7,535.35! The interest rate was unbelievable! Every month we paid $250 and only $464.65 went towards the loan in 17 months? Do not ever get a loan from them. This was meant to help us help ourselves, interest is understandable but this, was theft and we were not made aware the interest would be so incredibly high, we would have never accepted such an offer, who would? We will be sure to tell everyone we can.
When you look up One Main Financial -- you'll find relatively good reviews elsewhere such as Wallethub. However, there is a dark side to this company; and it's their predatory loans. I was curious about the company since I had less than perfect credit myself, but it had been gradually increasing for some time now and will continue for the foreseeable future. But nothing could really prepare me for the shameless offers I received. I requested a modest $4,000 and was met with several offers. And well, I couldn't believe it at first. Their terms ranged from 24 - 60 months and the interest rate was in a staggering 25-30 percentile range.
For example, one loan was for $4,000 with a payment of 167.61 over the course of 36 months with an interest rate of 28.72 percent. That works out to a total of $6033.96 which is an additional repayment of $2,033.96. And that doesn't even include any other fees. And the offers were all secured loans meaning I would have to pony up something for collateral which is usually a car. It's bewildering to say the least that they are able to swindle people into thinking their monthly payments are fair when a lot of people aren't thinking about the interest rate. The caveat is I should be building my credit to perfection, but the point is there is no reason to make these offers to people in a similar situation who are desperate enough to take the bait. It's really a shame they would stoop that low.
Had loan for almost two years, my husband passed away and they offered me a modified loan, I explained that I did not want longer term, I was assured that it would be same term but lower interest rate. Now I owe over 11,000 on a payoff of 7700.00? Over 60 months vs the 21 months I owed. No matter the financial situation DO NOT OBTAIN A LOAN FROM THIS COMPANY!!!
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
- (877) 550-6246
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