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OneMain Financial is a personal loan provider with more than 1,500 locations nationwide. The company offers personal and auto loans from $1,500 to $20,000. Customers can conveniently apply and manage accounts online.
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If you have poor credit, shop around and read the fine print before you make your choice. One Main has some nasty side effects. I had entered One Main's pre-approval process for a small loan of 1k. To go further, they needed a lien on my car. I was willing to do that but wanted to spend the weekend pondering my decision. I'm working very hard to boost my credit score, and I had diligently gained 30 points in a matter of months. So I'm in the habit of checking my score regularly. That weekend, having pulled up a new report, I was disappointed to find all of my gains wiped out!
What was the difference? One Main placed a hard inquiry. It will damage my score for an entire year and remain on record for two years! Very disappointing to seek out One Main to improve my score, only to suffer a big setback because of my relationship with them. I signed a good deal with Opploans - no car lien and no hard credit inquiry - and I'm on the road to paying them back in full. They'll improve my credit instead of damaging it - as these loans are intended. The reps at One Main were nice, but the devil was in their details.
Signed, Dissatisfied Former Potential Customer
"I'll call you back." (They never did, although I left 2 messages) -- "Why didn't you return my calls?" (NO record of their calls whatsoever on my phone!) "You have been approved for a $20,000 loan." (I had only asked for $2,000.) Sick of the runaround and the snarky comments-- this company is predatory at best.
The first and most important thing is to know what you're getting into and ask any and every question you have. This is a high-interest loan that will take forever and a ton of money to get out from under if you are not paying it off early. The people in the office were friendly and open to answering any question I had. The process was very easy and straightforward. I applied and submitted some documents online and then went the next day to sign and go through the process. I spent about an hour in the office, and the money was in my account the following morning.
BEWARE, they will try to offer you more than you may want. I wanted the smallest amount they were able to offer and I was firm in that. The loan officer even recommended taking a larger amount to pay off closed credit card accounts from years ago back in college. She also recommended taking more to pay off my vehicle through them, which would be a way higher interest rate than my auto loan and put me in even more debt. DO NOT LET THEM SELL YOU MORE THAN YOU NEED.
Again, do not take more than you need and have a plan on how to repay that amount early. I needed only a portion of the money and knew I would do a full payoff, not even two full months later, with my tax refund and the rest of the money I never spent in the first place. One of the perks of this loan is there are no penalties for early repayment, and the loan fee was only $50. Over that 1-2 month period, I accrued about $50 in interest. Just imagine that over an extended period of time or a larger amount of money. Stay firm and research other options as well. Had they not tried to offer me $12,000 instead of the $3,000 I requested I may have been able to give them a five-star review. This company isn't without obstacles but is worth a try if your options and slim and you need money fast.
I became involved with this company by default. An ex-friend needed a cosigner. Having a long time friend in a dire situation, l agreed to assist by co-signing her OneMain loan. They were friendly and made it sound legitimate. After only 2 payments, she stopped paying. Instead of notifying me of her lack of payment, OneMain reported to the credit bureaus that l had missed a payment, thus damaging my credit rating without warning. Trying to pay this loan off has been a nightmare.
OneMain employees are rude and hateful each time you call and all they do is tell you lies!! I paid $2,000 informing them it was to be applied to the principle. Six months later attempting to pay off the loan, the balance is the same as before my $2,000 payment. When l asked if they applied that payment to the principal, Betty told me that she has no record of that request. After paying $2,000 payment, six months later my pay off balance is not changed. I'm an old woman and have experienced more deceptions than l could ever mention, however this is the worst financial experience of my life. If you have any other option in the world, l would advise you to go elsewhere to seek financial assistance. This company is a total rip off. They are taking advantage of people. I cannot express to you the depth of deception and lies that l have experienced from this company.
I was involuntarily separated from my job back in October of 2019. I immediately let my financial institution abreast of this situation. I talked with Brad from the Fort Walton Beach Florida One main Financial first since he was handling my account. I let him know of my involuntarily separated status from my employment. He seemed to want to work with me and let me know to just keep updating them every week so we can try to get a payment in. In the weeks following I talked with a representative every week updating them about the same information I gave to Brad regarding my employment status.
Each representative I talked to never indicated to me that if I don't set up a payment arrangement, then my vehicle would be up for repossession, they all consoled me and let me know that it was fine, as long as I gave them an update every week to work with them, but never was it stated that I had to make an arranged payment to keep my car from repossession, instead they made notes on my accounts and ensured me that keeping them up to date would suffice. I went so far as to let them know when I finally got hired for a federal government job and that I would give them the rest of the details when I got my official offer letter. They also put that in my notes.
This week, the week of 30 January 2020 was going to be the week that I received my disability, I've stated that each time I updated them on my status. Yesterday, walked outside of my home to finish my onboarding process for my federal job and my car was gone. I didn't receive a warning in the mail, I didn’t receive a warning from the representative, and one of the representatives Tattiana from the One Main Financial Fort Walton Beach Branch informed me that if I made a payment by the end of the month, then my account wouldn't be turned over to repossessions. I received nothing but false promises from this company, and they claim to want to help me and better me.
None of that happened during receiving services from them, and even more so when I needed their aid the most, they weren't there. Instead, I get repaid with a repossessed car with an impossible amount of $20K required to get it out which is about the same amount as the original loan. They should be held accountable for their business practices and at least grant the proper courtesy of mailing or calling to inform the customer that a certain amount needs to be paid and or an arrangement needs to be made before repossession as well as adding that just giving verbal updates every week will not suffice when it comes to keeping your vehicle out of possession.
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I took out a loan (using my vehicle as collateral), their website shows the payoff date as July 2020 and the payoff amount as $650 (approx) more. I called them to find out why the difference, the first manager Ashley couldn't answer the question, so here comes Sonia. The explanation was that the page of the payoff date is "cut off" two months early so One Main Financial can call and get the last two payments "OVER THE PHONE?" My payments are all direct pay so I asked how much are the last two payments, Sonia stated that she wasn't sure. What the heck kind of answer is that, this is my money and my finances here and she couldn't tell me. GO TO ANOTHER COMPANY IF YOU WANT A LOAN, NOT THIS ONE! I am paying the price, I am 70 years old and they are taking advantage of me. Don't make the same mistake I did.
Very easy to get money but try and pay it off early. They will fight you when you try and pay it off early. They promise you a refund on Insurances but you will never receive it. They just plain lie about everything.
Be very careful with unsolicited emails from One Main Financial, I received an offer to offer me more money, with a prompt in the email that stated it would not affect my credit, well it it, and the corporate executive care branch of One Main financial denied any such action, as soon I clicked on the process to see what the email was all about the offer of more money instantly went straight to my credit report so if you see a button on an email from One Main Financial state it wont affect your credit it's not true. The Executive care at One Main Financial is nothing but terrible, so find another lender. I regret borrowing money from this company initially, too high of interest loan and predatory attacks to get me to take more money .... Stay Away ... Best Of Luck!
When I first heard about OMF, I was at a point of desperation and needed cash. We had just purchased a fairly new home and needed to furnish the home completely. Our old furniture which was in storage was damaged in Hurricane Matthew and we didn't find out until we began moving into our new home. OMF had sent us a preapproved letter in the mail so we decided to give them a try. Long story short. It was one of the worst decisions I've made in life. They got the title to my truck that I only owed 3000 dollars on. The loan was for 10,000. That was 2017. Here it is after never missing a payment, 2020 and even though I didn't get the full amount, my balance to OMF is still at over 9000 dollars. Going on 3 years of making payments of almost 300 dollars a month and I've only paid back less than 1000 dollars.
When you get a OMF letter for a pre approved loan, trash it. It's loan sharking at a very deceptive level. Hindsight is always 20/20. I warn you, if you need cash, try to go another way. Ask family to help you out or better yet buy one thing at a time. We've been in our home going on 3 years and I now see that we could've easily furnished it one room at a time and not have such a huge debt over our heads. Not to mention, the truck that would've been paid off by now is now under a new finance company OMF, for another 3 to 4 years. DON'T DO IT. IT'S TRULY NOT WORTH WHAT YOU HAVE TO PAY BACK! It's like selling your soul to the devil.
Unfair, Deceptive, Abusive Acts or Practices. Once again they refuse to give me an over payment back! I accidentally made a double payment this morning to both of my loans (auto paid them yesterday) and IMMEDIATELY saw the error. I called them and they refuse to void it and it's on my debit card. They are going to make me wait again and will only put it to my loan like last time they screwed me over. It took over a month and it's CHRISTMAS. ONEMAIN WILL STEAL YOUR MONEY FOR BEING HONEST. I know they could have voided the transaction because they've done it for people I know and had to do one in the past because they accidentally charged me twice, themselves.??
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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