OneMain Financial - Buyer Beware
5 comments
Do not use this company. They sell you insurance that they include on the loan balance and if you cancel it, they charge you for it again, then credit the refund to the account so you get no credit back and they still get all their money.
Also, the pre-computed interest should be illegal. I got an emergency loan for $4800 and even though I will pay it off in less than 30 days, i still have to pay $7300 which includes the full interest had i kept the loan for the full term.
This comes to a ridiculous 15,300% APR. They are ripping people off and making big bucks.
Reason of review: Problems with payment.
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I'm man enough to admit when I am wrong. Got things figured out with them, and despite the paperwork inferring otherwise, I did not have to pay the full interest when i paid it off, in fact it was a very small amount of which i was pleasantly surprised.
They also explained the 'double charge' on the insurance which turns out they actually have not received. I should be getting checks for both of those.
So it's 673% APR. Still an absolutely ridiculous number.
You clearly don't know what you're talking about! APR is NOT COMPUTED the way you multiplied!
Secondly, the option to buy or decline the insurance is given at contract signing time. Nobody forces you o take it and no, I don't work for them!
Every post you make says you don't work for them, but clearly you do and try to demean and belittle your customers. Real Nice.
Regardless if my calculation is correct or not, $2600 interest on a $4700 loan for 30 days is beyond ridiculous and that is the point, troll.
Also, I could give a *** less whether I could have declined insurance at the time of signing. In the contract, you have the option of cancelling within 30 days and get a credit on your account.
I did that and they charged me a 2nd time for the insurance before giving the credit, so effectively I got no credit at all. That is the issue here, not the fact that I purchased it, nice deflection attempt.
"Also, I could give a *** less whether "
You could have also declined the loan. You made a mess of your credit for whatever reason and had to crawl to these people for money.
If you can type you can read. You should have read what you signed. If you did, be an adult and accept the consequences of your actions.
"Every post you make says you don't work for them"
This is now the standard disclaimer for anyone who dares express logical view points and points out your failures.
"You must work for them" is the first thing turkeys say when they can't own their own actions.