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#24
- Undiscosed Fees
- In Business Since 1994
- Offers Credit Counseling
Our Score
3.2
User Score
1.0
#22
- $75 Setup Fee
- Undisclosed Monthly Fees
- No Industry Accreditations
Our Score
3.4
User Score
2.5
#6
- $30 average Monthly Fee
- $50-75 Up-front Fee
- Reduce Interest Rates to 8% avg
Our Score
6.3
User Score
7.6
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Most Recent User Review: OneMain Financial
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User Score00 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 upWas this review helpful? Yes
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- 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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