Consumer complaint received 2020-10-31
Product: Payday loan, title loan, or personal loan — Title loan
Issue: Was approved for a loan, but didn't receive money — 
Company: OneMain Finance Corporation (TX)

On XX/XX/2020, I, XXXX XXXX was approved for a secured loan from One Main Financial. I submitted all the required documents in addition to signing the Limited Power of Attorney for Eligible Motor Vehicle Transactions. Authorization for Payoff of Motor Vehicle, Application for Texas Title and or Registration. And I changed my car insurance lien holder to One Main Financial per One Main Financial instructions. My proof of income, residency, identification, car insurance was verified and accepted by One Main 's supervisor.Additionally- My file was sent to the underwriter and the underwriter approved the my final loan file/documents. I was then informed by the handling agent Ms XXXX at One Main Financial in XXXX, Texas that all I had to do next was to sign my loan documents on the computer & then I would be provided a check for my loan. However, when I went to finalize the loan with my signature on the computer. The computer showed two different loans under my name which prompted me to choose the loan offer that I desired. I was unaware that I had 2 different loan options from One Main. I was only informed of 1 loan by Ms XXXX. I paused when I saw both loans on the screen that were actively being offered to me. I asked the agent Ms XXXX why were there 2 loans afforded to me when the agent Ms. XXXX only offered me one loan. Ms. XXXX then pointed to the computer screen & said select this loan here. I said, wait a second what does this loan that you are telling me to select entail and why is this loan a higher monthly payment amount than the loan we discussed that I was approved for? Ms. XXXX then replied because the insurance brought your monthly payments up more. I asked Ms XXXX What insurance??? I have auto insurance. I do not need anymore insurance. Ms XXXX then said oh no- this is insurance for in the event that you pass away before the loan is paid. The insurance will pay off your loan so that your family is not left to pay the debt. In shock, I replied to Ms XXXX ... Let me get this this straight??? Without my consent and knowledge. One Main Financial has secluded a life insurance policy to be taken out on me at my demise within my loan contract without informing me on this policy on me? I then said and One Main is making me pay out out my pocket to take out a life insurance policy on myself for One Main to be the beneficiary???! I asked Ms XXXX '' Why was I not made aware that this life insurance on me was rolled into my secured loan and at my expense? I also asked Ms. XXXX why was I not at any time made aware by any one at One Main handling my loan that there was a life insurance that One Main was taking out on my me that was etched/combined into my loan? And I asked Ms XXXX why was I not once asked if I wanted to opt myself into this life insurance policy? I told Ms XXXX that it is illegal to take out a life insurance policy without a person 's knowledge or permission. Ms XXXX then stated ; if I do not accept the terms of the loan. I will not be able to receive the loan. I said I was already approved for the loan. I then asked to speak with a supervisor. The supervisor then came over to where I sat speaking to me in a rude disrespectful tone. & informed me that it was " assumed that I knew about the life insurance policy that was in my loan contract. '' I, in response to the supervisor said ; " How am I supposed to know about the life insurance policy that would be taken out on me if no one here/ from One Main ever informed me that One Main would be putting a life insurance policy on my life? I also said no where in the loan documents that I read does it state that a life insurance policy is being offered, explained, or a option for me. I then asked is a life insurance policy mandatory in order to receive the secured loan from One Main??? The supervisor simply apologized for the error while rolling her eyes and shrugging her shoulders. Then the supervisor confessed that the life insurance policy is optional. I then said. I do not want One Main having a life insurance policy on me. I asked for the life insurance policy to be removed. Me asking for the was clearly as issue at this point as Ms XXXX interjected looking annoyed as she stated that she would try to remove the life insurance policy from my loan but deleting the life insurance policy may cause my loan to be denied if the insurance is removed. Ms XXXX typed something on her computer & stated okay from what I see if you remove the life insurance your interest rate will go from 17.5 % to 24.5 %. I asked why am I being penalized for removing life insurance from my loan that I never knew was in the contract. I the loan that I was approved for carried a 17.5 % interest rate and now that I declined the hidden/embedded life insurance my loan interest rate went up 7 %. Ms XXXX angrily said the numbers are computer generated every customer 's loan is a case by case basis no loan is the same. I said I understand that but the approval that One Main and the underwriter approved me for had a 17.5 % interest rate and that you quoted me that same rate regarding my loan until I discovered there were 2 loans actually being offered to me and you were forcing me to take the loan that included the insurance. The manager came over to me then and said look Ms XXXX, we are entitled to build the loans the way we choose. If you are not happy with the terms I suggest you find other resources. I then told the supervisor that I want to have my loan transferred to the XXXX, Texas branch location. The supervisor looked at Ms XXXX with a smile then looked at me with a smirk on her face and said " Good luck with that ''. I asked for my documents back and asked my file to be transferred to XXXX, Tx. I contacted XXXX, tx One Main branch. I spoke with Mrs XXXX the supervisor for that location. I advised Mrs XXXX that I have an approved loan from One Main that I want transferred from XXXX, Tx to XXXX, Tx because of a conflict of interest. Ms XXXX told me that she would have my file sent to her branch and that she had to reach out to the XXXX branch. After doing so. Ms XXXX called me back and said the the XXXX One Main branch closed my loan and because the XXXX, Tx closed my loan I have to re-apply for a new loan. I asked Ms XXXX isn't my loan approval good for 30 days and she said yes however the XXXX store closed your loan which made you now have to reapply because the XXXX branch said that you did not want the loan. I explained to Ms XXXX that I never declined the loan. I asked for it to be transferred. I then called One Main corporate and informed Corporate that the XXXX Tx One Main closed my loan in order to prevent me from finalizing my loan out of retaliation due to ; I asked for my file to be transferred and the wherever you take your loan out. That store 's agents gets the commission off on each loan the complete. I also Told corporate that the true issue was because the XXXX store was trying cohere me into purchasing a life insurance policy in my loan without my awareness and I discovered this was happening by accident and the persons at the store was upset that I refused to insurance that they had quietly adding to my loan contact without my consent. I told corporate that I was informed by the XXXX Tx branch that since the XXXX Tx. store closed my loan I have to reapply and accept another hard inquiry to apply although my original approval was 7 days ago from the time the XXXX tx store closed my loan. One Main policy states that the loan approval 's are good for 30 days yet I am denied the right to complete my loan because the XXXX Tx branch was incensed that I discovered the life insurance policy that One Main 's agent were forcing on me by way of buying the policy in my contract without me seeing it. This has caused me hardship. One Main has been unethical in this process with me. I should not as a customer be bullied into taking a life insurance policy on myself in exchange to receive a secured loan which I used my car as collateral for. Especially, if the life insurance is optional.