Consumer complaint received 2023-06-08 00:00:00
Product: Payday loan, title loan, or personal loan — Title loan
Issue: Charged fees or interest you didn't expect — 
Company: OneMain Finance Corporation
State: CA

Complaint narrative:
On XX/XX/XXXX, I was searching for a personal loan to help me consolidate my credit card debt. I received an approval from One Main Financial. When the representative contacted me, we discussed how I had planned to use my funds and reassured me that this would be a great loan and would help me out. Initially, I was looking for a {$15000.00} loan, but she convinced me that they could give me a larger loan amount and I could pay off my car and have extra cash for emergency needs. She said that they would have to keep my car as collateral and it would be a secured loan. At that time, I believe I only owed, {$8000.00} on my car. She said that it would be a five-year-loan. 

When I went into the office to sign the documents, the loan agreement showed an APR of 26.94 % .The amount financed was {$26000.00}. My monthly payments would be {$810.00} per month over a five-year-period. I noticed that very little was being applied to my principal ( averaging about {$11.00} per month ) and the remainder was going to interest. I contacted XXXX from One Main inquiring why was so little being applied to my principal ; she said, the first couple of years, most of the interest is paid off and later more money would be applied to the principal. Well, needless to say, I now have had this loan for nearly four years as of XX/XX/XXXX, and the interest is still at an unbelievably high interest rate. A couple months ago, I had to double up on my payment, because I got behind. I paid over {$1600.00} and only {$4.00} was applied to the principal! I started downloading my monthly statements, and noticed that this company has been ripping me off for years. As of today, my balance is {$21000.00}. Apparently, I have 15 months to pay off the loan, which is not going to happen, according to their exorbitant interest rates and predatory lending practices, because as of today, I only paid off {$5300.00}. 

When the pandemic hit, I got behind with my payments, because I had a XXXX XXXX, and had to quit my part-time job. I'm XXXX and on a fixed income and had been struggling financially, so every day that you're late, they charge {$15.00} per day, which has happened to me on numerous occasions, so my monthly payment averages over {$900.00}.

I had contacted One Main and they had put me on a deferred payment plan, which made matters worse, because the " interest '' is still accumulating. I called One Main to see what they could do to help me with this and explained to them my situation. They said that I could apply for another loan and get {$190.00} back, but I would be back on a " five-year-loan. '' I told them, this loan has done nothing, but created a huge headache for me, no, Thank You!!! They make these loans difficult to pay back. You will never pay them off due to their deceptive loan practices. I have paid nearly {$40000.00} as of today, mostly in interest. This is insane!!! Somebody has to shut this company down. They have been harassing me constantly through various phone numbers. Once I'm late, they will call from ten different phone numbers every day, including Saturdays, but don't leave messages. I need help!!! I had no idea that this company would create so much stress and XXXX to me.

Company response to consumer: Closed with explanation