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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
4.0
User Score
0.6
Our Score
4.0
User Score
0.6
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

58

This Review is maintained by Chase Sagum

Review Last Updated: July 22, 2020

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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58 OneMain Financial Reviews

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  1. User Score
    0
    August 18th, 2020
    0 people found this review helpful!
    One Main doesn’t work with you if you’ve ever been in the hospital even if you have kept your account paid up
    Read More
  2. User Score
    0
    July 20th, 2020
    1 people found this review helpful!
    This is undoubtingly the worst company that I have on my credit usage out of 11 other creditors. I have perfect payment history with all my creditors and also with One main Financial, up until the pandemic. I originated this account in October and I have not been late or missed any payment until April 2020 (COVID Pandemic). Prior to my miss payment I have spent several hours communicating with Onemain financial, informing them of my lost of employment and options that they may offer that can help keep my account current. I did manage to make arrangements(with ease) with my other creditors to have my payments deferred during the pandemic but not Onemain Financial. Not only did they refused to follow precedent like other financial institutions on showing empathy during the pandemic but instead reported me for one missed payment to all the credit bureaus. Their despicable pseudo attempt extend of relief during a pandemic is deplorable. Dispite communicating with this company at least 4 times a week, due to the fact of harassing calls everyday and most days twice a day to no avail is extremely redundant. After learning the requirements to apply for a modification, I must relinquish my bank statement( private, invasive personal information) in which I did, the modification was approved and again the payment would be more than half of its original payment. One day later to my surprise I was notified by my credit monitoring company that One main Financial reported my payment 30 days Late; to my disbelief any reputable company would proceed to report during a pandemic. I will never advise anyone under no circumstances to use this company. The lack of support, professionalism and daily harassment that has been display by this company during this pandemic, absolutely demonstrates that this is a company to stray and stay away from. Do Not use this company save yourself stress, harassment and extremely high interest.
    Read More
  3. User Score
    0
    June 30th, 2020
    1 people found this review helpful!
    My wife and I have been with one main about a year never missed a payment. When the Covid-19 hit one main had it set up to pay half a month. One main did grant us this but in June 2020 they gave my wife and I the run around. They dragged all the way to the end of the month to deny us. The first time they dragged us was when we tried to get money, both women at office dragged us 2 months ago from Friday to Thursday to say. They are very vindictive when you file a complaint in which could possibly be retaliation as well. My veterans disability check went down as ssdi and they still treated my wife and I like crap especially the office in Morrow Georgia very unprofessional. So I’m writing another one to see how dirty this company can be . One time my wife and was told to come and pick up some money for car issues. Do you know they wouldn’t give us the money they said they would have to make it out to the mechanic shop. Their answers for a complaint is retaliation. I could see if we didn’t pay on time. I almost certain my wife and I will be blackballed for this complaint. Oh well good luck.
    Read More
  4. User Score
    0
    May 12th, 2020
    2 people found this review helpful!
    OneMain Financial is the worst company that I’ve ever dealt with in my life they are nothing but scammers deceivers and William every chance they get to get you to take a loan I’ve got great credit and bar on $10,000 will cost you twenty thousand when you pay it back they’re charging as much interest on these loans as what the original loan value is would highly detour anybody from ever dealing with this company I’m surprised you’re still in business and will do everything I can to let as many people know just how terrible one main really is after paying for over a year and a half on a $10,000 loan they still had me Owen $9,600 and I had paid him almost 4,500 and all of it but about $150 had went towards interest
    Read More
  5. User Score
    0
    May 5th, 2020 Wethersfield, CT
    1 people found this review helpful!
    ONE MAIN I have gotten sick and had the corona, survived Lost my job, still waiting for my unemployment and I explained this to them and this company calls my phone 4 times a day Monday – Fri about when they are going to get their payment. This company does not care about job loss or hardship. You better have their money or they will harass you.
    Read More
  6. User Score
    0
    April 30th, 2020
    3 people found this review helpful!
    I took out a loan a year ago for $10,000. They charged a $300 origination fee which I accepted. I paid on this loan for one full year and NEVER missed any payments. Today I went to pay it off and my payoff was $9998.17. So I paid down $1.83 after a YEAR of on time payments. Buyer beware!!!!!!
    Read More
  7. User Score
    0
    April 5th, 2020
    0 people found this review helpful!
    HIGHLY DECEPTIVE BANK. Offered to reduce my debt from 14% to 8% and never did. Failed to disclose new terms of change. Continued to charge me the same rate of 14% while saying I was paying 8%. I was deceived into offering my car as collateral being told I could pay the car off individually and keep a lower rate locked in for the balance, which was all lies and deception.
    Read More
  8. User Score
    0
    January 14th, 2020
    1 people found this review helpful!
    I paid my loan off in full early and it is 30 days later and I have not received my title back.
    Read More
  9. User Score
    0
    January 2nd, 2020 Des Moines, IA
    2 people found this review helpful!
    I have applied 2 different times the first time was in Elizabeth city nd I was a appoved the customer was very bad everyone was rude so we walked away we applied again in ahoskie nd there rules were totally different from Elizabeth city’s they kept finding reason not to use our total income so I call Elizabeth city back they said this not the correct way to do the loan so I will not be dealing with one main ever again I am contacting the better buisness b and reported them for unfair buisness practice so they get a zero.
    Read More
  10. User Score
    0
    December 6th, 2019
    2 people found this review helpful!
    Rep call 10 times a day hang up on you and cuss horrible customer service
    Read More
  11. User Score
    0
    December 2nd, 2019 South Bend, IN
    2 people found this review helpful!
    Worst customer service at ever experienced anywhere. Ran a false social security number approved at and attached it to my name. Whoever’s social security number they ran is probably extremely upset. How do you run a credit report and get all this pretty secure private information on someone and don’t even check the name or the numbers. Horrible place would not recommend it to anyone stay clear of this place.
    Read More
  12. User Score
    0
    November 29th, 2019
    1 people found this review helpful!
    I tried to get rid of a hard inquiry that I didn’t know about so I could get a loan from another company. So i called them and they said it could take 30 days. I said fine. 30 days roll around and the inquiry is still there so I called them back and told them what happened and they said the same thing. So instead I told them if they don’t give me a letter of declination than I’m suing them in small claims court. They said nothing so I did and won getting my inquiry removed. The fact that I had to do this is outrageous and which is why I HATE BUREAUCRACY.
    Read More
  13. User Score
    0
    October 16th, 2019 Lake Worth, FL
    3 people found this review helpful!
    This is the worst company ever ever, DO NOT DO BUSINESS WITH THEM… CATFISH I was approved for a loan 11000, by the time I talked 5o them they wanted my car as collateral then they wanted to give me 6300 after I decided to go along to see how far this thievery would go.. I expressed to the guy that they were misleading mind u I was already approved but he was not happy with my candid . So I was told the next day I will be given a call to close the deal. Low and behold no call, so I took initiative and made the call at the staten island branch big mistake I was ask my last name and was told YOU ARE NOT APPROVED not to shocked because I already read reviews on how they operate. I said really but all was good last night with the online guy WELL THE GUY AT THE STATEN ISLAND BRANCH WAS STOCK ON REPEAT YOU ARE NOT APPROVED YOU ARE NOT APPROVED With condescending tone. I tried to ask a question but my answer would always be YOU ARE NOT APPROVED. So here I am telling the world if you ask to much or question them or slightly get annoyed at their policy even after you do all that they ask for and get approval if you only do such a thing as try to speak up for yourself you will be told You are not APPROVED… please stay away take your business elsewhere or just ride it out.
    Read More
  14. User Score
    0
    October 8th, 2019 Portland, OR
    3 people found this review helpful!
    Parkville, MD totally horrible branch!! Took a payment out 3 days before the due date and put my account in the negative and caused me overdraft fees. Excuses upon excuses for not being able to correct the situation for days. Would not fix their own mistake. Will never use them again!
    Read More
  15. User Score
    0
    September 25th, 2019 Spokane, WA
    4 people found this review helpful!
    After receiving a “pre-approval” we decided to go ahead and give this company a try. What a nightmare experience. First of all it took over 3 weeks, then we were pre-approved for $14,500.00, then we are told we can only get $9900.00, we said fine we went through the entire process 3 weeks it took then on the day to finally sign they say we can only get $5000.00. What a joke of a place to deal with. They called us a month later to see if we were going to take the loan obliviously we said no and let them know we felt their company was a scam and that we were less than satisfied and less than extremely disappointed with their services. Wait for it………… today we received a letter stating they denied us a loan they are unable to approve us at this time. PRICELSS!!!!! Stay far far far away from this company…………..
    Read More
  16. User Score
    0
    September 24th, 2019 Guntersville, AL
    3 people found this review helpful!
    I received several emails assuring me that I was pre qualified to request additional money on my existing loan. I called the branch office in Rainbow City, Alabama, and talked to Charlene–I think she said her name was. She took my information and set up an appointment for me to come in at 10:00 a.m. the following morning to complete the loan. Before I left I checked my house phone and my cell phone to make sure she hadn’t tried to call and cancel. I drove 15 miles on my one day off from work in seven days. When I got to the office, I was told that I wasn’t approved for the loan. Charlene said she had tried to call me back twice the day before, but couldn’t reach me. Apparently, she hadn’t even tried that morning. “Lending done human” is definitely false advertising for this company.
    Read More
  17. User Score
    0
    September 11th, 2019
    4 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
  18. User Score
    0
    September 7th, 2019
    7 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
  19. User Score
    0
    September 6th, 2019 Manning, SC
    4 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
  20. 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
  • 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
4.0
User Score
0.6
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

58
Our Score
9.1
User Score
9.3
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

436