Consumer complaint received 2018-04-26
Company: ONEMAIN FINANCIAL HOLDINGS, LLC.
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
On XX/XX/2018, I searched for bad credit loans through a XXXX search. I was then led to XXXX. I trusted XXXX XXXX because I've used them before and was familiar with the site. At this site is where I started applying for a business loan for {$5000.00}. I did not see that my social security number was requested and I did not see that a hard inquiry would of been done on my credit. I eagerly applied after reading everything because I was led to believe that I can get approved based on my income. I entered the information of my name, place of employment, address and income. I submitted the information online and within minutes I was referred to Onemain Financial. On the page it states that I was approved for {$4000.00} rather than the {$5000.00} I requested. I've never been approved before and I wondered what was different other than my credit score increasing. I specifically searched for a bad credit loan and did not enter my social security number so I dismissed that thought. Once I spoke to Onemain over the phone they said I was approved based on my income. Now the approval made sense. In the email I received after the approval stated that I had to submit verification to complete the process. I was then called on XX/XX/2018 by Onemain and was told that I had to submit my vehicle info because they were going to give me the loan based on collateral for security. I was skeptical but since I was already approved based on income and I didn't want to risk it by denying them the information. Secondly, I thought it was odd that I was re-asked for all the information I provided online. I gave all the information again and was told by the branch manager that he would call me back once he finished processing. I called back and was told I was denied for the loan. I thought how? I was approved and needed to submit documents for verification. I was told my vehicle could not be used as collateral but I thought I was approved based on income. I was now bewildered as to what happened and started asking more questions. I told the branch manager that I was approved online and was told to send documents to verify. He then told me that they still had to approve me in the office. I thought that was absurd. I then asked was a hard inquiry placed on my credit and he stated yes although I did not read any information online that stated so. I asked if I reduced the loan amount would I still qualify and I was told it doesnt matter because I am denied either way. I thought what kind of trap is this? I was told online I was approved, needed to submit my documents to verify the info I stated online and once I did I was denied? I asked to speak to a manager to get more answers but unfortunately that's when I realized the person I was working with all the while was the manager. Despite my plea for more answers and resolution I was told that there was nothing that he can do. I informed him of the process I went through and that I was approved and he said he still cant make changes. I asked for a business loan initially and then discovered that they only offer personal loans. I thought it was unfair and deceptive. I immediately thought to contact CFPB because it was so unfair especially now that I have a new hard inquiry on my report and fooled into being approved. The approval did not state it was conditional, it stated approved with no asterisks and no indicators that I could of been possibly denied. I felt baited and then let down.

Company response to consumer: Closed with explanation