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.
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 certified credit specialist.
The company’s recommendations may be slightly different from that of a traditional consolidation company because OneMain Financial offers actual loans. The plus to this is that you can consolidate more than just credit card debt, such as auto loans.
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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
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.
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.
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.
- OneMain Financial, Inc., a Delaware corporation – AL, AZ, CO, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, PA, SC, SD, TX, UT, VA, WY.
- OneMain Financial, Inc., a Hawaii corporation – CA: Loans made or arranged pursuant to Department of Business Oversight California Finance Lenders License, OR, WA.
- OneMain Financial (HI), Inc., a Hawaii corporation – HI.
- OneMain Financial, Inc. (WV)– TN, WV
- OneMain Financial Services, Inc., a Minnesota corporation – KY, MI, MN, NC, WI.
- OneMain Financial, Inc., a West Virginia corporation – TN, WV.
- New Mexico has a different set of standards which can be found by requesting a brochure for the state.
In order to determine regulation, these offices or your state office can be contacted.
No upfront fees, although payment must be made when the consolidation loan is granted.
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.
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
113 years. One Main Financial opened their doors as Commercial Credit in 1912, and throughout mergers and added affiliates became OneMain Financial in 2011.
“B+” Better Business Bureau Rating. There is no review under search results on the BBB website for OneMain Financial specifically. However, there is a review for OneMain’s former name, Citi Financial, which gives ratings to some of the company’s branches. . The rating is due to complaints about residential mortgage practices, not consumer debt issues. Wikipedia re-directed our OneMain inquiry to Citi Financial.
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.
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.
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.
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.
OneMain customers are able to login to the OneMain website to modify their personal information, view payment activity, and make online payments.
Yes, OneMain financial advisors are Certified Personal Finance Counselors. The certified counselors are located at the local branches.
Yes, OneMain is ISO certified.
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