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Update by user Sep 01, 2015

The bold miscellaneous is requested payoff amounts. The original full payoff amount was $11,522

Original review posted by user Sep 01, 2015

I got a loan in 2013 from One Main for $8,499.96. Never missed a payment of $276.25 for two years and checked my balance online and it showed I still owed $6,851.

In all I paid $6,630 within those two years and by the time I pay everything off the total amount repaid will be close to $16,000. When I fist got the loan I was led to believe the amount being paid back wouldn't exceed over $11,000.

Called for a payoff balance and it was $6801 with the $6,630 already paid. How they can get away with this is unacceptable and something should be done.

Product or Service Mentioned: Onemain Financial Loan.

Reason of review: Problems with payment.

Monetary Loss: $6000.

Preferred solution: Let the company propose a solution.

OneMain Financial Pros: Friendly local office.

OneMain Financial Cons: Misleading payments.

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Anonymous
#1704034

They quickly scim over the truth in lending page which tells you how much in total you pay back. They wait until the last minute to tell you the interest rate.

It is a tactic they use after congratulating you on the loan and telling you the wonderful things you can now do. Take a vacation etc. I signed the papers received the loan and quickly realized what an idiot I was. How desperate I was to borrow $8800 and pay back $19,000.

Lesson learned. I refinanced after one year with my credit union who urged their members to avoid these loans at all cost.

Its a debt trap. Please read my statement and think hard before taking these 30% interest rate loans.

Anonymous
to Anonymous #1704038

Also, check your FICO score and shop around. Do not rely on Credit Karma.

They have a relationship with One Main so all negative reviews are deleted. Turns out I had average credit, and they still categorized me as poor bad high risk and offered me 30% interest. When I refinanced a year later, my score had not changed much and my credit union offered me 9.5%. So basically, One Main advertises 15% to 35%, but in reality you will get the highest rate regardless of your score.

They will tell you thats the best they can do. Note: Your Credit Karma score is not same as FICO. My FICO was 710 and after requesting my loan docs it was clearly in the paperwork. Another stupid mistake I made was letting them quickly scim over the docs.

My fault. My stupidity. Please learn from my mistakes and educate yourselves on financial literacy. Know your FICO!

Shop around! Dont do it!!

Anonymous
to Anonymous #1706473

Awesome Awesome post on WHAT NOT TO DO if you know how to handle your finances. 1-Read & Understand anything before signing What is #2?

There is no #2 IF you do #1.

If you don't, do not come here or anywhere else whining about the high interest rates YOU practically begged for. Thanks again for the awesome post.

Anonymous
#1685527

You were "led to believe"??? Did you even bother to read the contract which would have told you exactly what the total was provided you made on time payments?

Anonymous
#1550107

loan sharks man they constantly send me offers in the mail i dont even open them up i throw them straight in the garbage. they charge you 30 to 35% interest back on whatever you borrow.

*** you defenitly probably be better off going to a loan shark. freakin scavengers. probably those so called indians that are not even indians yeah do not ever borrow anything from those fake people i was gonna borrow 250 from some indian ran reservation finanance company and it was going to cost 2000 to pay back in 12 months.

how the *** is it legal for them to do that i understand there reservation is a sovereign nation how the *** do they havethe right to bother us white and black folks with there *** last time i checked i dont live anywhere near a reservation redman! and whats bad {{REDACTED}}

Anonymous
#1329384

*** liars !!!!! Someone will get hurt soon ..

it's all fun and games taking people for a scam and tricking them into this lease at high interest rates.

Until someone walks in that office angry ! Dangerous games

Anonymous
#1037154

Sucks this happened to you, I went through something similar when I was younger and more naive, but honestly One Main states...in their very fine print..the interest is over 300% of the loan. It sucks, but they are in business because of that reason.

They prey on people's hardships..and sometimes they need it so they don't pay attention.

Your statements clearly show over 60% of your payment goes to interest. They didn't deceive you, it just sucks!

Anonymous
to Anonymous #1357634

Sucks that people can't or won't read what they signed. I signed up for one of those loans.

I read it out and did the math.

I knew it as a sucky solution at the time.

What I did was pay on time, didn't play games with them and got rid of this note within the time I agreed on.

I called for a payoff, asked for an email/letter to be sent telling me what I had to pay off and how long the letter was good for.

That's it, I didn't cry about outrageous interest, I'm a grown up. That cute girl while shoving up her cleavagae for the upsells on insurance and such didn't hold a gun to my head and made me an offer I can't refuse.

If you're out here thinking about a loan from this outfit or any other one that will service someone with poor credit there is something to remember. The money is expensive.

You will pay more than you borrowed. Do not sign if: You don't understand the loan You're not ready to pay it back You're not ready to feel violated by interest IF you can, go home, wait a day or two, think on options to avoid these expensive loans.

Anonymous
to Anonymous #1390980

Exactly

Anonymous
to Anonymous #1530827

Exactly

Anonymous
to Anonymous #1625837

I hear you I have a bridge crest loan I always made my payments on time and full amount up until September when I lost my extra income so some months I pay the 219 done times 190 etc then I get calls all the time your past due and they add all the interest to the balance which adds up I feel your doing your best under the circumstances and should work with you and have a hardship program never again I’d work with them

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