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Springleaf Financial Personal Loans

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Springleaf Financial

  • Personal loans typically from $1,500-$10,000 with APRs from 25.10% - 36.00%
  • Flexible. Terms that fit your needs and no pre-payment fees
  • Fast. Loan decisions as quickly as 1 hour
  • Convenient. Apply online, by phone or at your local branch

Most Helpful Positive Review

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

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 (1560)

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Nov 24, 2015

According to CreditKarma,  my approval odds are 'Very Good'.  Considering I was just DENIED, CreditKarma's claim is a flat out LIE.  Do NOT risk the hard inquiry on your credit, folks.  I suspect CreditKarma gets some form of compensation from Springleaf for every person that applies through this fraudulent scheme.  I will be disputing any and all inquiries on my report due to this fraud!  STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! 

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Nov 24, 2015

Credit Karma should probably review the criteria for this company since I was listed as having a good chance of approval and got rejected. It doesn't appear that I'm the only one with this issue. It also sounds like I'm better off not having been approved!

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Nov 24, 2015
misleading and doesn't approve you

this is misleading information.  it says they will help even if you have bad credit.  they really don't.

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Nov 24, 2015
great staff in our town
Anonymous Loan Holder

make sure you know waht you want to do and advise them, they were very helpful on my loan. little slow of contacting you back for the approval. they had other options as well is why it took so long

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Nov 24, 2015
What a joke..

My husband and I have both applied separate and together and have been denied and now we both have hard inquiries on our credit report. The information they send about the denial is a joke as well. There is no explanation. Just a bunch of B.S. is all it is. I will not be attempting to use this company ever again. No one even contacts you to talk with you. Nothing! Don't even get asked to see bank statements or pay stubs. Just denial!

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Nov 24, 2015
Very misleading, would not recommend

i was pre approved for 5,000 but i only needed 1500. i appiled online and was told to come into branch. I was denied because of my inqueries. Well why was i offered in the first place. I had a 643 score. My chances were very good according to creditkarma. Dont get hit hard with an inquiry because of a mis-leading offer.

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Nov 24, 2015

Thank you for your comments and for bringing this matter to our attention. We would be happy to discuss these concerns with you. Please email with your phone number and best times to reach you so that we can discuss .

Nov 24, 2015
debt consolidation

per credi karma said my chances were very good, applied to consolidate my debt of just under $5000 to one payment and it was a joke. they wanted to refinance my car that will be paid off in 4 months as collateral and included it in the debt consolidation load increasing the amount i asked for but jacking up the interest rate. wasted my time and ran a hard inquiry on my credit. DO NOT USE THIS COMPANY! the customer service was nice but not very helpful or knowlegable of the loans and kept talking over me.

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Nov 23, 2015
Hated this loan....glad it is paid off!
Anonymous Loan Holder

  Spring leaf contacted us via mail and recommended we consolidate our credit cards and make one payment.  We took out a $5000 loan in Feb 2015.  There was a $250 loan processing fee!  First payment $178 due in March.  We paid first 2 pymts $250 and the additional pymts made avg $200.  In 8 months, aft paying over $1800....balance showed to be around $4450!  You can make payment for the AMOUNT online....BUT....if you want to pay more than the required pymt you have to go into the local business office.  Also, if you plan to pay more than the amt due be sure to tell the office you want the extra money to go towards the principle...because...if you don't....they do not tell you that it will be deducted from the next months payment.  Pretty stupid....i I wanted to pay towards next month I would wait and pay next month.....the whole purpose of paying more is to get this high interest loan paid off quicker.  I was told the interest would be abt 32% and estimated by their rep approximately how much would be paid off over a 4 yr period.  Eight months later the math is fuzzy and doesn't add up.  So I contacted their main number to confirm balance due and see if it could be paid online.  Surprised to learn ...yes I can pay online.... and balance confirmed but told I had to contact the local office for the payoff....What....they can give balance but NOT payoff!  The payoff was abt $100 MORE than the balance.  I can't even comprehend how much we would have paid all together if we had paid on this loan for the full 4 years.  I've had loans before but nothing like this one.  So many get-cha's that I couldn't keep up!   We would have saved more by continuing to pay on the credit cards...the interest on the cards was much LESS than the interest with the loan shark (how I felt) Spring Leaf.  Just be smart and think about what your doing before getting a loan with this company.  I don't recommend it!

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Nov 23, 2015
Reasonable for problem credit.
cisaac1971 Loan Holder

Good source to use for consolidation of debt the long run, just payoff as quickly as possible to avoid the interest.

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Nov 23, 2015

CK said my chances were Very good to get this loan. FICO 626.  Springleaf website said to very income you need bank statements showing direct deposit.  I am a contractor (1099 employee) since January of this year.  I appplied on Friday.  Called local office today. Declined due to not being able to produce tax return showing one year of income.  This is NOT what their website says.  I told the representative that I can show bank statements where my pay is direct deposited.  He was very short with me and told me to try again after I have tax return to show income.  Such a scam!  And hard inquiry on my credit.  Don't believe the requirements stated on their website!  Very disappointed at being misled!

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Nov 23, 2015

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Nov 24, 2015

Thank you for your comments and for bringing this matter to our attention. We would be happy to discuss these concerns with you. Please email with your phone number and best times to reach you so that we can discuss .

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Company Overview

Founded in 1920, 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.

**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.