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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.

Our Score
4.1
User Score
0.8
Our Score
4.1
User Score
0.8
Rank this Company

Ratings Breakdown

Monthly Enrollment Fee

Undisclosed

Setup & Activation Fee

Undisclosed

Free Consultation

Yes

Credit Counseling

No

ISO Certified

No

Number of Reviews

43

This Review is maintained by Chase Sagum

Review Last Updated: June 26, 2019

OneMain Financial is an online lending organization that offers auto loan options and personal loan lending options in addition to debt consolidation loan services. OneMain Financial offers a fairly straightforward lending process. Customers can get a free consultation, complete their loan application online, then meet with a loan specialist, and start the process.

Rank Chart
Monthly Price
Accreditations
Review

#1

Up to $79
FCAA & ISO

#2

$10-$40
AFCC & IAPDA

#3

Up to $49
ISO

#16
one_main_financial

Undisclosed
None

Pros

Free Consultation

OneMain Financial offers a free consultation with a credit/ loan specialist for prospective new clients. This free consultation can help potential customers get a feel for what the OneMain Financial loan has to offer.

No Minimum Debt Requirement

There is no minimum debt the company will handle, but as with any lender, the loan amount is based in part on the credit worthiness and loan application of the borrower.

Cons

No Cancellation Policy

Since a OneMain Financial loan can’t be canceled once granted, and since a debt consolidation loan is the only debt relief product offered by this institution, there is no need for a cancellation policy.

No Money-Back Guarantee

Debt consolidation loans do not have the same refund policy personal loans or other loan options hold. There is no money-back guarantee associated with a debt 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.

Lack of Accreditations

OneMain Financial does not appear to have standard industry accreditations such as AICCA, NFCC, and Better Business Bureau (BBB) accreditations.

Lack of Transparency

OneMain Financial does not disclose monthly payment amounts, upfront fees, or annual percentage rate/ interest rates.

Poor Customer Reviews

The majority of OneMain Financial reviews are negative on our site. Reviewers typically complain that their debt consolidation loan actually requires collateral and that it brings higher interest rates. They also agree that the customer service representatives are difficult to work with.

Limited Services

In terms of debt relief, OneMain Financial’s only product is the debt consolidation loan. They do not offer any other debt management products and services. In fact, the company focuses more on their personal loan options and auto loan options instead of its debt consolidation loan services.

Those interested in the company’s debt consolidation loan services should keep in mind that collateral may be required to qualify, based on the customer’s pre-loan circumstances. They do not do any type of debt negotiation, debt settlement or adjustments with creditors, nor do they re-age unsecured loan/debt obligations.

Our Recommendation

OneMain Financial has been in business for an impressive amount of time and offers a debt consolidation loan option for customers who are dealing with long-term debt problems. The company offers a free consultation, a helpful online dashboard, and does not have a require a minimum debt amount. Unfortunately, the company does not offer other debt settlement or debt relief options other than its debt consolidation loan. OneMain Financial also does not have a money-back guarantee, cancellation policy, accreditations, and there have been a few negative customer reviews. We do not recommend OneMain Financial for debt consolidation. View the top-rated debt consolidation company.

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43 OneMain Financial Reviews

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  1. User Score
    0
    September 12th, 2019 South Bend, IN
    2 people found this review helpful!
    Was accepted and e-sign documents, then was told they had the wrong social security number, how does that happen. Could of really ruined someone else’s credit. I was shown someone’s credit history. Not very honest and surly no legal.
    Read More
  2. User Score
    0
    September 11th, 2019
    2 people found this review helpful!
    this was the worst customer service I have EVER had with ANY company I’ve EVER dealt with in my life!!!!
    Read More
  3. User Score
    0
    September 7th, 2019
    2 people found this review helpful!
    BEWARE. you can make triple payments to pay your load but you are required to pay the interest and fees for the entire length of the load…

    borrow 1000.00 for 1 year and at the end of 1 youar you pay 1700.00
    if you pay the 1000.00 back 7 days later, you still owe them 700.00

    liars and theives. that is a early payoff penalty. a huge one..

    Read More
  4. User Score
    0
    September 6th, 2019 Manning, SC
    1 people found this review helpful!
    I was sent a letter asking me to renew my loan. I filled in he online application complete with all required documentation. I got a call back from an unqualified rep who didn’t understand the concept of online application or loan renewal. He proceeded to fill in an application for a new loan. Loan was approved and I declined the offer because he had more than doubled what I asked for which more than doubled my payments. I declined because he seemed so confused and was definitely unqualified to close the deal. The next morning I was going to talk to the manager. I checked my online site first and learned that he put down that I was turned down for the loan. I checked my credit score which had dropped 7 points because of his incompetence.
    Read More
  5. User Score
    10
    August 28th, 2019
    1 people found this review helpful!
    OneMain Financial, Hall Rd., Sterling Heights, Michigan:

    Cheryl, my loan specialist was very helpful and professional during the process. I received my loan quickly. Highly recommend!

    Read More
  6. User Score
    2
    August 21st, 2019 Meridian, ID
    2 people found this review helpful!
    Horrible. I repeat horrible customer service the loan reps and store manager are just plain rude. Even lie about their names when you call and they don’t want to speak to you and transfer to Kathy Who is pure evil. they treat you like crap and bully you. they make you feel about 2 inches tall for needing a loan then harass you tell you do everything they want. If you have another option. do not use these guys. They are horrible rude people. This is my experience with two loans at the Boise Idaho branch. i wish i could transfer stores. Kathy and Tanya are the worse.
    Read More
  7. User Score
    0
    July 23rd, 2019
    1 people found this review helpful!
    I recently entered some information online looking to possibly obtain an online loan. The company that came up as a possible lender was One Main Financial on South Avenue, in Staten Island NY. My husband and I decided to go there with all of our financial information.
    Upon entering the place, there was a white male that yelled from his seat “what are you here to do today “? I said I am here to obtain a loan. The rude guy then asked the lady sitting in front of him if she could help my husband and I she said no. The guy then yells to us from his desk… sorry we can’t help you. We only take clients by appointment only (mind you, there is no where on their site that states this). I explained to the guy that it would be hard for my husband and I to come back together because of his work schedule and he replied sorry…we have appointments set ( mind you there are 5 loan officers at their desk and only 3 customers in the office). My husband and I felt discriminated against, treated unprofessionally and judged before we ever received the opportunity to apply for a loan. Thankfully, we we able to get money from our credit union bank and not deal with this loan shark of a company with their racist employees and sky high interest rates!! I would suggest to take your business else where were you are appreciated and not judged by your appearance!!
    Read More
  8. User Score
    0
    July 19th, 2019 Richmond, VA
    3 people found this review helpful!
    My name is Janice W. Harris I receive a pre approve coupon in the mail from One Main Financial. On Thursday evening July 18, 2019 I called and personally walked in and provided my information. My representative who seem to be nice was Ms. Wanda at the Bell Creek Road Branch in Mechanicsville VA said she would call me back on Friday. Due to the fact I called because I had some question the next day once in the morning, once in the afternoon, and once in the evening, each time Ms. Wanda was unable to come to the phone and there was no call back from her the entire day to let me know the status of my application . So that gave me a chance to Read up and see the Customer Reviews concerning this company. To my surprise The Reviews were horrible concerning this company.. It was also mention the people don’t call you back….Well I don’t want to be approved now Maybe God was watching over me that’s why I didn’t call back…Please Customer Service People cancel my application I don’t want to go through what these people has gone through… “let me stay broke I don’t need another headache to add on to my life”
    Read More
  9. User Score
    0
    June 22nd, 2019 Fort Huachuca, AZ
    3 people found this review helpful!
    This company is a fraud. during the government shut down I was supposed to be deferred which they did not honor and charged me interest. In the month of March 19 I made 3 payments of 897.00 and they charged me 1974.00 in interest. I sold my car to get from under these crooks. I’ve this great nation for over 35 years to preserve our way of life. This company is worst than the terrorist I’ve fought abroad. NEVER AGAIN.
    Read More
  10. User Score
    0
    May 31st, 2019 Medina, OH
    2 people found this review helpful!
    They did not disclose a large originating fee would be charged and actually told me none until I walked into the branch. Beware
    Read More
  11. User Score
    0
    May 8th, 2019 Saint Louis, MO
    1 people found this review helpful!
    I recommend to stay away from this company. I was lied to and was told I could get a better rate once my credit score gets better. We here is the response I got.
    Mr. Y, I have been with the company for 1 year and took over as Branch Manager of this location in October. At no time since I’ve been with the company has OMF offered anything lower than a 36% Interest Rate on Unsecured loans. Again, the only loans we have available with possibly lower interest rates are secured vehicle loans. Depending on the age of the vehicle, I’ve seen them as low as 14% up to 35%. I’m sorry if you misunderstood, or where told something different, but I cannot speak for what was said when you took out your loan.
    If you have a vehicle that you would like us to look into using as collateral for the loan in order to try to secure a lower rate, we would be happy to look into that for you to refinance your current loan.
    And I do not understand what you are asking about being on the contract. If you mean something about the Interest rate, rates can change at any time in lending, they just have not for us and our unsecured products for some time.
    Read More
  12. User Score
    0
    April 24th, 2019 Anderson, IN
    3 people found this review helpful!
    this is the worse place to get a loan ignore your questions.
    Rude not professional at all,
    Read More
  13. User Score
    0
    April 15th, 2019 Richmond, VA
    6 people found this review helpful!
    One of the worst decisions I have made in a long time. After 3 years of repayment , I will be finally done with this loan and these people! (Last payment next week) . I encourage everyone even considering such a loan…DONT!!! Borrow money from a relative , get a second or third job or just don’t address the crisis that you may be in. Let it happen and maybe in the long run it is better for you, then getting into a situation in which you have made a contract with loan sharks. I was desperate when I went in for a loan, for something I thought I needed money for. I allowed them to persuade me to re-finance my car and since I had a luxury car, I was able to get top money for the loan. It’s been a nightmare every sense with a high interest rate and high car payment. I went from pay $400 a month to about $630 a month. Then they made a mistake and did not realize that I was already paying car insurance on the car and unbeknownst to me , adding insurance to the payment. So, about 2 years I was paying insurance on the car twice…through my private insurance and tack on insurance from them. My insurance company informed me that they had sent notice to them several times that they were the insurance company for the car. I finally was able to get that cleared up and they had to apply the already paid extra money to my overall balance . No apology, no nothing. Then the harassment from this company if you are late is at a new level. They have called my job, when I asked them not to, called my elderly mother in another state and that’s when I lost it and went off. I consider them to be unprofessional at the most and just rude at the least. Our relationship will be coming to a needed and blessed end next week. But if there is anything that I can tell other consumers, let it go…lose what you trying to keep, in the long run it is a life lesson we all have to learn about our finances. I learned the hard way, but my journey is almost completed. STAY AWAY FROM THESE PEOPLE AND THEIR COMPANY!!
    Read More
  14. User Score
    0
    March 1st, 2019 Slayton, MN
    5 people found this review helpful!
    I would try anywhere else to get a loan. These people are horrible! When trying to get a very minimal loan of only a few thousand….ALL they want to do is refinance vehicles at a HUGE interest rate. DO NOT TRUST!
    Read More
  15. User Score
    10
    February 21st, 2019 Seattle, WA
    2 people found this review helpful!
    My husband and I went to One Main Financial one evening. Met with TJ a very nice and helpful Lady in South Hill Puyallup. Took GREAT CARE of us! Had our loan approved and money in hand the very next afternoon! It was painless and we were both pleased with the experience! If your considering a loan go see Lady TJ
    Read More
  16. User Score
    0
    February 4th, 2019
    4 people found this review helpful!
    This company is full of it. What ever you feel like you want it full of to fill that “it” other than honesty and integrity.
    I got quoted a rate…. then it wasn’t a final rate… then the final rate quoted over the phone was not the final rate when I got in the office.

    They’ll pull a switch on you. they’ll tell you over the phone you have a certain interest rate and payment. when you get there…they raise the interest rate and say that oh they cant offer the lower rate unless you add on 2000 worth of extra roadcoverage and insurance. wtf. I guess desperation is desperation.
    Predatory lending and games at its finest by far.

    Read More
  17. User Score
    0
    January 12th, 2019
    8 people found this review helpful!
    Been with One Main for couple of years. If my monthly payments are $205 I set up reaccuring payment of $300 . Wanted a new loan to buy a trailer for my car fixing,( classic car ),business . When I finished with application I was informed ther would be no problem. My credit score was 710 Before they check me out. I then asked what would be my interest rate and she told me 35.99% . What the I said , why. She informed me that it wasn’t set by my credit worthiness, but by the amount you barrow. Apparently the amount of $1400.00 wasn’t enough. I told her I had the rest ,($1000.00 ), to perches the trailer. I asked her why would you charge the maximum amount allowed by the government to a good customer with good credit? She informed me there are other companies and I should try one of them. One day the Lord will put the meek in charge and the money grubber’s will be nothing. That is a promise made that will surely happen!
    Read More
  18. User Score
    0
    December 19th, 2018
    9 people found this review helpful!
    Have had one main for along time (4 loans ).Never been so disatified with the office in savannah ga.never been late on any loan payments but when i moved down here to savannah got loan threw them .OUT OF ALL LOANS I HAD BEFORE NEVER BEEN SO UNHAPPY WITH THIS BRANCH ALWAYS CALLING 3-4-5 TIMES A DAY IF YOUR PAYMENT IS NOT DONE ON DUE DATE ,WHICH YOU HAVE A 10 DAY GRACE PERIOD WILL KEEP CALLING EVERYDAY UNTIL YOU MAKE PAYMENT.SO I INTENSELY DONT MAKE PAYMENT ON DUE DATE JUST TO WASTE THERE TIME! DONT RECOMMEND THIS COMPANY TO ANYBODY.NEVER HAD PROBLEM WITH OTHER LOANS FROM THIS COMPANY FROM ANOTHER BRANCH.
    Read More
  19. User Score
    1
    November 16th, 2018 Superior, WI
    8 people found this review helpful!
    I busted this company fraudulently billing me late fees. Caught them doing it 3 times. I couldn’t get it fixed over the phone. Then I would get it fixed and they would do it again the next month. It took roughly 90 minutes a month to make a payment and not pay fees I didn’t owe. Filed a complaint with the Attorney General’s Office for the state of Minnesota and it finally stopped. Paid off the account last month. Paid in full. Now I owe $390.00 in “they think” penalty interest for paying the loan off early. I’m going back to the Attorney General’s office. This is a corrupt company and they will screw you.
    Read More
  20. User Score
    0
    November 6th, 2018 Medina, WA
    9 people found this review helpful!
    Once you sign you need to be ready for the screw ups they do. Friendly at first than they will become your worst enemy. Head Quarter Office is even worse
    Read More
  • 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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Our Score
4.1
User Score
0.8
Rank this Company

Ratings Breakdown

Monthly Enrollment Fee

Undisclosed

Setup & Activation Fee

Undisclosed

Free Consultation

Yes

Credit Counseling

No

ISO Certified

No

Number of Reviews

43
Our Score
9.2
User Score
9.4
Rank this Company

Ratings Breakdown

Monthly Enrollment Fee

Up to $79

Setup & Activation Fee

$0-$49

Free Consultation

Yes

Credit Counseling

Yes

ISO Certified

Yes

Number of Reviews

430