topic Re: One Main Financial? in Personal Finance

One Main Financial?

firemartinez1980 — Tue, 23 Feb 2021 12:30:35 GMT

I am in a position where I don't need a loan, but it would be nice so that I can complete home renovations I have going on. I am only looking for around $7000 and keep getting these emails and regular mail offers for One Main Financial.

Has anyone used them? Pros and Cons?

Thanks!

Re: One Main Financial?

Jnbmom — Tue, 23 Feb 2021 13:11:52 GMT

@firemartinez1980 wrote:
I am in a position where I don't need a loan, but it would be nice so that I can complete home renovations I have going on. I am only looking for around $7000 and keep getting these emails and regular mail offers for One Main Financial.

Has anyone used them? Pros and Cons?

Thanks!

I would stay clear of them , their rates are terrible . They are borderline predatory lenders

Re: One Main Financial?

Anonymous — Tue, 23 Feb 2021 14:15:01 GMT

Their loan rates are about equal or greater than high interest credit cards

Except they'll be mad and literally ask how you get the money to pay it off when you do

Re: One Main Financial?

Anonymous — Tue, 23 Feb 2021 16:49:33 GMT

If you have even marginally ok credit, you can do better. My ex applied for one of their loans and they did some serious bait and switch on her at the last moment when she went to sign for her loan. They tried to get her to use her car as collateral to give her the amount of the loan they had offered. She walked away and then they hounded her for weeks trying to get her back in the office to take a lesser loan amount unsecured.

Re: One Main Financial?

joltdude — Tue, 23 Feb 2021 18:35:21 GMT

Id give One Main a hard pass.... In the past, iv seen they have played payment games with some folks, and as someone mentioned... don't like being paid off, and play games when it comes to the actual loan....

Reminds me of a Santander Financial car note ... pass this offer up.. you should be able to do better...

-J

Re: One Main Financial?

tcbofade — Tue, 23 Feb 2021 21:26:36 GMT

Just in case you'd like someone else to say it...

Avoid them if you can.

Re: One Main Financial?

Anonymous — Tue, 23 Feb 2021 22:09:25 GMT

@firemartinez1980 wrote:
I am in a position where I don't need a loan, but it would be nice so that I can complete home renovations I have going on. I am only looking for around $7000 and keep getting these emails and regular mail offers for One Main Financial.

Has anyone used them? Pros and Cons?

Thanks!

Years back I took one of their loans (no knowledge) and found it cost me points at the CBs. Read about that on this Forum a long while back too.

Re: One Main Financial?

IOBA — Wed, 24 Feb 2021 17:46:12 GMT

Last night, I was on Pacer and looked up an ex.

He filed his third BK a few years back. One Main Financial actually SHOWED up to the hearing and disputed the debt being included in bankruptcy and provided PROOF that the ex had taken out the loan (& used his vehicle as collateral). WOW. Wow to One Main Financial for standing up and saying they want their money.

Some other folks I knew took out a loan with One Main Financial. They decided not to pay it all back - they got tired of paying on it so quit and said to One Main Financial the company had already gotten their principle money back so bug off.

One Main Financial put a lien on the house and prevented 3 house refinances. One Main Financial got paid off ALL of the money due. The lender would not refi unless One Main Financial withdrew their claim. One Main Financial said, here's the current balance. Pay up and we will go away. The lender paid up with the cash procedes of the refi.

If you can pay cash for the remodel, go for it.

Re: One Main Financial?

Anonymous — Thu, 25 Feb 2021 12:29:19 GMT

@firemartinez1980 wrote:
I am in a position where I don't need a loan, but it would be nice so that I can complete home renovations I have going on. I am only looking for around $7000 and keep getting these emails and regular mail offers for One Main Financial.

Has anyone used them? Pros and Cons?

Thanks!

As I recall ... they used to be part of the Citi Bank Group for a while! Surely "birds of a feather don't flock together"?!

Re: One Main Financial?

SweetCreditObsession — Fri, 26 Feb 2021 07:10:08 GMT

I got a loan through them in 2018 when my profile was subprime. Got funding in 24 hours or less. The rate was less than my credit cards but it was still in the high teens. I set the payments to autopay and had no issues.

I paid it off early and haven't had any issues, just the occasional mailer or call reminding me that I qualify for another loan.

If possible, go with a CU or bank that will offer you single digit interest rates.

Best wishes.

Re: One Main Financial?

BuildingBetterCredit2020 — Fri, 26 Feb 2021 15:40:50 GMT

I'll take it a step further. CROOKS! They truly are predatory. Stay far far away from these people!

Re: One Main Financial?

Anonymous — Thu, 17 Jun 2021 13:55:48 GMT

I would steer a very wide path to One Main Financial. I am stuck with a loan in my debt reduction program due to this BS loan. When I applied for a loan they said that it would be no problem if I made extra payments...WRONG. It seemed the more I paid the higher my owed amount became. Their interest rates were balooning and not fixed. Do not use them even if its the last loan place on earth.

Re: One Main Financial?

Anonymous — Sat, 26 Jun 2021 17:41:53 GMT

I typically put any Company actively tring to loan me Money via emaile and snail mail into a category, it's called the paper shredder/delete button. Anyone that procative generally does not ahev your interestes in mind, not that a any Bank does, but at least when it's you doing the legwork the outcome tends to be more in your favor.

I can almost fill a 2 gallon trash can bi-weekly with predatory Bank offers.

Re: One Main Financial?

LadyJEsq — Sun, 27 Jun 2021 22:59:41 GMT

While I wouldn't go so far as to discount a lender who reaches out to you via email/snail mail, I mean that's what most do, I would say do your research (like you are here) before you leap. I'm carrying some debt and have received numerous offers including one from a company called Best Egg. I'd never heard of them, but was curious about how much they would lend me and at what rate so I checked. I qualified for just enough to pay off my CC, at a pretty good rate, but 15k less than the maximum amount they initially listed. Thinking about being one additional click away from getting the money I needed in my checking account, was hard to turn away from, but the 2k in fees were a HUGE turnoff for me. And while I haven't done any research on Best Egg, I'm still glad I didn't take the leap since I now know that I can get a personal loan from CU that'll offer zero fees.

If you're still interested in financing your remoldel, I would suggest that route. Good luck!

Re: One Main Financial?

Anonymous — Sun, 27 Jun 2021 23:15:18 GMT

Stay away from One Main Financial would be my 2 cents! I get their mailers every once in awhile and they are very close to predatory lending if not already.

If you don't need a loan then don't open the can of worms with them IMO.

However you should be able to find a loan in the single digits with a credit union if you have or family ties to military, you can talk with NAVY or if not PenFed is national and another great option. Also look at your local CUs or even Discover who has loan options available. I only mention this because you said you would like to do home renovations and the fact is most can do a lot better than One Main Financial. All lenders have fixed terms but they would be happy if you paid it off sooner and saved money on interest. Where as One Main Financial wants you to pay a LOT of interest and be tied into that loan for years.

Re: One Main Financial?

mgood — Tue, 29 Jun 2021 21:32:33 GMT

My only loan is with OneMain. I owe $589 on a $6894 loan. (I actually owe less than that, but they report about a month behind and that's what it shows on my latest 3B report.) It's looking good on my credit reports right now.

The interest is 18.57%, which is lower than about half my credit cards. Not good, but a serious step up from the 80-something percent charged by Security Finance, Western Finance, whatever finance you find on every street corner and those places usually only loan up to about $1300.
So if you can get a loan from a bank or credit union, stay away from OneMain. But if it's the best you can qualify for . . . they've been all right with me. And it helped me establish a history of paying on time.

EDIT:

@firemartinez1980 wrote:
I am in a position where I don't need a loan . . .

After re-reading the original post, DO NOT get a loan with OneMain if you don't have to have the money. The interest is too high to use it just for credit building. This is more like when your car breaks down and you gotta have money to get it fixed and you don't have credit cards.

Re: One Main Financial?

visualfxpro — Fri, 21 Jan 2022 15:38:40 GMT

I've used One Main for two loans. No issues, just required car for colateral even though car was $3000 and loan was $17k. I setup auto pay and paid early and saved near $10k. Pay special attention to my last comment. The $10k. That is how much I would have paid extra if I did not pay early. So, the only problem I have with them is they seem very predatory. If you are not finanacially responsible and on tough times, they will BURY you. You could end up paying them for life easily. The setup would be, you get a loan, but continue to stuggle so cannot pay early, so you are burning SERIOUS cash in interest AND you are already broke as it is. So maybe things continue on down turn, so you respond to one of their offers for MORE money. Now you have an even BIGGER debt and maybe you doubled your interest payment. Now the monthly is killing you. This cycle can continue until you can't breath anymore and default. Now your credit is destroyed.

So for a person who makes good money like me and with decent prospects of being able to stay with decent income, I can sneak in and get a loan FAST and EASY with marginal credit. Buy what I need while paying the loan down agressively. Large lump sums here and there. Then one day, get bored with it, and pay it off(hopefully not just before a mortgage because, you might lose 15 points FICO for doing that. ).

So if you are good financially but have weak credit AND you are good with money, then you can 'win' with them. Fast in, fast out, like a bank robbery. However, if you weak financially AND credit weak too, be VERY careful. I'd NOT recommend them at all to a person like that.

I don't care what your profile however, NOBODY should be doing a full term loan with them. Paying all that interest? Nope! So in short, only people who can cut term in half or more should even consider One Main and even those who can should shop around. So they worked for me, but I consider them a SERIOUS threat to the finances of the vulnerable.

Re: One Main Financial?

TheRedHat — Sat, 22 Jan 2022 01:47:32 GMT

I used a loan from a company similar to One Main Financial. As soon as my credit improved, I refinanced with a credit union as fast as I possibly could. Avoid at all costs if you can.

Edit: Since these are the myFICO forums, I can go into more detail. The company gave me a loan at 28% interest with a $600 origination fee. Fast forward a year later, a credit union gave me a loan at 7.5% interest with no origination fee.

Re: One Main Financial?

SouthJamaica — Sat, 22 Jan 2022 02:48:19 GMT

@firemartinez1980 wrote:
I am in a position where I don't need a loan, but it would be nice so that I can complete home renovations I have going on. I am only looking for around $7000 and keep getting these emails and regular mail offers for One Main Financial.

Has anyone used them? Pros and Cons?

Thanks!

Since you don't need a loan, don't get a loan.

I would stay away from loans altogether for something like that, but if you want a loan you should go to a credit union. They have the best rates and their loans are not counted as "consumer finance accounts". Also, some credit unions might offer a credit card with a promo interest rate.

One Main Financial

britt585 — Wed, 16 Feb 2022 15:11:57 GMT

Good morning...Anywho have any experience with One Main Financial? Please share