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They're a subprime lender; IIRC interest rates were around 20-30% APR but that may well have changed in the past several years.
It doesn't make financial sense to consolidate loans unless it saves you money: what are the interest rates on your current loans, and if you can't get below them, don't.
They are Bloodsuckers and besides the large APRs you will get a sizeable loan origination fee at closing. Run don't look back!
When I first started on this credit repair journey in late Aug 2017 I consolidated $7,000 in credit card debit using One Main. Now I have that showing on my credit as a $14,000 revolving loan egads! Wish I would have just waited and gained a bit of knowlege first!
One Main def bad news. I finally broke free of them about 4 years ago. They book the loan + interest for the entire term of the loan on day one. Getting them to credit some back with early payoff was impossible.
Run away and don't look back.
@RaiseMyFicoScore wrote:
Wow, so double the original loan amount? That is really outrageous.
Yep a $7000 loan shows as $14000+ on my credit report. Whats worse - I now have credit cards with much lower rates and even 0% for awhile so I could have done a balance transfer and been better off. At least I am learning now!