2 /5 Chekka Krishna: Absolutely not for anyone who applies based of pre-qualified offers!!
Below are couple of things that people should be aware of -
1. Baseless pre-qualified offers - I have had loans with Prosper, Upstart, Upgrade, LendingClub etc. before. None of them had pre-qualified offers that they didnt approve. Their algorithm was strong enough to determine the eligibility unlike OneMain Financial. I now have hard inquiry on my credit history for nothing and 10 point dip in my score.
2. Loan specialist call - got call from a loan specialist (Maddison) to verify the same information I filled in during the application and immediately deny the loan. I dont have a problem with their reason, but scheduling a call just to say that to your face when you could have done this over an email seems ridiculous to me. Also, I believed the call was scheduled to better understand my finances, sources of income, usage of loan amount etc. to determine eligibility. But all she spoke is how much is my net income and say I am not qualified for a loan immediately. Didnt have any further need to speak when the actual meeting duration is supposed to be a 20 min call but hung up in 1 min. For the record I have excellent record in maintaining and closing loans since more than 10 years with 0 derogatory remarks.
3. Loan terms transparency - during the pre-qualification process I was not presented with the loan terms. This is unusual since every other loan company I borrowed before are clear with their terms (Interest rate, loan duration, monthly payment, origination fee etc.) before hand which gives me an opportunity to compare/ contrast available options before submitting loan application with hard inquiry.
Overall I would say you lost my business and I would never consider this company again.
