OneMain Financial Reviews
About OneMain Financial
OneMain Financial, a subsidiary of Citibank Financial, has been a long standing lending company providing customized loans across the nation since 1912. They offer an easy application process which enables you to receive the money the same day.
By customizing loans to each individual’s needs, they are able to structure your loan around a number of different payment options. With fixed interest rates and fixed monthly payments, there are no surprises and unexpected interest rate jumps which are most typically found in other loan companies contracts.
Loans range from $300-$10,000, the amount of the interest rate depends on if you choose an unsecured or secured loan using your car as collateral. The interest rate also depends on your credit score, your payment history and your income. You can apply online or in any one of their branches located across the nation. An unusual benefit of getting a loan from OneMain Financial is the risk free 14-day guarantee they offer; you can cancel you loan, return the money, and not incur penalties for cancelling.
They also offer other services such as hardship assistance programs which pertain to homeowners who are in foreclosure or underwater on their home. OneMain Financial offers loan modifications, short sales, or a deed-in-lieu.
Articles and tools are offered through their site for free. There are financial education articles and financial knowledge articles that discuss topics such as identity theft, credit rights, and tips to get your finances in line. Online calculators are also available, you can plug in your own numbers to determine monthly payments for a loan or calculate payments in the case you decide to pursue debt consolidation.
The recurring theme that has come up in many customer reviews online pertain to OneMain Financial’s unethical business practices. Loans through their company are often accompanied by an extremely high interest rate. The interest rates throughout the country are less than 5%, but they have been applying rates of over 30% to their loans.
Their loan agents have also been leading customers to think they are getting a loan at one interest rate and then turning around and presenting them a much higher interest rate. They feel that once they get a potential customer in the door they are able to play on the fact that these individuals need money and may be in a crunch for time.
OneMain Financial is indeed a part of Citi, aka Citibank; for some reason, the employees deny any connection with Citi. Questioning the truthfulness of their employees/agents regarding one simple question that they are untruthful about should be an indicator that they may be possibly lying about their services as well.
As with any personal loan or any legally binding contract, always review the document from top to bottom, back to front, and confirm that the contract is the same as what you had discussed initially. Check out different companies to see where you can get a better quote and overall better deal. Use all of your resources to make an educated and calculated decision.
12 ‘OneMain Financial’ Reviews
OneMain rides a fine line of Misrepresentation, Fraud and/or Scam.
Their aggressive bait and switch approach after approving you makes it so. "DO NOT RECOMMEND TO ANYONE!" Have no idea why Credit Karma would advertise them as a helpful financial company when their reviews are about 80% bad. Maybe it's time to review Credit Karma as well or just go ahead and deleting them from my useful list too.
Is it worth owing double the amount borrowed in small amounts over a long period of time!
I was offered the same type of deal for a $7,500 loan. After looking at the figures, I cancelled my appointment and withdrew my interest in the loan. She said she will "reject" my application. I am sure that was not a misuse of words and she meant "withdrawal" and it will show up on my credit however that is a small price to pay for dodging a bullet.
wENT TO GET A LOAN. WAS TURN DOWN AT FIRST,HAD TO PUT MYCAR UP FOR COLLADERAL. tHE ONLY THING IS THAT THE CAR HAD NOT BEEN PAID OFF YET. THEY WORK WITH ME, AND GOT CAR PAID OFF, AND OTHER BILLS. GOT THE LOAN. EVERYONE WAS SO NICE AND HELPFULL. DEBBIS WA VERY NICE AND SO HELPFULL, AND EXPLAIN EVERYTHING SINCE THIS WAS MY FIRST LOAN. SHE EXPLAIN EVERYTHING TO WHERE I WOULD UNDERSTAND, AND MICHAEL WAS VERY NICE AND VERY PERSONAL. THANK-YOU AGAIN ONEMAIN FIN.
I just had the most fascinating experience with this company. I initially received a preapproved loan offer and, having just started a new business, decided to try them out. I was told by Robin, the branch manager in Lake City, Fl that although I alone wouldn't qualify because the business was too new (didn't have 2 years of tax returns) that it would be no problem combining my credit with my wife's income. She took my information and then said she had to speak to my wife. Robin then told my wife that she never told me that anything could be combined. When I called her back and confronted her on this, she said that was not the case and that both our credit ratings would be used and combined. We were then turned down. When asked why, Robin muddled through some vague and disjointed answer that never came close to the answer. As it turns out, she never even ran my credit! Needless to say, we went to another company who was more than happy to give us the funding we needed. These people are crooked and apparently incompetent. They bring up images of your worst used car salesman. STAY AWAY!!!
I read one reviewer who said that OneMain does NOT front load the loan with interest – this is a lie. I just had a bank payoff my loan from them; and yes, it’s like paying off what I initially borrowed after having made nearly the same equal amounts of payments of which I initially borrowed over 9 months. I was not aware of the front load; and I blame myself for not understanding what I was getting myself into. I believed that I could pay more than the minimum payment and pay it off faster. All I wound un doing was paying them more interest than I should have. As I said, my mistake… however, I will NEVER do business with them under ANY circumstances.