OneMain Financial, a subsidiary of Citibank Financial, has been a long standing lending company providing customized loans across the nation since 1912. They offer an easy application process which enables you to receive the money the same day.
By customizing loans to each individual’s needs, they are able to structure your loan around a number of different payment options. With fixed interest rates and fixed monthly payments, there are no surprises and unexpected interest rate jumps which are most typically found in other loan companies contracts.
Loans range from $300-$10,000, the amount of the interest rate depends on if you choose an unsecured or secured loan using your car as collateral. The interest rate also depends on your credit score, your payment history and your income. You can apply online or in any one of their branches located across the nation. An unusual benefit of getting a loan from OneMain Financial is the risk free 14-day guarantee they offer; you can cancel you loan, return the money, and not incur penalties for cancelling.
They also offer other services such as hardship assistance programs which pertain to homeowners who are in foreclosure or underwater on their home. OneMain Financial offers loan modifications, short sales, or a deed-in-lieu.
Articles and tools are offered through their site for free. There are financial education articles and financial knowledge articles that discuss topics such as identity theft, credit rights, and tips to get your finances in line. Online calculators are also available, you can plug in your own numbers to determine monthly payments for a loan or calculate payments in the case you decide to pursue debt consolidation.
The recurring theme that has come up in many customer reviews online pertain to OneMain Financial’s unethical business practices. Loans through their company are often accompanied by an extremely high interest rate. The interest rates throughout the country are less than 5%, but they have been applying rates of over 30% to their loans.
Their loan agents have also been leading customers to think they are getting a loan at one interest rate and then turning around and presenting them a much higher interest rate. They feel that once they get a potential customer in the door they are able to play on the fact that these individuals need money and may be in a crunch for time.
OneMain Financial is indeed a part of Citi, aka Citibank; for some reason, the employees deny any connection with Citi. Questioning the truthfulness of their employees/agents regarding one simple question that they are untruthful about should be an indicator that they may be possibly lying about their services as well.
As with any personal loan or any legally binding contract, always review the document from top to bottom, back to front, and confirm that the contract is the same as what you had discussed initially. Check out different companies to see where you can get a better quote and overall better deal. Use all of your resources to make an educated and calculated decision.
Its been a while but at the time of my loan I was told of a lower apr than appeared on the paperwork . Being my on fault for not doing a complete reading and trusting the agaent I was stuck in a loan where imediately after wanting to cancil I was told I could not with out having penalities against me . Almost paid up on this loan and will never ever again use them again.
I was there and the manager is racist and...if that is how one main runs that office you wonder how it all runs... stay away.
I have a very unique experience which I will get in to shortly
First Pros and Cons:
- If you need a loan and you understand what you are signing up for, you are getting exactly what you expect
- The loan is legitimate and they do not frontload the interest as I have seen in other posts
- If your credit is less than stellar, and you are in need of cash, this place may be one of the few options you have
- High interest rates, daily applied and low payments over a long period is very predatory, let me explain:
let's say your loan payment is 200 per months for 60 months at 25% interest, that payment is likely 175 interest and 25 principal at the outset of the loan - choose to pay more than the minimum and don't miss even one payment. let's say you miss one payment , 175 interest tacked on, your next 7 payments will be all interest payments, 25 per month for 7 months to make up for the 175 you lost on one payment. They are praying you miss one payment.
- Customer service is abysmal; associates and branch managers posture way too much and don't know good customer service. They realize that people that come to them for loans are fairly desperate so they think they can act and speak to the customers in a contrite manner, it was a terrible experience.
- The application process is not easy nor short. I was in the office for an 90 minutes waiting on everything, their process is far from streamlined.
- You cannot cancel an auto payment via the web but you can sure as hell set one up.
- No easy way to escalate issues to corporate, the branch members are not willing to help in fear it will reflect badly on them.
- I went to the riverbank, CA branch – I warned you.
Here is my unique situation:
I was approached for a loan increase around the holidays, turns out they had the wrong file, the first two letters of our last name were the same the last three were different, it sounded the same but spelled different. I didn't receive the new loan (thank goodness) but during this process they withheld a payment while the loan was processing (or not processing as it were)
I made a double payment the next month, but they still tacked on the extra interest on their mistake. Now I brought this to their attention and they refused to do anything about it, I escalated to the branch manager and was told I shouldn't have applied for a new loan, I knew the consequences. I asked for a regional director contact and left numerous messages with no call backs. I basically made 6 payments of interest only.
I will never deal with the company again and let everyone know that I can about the predatory practices of this company. I paid off my loan, scraped it up by any means to get out of that hell hole.
I do not recommend this company with any ounce of my being but I understand binds that people get in to and if you choose to move forward with them here are my suggestions:
- Reduce the months on the loan if possible
- Make overpayments regularly, just factor it in when you are calculating the interest, there are plenty of amortization calculators on the web
- NEVER miss a payment!!!!
- NEVER EVER take a deferment, it is the same as missing a payment, the interest compounds!!!
- Never re-write the loan for a new amount!!!
- Pay it off as soon as you are able, this is not a long term instrument, it is a short term emergency, I have nowhere else to go type of loan
I have been with One Main since 2007 they where called Citifinancial at that time . I have been paying a $1406.00 a month mortgage payment at 11.75% . which in short is this $39.00 dollars of that goes towards my home the remaining $1367.00 is interest !! I take full responsability I signed those papers after my husband lost his job after 35 years and we needed help So yes I am aware ,I want to make to keep my home and I work hard but I am and I have been paying for someones salary at One MAIN They are trained not to BUDGE on any negotiating for lower interest rate , modification.Trying to contact anyone other than the Branch office is very very protected and is impossible !!! (after sending out 25 letters to different address in Texas ) making I have been very desperate to find someone to take over my mortgage for several months I came so close 6 months ago but One MAIN WOULD NOT budge on the payoff settlement .Now in my payoff settlement they are asking for almost $5000.00 more than the actual note that I had signed .
They offered me a $5,000 loan with payments of $210/month for 5 years. That's over $12,000. I don't even know what the interest rate on that is, but it's insane. Sadly enough, I seriously considered signing the papers, then thought better of it.
OneMain will not provide mortgage assistance loan modification as a preventive/proactive measure if you tell them you are facing a layoff or your finances will be overextended because your old, old car has quit and you are now having to adjust the budget to include car payments and higher insurance coverage. They require you to wait until you are unemployed or overextended and behind financially before they will do an intake and decide whether to assist you with a loan modification or not. By then your credit rating has been affected, all other payments are behind and the effect of the stress is making you physically ill and depressed. But they will offer to give you a high interest car loan, while you are on your financial descent. When I initially requested a lower interest rate I was told that 'they' were there when I needed them (then it was Citifinancial and my mortgage holder, Saxon, was folding, my credit rating was lower and I was scrambling to get someone to save my mortgage and yes they took it over at 9% and it is not Fannie or Freddie which makes me ineligible for the government assist programs). I was also told to be glad it wasn't a higher rate (he had just closed on an 11%). HE, it turns out, was telling customers that he was the manager but was not. Present management still, is trained to not budge on negotiating a lower interest, even after four years of on-time payments and a higher credit score. Trying to contact anyone higher up is like trying to contact the big giant head of the inner sanctum....very protected. They keep referring you back to the local branch office and will literally hang up on you.