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DO NOT GET A LOAN FROM ONE MAIN FINANCIAL

Cleaningitup2016
Frequent Contributor

DO NOT GET A LOAN FROM ONE MAIN FINANCIAL

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.

 

 

 

 

 

 

 

 

Credit Card companies have a name for those who pay their bill in full each month: Deadbeats
Message 1 of 8
7 REPLIES 7
ABCD2199
Senior Contributor

Re: DO NOT GET A LOAN FROM ONE MAIN FINANCIAL

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.

Message 2 of 8
cr3dit5hark
Frequent Contributor

Re: DO NOT GET A LOAN FROM ONE MAIN FINANCIAL

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!
Starting Score: EQ 606 TU 623 EX 598 - April 17'
Current Score: EQ 644 TU 664 EX 667 - May 18’'
Goal Score: EX 750 TU 750 EX 750


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Message 3 of 8
MrTom
Frequent Contributor

Re: DO NOT GET A LOAN FROM ONE MAIN FINANCIAL

Payday loans report on major credit reports?




Starting Score: May 23, 2016 EQ 537 TU 518 EX 548
Recent Scores: May 04 2018 EQ 724 TU 713 EX 722
Goal Score: 720
Current Vantage 3.0: 785
Mortgage Scores August 18 2017: EQ5 684 TU4 692 EX2 690
Message 4 of 8
Tider
Established Member

Re: DO NOT GET A LOAN FROM ONE MAIN FINANCIAL

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.
Message 5 of 8
joe8185
Valued Contributor

Re: DO NOT GET A LOAN FROM ONE MAIN FINANCIAL

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.

Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO:TU 680 FICO 8 (3/2/19) or 687 FICO 9/EX 694 FICO 8/EQ 685 FICO 8 or 674 FICO 9 (NFCU 3/3/19), VS 3.0 10/17/18: TU 702/EX 699/EQ 698. $92.9k revolving credit as of 1/31/19; $1K NFCU cashRewards Visa, $2K BJ's Perks MC, $5.1k Discover It #1, $6.5k Discover It #2 (new 3/12/18), $3.5k Petal Visa, $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $6k Walmart Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $11.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening: 3 months, 19 days as of 1/31/19. 24 HP inqs total as of 10/12/18: 10 TU, 9 EQ, 5 EX (about half over 1 year old).
Message 6 of 8
MrsCHX
Valued Contributor

Re: DO NOT GET A LOAN FROM ONE MAIN FINANCIAL

 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. 

11/2017: EX 704 | TU 720 | EQ 672 -- Starting (2/2016): 630 | 620 | 580 -- INQs: 17 | 26 | 28 (last 6 months: 5 | 2 | 6)
AMEX Delta: $10k, Marvel: $8k, Discover IT: $7.2k, AMEX BCE: $6k, Target MC: $5k, PayPal 2%: $8k, CO QS: $2.6k, Merrick: $1.6k, Barclay's NFL Rewards: $1k, CO BuyPower: $500. And a mix of well-loved store cards.
Message 7 of 8
doinit1
Valued Contributor

Re: DO NOT GET A LOAN FROM ONE MAIN FINANCIAL


@MrTom wrote:

Payday loans report on major credit reports?


No they dont....

American Express Business Gold(NPSL 10k) Chase CSP (25k) BofA CR Siggy (20.8k) BofA BBR (22.1k) Amex BCP(4.1k) Overstock (21.1K) Lowes (17K) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (15k) J Crew( 11.9k)Venture WMC (10.25k) Amex Everyday (1k) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Discover(4.5k☝️) PayPal Cashback Mastercard (8k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (9.5K) Citi Double Cash (8.5k) Fidelity® Rewards Visa Signature® Card (6.5K) PenFed PCR (5K) PayPal Credit (4550)Discover (500✌️) Kohls (3k) Chase Freedom (1500)

Mortgage May 2017 - 2 auto loans (1 PenFed and 1 Navy) Aug 2018=98K
Gardening until June 2021

FICO 8 Scores EX 700 EQ 696 TU 703
AAOA 5.2yrs TCL=268,700
Message 8 of 8
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