Springleaf Financial Personal Loans Reviews

3.8 out of 5 stars
233 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

3.5 out of 5 stars

Customer Service

3.5 out of 5 stars

4 5

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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

Feb 14, 2015
AVOID these PRE-COMPUTED INTEREST Loans
Anonymous Borrower

The majority of lenders today provide “simple interest” loans. (Good for consumer)

Springleaf Financial provides “pre-computed interest” loans. (BAD for consumer)

Here is the difference between the two:

A “simple interest” loan charges interest each month based on the balance you owe. Your interest payments will get smaller with each payment because you're paying off the principle, and if you choose to make extra payments to pay down the balance, you'll pay less interest in the following months.

With a “pre-computed interest” loan you are obligated to pay back the principle plus the total interest that will accrue over the entire term of the loan immediately upon signing your loan agreement.

Example: You borrowed $5,000 for 48 months with a total of $3,500 in interest accrual for the entire term.  You walk out with a $5,000 check and immediately owe back $8,500.

You may have been told that there is no prepayment penalty if you pay off the loan early, and a portion of the interest may be refunded.  What they are NOT explaining is that pre-computed interest loans are designed so that MOST of the interest is paid in the beginning of the loan to benefit the lender.  So when you go to pay this loan off early after 12 months of payments, you will still owe almost all of the principal as you were paying mostly interest for 12 months. 

Another downside is that a pre-computed loan will LOWER YOUR CREDIT SCORE more than a simple interest loan due to a higher debt to income ratio.  The simple interest loan only reports the $5,000 check you walked out with as debt.  The pre-computed loan is reporting the whole $8,500 as debt. (The check & interest based on our example above)

BOTTOM LINE….This type of loan is NOT in the best interest of the consumer.

Avoid Springleaf.

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These reviews were written by current and former borrowers in the last year.

Jun 23, 2017
Easy to get, hard to get rid of
Anonymous Borrower

They don't adjust the inyerest rate no matter how much better your credit score gets. The loan was transferred to another lender even though I paid on time and was never behind. If you are only able to pay the minimum you will be paying this loan forever.

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Jun 18, 2017
Easy and friendly
Anonymous Borrower

Customer service was great. Easy to work with.

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Jun 18, 2017
Never applied
Anonymous Borrower

They put hard inquiry on my credit without my permission. I talked to them once and decided I didn't want to fill out the loan application. A year later they place a hard inquiry on my credit.

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Jun 17, 2017
Personal loan
Anonymous Borrower

Don't default, because even after you satisfy the loan, they won't remove it like require by law. Had to show proof to all the credit reporting agencies, because Springleaf refused to.

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Jun 01, 2017
Awesome
Anonymous Borrower

Awesome

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1 Reply
Jun 16, 2017

What is the website do you go to if you want to apply? And are there any upfront fees?

 
May 20, 2017
So helpful!
Anonymous Borrower

Springleaf is and has been wonderful to work with!

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May 20, 2017
loan offer
Anonymous Borrower

Are you a business man or woman? Are you in any finance stress or need funds to start up your own business? Do you need loan to settle your debt or pay your bills? Do you have a low credit score and have difficulty obtaining loan from local banks and other financial institutions? I wish to inform you that we offer all kinds of loans at low interest rate of {2%} if interested in obtaining a loan from us. [ Email: jerry.mavin@financier.com], {+1}2253672533 contact Us.. God Bless You!!!

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1 Reply
Jun 16, 2017

I tried contacting you by email and that number but got no response. What is the website where a person can apply? And what is a valid email address for you?

 
May 19, 2017
PERSONAL Loan
Anonymous Borrower

I MUST SAY.. THEY WERE RIGHT ON TIME. WITH THE MONEY.EASY PROCESS. I WAS SO THANKFUL FOR THE MONEY. HIGH INTEREST 😣

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1 Reply
Jun 16, 2017

How much interest and where do I go to apply? :)

 
Apr 13, 2017
Simple fast and amazing
Anonymous Borrower

Best place for a loan

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Apr 07, 2017
Expensive
Anonymous Borrower

A 5000 dollar loan is costing me 3500 so my total balance is 8500. I'm paying 3500 to borrow 5000

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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.