Payday loan, title loan, personal loan, or advance loan -- Problem with the payoff process at the end of the loan -- Complaint #8700695
Complaint Overview
Complaint ID: 8700695
Company: Onemain Finance Corporation
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Installment loan
Issue: Problem with the payoff process at the end of the loan
State: Texas
ZIP Code: 77067
Date Received: 2024-04-04T12:00:00-05:00
Date Sent to Company: 2024-04-04T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
In violation of 10 USC 987 ( Military Lending Act ), One Main Financial is using my credit bureaus to intimidate me into giving them funds that they do not deserve. It is the CFPB that is responsible for reviewing this action. I have paid all required payments to One Main Financial according to law and they are now reporting negative information to my credit. I have also paid One Main Financial approximately {$1000.00} over the required amount. According to your mandate of instructions, I request that the CFPB give One Main Finacial actions a meaningful review according to your mandate of review. 1. Among XXXX Service Members, 10 USC 987 caps interest rates at 36 %. One Main Financial set the rate at 36 % they can't require anything else. This includes fees. A different version of the contract was sent to the XXXX than the one they sent CFPB. Please review page 3 on both contracts. 2. In 32 CFR 232.8, it is illegal for a creditor to roll over, renew, repay, refinance, or consolidate any consumer credit extended to a covered borrower by the same creditor with the proceeds of any other consumer credit extended by the same creditor to the same covered borrower. According to One Main Financial, this illegal action has caused additional payments. The MLA prohibits One Main Financial from taking these actions under 10 USC 987. Any amendments One Main Financial claims places them above the law are prohibited. Congress enacted the CFPB to resolve this matter. If One Main Financial is denying coming within compliance with the MLA, the CFPB has the authority to remedy this by the CFPB inherited authority to issue them a mandate. One Main could also be charged criminally under 10 USC 987. This action should not have to be escalated to a congressional complaint. Congress has already given the CFPB the power to remedy. 10 USC 987 provides all XXXX Service Members with a remedy and the CFPB is the agency that provides the remedy. Because the CFPB failed to act, One Main Financial is abusing their ability to steal funds by reporting false information to my credit bureau. Because One Main Financial illegal actions put me at risk of compromising my security clearance. I have paid One Main Financial all payments required by law and the contract. I have also given them 3 extra payments averaging approximately {$1000.00}, they should not be allowed to loan shark against a service member and report their actions to the CFPB and this agency takes no action against them.
Frequently Asked Questions
What is Complaint #8700695 about?
Complaint #8700695 was filed against Onemain Finance Corporation regarding Payday loan, title loan, personal loan, or advance loan specifically about Problem with the payoff process at the end of the loan. It was received by the CFPB on 2024-04-04T12:00:00-05:00.
How did Onemain Finance Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Onemain Finance Corporation?
Yes, visit the Onemain Finance Corporation company profile at readthecomplaint.com/company/onemain-finance-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.