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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 (2323)

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Aug 27, 2016
Very unpleased

Aplied through Credit Karma and Credit Karma and Springleaf does not say that it is a hard inquiry. 

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Aug 27, 2016
Super Easy and Great Service!
PbnJess Borrower

I read sooo many reviews on the different lenders and was bery skeptical about all of the comments regarding car collateral and what not. But,because my friend had used Springleaf before I gave them a shot. Immediately after applying online I was told to call and talk to a rep at my local office. I did and was asked several more questions, including what year,make and model car I wonder. I asked why, and made sure he knew I was in no way interested in any loan that needed my car for anything. He simply stated it wasn't a requirement, but just in case. I was called back the next morning with a full approval..went into the office at 5PM and the money was in my acct the next day.

They only pulled my experian report and it was at 640, only because I was sitting at around 75% utilization. Yearly income 88k. Hope that helps someone else in making the decision to try.

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Aug 27, 2016

What they don't tell you here on credit karma is it isn't just a recommendation and soft pull, it's a hard Inquiry. I applied , got an email saying I was approved but then telling me I had to come in to do the actual hard pull on credit n show ID etc, ya know the same all loans companies due through emailing or uploading but they don't tell you until your approved that you have to go into an office , the northeast philly office was closest but still way to far. I am disabled I do not drive , I even order my food shopping from home. So after being unable to get there they then send me a denial letter due to incomplete application. Liars and unfriendly to the disabled. 

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Aug 26, 2016
Odds of approval ARE NOT "Very Good"

I researched this company and considered my options for two days before taking the bait on Credit Karma that my approval odds were "Very Good".  I wasn't denied right away so got my hopes up a little.  We have paid out over $3,000 in vehicle repairs this week (Monday, Tuesday & Wednesday).  Just found out they will not approve me for a loan due to "Excessive Debt".  It must be their company's excessive debt because it's not mine.  My debt to income ratio is very good.  Almost all those repairs went on my credit cards which is why I was looking for a loan so that I won't increase my credit card utilization.  Don't waste your time; go somewhere else.  Read all of the others reviews who took the same bait I did.

I give 3 stars to customer service because the lady I spoke with was nice.

I give 1 star in the application process because they must be missing information since their denial reason makes no sense.  Either that or whoever approves the loans doesn't understand the information.  I did think it odd that they only wanted my net income (pay check amount after all deductions) and not my gross income.  But it's been a while since I applied for a loan.

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Aug 25, 2016
Waste of time

Don't apply unless you have your own car to put as a car title loan! My CS is 560 still didnt get it smd

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Aug 24, 2016

Misconceptions. Loan downplayed

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Aug 25, 2016

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 call you to discuss your concerns.

Aug 24, 2016

Be Careful.  You get notice that you are preapproved - based on credit score, this is recommended.  Well, that was not the case.  I was a little learly of applying, but I did and they wanted collateral.  Make sure your credit is VERY good before you apply.

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Aug 24, 2016

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 call you to discuss your concerns. You may also call us directly at Springleaf ‘s Executive Office of Customer Care at 888-864-0332, option 4, for assistance with this matter.

Aug 24, 2016

Liars, they'll approve you, then say they're running on a tight budget... Not all what it's cracked up to be. Don't listen to the approval odds. Don't think that you're handling a professional establishment. They told me I was approved and made it sure that I 100% was. When they gathered all my info they told me everything was perfect. They saw no issue. Then played phone tag for a week!!! Finally got through after I called about 20 times left voicemails. Now I'm stuck with a hard Iquiry for 2 years!!! 

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Aug 24, 2016

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 call you to discuss your concerns

Aug 27, 2016

Yup. They lie

Aug 23, 2016
It's only about money not relationships

I have had a couple loans from them and have paid 100% on time. I think I owed them about 1,500 left on my loan. I borrowed an additional 1,200.

So what did they do? My current interest rate was around 22%. They redid the entire loan making it a new loan now with a new interest rate of 29%. MAX

CRIMINALS in shirts and ties.
I have paid you ON TIME for years and this is the result.
It's only about money not relationships.

If anyone wants a loan go to your bank and speak with them.
Get yourself a secured credit card and build some credit then ask for a loan
These people do not care about you. They just care about filling their pockets.

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Aug 24, 2016

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 call you to discuss your concerns

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