One Main Financial - Predatory lending at its finest! OneMain Financial

Issue not resolved
Aug 03, 2011
review #253162

Yesterday, we went to the OneMain Financial office in Lilburn, GA to apply for a $6500.00 loan.After spending 2 hours with a loan officer, we were approved for a $10,000.00 loan.

We told her we didn't need that much and decided on borrowing $7500.00 to pay off our car and a few other small bills and ultimately reduce our monthly expenses. The interest rate was a bit high (21.70%) along with the payment amount we were quoted ($347) which was more than our already $325 monthly car payment. At this point I was a little leary but willing to negotiate even though we had explained we wanted to keep our payment between $200 - $250. We discussed changing the term of the loan from 48 months to 60 months to lower the payment to $285, a more reasonable amount.

Since we mentioned paying off our car as one of the reasons for applying for the loan, our loan officer immediately contacted the Auto Finance company telling them that OneMain would be paying off the loan. She also contacted our insurance company to request they be named as the payee and asking for verification to be faxed to her. This before we had signed even the first document. At this point we had nothing in writing showing us their offer and nothing was explained before beginning the process of changing over our existing car loan.

After our loan officer verified all of our information, we returned to the branch this afternoon to sign the paperwork and finalize the loan. As soon as we walked in the door, our agent asked the manager to begin taking pictures of our car (since it would be collateral). WE STILL HAVEN'T SIGNED ANYTHING OR SEEN ANYTHING IN WRITING!!! We stopped them so that we could ask questions and begin to verify the information we had been given the day before (we had been taking notes) and that's when things begin to change.

We verified our interest rate and that's when I was given the actual APR percentage of 23.99%. She had made no mention of it before. We discussed their 14-day return guarantee and we told that we could bring back the check we were given without it being deposited and it would be like the loan had never happened. The manager was brought into the conversation since our agent couldn't answer when we asked what would happen to the amount that was paid to our original auto finance company and to our car title.

The manager said he didn't know since it hadn't happened before but he imagined the car company wouldn't give a refund. Our loan officer now hands us the first thing she wants signed, authorization to claim the title of our car. We asked her when she was going to print our loan papers so that we could look at everything in writing and make sure we agreed to all the terms and the payment before we began signing. She told us that she wouldn't print the paperwork until she got to that step in the process.

Again verifying the payment she quoted, we were told our total monthly payment would be $245. We were very happy. This payment would ensure that we were well able to meet the obligation. At this point, we are ready to start signing.

We were happy with the terms even though the rate was a little high and they would have the car as collateral. We were then offered loan insurance and after listening to our agent's pitch, we declined the insurance. Now the manager steps in and begins to try to sell us on the loan insurance. We explained that we felt we were well enough protected through other means (Worker's Comp, Full Coverage Car Insurance, Homeowner's Insurance, etc.).

The manager then says that 48 months is too long of a term and we make him nervous (because we were not spending $30-$50 extra per month in unnecessary insurance). He them told us that he would have to decrease our term to 36 months, increasing our monthly payment to $297. We stepped outside to discuss it privately. When we came back in to explain that we weren't going to take the loan, the tone changed.

Our loan officer was told to take care of us since our home mortgage is held by the same parent company. We sat back down and again began the process of signing the paperwork since he had now agreed to $245 for 48 months. Our agent asks us for a voided check to set up AutoPay which she had never mentioned to this point. I asked about the payment due date and was told it was due on the 3rd of every month.

We inquired about a due date near the 28th and was told by the manager that the date was not flexible and MUST be 30 days from the date of the loan signing, he went on to say that he didn't have a due date around the 28th. The website clearly states that you can choose a "convenient" due date. That's when the manager again stated we were making him really nervous. At that point, we declined the loan and left the branch.

WE feel like the manager was trying to force us into a monthly payment we couldn't afford or weren't comfortable with.

The purpose of the loan was to consolidate a few bills and end up with a lower monthly payment.We were happy with the terms of the loan before we were offered the insurance and the terms were changed when we declined.

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7 hours ago Gulou, Fujian

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0 0 Reply
not so fast there sparky

Nov 12 Palmdale, California

holy ripoff Batman. These lenders take advantage of people with lousy credit and bury them in debt . Banks have better deals but you have to have money in order to get the money. I love it when my bank gets robbed, seems only fair.

0 0 Reply
maxiefinance

Nov 10

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0 0 Reply
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Aug 07

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0 1 Reply
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Jul 27

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0 1 Reply
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Jul 02

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0 2 Reply
mrkianersi

Jul 01

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1 1 Reply
JENNIFER ANDERSON

Jun 27

Hello everyone, My name is Mrs Jennifer Anderson and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $ 100,000 USD to start my life all over as i am a single mum with 4 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Mr Richy Walters, he was the saviour GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $ 100,000 USD and i will advise any one who is in genuine need of a loan to contact Mr.Richy Walters via email at. skypebankloanfirm@gmail.com because he is the most understanding and kind hearted lender.

0 4 Reply
mrkianersi

Jun 19 New York, New York

We have direct providers of Financial Instrument (BG/SBLC) Convert Into Funds Through Your Bank. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges, Real Estate and all kind of projects. We do not have any broker chain in our offer neither do we get involved in chauffer driven offers. We deliver with time and precision as set forth in our agreement. Our terms and Conditions are reasonable, below is our instrument description.
DESCRIPTION OF INSTRUMENTS: 1. Instrument: Bank Guarantee (BG/SBLC) 2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B Euro/USD (Five Billion Euro/USD). 3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or 08:17 3/6 4. Age: One Year, One Day 5. Leasing Price: 5.0% of Face Value plus (0.5+X)% commission fees to brokers. 6. Delivery: Bank to Bank SWIFT. 7.Payment: MT-103. 8. Hard Copy: Bonded Courier within 7 banking days.
Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected.
If Interested kindly contact me via Email:~ Mr. Kianersi........ Email: (bgsblc.kianersi@gmail.com)
Looking Towards Your Response Soonest,
Best Regards. Kianersi

0 2 Reply
Anonymous

May 21 Payson, Arizona

one main financial as you might know changed its name from citi financial... well my wife and I fresh out of the military and hurting for money went to them as well. they immediately approved us for 10,000 dollars witch we of course were excited about, majority of this went directly to overdue accounts we had and some catch up money went to us. The same 23% apr applied to us, alittle high but with our credit we could not complain. Now skip to the end....every time we were tight for a month they would very helpfully defer a payment helping us to catch up....well after 9 years....yes 9yrs I was still paying on this 10 thousand dollar loan, I demanded a ledger of payments made/interest accrued and so on, they gave me a ledger only 3 or so years old and appeared to be a new loan. I STILL OWED THEM 10,000 DOLLARS. more fighting and I was able to get more documentation as It turned out the agents kept re-writing the loan over and over and there were also periods when the principle lowered and it would magically jump back up to the 10k mark. Well after 9 year ive calculated weve paid this company aprox 23,000 on a 10,000 loan.....Im done.....

2 0 Reply
Anonymous

Apr 29

these people are so pushy!!! they are so desperate for customers.

1 0 Reply
Anonymous

Mar 23

ROTFLMHO :grin because this is what OneMain is all about. They say they don't pressure employees to sell insurance well oh yes they do, we are wrote up if we don't get to a certain percent on Insurance, It was overheard that we as employees are paid well enough that the insurance sells don't affect us well yes it does if goals are met no bonus for us but pressured everything about OneMain is pressure and I didn't see where this couple was told what payment was with and with out insurance. We are not allowed to have due dates pasted the 20th.

0 0 Reply
bbutty

Feb 14

We are direct provider for BG/SBLC specifically for lease, at leasing price of (5.0 +2)% of face value, Issuance by HSBC Bank London , Barclays Bank London , Deutsche Bank, BNP Paribas, & AAA Rated Banks in Europe, Middle East or USA.
Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding
All relevant business information will be provided upon request.
If Interested kindly contact me via Email:~
Mr. Bernard butty
Email: leasebutty.bg@gmail.com Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

1 0 Reply
Mrs Mary Smith

Mar 08

Hello beloved people
I am Mary Smith am writing this letter because am really grateful for what Mrs Clara Morgan did for me and my family, when i thought there was no hope she came and make my family feel alive again by leading us loan of low interest rate of 2% i never thought that there are still genuine loan lenders in the Net but to my surprise i got my loan without wasting much time so if you are out there looking for a loan of any amount i would like you to email VIA (clara_morgan@outlook.com) i wish you all success
thanks
Mrs Mary Smith

0 1 Reply
Cautious

Feb 08

Please people do not borrow any money from One Main Financial they are thieves even if you are ahead of the payment you still have to pay every month or else when you start giving the payment everything goes it the interest and nothing goes to principal. They are money hungry they should be taken out of business!!!!!! N

0 0 Reply
She Wolf

Mar 27

I agree but why isn't anything being done to shut this company down?
One Main are dirty little parasites who feed off people who are down
on their luck.It makes me sick knowing that they are taken average of
people who need a little help that totally sucks.

0 0 Reply
MoneyBags

Jul 27

I've used Onemain financial twice to borrow $6,000 each time. All together I paid $1300 to borrow $12,000 when I really needed it. Since I paid the balances in full no later than a year on a five year loan it was easy and convenient, it worked for me. That said if you plan on paying for the full five years there's no doubt about it, you are getting screwed, but who's fault is that? Name one place that will lend ppl money with bad credit at a low interest rate. There are no options besides just not borrowing from any financial lenders...or you can tighten your budget and prepare for a loan you'll wish you didn't take out 4 years ago and a monthly payment you most likely still can't afford.

0 0 Reply
Anonymous

Jan 29

Sounds like as the customer they offered you SEVERAL options and the lower rate is based upon the higher loan which you declined . I agree they should have been a bit more clear but knowing the process when I apply for a loan things are gone over VERY clearly before I sign anything . If you were doing a bill consolidation and especially if you told the loan officer what you wanted to pay off then she did her due dilligence in getting payoffs ect. There was basically NO monetary loss on your part so heres the deal if you dont like the loan dont take it but no need to get mad that you didn't like what they offered it seems to me that if you had such great credit you would have went to a bank instead of a loan company just saying .

2 2 Reply

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