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One Main Financial?

firemartinez1980
Regular Contributor

One Main Financial?

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!

Message 1 of 11
10 REPLIES 10
Jnbmom
Community Leader
Senior Contributor

Re: One Main Financial?


@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 

EXP 758 TU 783 EQ 729
Message 2 of 11
Dumbee
Established Contributor

Re: One Main Financial?

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


Smiley Embarassed
Personal/40.15K Biz/23K POT/17K
Message 3 of 11
rgninja
Regular Contributor

Re: One Main Financial?

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. 


Moving away from big banks and building my credit union relationships
Message 4 of 11
joltdude
Community Leader
Senior Contributor

Re: One Main Financial?

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

 

Message 5 of 11
tcbofade
Super Contributor

Re: One Main Financial?

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

 

Avoid them if you can.

 

 



04/01/21 Fico 8: EX 723, EQ 745, TU 750.
04/03/21 Fico 9: EX 714, EQ 724, TU No idea.

Zero percent financing is where the devil lives...

Firmly in the garden since 13 February, 2021 until whatever comes next. Smiley Happy
Message 6 of 11
Dinosaur
Moderator Emeritus

Re: One Main Financial?


@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.

Starting Score: 300
Current Score: 850
Goal Score: 850


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Message 7 of 11
IOBA
Senior Contributor

Re: One Main Financial?

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.  

Message 8 of 11
Dinosaur
Moderator Emeritus

Re: One Main Financial?


@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"?!

Starting Score: 300
Current Score: 850
Goal Score: 850


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Message 9 of 11
SweetCreditObsession
Established Contributor

Re: One Main Financial?

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.



EX: 719 (+56)| TU: 741 (+81)| EQ: 747 (+102)| TU Fico 9: 704

Next Goal: Min. 740 w/all CRAs

Subsequent Goal(s): Min. 760 w/all CRA & Chase FU

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Message 10 of 11
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