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Springleaf Financial Personal Loans

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Most Helpful Positive Review

May 30, 2013
Good deal for a bad credit loan
davej323 Borrower

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.

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Most Helpful Negative Review

Jan 17, 2014
They wouldn't let me read the contract

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.

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Reviews (2420)

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Oct 24, 2016
Bad experience

This company was recommended to me on Credit Karma.   My chances were "Good" for getting a loan.   I was rebuilding credit and had a 640 score.   Had 2 new credit cards with $1,000 balance and my nice truck was paid for.   Previously I had a small loan with them and that went pretty good, though I had to put my big screen TV up for collateral.   On this second loan request, I was told the underwriter wanted the title to my truck for collateral and SIX REFERENCES!!!!!    All this for over 30% interest rate.   Walk away, do not do business with them.

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Oct 17, 2016
Anonymous Borrower

Interest is outrageous

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Oct 06, 2016
Preadatory Loan-Sharking
Anonymous Borrower

This is not a "short-term" loan, it is money offered by a loan shark.  I borrowed $2000 4 years ago and have paid $9789,36 and STILL owe $6000!!! Do not under any circumstances do business with these people.  They have even went so far as to drag me into court in order to make me pay the $6000.  I am going to fight this until I can't fight it anymore.  Do your research, get a second job, sell some assets, or do what ever you need to do to AVOID this trap.  Trust me it's not worth the headache.  You don't want to be in my shoes, tied to this preadatory lender indefinitely.

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Oct 04, 2016
i offer loans at 3% applied
Anonymous Borrower

Are You Desperately in need of a loan help? Have you be denied of a loan from your bank or any Financial Firm? Do you need financial assistance? Do you need a loan to pay off your bills or buy a home? Do you want to have a Business of your own and you need Financial Loan Help?Contact us today for your Financial Loan Help. We are willing to help you out on either Business or Personal Loans Offer are Available and at affordable interest rate of 3%. i no you moth be wondering how we got your email, because we got it from the web site so if you are Interested please kindly contact us via E- mail:

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Oct 02, 2016
Mislead by Credit Karma!!!

My recommendation said that my approval odds were very good. But they turned me down without even checking my credit. As soon as I submitted the application they sent me an email within a few seconds saying i was not approved.

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Oct 02, 2016
Anonymous Borrower

Fidelity Loan Finance is a government approved credit firm, we give out loans to individuals and organizations with an interest rate of 2% world wide. Get back to me if you are interested fore further details through this mail box:

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Oct 02, 2016
Collateral loan through vehicle
jsala011 Borrower

So I got a proved to refinance my tittle loan. At first I had a great experience they were able to lower my monthly and most imprtantly dropped my 35% rate down to 21%. Everytjing was great until I received a letter in the mail... when I meet with the representative she told me there were 2 insurance woth the loan policy that came complimentary. These insurances wI'll pay for your premiums of you experienced a medical hardship or loss of job. I thought it was great at first. However the rep failed to mentioned that signing up for the insurance was going to increase my loan from 10k to 11k. Nearly 1,000 dollars more. Thankfully I was able to call in and cancel the insurance so no I'm waiting for a refund check which takes 3 to 4 weeks. The most upsetting part is that this is a interested bearing loan. So the 21% interest I'm getting charged is based off a 11k loan balance vs the original 10k. I'm waiting for the refund check Soni can just apply to my loan bit springleaf won't refund me the interest earned from the 11k balance when it should have been less. It's is extremely upsetting. I'm thinking that because of all of these bad reviews is the reason why springleaf is changing it's name to onemain financial. Pathetic.

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Oct 02, 2016
Waste of time with GOOD CREDIT! LOL

All you'll get from this company is a "Hard Inquiry" on your report! I have a 720 credit score, three credit cards currently, was going to use Spring Leaf to consolidate, and they coudn't answer any of my questions! I suggest you stay far far away, look elsewhere! 

All i got from this company was what sounded like someone in training on the phone, no questions answered, and a Hard Inquiry! Wow! 

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Oct 02, 2016

STAY FAR AWAY from Spring Leaf! Everything on my application was different when i called them in person! The service department was clueless on helping or answering my questions to why this application i submitted said one thing, and what he was saying on the phone was something else totally different. I would not trust this company! Do your research first!

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Oct 02, 2016

Credit Karma's approval odds mean nothing. I'm not sure what the approval odds are for this company. Said that you could see before a hard inquiry was submitted...not true. Now I have another hard inquiry. NOT HAPPY!

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