One Main Financial

[Anonymous]

Anyone familiar with this company or that can give me some advise, I really need some help.

My mother went to apply for a loan, not knowing this company is short of a payday loan, extremely high interest rate.  She signed the loan but after getting home and really looking at how much she was going to end up paying she inmediatly regreted it.  She is going right back to the office to tell them she cant afford it. she didnt cash the checks or anything.

my questions are, is there a grace period for you to change your mind on these type of loans? I dont want her to get stuck with this, what can we do?

I know, very foolish of her but I really need some helpful advice.

Thanks!!

[Anonymous]

As long as she returns the check she should be ok.

[Anonymous]

this happened just a few hours ago, she has not cash anything and is going back, am just wondering if they can tell her no its too late or if she is able to cancel?

[Anonymous]

I would think if she changed her mind it would be alright.

I couldn't find anything on their website covering that.

[Anonymous]

Thanks!! I was really worried, she went back and told them it was too much and she changed her mind.  The took the paperwork and ripped up the checks and told her that was all.  Hopefully no issues comes from it.

Thanks again

[Anonymous]

Good.

[RobertEG]

I see it as a contract wherein she agreed to terms of repayment of $$ received, and they agreed to the loan, and offered the funds.

I dont see execution of the initial agreement by both parties until she has possession of the funds.

A contract would not exist if nothing of value was actually exchanged. 

So far, they have not paid her anything until the check is deposited.  Ergo, no enforceable contract.

[azguy13]

I'm glad they didn't try and lie to her. I guess that is the only difference between them and a payday loan

[tld409]

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@azguy13 wrote:

I'm glad they didn't try and lie to her. I guess that is the only difference between them and a payday loan

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I had 2 loans with this company and although the interest was extremely high, I had no complaints with how they conducted their business. They do have a 14 day  no questions asked return policy. This information is on their website as well.  As my credit improved, I was actually able to balance tx my last loan with them to a credit union with no problems at all or hassle.