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I received a letter in the mail for a pre-approval of $4,600.
I wanted a personal loan to improve my credit mix, and to pay off a couple old debts.
In fact, I didn't even want to borrow that much, so when I filled out the pre-approval, I put $1,500.
I was approved, and was told to take some stuff to the local branch, which I did.
I owned a small business most of last year and the year before, and had reported income of 68,000 dollars.
I showed them pages of transactions coming from paypal, my bank, my tax returns, etc.
They said unless I had a paycheck stub, I was SOL.
I asked them how can they approve me online and deny me in branch? They said all approvals are "subject to approval by the manager".
What a load! You can't approve someone and then go "oops my bad".
They also said the required documents shown online aren't what every branch requires.
I've never seen a loan company require so much information.
I don't have proof of this but some people have posted that One Main Financial may report as a "consumer finance company" which will HURT your FICO scores because that's how payday loans report, too.
Payday loans report on major credit reports?
One Main is the old Citifinancial rebranded (they even occupy the same storefronts in my town where Citifinancial used to be). I got personal loans from them twice, in 1997 and 2008, and ended up regretting it both times. They're a bit dressier than bottom-of-the-barrel payday and title loan joints but they work on the same basic principle, and I'm never going back to them again if I can avoid it. If you need a personal loan, go to a reputable credit union.
I cannot wait to either refinance this loan and get away from them, or pay it off. Never again.
They are truly half a step away from payday loans. And they think everyone is stupid. No lady, I created an amoritization schedule for this loan when I took it out. I know what I'm talking about, YOU have no clue what you're talking about.
@MrTom wrote:Payday loans report on major credit reports?
No they dont....