OneMain Financial

Mar 1st, 2024

DO NOT APPLY HERE!! READ BEFORE: TLDR: Lies, takes advantage, goes against FCRA & CFPB Regulations ! I am writing this review to express my extreme disappointment and frustration with my recent experience with One Main Financial. I strongly advise against wasting your time applying for a loan with this company, as they will only lead you on and waste your time without any intention of providing the loan they promise. From the very beginning, their representatives gave me false hope and misled me into believing that I was approved for a loan. They assured me that all the information I provided was sufficient for the underwriters and that I would be approved. However, after submitting all the required documents and waiting for two days, I received a call from Carmen, their representative, just before they were about to close. To my shock, she informed me that my loan had been denied, without providing any valid explanation. I repeatedly asked Carmen for the reasons behind the denial, especially since I had been offered a different loan based on the same information I provided to her. However, she failed to provide any satisfactory answers and seemed completely unaware of the current fair credit reporting act regulations. It is disheartening to see that the supervisors at One Main Financial are also not knowledgeable about these regulations, which are meant to protect consumers. What is even more upsetting is that they do not seem to care about their customers' financial situations, especially during the holiday season. It is distressing to think that lenders like One Main Financial can affect the credit of middle-class individuals through false advertisements and misleading information, all for their own benefit. I even shared with Carmen my recent hardship, which had caused damage to my home. She seemed sympathetic and excited to provide me with a loan, only to deny me after I had gathered all the necessary documentation. It took me three days to understand the issue, and even after explaining that I am an independent contractor with a stable income, they refused to offer me any alternatives or consider a co-signer. They even assured me that my car could be used as collateral, only to later backtrack on that statement. Furthermore, it is unacceptable for a lender to inform a potential customer that their 2022 taxes will not negatively impact their loan approval, only to base their decision solely on those tax returns. It is outrageous that a company with a supposedly reputable reputation would rely on outdated methods of income verification, especially during the Covid pandemic. This practice goes against federal regulations for consumer protection and is incredibly unfair and biased. I am currently working with the Consumer Financial Protection Bureau and a local professional advocate to hold One Main Financial accountable for their non-compliance with FCRA regulations and the damage they have caused to my already existing hardship. Their actions not only violate regulations but also their own terms and conditions. I urge anyone considering One Main Financial to save themselves the trouble and learn from my experience. It is best to go somewhere else for your financial needs where you will be treated fairly and with respect. Happy to answer any and all questions about my experience as i luckily recorded all the interactions via phone with my financial advisor. Please, learn from me. Do not fall for their fake empathy or deceit. If your businesses suffered during the return from 2022, they will judge and discriminate against you based on that. They will NOT care about your 2023 income. They will only pretend to get you in their system to raise their own inquiry numbers.
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