OneMain Financial
OneMain Financial offers actual loans to consumers to consolidate their debts as opposed to a consolidation service. Interest rates and other fees are unknown.
Formerly known as CitiFinancial, OneMain Financial has offered personal and consolidation loans since 2011. Consumers will take out a personal loan if they work with OneMain Financial. The company does not reveal very much information about its services. To read OneMain Financial reviews from consumers, scroll below.
The Good
- Free consultation
- Loans for consolidation
Free Consultation
OneMain Financial offers many features that are standard in the consolidation industry. If you are in debt and would like to know what options are available to you, you can call OneMain Financial for a free consultation with a credit specialist. This consultation can help you see what can be done in your specific circumstances. The specialist will let you know which plan, if any, would be most beneficial to your circumstances.
Loans for Consolidation
The company’s recommendations may be slightly different from that of a traditional consolidation company because OneMain Financial offers actual loans. The positive aspect to this is that you can consolidate more than just credit card debt, such as auto loans.
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The Bad
- Lacking educational resources
- Loans in place of consolidation
- Lacking transparency
Lack of Educational Resources
While OneMain Financial is a provider of debt consolidation loans and personal loans, it seems their services come to halt here. The company does not provide credit counseling to help consumers understand the benefits and downfalls of consolidation, nor do they do well in providing informative and useful articles. Most of the articles on the site are general information that can be obtained anywhere, including at any bank or credit union.
Loans in place of Consolidation
The company’s prime service is personal loans, and while they also offer consolidation loans, these are much different than an actual consolidation service. Most debt consolidation companies will roll all of your credit card payments into one monthly payment at a low interest rate.
Lacking Transparency
There are several unknowns when it comes to OneMain Financial loans:
- Monthly and upfront fees
- Interest rates
- Which states they can work in
- If they have any accreditations
- If they offer credit counseling
Most companies have most of this information published on their websites. Without this information it makes it difficult for potential customers to make a decision as to whether or no the services are worth the price. It also makes it difficult for our team to rank the company without this information.
Poor Customer Reviews
OneMain Financial Reviews are mostly negative on our site. Reviewers typically complain that OneMain Financial’s consolidation loan actually requires collateral, and that it didn’t even get them lower interest rates. They also agree that the customer service reps are difficult to work with.
Want to see the top rated Debt Consolidation Companies? Click Here
The Bottom Line
It’s safe to say the cons outweigh the pros to this company when it comes to consolidation and counseling needs. OneMain Financial is a large corporation operating more like a bank rather than a company on a mission to help individuals and families strapped down by unsecured debt. There are no credit counseling sessions and their lack of transparency when it comes to pricing and interest rates can leave consumers on the lookout for other companies willing to take a more personalized approach. Overall, we recommend taking a look at our top recommended companies for consolidation and counseling needs.
OneMain Financial
OneMain Financial is an online lending provider that specializes in personal loans. It offers personal loans for home improvements, unexpected expenses, life events, and debt consolidation. OneMain Financial does not offer a debt consolidation program or debt management plan. They only offer customers consolidation loans that help customers consolidate all of their debt into one new personal loan. In many cases, customers are able to consolidate their high interest rate loans into a loan with a much lower interest rate. OneMain Financial does offer a variety of free financial educational resources like quizzes, articles, and financial calculators.
Contact Information
Website: www.onemainfinancial.com
Email Address: Unknown
Phone: 877-540-6246
Hours: Monday; Wednesday; Friday 8:30AM to 5:30PM EST; Tuesday; Thursday 10AM to 7PM EST
Address: 300 St. Paul St., 3rd Floor, Baltimore, Maryland 21202
Monthly Fees
Monthly fees are not disclosed at this time.
Up-Front Fees
Up-front fees are not disclosed at this time.
Money-Back Guarantee
Debt consolidation loans do not have the same refund policy personal loans hold. There is no money-back guarantee associated with a consolidation loan. However, personal loans have a 14 day policy – if the money is returned, there will be no penalty. After 14 days, consumers are tied to the loan through the term length.
Free Consultation
Anyone with the desire to apply for a consolidation loan through OneMain Financial may call 877-540-6246 where an operator can help determine qualification, as it is dependent on credit approval.
Time in Business
105 years. One Main Financial opened their doors as Commercial Credit in 1912, and throughout mergers and added affiliates became OneMain Financial in 2011.
Debt Education
Limited educational information is available.
Unsecured vs. Secured Loans
For debt relief purposes, OneMain offers just one product: debt consolidation loans. These loans can cover previous secured or unsecured debt as long as it falls into the category of “personal consumer loans”. They do not do auto loans, mortgage or other types of third party loans that would involve any other merchant.
Mobile-Friendly Site
Yes. They do have a mobile website. There is no mobile app, but the site works well on smart phones and is definitely mobile friendly.
Cancellation Policy
Since a loan can’t be canceled once granted, and since a consolidation loan is the only debt relief product offered by this institution, there is no need for a cancellation policy.
Services Provided
In terms of debt relief, OneMain Financial’s only product is the debt consolidation loan. Some collateral may be required to qualify, based on the customer’s circumstances. They do not do any type of debt negotiation, settlement or adjustments with creditors, nor do they re-age unsecured debt obligations.
Minimum Debt Accepted
There is no minimum debt the company will handle, but as with any lender, the amount loaned is based in part on the credit worthiness of the borrower.
Online Dashboard
OneMain customers are able to login to the OneMain website to modify their personal information, view payment activity, and make online payments.
CPFC Certified
No
ISO Certified
No
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User Score00 people found this review helpful!My elderly mother got a flyer from One Main in the mail. She called and went down for a loan.
She was 73 with beginning of dementia. She took out a loan and then 3 months later took out another for a total of $7200 in Aug 2015. She has no memory of it.
They are automatically taking 273.00 per month from her bank account. She gets $1300.00 a month between SS and pension.
I called One Main as I have POA , and was advised that the balance is $5600, and the payoff is $6K. I said after paying almost $5400, how is that. The reply was 36% interest.
I have no idea how she even qualified.
This to me is predatory lending to the elderly. Trying to figure of what to do.
Maybe just close her account at the bank and open another somewhere else, and tell them to pound salt….
There has to be a place to file complaints on this type of lending.Was this review helpful? YesRead More -
User Score01 people found this review helpful!One Main Financial Oxford, Alabama right behide Logans:Very misleading recommendation approval rating from credit karma! Waited over an hour and a half just to be told that the approval I received online was just bait to get me in the office! Very bad service three fatty so with bad teeth sitting there doing nothing while I waited for an hour a half just to be told they need a car title even for the unsecured personal loan! Hope these scammers don’t be in business long!Was this review helpful? YesRead More
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User Score01 people found this review helpful!Horrible. Will ruin your credit. Horrible customer service. Every time you refinance , they get bought out they just assign you another account number then it looks like you have had 100000 accounts on your credit which kills it. STAY AWAYWas this review helpful? YesRead More
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User Score00 people found this review helpful!Go somewhere else if possible! I went in with a a specific amount in mind that i knew i could pay. Well they start to look over my credit report and start telling me about credit card balances they can help me with. I wasn’t interested but she was pushy about it. I wish i would have walked out right then and there. Now I’m struggling to pay back this loan where the interest alone EQUALS the amount i took out. In the end not worth the headache.Was this review helpful? YesRead More
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User Score100 people found this review helpful!I just want to say it is so nice to meet a company who takes pride in dealing with the public. They are so pleasant an rewarding to see that this company has the best employees. That you for having a wonderful customer service.Was this review helpful? YesRead More
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User Score04 people found this review helpful!Pre-screened approval is a SCAM/LIE. I received several so-called pre-screened approvals and I tried to get a small loan today and was declined. Went elsewhere with a reputable company and got what I needed TODAY. They get your personal information for some reason. If you are prescreened for a large amount and applies for a MUCH smaller amount what is the problem? Hard inquiry on my credit for NOTHING. NEVER AGAIN with these people.Was this review helpful? YesRead More
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User Score05 people found this review helpful!When I took out a loan from One Main Financial I also took out disability insurance at the signing of the loan. After about a year I was diagnosed with an illness that disabled me. As a result, I submitted a claim to have my loan paid off and was denied, with their insurance claiming I had a pre-existing condition…mind you when I took out the loan I was healthy and working. After several stressful conversations with One Main I was refunded a potion of what I paid in insurance and case was closed. With medical bills accumulating I could not afford to hire an attorney to fight back.
Long story short…PLEASE DO NOT ACCEPT ANY INSURANCE THEY OFFER! IT’S A SCAM!!!
Also, if you’re (1) day late with your payment they will constantly call as if you’re (10) days late! If at all possible, DO NOT TAKE A LOAN FROM THESES PEOPLE!!! THEY ARE WOLFS IN SHEEP CLOTHING!!!
If I was a betting person, I would bet I’m not the only person they have scammed with this deceptive maneuver!
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User Score08 people found this review helpful!One main financial is a scam. I’ve been with them for a long time and now I’m filling bankruptcy and wiping out my debt. They will call me constantly after a representative of up right law send them a letter stating don’t not contact me at all. That’s a violation after the representative from UpRight Law contact them not to reach out to me. Then recently one main financial send me a letter saying they are going to take legal action if I don’t pay knowing upright law representative told them not to reach out to me . don’t do any business with them. They will rip you off and let you take out another loan without the old one being paid in full. I don’t think that’s right .Was this review helpful? YesRead More
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User Score03 people found this review helpful!I asked them several times too help me refinance my loan too drop my payments and she refused too help me, and I also asked her too take me off of auto draft because every month I’m going in the red because I can’t make the whole payment. They are very rude too you when you talk to them on the phone or in person. I wish I had never borrowed money from them. I’ve already paid back the money I borrowed and they said I still have 34 payments too make.Was this review helpful? YesRead More
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User Score09 people found this review helpful!i got a loan from One Main Financial and never actually had any issues with them until my loan was paid off in full. I had a secure loan either the company and gave my car title as collateral. My loan has been completely paid off now for about a month. Received a letter and e-mail from the branch I used thanking me for my business. I still have not received my title, although every employee from that branch told me numerous times that it had been mailed. I am now having to go through the hassle of filing for a lost title. I will never use this company ever again and I do not recommend that anybody else does either. Unless you are getting an unsecured loan from them. Do not put up any collateral, you probably won’t get it back.Was this review helpful? YesRead More
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User Score211 people found this review helpful!My mom took out a loan to help pay for roof repairs to her house. She is elderly and they are charging her a high interest rate. I have tried contacting to lower her rate so more money goes to the principle but they are not willing to help. I would not recommend this company to anyone. They are a predatory lender in my opinion, be very careful, they may as well be a payday loan company.Was this review helpful? YesRead More
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User Score317 people found this review helpful!I went to the Hamilton NJ location. When I took the first loan everything was fine. Joyce was very nice and the customer service was without question. After I took the second loan the workers were rude and not fortbcoming with answers. It was like trying to pull teeth to get an straight answer. NOT HAPPY AT THIS TIME!!! I make my payments on time and I make extra payments monthly. I get the impression they do not want me to pay the bill off.Was this review helpful? YesRead More
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User Score013 people found this review helpful!Cecilia from Lakewood Ca branch is rude & mean . I am just asking a simple question but she gives me a different answer ,When i talk she won’t wait for me to finish that’s why she couldn’t comprehend of what my question is. .and when i got mad she’s just gonna ask me if i want a return call. What’s this?Was this review helpful? YesRead More
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User Score321 people found this review helpful!I would not recommend OneMain. Financial to anyone. My mom is in her mid 70’s and had to take out a loan. They are charging her 24% interest, I have requested that they refinance and lower the rate but they refused. I just don’t think that is right, don’t use them at all, go somewhere else.Was this review helpful? YesRead More
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User Score027 people found this review helpful!I took out a loan for 10k with One Main back in 2011. Things were going fine and dandy. I was making my payments, and then in May of 2012 I acquired a large sum of money so, paid the entire loan balance off in full…or so I thought. They started calling in February 2015 saying I still had one payment left to make. I told the woman I paid this loan off in May 2012, why am I just hearing about this now. Her explanation was that I made the payment after the due date. I told her, I paid what the whole balance was in full that day, it shouldn’t matter as it was calculated real time. They keep insisting that I owe them a remainder of 239.53. I was told if I paid it by the end of February it would be paid in full. Now as of March 2, 2015, I all of a sudden owe a whopping $404.27 if paid by the end of March. One Main Financial is no different than dealing with a loan shark or a mobster! DO NOT DO IT!!!Was this review helpful? YesRead More
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User Score024 people found this review helpful!Whatever you do…..DO NOT I REPEAT DO NOT DO BUSINESS WITH THESE SCAMS… i am going to do all I can to put a dent in their business.. NO ONE is loyal there…and the Customer Service absolutely STINKS….They are legit robbers to sale u on everything u DONT need and WILL NOT disclose the truth until it’s too late… COMPLETE NIGHTMARE…. they charge u late fees for their incompetencies and lack of how to run a business…. it explains all the nightmares here! What a bunch of clowns…Was this review helpful? YesRead More
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User Score013 people found this review helpful!Casa Grande office…Manager is rude on the phone. Talks a lot on the phone and will continue calling when I told him I was at work. I told him that I would call him back later be he continued calling 3 min. later. i work well with other employees but he is needs to go.Was this review helpful? YesRead More
Blog Post
- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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22 OneMain Financial Reviews