Formerly known as CitiFinancial, OneMain Financial has been consolidating debt since 2011. If a client works with OneMain Financial, they will take out a personal loan. Unfortunately, the company does not disclose much information about their services. To read OneMain Financial reviews from real customers, continue reading below.
- Free consultation
- Loans for consolidation
OneMain Financial offers plenty of features that can be consistently found in the industry. If you are struggling with your debt and you would like to be informed about what kind of options you have, you can call OneMain Financial for a free consultation with a debt specialist. With this consultation, one can find out what kind be done with their specific economic situation. The counselor will go over any plans that fit your circumstances the best.
Loans for Consolidation
With this consolidation company, the recommendations may differ slightly from most other companies in the industry because they offer actual loans themselves. This means individuals can consolidate more than just credit debt, such as auto loans.
- Lacking educational resources
- Loans in place of consolidation
- Lacking transparency
Lack of Educational Resources
Although OneMain provides debt consolidation and personal loans, it appears that their services stop at that. The company does not provide credit counseling to help educate consumers of the downside and upside of debt consolidation, nor do they offer informative articles on the subject. The type of articles you will find on their site will be general information that can be obtained from anywhere like a bank or credit union.
Loans in Place of Consolidation
The company’s main service is personal loans, and although they do offer consolidation loans, these are very much different than an actual consolidation service. Most consolidation companies will combine all of your credit card debt into one monthly payment with a lower interest rate.
Lack of Transparency
The company does not disclose much information such as: -Monthly and upfront fees -Interest rates -Which state they operate in -Which accreditations they have -If they offer credit counseling Most companies mentioned previously have this information readily available. Without it, it makes it extremely difficult for a customer to make an informed decision if OneMain Financial is a good fit for them or if they are worth the price. Additionally, it makes it hard for our team to rank the company without this information.
Poor Customer Reviews
OneMain Financial reviews are mostly negative from what we can see. One underlying theme we see is that their consolidation loan requires collateral and that it doesn't even get them to a most affordable interest rate. Also, many customers report feeling frustrated with the customer service. Want to see the top rated Debt Consolidation Companies? Click Here
The Bottom Line
When reviewing OneMain Financial, we can safely say that the cons outweigh the pros. OneMain Financial is a large corporation that does business more like a bank than a company who has the customer’s best interest at heart. The company doesn’t offer credit counseling, and their lack of transparency with interest rates and fees leave a lot to be desired by the potential customer. Overall, we recommend taking a look at out top recommended companies for consolidation and counseling needs.
About OneMain Financial
OneMain Financial is an online provider that specializes in personal loans to help alleviate debt accumulated from credit cards and other sources. They offer personal loans for home improvements, unexpected expenses, life events, and debt consolidation. It is important to know that OneMain Financial does not offer a debt consolidation program nor do they offer a debt management plan. The only service offered at OneMain Financial is consolidation loans that help customers consolidate all of their debt into one new personal loan. In some instances, customers are able to substantially lower their interest rates. On the plus side, OneMain Finance offers a variety of free financial educational resources like quizzes, articles, and financial calculators.