When you’re in need of a personal loan, OneMain Financial may be one of the first places you turn. But is OneMain Financial legit? Or is it a scam? In this OneMain Financial review, we’ll take an in-depth look at their services to help you decide if they’re right for you. We’ll also explore some of the complaints that have been lodged against them so that you can make an informed decision before applying for a loan.
OneMain Financial offers personal loans with APRs ranging from 16.05% – to 35.99%. They offer loan amounts of up to $20,000, and you can choose between a variety of repayment terms. OneMain Financial also offers a line of credit, which may be a better option if you need access to funds on an ongoing basis.
OneMain Financial has an A+ rating with the Better Business Bureau (BBB), and they are accredited by the BBB. However, there have been over 700 complaints filed against them in the past three years. The majority of these complaints relate to billing and collections issues. OneMain Financial has responded to some of the complaints that have been filed with the BBB.
If you’re considering taking out a personal loan from OneMain Financial, be sure to do your research and read the fine print carefully. You should also be aware of the complaints that have been filed against them. However, OneMain Financial may still be a good option for you if you need access to funds quickly and have less-than-perfect credit.
OneMain Financial Pros and Cons
OneMain Financial is a personal loan provider that offers loans to consumers with bad or no credit. OneMain has been in business since 1920 and is one of the largest personal loan providers in the United States. OneMain offers unsecured personal loans, secured personal loans, co-sign personal loans, and lines of credit.
OneMain Financial Pros:
- OneMain offers personal loans to consumers with bad or no credit
- OneMain has been in business since 1920
- OneMain offers unsecured personal loans, secured personal loans, co-sign personal loans, and lines of credit.
OneMain Financial Cons:
- Some reviewers have called customer service “rude”
- Some reviewers say it’s difficult to qualify for a loan
- Loans come with high-interest rates and fees
- You may be required to put up collateral for a secured loan
Overall, there are more cons than pros when it comes to OneMain Financial. If you’re considering taking out a loan with OneMain, be sure to weigh the pros and cons carefully before making a decision.
How does OneMain Financial work?
Personal loans from OneMain Financial are expensive. The interest rates are high, and the terms of the loan are often not favorable to the borrower. However, OneMain Financial is one of the few lenders that will work with borrowers who have bad credit. This makes them a good option for those who need a personal loan but may not be able to get one from a traditional lender.
OneMain Financial offers both secured and unsecured personal loans. Secured loans require collateral, such as a car or home equity. Unsecured loans do not require collateral, but they typically have higher interest rates than secured loans. Borrowers should carefully consider their options before taking out a loan from OneMain Financial.
How much does OneMain Financial cost?
Personal loans from OneMain Financial typically have high-interest rates, which can make them quite expensive. The actual cost of a loan will depend on factors like the amount borrowed, the interest rate, and the length of the loan term. However, personal loans from OneMain Financial are generally not a good option for borrowers who are looking for low-cost financing.
If you’re considering taking out a personal loan from OneMain Financial, be sure to compare the costs of other personal loan options before making a decision.
How is OneMain Financial Affect Your Credit?
If you have bad credit, you may be wondering how personal loans from OneMain Financial will affect your credit score. The short answer is: it depends.
If you make your payments on time and in full, your personal loan from OneMain Financial can actually help improve your credit score. That’s because personal loans are installment loans, and making timely payments on installment loans is one of the key factors that go into calculating a good credit score.
However, if you miss payments or make late payments on your personal loan from OneMain Financial, that could negatively impact your credit score. So it’s important to stay on top of your loan payments and make sure you’re making them on time each month.
Overall, personal loans from OneMain Financial can either help or hurt your credit score, depending on how you manage your loan and make your payments. If you’re looking to improve your credit score, be sure to make your payments on time and in full each month. And if you’re struggling to make your payments, reach out to OneMain Financial for help before things get too far behind.
OneMain Financial BBB Reviews:
OneMain Financial has an A+ rating with the Better Business Bureau (BBB), but there are some negative complaints lodged against the company. Some customers report being charged hidden fees, while others say they were misled about the terms of their loans.
Here are some reviews:
Paul W 03/18/2022
Applied online. Was sent an email of approval with different offers. Chose my offer & uploaded the documents & they did a hard pull. They sent me an email saying to call them. So I called & she offered a 60-month loan, when I asked for the 36 mos term on my loan (which was originally offered to me & I chose that one on THEIR website) Now they are saying they ONLY HAVE 60 MONTH LOANS & she says she has never heard of. 36-month loan through them & they only offer 60 months!! WHAT?!?! So they dinged my credit with a hard pull based on a lie of terms that don’t even exist in their products, to get you in the door. All based on false premises. I am going to file a fraud complaint with the bureau for deceptive & fraudulent consumer practices.
Stephania A 03/17/2022
I would never recommend this company, they added on so many premiums that I don’t even remember adding myself also I just paid off my full amount from my loan and when they sent the statement it absolutely made no sense I was supposed to get refunded the amounts I paid for my premiums which they stated I did but nobody can explain the breakdown. I spoke to three different reps, the first hung up on me and the other two literally said they don’t know how to explain this to me so I was supposed to be transferred to a manager or insurance department which took me to voicemail. Nothing about the payoff added up to what the statement said and the fact nobody can explain what I’m being charged for is ridiculous, this was a very unpleasant experience and I would never recommend it.
Devona B 03/16/2022
This is a terrible credit card company. If you have bad credit you can get approved, but they don’t take care of the customers at all. They took payment off of my debit card, then told me the payment didn’t go thru, then when I check my bank I see the payment did. Called back and spoke to a supervisor who told me they couldn’t see it and there was nothing they could do w/o a statement from my bank. Got them the statement, they confirmed they had it and told me it would be fixed. Almost a month later the payment is still not applied, the “back office” who handles the payments is unable to be contacted and won’t contact me and the supervisors continue to tell me, “it will be fixed we just don’t know when”. Unacceptable. Stay away from this company, because even if you are making your payments and making them on time you will still get screwed!!
Is OneMain Financial a legitimate company?
I’m sure you’ve seen the commercials – personal loans from a company that’s been around for over 100 years. But what you may not know is that OneMain Financial has some negative complaints.
So, is OneMain Financial a legitimate company?
Yes, but there are some things you should be aware of before taking out a loan with them. Weigh your options carefully and make sure you can afford the loan before signing on the dotted line. Personal loans from OneMain Financial have high-interest rates, which can make it difficult to pay off your loan.
In addition, the company has been known to aggressively pursue collections, even going so far as to garnish wages.
So if you’re considering a personal loan from OneMain Financial, be sure to do your research and understand the terms of the loan before signing anything.
Have you ever taken out a personal loan from OneMain Financial? How was your experience? Let us know in the comments below! Thanks for reading!