Personal Loan Reviews

Springleaf Financial Personal Loans

3.95 458 Reviews Write a Review

Springleaf Financial Services

  • Personal loans starting at $1000
  • Loan decisions as quickly as one hour
  • Payments tailored to fit your unique needs
  • Quick, Safe & Easy

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Good deal for a bad credit loan Helpful to 74 out of 79 people

If you are in a similar situation to me, Springleaf is probably one of the few options available to you. I just got my check from them today, and getting to that point was rather painless with a few caveats. I will write a detailed review below, but the short answer is that I would recommend this place to someone with a low credit score who has an urgent need for a lump of cash to pay some bills. It is a better interest rate than the payday loan places. They will try to push you to get credit insurance with your loan, but it was easy enough to tell them no to that. The branch manager assured me that I can make payments online and that this is a simple interest loan with no prepayment penalty. There were a few snags, but at the end of the day I have my money and can take care of some bills. If I have any problems down the road, I will come back and change my review. For now, I give them four stars.

Now, here is the long review...

My FICO score is in the low 600's, and I have a stack of medical bills that need to be addressed plus I am buried under a high interest (157%) long-term personal loan that I took through one of the payday loan places. To pay off the personal loan and medical bills, I needed about $4000. I was also hoping to get a little extra money to fund a trip to Chicago for a wedding this summer. With my credit score, I didn't even bother trying a traditional bank or credit union, and I was turned down by Prosper and LendingClub. So, Springleaf was one of my only options to get a loan.

I filled out their online application, and I heard back from the branch manager the next day. Over a couple more days, he put together a package for me and gave me two options. I could either get a "personal property loan" for $3500, or put up my pickup truck as collateral and get a $5100 vehicle title loan. I originally chose to do the vehicle title loan.

Now, here comes one of the reasons that I only rated the place as four stars. Similar to other reviewers, I had to drive over 40 miles to get to the nearest office. That was not a big issue in and of itself, but I wanted to make sure that there was nothing I was missing so I wouldn't have to make the trip more than once. Well, when I got there with all my paperwork (pay stub, W2, apartment lease, documentation of my bills, registration/insurance/title for my vehicle, and photo ID) it was only then that I learned I could not use my truck as collateral right now because the registration is due soon. They never told me about this requirement beforehand! Since I have to get some smog work done before I can renew my registration, there was also no way to correct that problem in the near future. So that took away one of my loan options. So much for that Chicago trip! If you are looking to get a vehicle title loan through them, make sure your registration does not expire within the next 60 days.

Another reason I knocked off a star from them is that they kept trying the hard sell with me on the credit insurance. In fact they offer four or five different types of loan insurance, but I had already told him before I came in that I didn't want any of the insurance, so I just cut him off when he tried to pitch them to me again. Thank goodness for the reviews on this site, or I probably wouldn't even have noticed that they were going to automatically add insurance (which is apparently their standard practice).

Another reason why I downgraded them by a star was this practice they have of trying to pay the consolidation bills directly. They didn't ask for all of my individual medical bills, but they did want to pay the payday loan place directly. I understand why they do that (they want to make sure you are not increasing your debt load with this loan), but sometimes that just isn't an option. Since the payday loan place directly debits my bank account for payments, and I never receive a statement with an option for mail-in payments, I had no idea how to go about repaying it with a check from Springleaf. I had to explain that and bring in some web page printouts to show him how that loan works, and assure him that the first thing I would pay off would be that payday loan.

The final reason that I knocked off a star is the interest rate. I understand that a loan place like this is going to charge high interest. Part of the reason is that they have a corner on the market for bad credit loans, and part of the reason is that they need to cover the attrition of the inevitible number of these high risk loans that are going to default. They are charging me 34.99%. That is higher than any of my credit cards, but it is still a better rate than the 157% the payday loan place was charging.

Overall, I am happy. I was previously paying $400 a month for that high interest loan and I had no idea how I was going to address this stack of medical bills. Now I will be paying $151 a month and the medical bills and payday loan place will be history. With any luck, I will even have some extra money to pay this loan off sooner. I didn't get as much money as I originally wanted, but they did take some big burdens off my shoulders.

davej323's review was:    

  May 30, 2013 Reply

davej323(6, 103)

Review by davej323

6 Contributions 103 People Helped

Helpful to 20 out of 22 people

I just wanted to add to this that I was able to make my first payment online without issue. There was either a 10 or 15-day grace period before any late charges would be assessed, but that wasn't even an issue. I paid my first payment online a couple of days before the due date, and they credited the next business day. So far I am still happy with this loan.

davej323's reply was:    

  Jul 25, 2013

davej323(6, 103)

Review by davej323

6 Contributions 103 People Helped

Helpful to 2 out of 2 people

I  just applied and I really am hoping they can help me....I need $3000 to pay a back-mortgage of my wife's family and get it caught up to current, once I do I'll be saving about $400 a month in bills, which will totally make things possible for me and my new wife living in our first place, heck paying back the loan will be VERY EASY compared to what I'm doing now just to keep them afloat, sending way too much money just to pay late ridiculous late fees and previous months..(I just financed a car, a much needed expense, as I just moved into an apt and I work at home full tim (nice job, not self empoyed), but now a car is needed in this area...).if Springleaf can't help me, can anyone else be out there be a possiblity?  (I hope so)

clevx's reply was:    

  Mar 01, 2014

clevx(1, 2)

Review by clevx

1 Contributions 2 People Helped

Approved Helpful to 19 out of 19 people

After filing Chapter 7 Bankruptcy i applied for a few small personal loans with a few companies. After paying on these loans for 6 months there was no change in my credit score because the companies were not reporting. I saw an ad for Springleaf Financial on Credit Karma and applied. I was approved for $4000 with a CK score of 576. I was able to payoff the smaller loans and lower my monthly payment at the same time. Yes, the rate is a little higher BUT they are reporting every month and I have a little more breathing room from month to month.

perryparkey's review was:    

  Jul 15, 2013 Reply

perryparkey(3, 22)

Review by perryparkey

3 Contributions 22 People Helped

Needed a Loan Helpful to 17 out of 17 people

I went here because my credit score is below 600 (560), but all my current accounts (CC's, Car, Revoling, etc) has been in excellent condition for over 5 years.  Credit Score down due to old accounts during bad times.

Yes the interest is high...but I'm considered a risk in this day and age with a sub 600 credit score. 

I needed to fix my car and bill was $3500 and i didn't have it.  In 1 day I had a check without any colateral and my car is on the road.  I don't plan to pay the term but pay off in 6-12 months which will delete most of the high interest.

All in all there is a need for companies like these when Banks and Conventional loan companies won't touch you.  The key is to always make your payments and pay as much extra each month as you can..

Mar 06, 2013 Reply
Helpful to 7 out of 7 people

You might consider keeping the aco**** open for at least 12 months. This will give you an adequate payment history with a an installment loan which in turn will help your credit. Yes, the interest is high but as you stated, it is subprime lending and is meant for those times you can't get financing through a bank or credit union and not to mention most of the time there are same day approvals where-as a bank can take a few days or more. 

Cheers!

aapacheco23's reply was:    

  Jul 29, 2013

aapacheco23(7, 26)

Review by aapacheco23

7 Contributions 26 People Helped

High Intrest Rate... but not all bad. Helpful to 16 out of 16 people

I'v had my loan with them a few months and so far so good. I make my payments on time and they leave me alone. the intrest rate is high but I have bad credit and no colateral.

Katiefaye1234's review was:    

  Dec 23, 2012 Reply

Katiefaye1234(3, 23)

Review by Katiefaye1234

3 Contributions 23 People Helped

They wouldn't let me read the contract Helpful to 38 out of 41 people

I applied for a personal (unsecured) loan to cover some recent expenses incurred while I was unemployed for several months.  I'm back to work now and making good money so even though my credit score is around 600 I didn't have trouble getting approved for $2500, 18-month term.  After some email back and forth so I could submit my paystub etc, I asked the rep I was corresponding with for a copy of the loan terms so I could review the contract.  

No reply.  

Fast forward 19 hours to today, midday.

I subscribe to a credit report monitoring service which alerted me that I had a new hard inquiry on my credit report.  This seemed odd since Springleaf advertises that they don't put a hard inquiry on your credit.  I logged in and sure enough I had a brand new hard inquiry on my credit.  Two years before that will fall off.  Maybe this is to convince people to take the loans, so they'll think "well I might as well take the loan, I already got stuck with the inquiry"?

I follow up on my email to the loan rep and ask AGAIN for the loan terms so I can review the contract prior to our appointment this afternoon for me to sign paperwork .  I offer a fax number.  I ask if I should reach out to a different department to obtain this information.  Her reply finally comes through: "I am not authorized to send over the terms and its something we have to keep in our office. Like I said before we did approve you for $2500 at 18 month term,  Hope that helps. You will also get a copy of everything you will be signing in the office which you can read at home once you get a chance."

I replied: "You say you approved me for a loan and you haven't even told me the interest rate or the total amount of dollars the interest will add to the loan, much less how you compound the interest.  You put a hard inquiry on my credit yesterday (which your website advertises that you don't do) and now you're "unable" to share the terms of the loan you approved me for?

Maybe I'm just crazy but most people read contracts BEFORE they sign them and not after, "at home, once [they] get a chance".  I would like an opportunity to review the contract so I understand it completely, and I expect it will take more than the few minutes we'd be allowed this afternoon.

I have shared an enormous amount of personal data with you, complying with your requests for my information (which you then immediately shared with the credit bureas, as it turns out, thanks for that).  I believe you should be obligated to provide me time to review any contract that I sign.  24 hours is more than reasonable; I am asking for 4.  Failure to disclose terms is likely highly illegal.

Will you please pass on the information I requested."

At this point I received a phone call, the loan rep, pretending that she didn't receive my last email, and tripping over her words to find out where things stood.  I reiterated the contents of my email to her.  She put me on hold.

She returned and told me that "upper management" told her that she wasn't allowed to print out the contract and that their system wouldn't print the contract out until after I agreed to the loan.  I asked a number of questions about interest, and how it was compounded, and she wasn't able to answer any of them.  I don't think she'd heard of an amortization schedule before.  

I also wanted to know how much interest I would owe if I paid the loan off in half the time.  She couldn't tell me because she didn't know how the interest was compounded.

Either this girl was a great liar or she was genuinely flummoxed by my questions.  She told me in her two years of working there, no one had ever asked to read the loan contract in advance.  I laughed out loud.

If I take this loan (I still might - I'm confident I can pay on time and I think it would be beneficial on my credit to have another positive account) I am going to post the terms, in their entirety.

It's a jungle out there, my friends, stay safe and be good to each other.

lanakane's review was:    

  Jan 17, 2014 Reply

lanakane(1, 38)

Review by lanakane

1 Contributions 38 People Helped

Helpful to 5 out of 6 people

I got a recommendation with an A on my payment history and got declined ... why even recommend that to me ,,,,,,, i guess to ruin credit. never again, so I agree with you.

Krystle300's reply was:    

  Jan 19, 2014

Krystle300(1, 5)

Review by Krystle300

1 Contributions 5 People Helped

Helpful to 5 out of 7 people

They let me view the loan contract before I signed it when I went in to sign and finalize everything... Sounds to me like you jumped the gun and simply complicated the situation and irritated yourself on your own. I dont know why the rep wouldn't have gotten back to you, but, as I said, they didn't give me an BS about viewing the contract... I simply followed their procedure and did everything in the order the rep had lead me through and didn't try to push or rush anything...

Seth570's reply was:    

  Feb 20, 2014

Seth570(1, 5)

Review by Seth570

1 Contributions 5 People Helped

Helpful to 5 out of 7 people

If and that's a big if...... all that happened why would you want a loan with them?

tbdc's reply was:    

  Jan 26, 2014

tbdc(86, 211)

Top Contributor

Review by tbdc

86 Contributions 211 People Helped

Top Contributor

Helpful to 2 out of 3 people

i am flumoxed by the fact that you didn't do alittle research on the company before you went in and applied. they use the rule of 78 to compound interest. google rule of 78 loan calc it will pop up.

iand1234's reply was:    

  Mar 17, 2014

iand1234(30, 70)

Top Contributor

Review by iand1234

30 Contributions 70 People Helped

Top Contributor

Helpful to 3 out of 5 people

I like you.

DORIS0421's reply was:    

  Jan 23, 2014

DORIS0421(1, 3)

Review by DORIS0421

1 Contributions 3 People Helped

Helpful to 11 out of 11 people

interest is 21 percent but easy to get  loan if you really need one..

luckyeggen's review was:    

  Nov 01, 2012 Reply

luckyeggen(1, 11)

Review by luckyeggen

1 Contributions 11 People Helped

have no problems with them Helpful to 9 out of 9 people

I needed a loan for car repairs. They gave me one. I made my payments on time, and true to their word, reported my good credit hstory , as eveidenced by the fact that since i paid them always early, and sometimes a bit more,I now have been offered credit from captial one, and others when i couln't get any credit before afera divorce. Nostpeople here complaining semed to haveborrowed money, then did not own up to their agrements. Don't believe the hype.  was treated fairly, politely and they did everthing they said theywould do

Jan 26, 2013 Reply
Helpful to 8 out of 8 people

I was searching for a personal loan. I did not intend to place my car as collateral. I went through the process and they first asked me what interest rate I would I be comfortable with. I told them 10% would be fair. Once approved I was informed that in order to give me the loan i would have to use my car and they have to do 20% interest rate because it is a personal loan. I was upset that they would ask and also informed me that they can negotiate the rate before accepting the loan. When I asked to get a better rate then they told me that there is nothing they can do for me it was always going to be 20%.  Had I been told that it was always going to be 20% interest rate I would have looked around more before running my credit.

A the time I applied my credit was at 710 and it was at the Pasadena, CA. location.

yoblackruby's review was:    

  Aug 22, 2012 Reply

yoblackruby(1, 8)

Review by yoblackruby

1 Contributions 8 People Helped

I WAS APPROVED Helpful to 18 out of 20 people

I REALLY DONT KNOW WHY EVERYONE IS BASHING THIS COMPANY.  WHEN YOU MAKE LATE PAYMENTS ITS YOUR OWN FAULT!! STOP BLAMING THE COMPANY!  SPRINGLEAF FINANCIAL IS REALLY FOR PEOPLE WITH LOWER CREDIT, THEY HELP YOU OUT BY GIVING YOU A LOAN AT A HIGH INTEREST RATE SO IF YOU WANT TO BUILD YOUR CREDIT AGAIN THEN YOU PAY ON TIME!!! THAT SIMPLE!  I JUST GOT A $2000 LOAN FROM THEM LAST NIGHT AT A 25% INTEREST RATE, AND MY PAYMENTS ARE $110 A MONTH FOR 24 MONTHS. I WILL HAVE THAT PAID OFF WAY BEFORE THE 24 MONTHS SO I WONT PAY MUCH INTEREST.

OVERALL, I FOUND SPRINGLEAF ONLINE, AND APPLIED, AND THEN WENT TO THE CLOSEST BRANCH NEAR ME.  CUSTOMER SERVICE WASNT TOO NICE OR VERY PLEASANT BUT I DIDNT CARE.  I GOT MY LOAN ON THE TERMS STATED AND NOW I HAVE MONEY I DIDNT YESTERDAY.

IF YOU HAVE BAD CREDIT AND ARE IN NEED OF A LOAN/DEBT CONSOLIDATION, ABSOLUTELY GO HERE. YOUR MORE LIKELY TO GET A LOAN IF YOU HAVE A JOB AND SOME TYPE OF CREDIT HISTORY.  STOP BASHING THEM. KEEP UP ON YOUR PAYMENTS!  

THANKS! 

shaybombs's review was:    

  Nov 07, 2012 Reply

shaybombs(1, 18)

Review by shaybombs

1 Contributions 18 People Helped

Helpful to 2 out of 3 people

funny thing is not a single negative review talked about them making thier payments late and having a bad experience.

cheertoken's reply was:    

  Dec 23, 2012

cheertoken(1, 2)

Review by cheertoken

1 Contributions 2 People Helped

What was your credit score when you were approved?  Just trying to figure out if it is worth the hassle of applying.

bevvysue's reply was:    

  Jun 20, 2013

bevvysue(2, 0)

Review by bevvysue

2 Contributions 0 People Helped

So Far, So Good Helpful to 7 out of 7 people

My husband and I just applied last week.  With just a few phone calls back and forth, we found out yesterday that we were approved for a loan up to $2,500.  We only need about $1,200 at this time.  Our payments will be $123 over 12 months, and we plan to pay that off early.  We filed bank. last year and his cs is in the 500's and mine in the lower 600's.  We knew that we did not have much of a choice when it came to getting any kind of a loan, so we went into it knowing that interest would be high.  But, we also knew that it would be a better rate than a payday loan place or somewhere like that.  And, if I am not mistaken, Springleaf reports to the credit places, so that will help re-build our credit, of course we have to pay on time, every month.  I only gave 4 stars now, because we have to go on Friday and fill out paperwork.  But, so far, at the branch we are dealing with, they are very nice and seem helpful.  It is nice to be able to deal with people in the "financial world" without being treated insignificant just because you have had some financial issues, sometimes thru no fault of your own, in the past.  I no longer like banks.  I wil try to update my review after going on Friday.  But, hopefully, it will all be smooth sailing. 

volgirl's review was:    

  Nov 26, 2013 Reply

volgirl(3, 15)

Review by volgirl

3 Contributions 15 People Helped

Helpful to 8 out of 8 people

UPDATE....

My husband did get a loan.  It was extremly painless and they actually treated him with respect, unlike banks and other places we have been too, just because we had fallen on hard times in the past.  Yes, expect to pay a high interest rate.  You should know that going into it.  But, when you don't have any other choice, and you KNOW that you can make the payment on time, then it's not all bad.  It was easy, they answered any questions, and were willing to work with him.  Branches must be diffrerent or something if some have gotten bad service.  Everyone at the MS branch he visited was very nice and helpful. 

volgirl's reply was:    

  Dec 06, 2013

volgirl(3, 15)

Review by volgirl

3 Contributions 15 People Helped

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Company Overview

Springleaf Financial Services provides personal loans for a variety of purposes including bill consolidation, home improvements, college tuition as well as unexpected expenses. Consumers can begin the application process online and then visit one of Springleaf’s convenient branch locations throughout 25 states in order to complete the application and receive their funds. Customer service is available online, by phone or in branch locations.

Founded in 1920, Springleaf Financial Services is headquartered in Evansville, Indiana. It currently serves more than half a million consumers in the United States, as well as the United Kingdom, Puerto Rico and the Virgin Islands.

Company Details

Springleaf Financial Services

  • Established: 1920
  • Headquarters: Evansville, Indiana
  • Website: www.springleaffinancial.com
  • Products: Personal Loans
  • co
  • Assets: N/A
  • Available: Online, by phone; select states

Rating Distribution (458)

  • 57%
  • 18%
  • 4%
  • 3%
  • 17%
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