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I acquired a Home Equity Line Of Credit from a lender in 2006. Shortly after, that was transferred to SpringLeaf which is now OneMain. Right there that should tell you something. Reputable lenders generally don't change names. Regardless, OneMain was now servicing my HELOC.

The original loan amount was $110,000. The draw period came and went. I've been paying just short of a $1000 a month on this loan since 2006. As I write this it is 2018 and the balance due on my loan is 102,000. In 12 years time, their claim is that I've only managed to pay off $8,000 worth of principle on a $110,000 loan. At that rate it would take me roughly 153 years to pay this balance off.

When the loan originated with the other company it had a 9% interest rate on it. When OneMain took it over that rate ballooned up to nearly 20% and they made all kinds of excuses about the interest rate being based off my credit rating. On top of that, good luck trying to speak to a human when you call their number. Their customer service sucks horribly.

Whatever you do, avoid OneMain and other lenders of this type at all costs. I've since refinanced and paid off OneMain to get out from under them.

Product or Service Mentioned: Onemain Financial Account.

Location: Palmdale, California

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So you didn't look at what you signed(and kept copies)when you took out this note? If you did and it didn't include provisions for such a jump in interest rates, take them to court. If you didn't read what you signed and it's in there, thanks for the warning and be well.

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