Paying off Daily Simple Interest Loan

[Blakedd91]

When I called them they said they don't do payments towards principal balance only. When I read the fine print on my statement it says for "Principal Only and Special Handling Payments

If you have a special payment, please send or bring your payment to the branch address listed at the top of the prior page special payments include payoff, deferments, post-dated checks, judgments, bankruptcy and principal-only payments. Principal-only payments are only available for interest-bearing accounts". So if this is the case I will just drive 45 minutes to the closest branch and write them a check for $2k of my principal balance only.  I hope this information is helpful for anyone else trying to get out of debt with OneMain financial mistake 🤣. 

[KatzNDawgs]

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@Blakedd91 wrote:

When I called them they said they don't do payments towards principal balance only. When I read the fine print on my statement it says for "Principal Only and Special Handling Payments

If you have a special payment, please send or bring your payment to the branch address listed at the top of the prior page special payments include payoff, deferments, post-dated checks, judgments, bankruptcy and principal-only payments. Principal-only payments are only available for interest-bearing accounts". So if this is the case I will just drive 45 minutes to the closest branch and write them a check for $2k of my principal balance only.  I hope this information is helpful for anyone else trying to get out of debt with OneMain financial mistake 🤣. 

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Oh ouch! But it says "send" payment, so sounds like a mailed check could work, but *only* to the specific branch on your paperwork. They are about as bad as US Bank for snail mail at your branch, it looks like.

[Realist]

Shop the loan around for a refi.  OneMain Financial is a preditory lender, their rates are absurd.  

If it's a necessity to do business with them, then that's fine, but only long enough until you can upgrade to something better.  Credit unions are going to be much more forgiving, even if they are high for subprime.  It'll likely still be much better in rate.

[Blakedd91]

An update for everyone stuck with OneMain financial. THEY WILL DO principal balance only payments. But you need to have made your monthly payment for that month first then you can do principal balance only payments over the phone with your debit card, or you can send them a check. But if you pay online it won't go to principal balance only. I read the fine print on my statement after seeing $277 of my payments go to interest and only $1.78 towards principal. I have paid back over half my loan in the last few days! If you know anyone stuck with OneMain financial mistake tell them about this because it's helped me get out of the never ending OneMain financial mistake.