One Main Financial loan post BK-7 discharge

[Anonymous]

I am two weeks post BK7 discharge. Considering getting a loan through one main financial

however in the past, I seem to have remembered someone mentioning you don't want lending from companies to have the word financial and their letterhead or something of that nature..

Can anyone shed any light on that?

[anniea4001]

I took a loan with them a few years ago. What I can tell you is, be prepared for high interest rates and a chuck on your "apporved loan amount" to be taken off right of the bat as thie "fee" for issuing the loan. 

Also get ready for weekly or by-weekly calls offering you more money even if you decline every single time and ask them to stop calling about that. One day I did not answer and they had the audacity to call one of the people I listed as a reference... Will never do business with them again. 

[pizza1]

Why are you needing a loan 2 weeks post BK DC? Do you not have a school/auto/ Mortgage loan reporting? If so, you dont need another loan just for reporting purposes.

One Main Financial is considered a "finance company" on your reports.

[FinStar]

@Anonymousas mentioned upthread, you definitely want to be strategic with any lending options post-BK (depending on what's available for your situation) so they don't impact your profile in the future.  One Main Financial is particularly known for reporting their loans as Consumer Finance Accounts (CFAs) which can sometimes drag scores and/or yield negative scoring factors on your CRs.  I would try to avoid them if you can.

[kittycreditmeow]

I had a one main financial loan many years ago. It's not the worst place to get a loan from but it's not the best. I would say only jump in the water with them if you absolutely need the money and you can't get one from a credit union. And definitely make sure your payments are more than the minimum. I'm not sure how much they've changed over the years but my loan was for $5000 and the payments were $169 a month. I only ever paid the minimum and hardly put a dent in it. Most of the payment amount was going to interest. After two years of paying on it, I think I still owed $3400. Eventually I burned them and put them in my bankruptcy. 

Also I wonder if your referring to the post about CF reporting on credit reports. Like would One main Financial would report as a consumer financial loan? I'm not sure.

[Anonymous514]

Not to be rude but if you just got BK7 Discharge you should not be taking out any loans but auto. (If Auto is needed) You just got rid of unsecured debt don't go adding more off the bat. Since my bk7 discharge in August 2019 I PIF all my cards and round up my car payments. And now I have a 5k Visa Travel card limit from my CU. DONT DO IT. lol

[Horseshoez]

@Anonymous, are you thinking out a loan as a way of helping recover your credit rating, or do you actually need to take out a loan?  If the former, I would strongly recommend you do a Share Loan or a Credit Builder Loan from a Credit Union; if the latter, at this point, just say, "NO!"