We got a letter from our old friend Maria Dolores Adelina Lujan of OneMain Financial, formerly known as CitiFinancial. At least you would think she is our old friend as frequently as she corresponds with us. Maria Dolores Adelina Lujan mailed us an Express Loan Certificate valued at $6000. The “certificate” looks a lot like a check which is consistent with the deception practiced by predatory lenders and loan sharks.
Maria Dolores Adelina Lujan is the branch manager of OneMain Financial in Roswell, New Mexico. Her strongly suggestive Hispanic name makes one wonder in a town dominated by a Hispanic demographic. Maybe her name would be Martha Cook in a town full of white people.
OK, back to what a bad idea it is to borrow money from OneMain Financial. To borrow from them, one has to prove a minimum income of $20,000 and have no bankruptcy filings. If approved for a loan by noon, you can get the money that day. One Main Financial recommends that you should borrow from them so you can pay off credit cards because One Main Financial claims their interest rates are lower than your credit card interest rate. Use the loan for car repairs, doctors bills, or fix up your home with money that you borrow from One Main Financial.
Conspicuously absent from the One Main Financial Express Loan Certificate is any mention of interest rates. There is a reason for this. They do not want you to know. BE CAREFUL. Do not sign the loan agreement until you are crystal clear on how much the interest rate is.
You are probably better off calling your credit card company and telling them you will not be able to pay down the outstanding balance. In many cases they will let you pay 50 cents or less on the dollar to settle your debt. Borrowing money from One Main Financial to pay down your credit card debt is probably not a good idea and could lead to a significant lowering of your credit score! A low credit score will drive up your monthly home mortgage payments if you choose to finance a home.
Finally the more financial institutions that have all your personal information, the more likely it is you will become an identity theft victim. Also be cautious about letting any lender lien on your home and be prepared to do without rather than jeopardizing your ability to pay your home mortgage.