- Report: #1072165
Complaint Review: OneMain Financial - St. Louis Missouri
-
Author Not Confirmed
Why?
OneMain Financial
379 Watson Plaza, St. Louis, 63126 Missouri, USA
Phone:
314-966-6020
Web:
www.onemainfinancial.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
OneMain Financial Citi RIP OFF SCAM - PAYMENTS POST TO INTEREST NOT BALANCE FOREVER St. Louis Missouri
I've had a loan with onemain financial for a few years, the balance never goes down. I had a couple late payments, they told me that's why my payments only go to interenst and not to the balance.
I paid the late fees plus paid an extra $3000 trying to pay it off quicker, but then got behind and missed a few payments (4 I think) which still makes me ahead in my payments for a whole year yet they still keep posting every penny of my payments to interest and not one cent to the balance. And I pay up to $60 more than the actual payment is.
How is it possible to pay ahead a year plus pay extra on each payment yet still my balance always stays the same. How am I ever going to get the balance down? This is the worst business I've ever dealt with or heard of. Please stay away from this company or you will be sorry and be paying forever (like me). Thanks. I don't understand how something hasn't been done to this company and it's crooked practices. It seems illegal to me.
1 Updates & Rebuttals
phil m
saint louis,Missouri,
Educate Yourself
#2UPDATE EX-employee responds
Sat, August 24, 2013
You need to learn how interest works in the state of Missouri. You've screwed yourself, the company has done nothing illegal. Interest accrues DAILY in the state of Missouri. In order to see balance reduction each month, and have greater balance reduction month after month, you need to make your payments AT LEAST every 30 days. Putting 3K down and then waiting 4 months to make a payment is not a great idea, because then you have 150 days of accumulated interest sitting there, and your payments will be applied to interest owed first, and only the remaining amount (if any) goes towards the balance. This is true of ANY installment loan in the state of Missouri, this is not a OneMain Financial rule, it is the law. If you can't understand this, go into a branch, or even go see your own banker and have them spell it out for you. It is really not a difficult concept, yet people seem to constantly complain that they are "being taken advantage of" when the truth is, you simply aren't educated enough to be borrowing money. Make your payments on time (you did after all sign a contract agreeing to do so), and you'll pay off your loan in a timely manner. Yes, the company will make money, but no one lends for free!!
