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Monday, July 26th
OneMain Financial is a big name in the consumer loan market and has been business since 1920 under various names. They offer personal loans and mortgages to consumers and have earned an A+ rating from the Better Business Bureau.
OneMain earns high marks for history and their current BBB rating but miss the mark with website friendliness. Their current interest rates and respective fees are hidden within their website making it hard to identify if OneMain is worth your consideration. Customers must speak to a customer service representatives at OneMain to identify the basic information that most companies are more than willing to provide on their website.
Customer feedback of their experiences at OneMain frequently reported very high interest rates, and hidden fees and mandatory loan insurance. Some customers identified a 25%-38% typical loan rate before expensive fees.
For those looking for a debt consolidation loan, OneMain will lend money to those with lower credit ratings and no collateral, but the cost seems to be a very high interest rate and spotty customer service. This company appears strong and solvent so it is a legitimate lending source, but we had concerns with the cost associated with borrowing money from OneMain and if that would help or hinders customers efforts to improve their financial situation.
Debt consolidation can make a lot of sense for people with a high level of debt or paying a lot of bills. In these tough economic times many Americans are faced with significant credit card debt and are looking for help reducing their monthly payments. Debt consolidation is a method often used in this situation and helps consumers simplify their budget.
After consolidating their debt, many people report a reduced sense of stress. This is especially true when debt consolidation allows the consumer to better meet their obligations and get back on their feet financially. It's important to remember that after debt consolidation, consumers should closely monitor their finances and avoid taking on any new debt.
Finding the right debt consolidation program can be confusing for many individuals. Thankfully a number of reputable financial companies allow consumers to search and apply for debt consolidation online, from the convenience of their home. This increases the chances of finding the right debt consolidation program that meets their needs.
Before applying for a debt consolidation program, you should consider these important points:
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