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Springleaf Financial Personal Loans

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4.3150000572205 5

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

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  • Most Helpful Positive Review

    Good deal for a bad credit loan
    Helpful to 389 out of 418 people

    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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    davej323's review was:    


    Most Helpful Critical Review

    Needed a Loan
    Helpful to 214 out of 235 people

    I went here because my credit score is below 600 (560), but all my current accounts (CC's, Car, Revoling, etc) has been in excellent condition for over 5 years.  Credit Score down due to old accounts during bad times.

    Yes the interest is high...but I'm considered a risk in this day and age with a sub 600 credit score. 

    I needed to fix my car and bill was $3500 and i didn't have it.  In 1 day I had a check without any colateral and my car is on the road.  I don't plan to pay the term but pay off in 6-12 months which will delete most of the high interest.

    All in all there is a need for companies like these when Banks and Conventional loan companies won't touch you.  The key is to always make your payments and pay as much extra each month as you can..

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    Reviews (838)

    very easy process no gimicks, they gave us the loan and we closed with in a half hour, very pleased to help consolidate some debt.

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    When no one else would help
    Helpful to 1 out of 1 people

    When no one else would give me a loan due to my past mistakes, Not even Avant Credit that Credit Karma keeps pushing hard, Spring Leaf took a chance. The interest is high but realistically they no doubt get burned by taking chances so they have to cover their exposure to us folks with less than stellar credit. The staff at the Cookeville TN branch are very friendly and helpful and I had my funds the next day. Paying your loan on time and as agreed will help rebuild credit so you can get a better rate elsewhere in the future. Pay on time and you should never hear from them. I have not been called once in 9 months.

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    Ease of Use was simple

    Process of obtaining loan very simple and easy.  

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    Easy process, professional staff
    Helpful to 1 out of 1 people

    Impeccable customer service at my local branch. (Garner, NC)

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    Great customer service. Easy app process

    I applied online after seeing the company on CreditKarma. The application process was very easy online. Got a call a day later from a Springleaf rep to ask a few more questions to complete the application. Got another call 1.5 days later with an approval. Loan amount $4,000 at 24% with Experian score of 603., without using my vehicle as collateral. When I went to sign the paperwork, everyone in the Paris, KY Springleaf office were very courteous and professional. The credit/life insurance was already included in the loan, but I declined and he quickly drew up a new loan doc without the insurance added. I would recommend Springleaf to anyone who is unable to get a typical bank loan. The reps were courteous and properly disclosed the details of the loan. I gave four stars because of course the higher interest rate, but customer service was above average. 

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    Great customer service, very helpful
    Helpful to 1 out of 1 people

    Right when my wife and I were about to give up, I saw this Springleaf offer I thought was fake until I decided to make them the last call to get the help we needed and with no problems I was not able to get the full amount I needed but considering my credit score it was enough to help out our situation and payments are fair, no stress or hassle during any of the process....

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    Quick service, pleasant to do business.

    Quick service, pleasant to do business.

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    Helpful to 0 out of 1 people

    It was pleasant

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    Enter Your Reply

    qsignet111's reply was:    

    Awesome and easy
    Helpful to 0 out of 1 people

    Great customer service. 

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    Easy fast and releiving

    Nice to have.

    Read More

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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 upon information entered by the consumer and through analysis of information publicly available at lender websites. 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 7% to 30%) 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, credit usage and history. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s Terms and Conditions for additional details.