DO NOT GET A LOAN FROM ONE MAIN FINANCIAL

[Cleaningitup2016]

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.

[ABCD2199]

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.

[cr3dit5hark]

My wife has a loan through them and I do remember that they wanted a bunch of information from her on income.

We are close to paying it off and then will never do business with them again!

[MrTom]

Payday loans report on major credit reports?

[Tider]

Companies like One Main look more at your ability to repay than credit scores. They will finance just about anyone. Income is much more a factor than your past credit. I put them in the same bucket as a title, payday and buy here pay here loan companies. I was a general manager of a dealership for 4 years. Our goal was repeat customers because we knew what we were dealing with payment wise. They are all credit traps and I highly suggest staying far far away. They are not there to help you rebuild. They prefer your credit to stay where it is so they can keep you as a customer.

[joe8185]

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.

[MrsCHX]

 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. 

[doinit1]

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@MrTom wrote:

Payday loans report on major credit reports?

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No they dont....