About OneMain Financial
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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.
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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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.
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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