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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 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 (1912)

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Apr 29, 2016
Home repair

Credit Karma said my chances were Very Good. I called a local branch in State College PA, told them where I heard of them, and what I was looking to do with the loan. I did an application with Belinda. She said everything looked good, and she'd call me back with the information. This lead me to believe I had the loan and I'd be hearing from her in a few days. Not only did I not get the loan, but she didn't even have the decency to take a moment and call me back, instead of leaving me hanging. I finally called them and learned I'd been turned down, despite everything looking good and Credit Karma's recommendation for them. The Credit Karma recommendation and odds were a crock, and these people turned down someone with a perfect repayment history. The only bad on my entire credit history is inquiries lowering my numbers. Now Springleaf has taken another three points off my Equifax. I feel like I'm never going to get the repairs done and now more damage has been done. This was a total sham.

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Apr 29, 2016

Will you please help me? By filing your complaint with the Consumer Finance Protection Bureau against them! If enough of consumers, get the courage to do so! Don't you not know, we can put them; clean on out of business! Think about that, viewers, or members!

Apr 29, 2016
TOTALLY BULL**** pls don't apply

When I apply online thru credit karma its says I approved for $5000 then they give me number on screen for make an appt after that when I call them they said I am not approval 

I need co -signer so pls don't BELEIVE THHEM

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Apr 29, 2016

You have Credit Karma show you have very good odds for this loan and less than 1/100 of a second after you hit submit you are denied.  A hard inquiry hit for nothing.  THANKS FOR NOTHING CREDIT KARMA.

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Apr 29, 2016

Please, Please, and Please file a grievance, and complaint against these fools! I'm like you'll, and been or got played as well! The agency you can contact or file your complaint with is Consumer Finance Protection Bureau!

Apr 28, 2016
To payoff some credit cards
JohnPDX Loan Holder

The process was fast, professional and easy to complete. The staff were very helpful and professional. They made sure you understood the loan and answered all of your qiestions. I felt they were working for you to be sure you got the loan you needed and that you understood it. I'd recommend them to all looking for a loan. I'd also use them again.

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Apr 28, 2016
This is highway robbery!

You are paying back on a loan that doubles every two years irrespective of your loan terms. 

This should be outlawed.

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Apr 29, 2016

You bettet go there, and tell it like it is! Expose these crooks for who they really are! Too many consumers credit reports, and scores are being damaged; as a result of these fools actions!

Apr 28, 2016

Applied and was approved. Called and they waned to refinance my car, when they could not, they denied me. False advertising, this is not a personal loan, they want your vehicle title!

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Apr 29, 2016

You did right not to, allow these fools to have; control, and possession of your vehicle or title! Hats off to you! However, if the federal government or agencies aren't aware of these fools dangerous misconduct, and destructive behaviours! Then nothing can or will be done! File a complaint against them, with the Consumer Finance Protection Bureau!

Apr 28, 2016
Personal to pay off higher credit cards.
Anonymous Loan Holder

It was fast, easy, and the representative was awesome. I would recommend this company to anyone who needs loan services.

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Apr 28, 2016

I just applied for a loan via their website NOWHERE and NoWHERE did it say anything about collartal or evn aske me about my car anywhere on the application they said approved via e-mail then call me and said need car title. Bull****.. Bad company!! DO NOT APPLY

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Apr 28, 2016

I was denied FIRST trying by myself! They said get a cosigner. And then with a cosigner, I got denied! Didn't feel no love from Springleaf at all. :(

Apr 28, 2016

They did the same crap with me with my vehicle. Wanted to see how much My truck was worth. I told them I did not realize they were a title loan place., which is exactly what they have become! This needs to not be considered a loan...but a title loan place.

Apr 27, 2016

Credit karma need to stop advertising these scammers . They told you that you're approved then turn around and said sorry you're not approved 

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Apr 26, 2016
Decent Loan and Experience
vanativenc Loan Holder

I have read bad reviews and good reviews so I thought I would throw another one out there. My experience was pleasant, I have a low credit score.
I think it does depend on the branch you have to go to. I did complete all paperwork, and they did offer other loans and bells whistles. They were thorough about what you were getting, they printed all paperwork. The only mishap was that they said the original first loan would be drafted on such and such date but that was not true they did auto draft a month early. I didnt complain. The website is lacking, and much of everything you would need to do is through a local branch. I guess I am very technology driven so the face to face and calling a local office is not something I would normally do. I would reccomend to anyone who is willing to deal with a local branch and doesnt mind the high interest rates.

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Apr 27, 2016

My credit score said I lived in California. This not true, I have never lived in California and I have never lived on 8th street in Jacksonville, FL. So how can my credit score be accurate?

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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 and 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.