cancel
Showing results for 
Search instead for 
Did you mean: 

One Main Financial installment

RaiseMyFicoScore
Valued Member

One Main Financial installment

Does anyone have any experience with One Main Financial?

I have a few installment loans that I would like to pay off. If I could get one loan to pay them off, it would be great.

Any feedback?
Starting Scores
September 2017
Equifax 543
Trans Union 548
Experian 545
February 2018
Equifax 596
Trans Union 589
Experian 575
Message 1 of 10
9 REPLIES 9
Revelate
Moderator Emeritus

Re: One Main Financial installment

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.

 




        
Message 2 of 10
Hanshi
Contributor

Re: One Main Financial installment

They are Bloodsuckers and besides the large APRs you will get a sizeable loan origination fee at closing.  Run don't look back!

Message 3 of 10
RaiseMyFicoScore
Valued Member

Re: One Main Financial installment

Thank you for the heads up!
Starting Scores
September 2017
Equifax 543
Trans Union 548
Experian 545
February 2018
Equifax 596
Trans Union 589
Experian 575
Message 4 of 10
ebruno6869
Valued Member

Re: One Main Financial installment

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!

Starting Score: 677
Current Score: 729
Goal Score: 750


Take the myFICO Fitness Challenge
Message 5 of 10
kilroy8
Super Contributor

Re: One Main Financial installment

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.

Message 6 of 10
RaiseMyFicoScore
Valued Member

Re: One Main Financial installment

Wow, so double the original loan amount? That is really outrageous.
Starting Scores
September 2017
Equifax 543
Trans Union 548
Experian 545
February 2018
Equifax 596
Trans Union 589
Experian 575
Message 7 of 10
RaiseMyFicoScore
Valued Member

Re: One Main Financial installment

Wow, so double the original loan amount? That is really outrageous.
Starting Scores
September 2017
Equifax 543
Trans Union 548
Experian 545
February 2018
Equifax 596
Trans Union 589
Experian 575
Message 8 of 10
ebruno6869
Valued Member

Re: One Main Financial installment


@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!

Starting Score: 677
Current Score: 729
Goal Score: 750


Take the myFICO Fitness Challenge
Message 9 of 10
RaiseMyFicoScore
Valued Member

Re: One Main Financial installment

We all are. Best of luck to you!
Starting Scores
September 2017
Equifax 543
Trans Union 548
Experian 545
February 2018
Equifax 596
Trans Union 589
Experian 575
Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.