Onemain Financial - They are horrible.
I am having a similar experience.I recieved a pre-qualification letter.
I applied online for the $7000.00 it said I was prequliaifed for. I then recieved a response that said very clearly that I was approved for a $4100.00 unsecured loan or a $7000.00 secured loan. It said to go to the local branch with my income verification to finalize the paperwork. Before I got the chance to do that, I recieved a phone call from the local branch asking me to answer a few questions before I "waste my time" coming in.
I was confused by that statement because I had already completed an application and told I was approved. He asked the source of my income, and I explained that I recieve SSD and am also self employed as a part time babysitter. I started to tell him I can provide my tax returns showing my self employment income, he said, "it's highly unlikely that you will be able to verify babysitting income so I doubt you will be approved." I explained that I have my award letters from social security and my tax returns showing my self employment income. He then started asking for my monthly expenses, such as rent and car insurance.
He then said, your monthly expenses are higher than your income and we can't give you a loan. I asked for his supervisor. She was very nasty and said that he was correct. I told her my monthly expenses only add up to $1010.00 including credit card payments and car loan and my income is $2600.00/ month.
They then tried to tell me that it was because I pay $500.00 in student loans each month and I explained that that was incorrect and those loans were closed. They refused to recheck for the errors they made in reading my report. I contacted the executive offices and explained my issues. The person I spoke to told me she was going to look into it.
She called me to say that I don't qualify because my disposable income, after my bills and the loan payment has to be more than 500. When I explained to her that my disposable income after everything including the $165/month loan payment would be $600.00. She said not according to my credit report. I told her I was looking at my credit report and want to know where they were getting their numbers.
I proved they had listed monthly expenses from closed accounts. She said she would check into it again. She then called me to tell me that I didn't qualify because my net self employment income that I listed only made my total income $2554.58 and not $2600.00 I put on application so I was not actually qualified. I asked her how she came to that number since my actual net monthly income that I verified was 2683.50.
She said the branch calculated my income using the net income from my schedule C. I told her that I was looking at my schedule C and it showed the amount I stated and not the amount they put down. She said if I emailed her my schedule C and it had the amount I stated, I should qualify. I did that.
Then she called again today saying that they deducted the self employment tax I have to pay on my tax return from my net income. I explained that I do not pay 1547 in self employment tax. I only pay 50% of that and that she told me something totally different yesterday because my net income on my tax return is the gross not net income and how can they arbitrarily change it to an incorrect number. She said she made a mistake the day before and the supervisor at the branch explained why they did it and so I can't have the loan because they did it.
I said that was wrong and that my tax documents prove they are wrong but she said that the decision is final. Basically, every time I proved them wrong, they found a way to manipulate things to say they were right.
However, after I pointed out to her that I am being discriminated against and will not hesitate to file a formal complaint, she agreed to take another look at my entire file and check for the errors.Still waiting for her response.
Review about: Onemain Financial Loan.
Reason of review: Order processing issue.