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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 (2408)

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Sep 30, 2016
Rip off unless you are very desperite
WarEnsemble Borrower

Only way I would borrow from these people would be if I was extremely in a desperate emergency situation and I had to have the money and it was my only way there are companies out there with cheaper fees and lower interest rates

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Oct 01, 2016

What are some other companies that you have found?

 
Sep 30, 2016
Run away don't Walk
Anonymous

Even though Credit Karma said I had a good chance of approval, I was denied. Now I have another hard inquiry on my report. I had an emergency situation and needed help so I thought hey why not get assistance from them yeah right! I was denied off the bat mind you, my score was 642 at the time and even after they added my Husband as a co-applicant we were still denied even though we had the means to pay them back within 2 months. We needed the help and now we both have hard inquiries on our credit report which dropped my score down by 24 points!!!! Don't walk away from them run away!!!!

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Sep 30, 2016
Not worth the effort.
Anonymous

I applied for this loan wanting to use it for a consolidation two loans i already have and i did get approved but they wanted a car title in order to get the loan. Let me tell you if a credit company is worth anything, they wouldn't ask for something like that, so that means while they will give you the loan they have no trust for the customer. Its just bad business altogether and will put a hard inquiry againts your credit with no reward. Plus the intrest rate is outrageous. Do yourself a favor and get a loan from First Heritage at least they trust their customers and understand that, trust is how you build relationships with people. Cause thats what we are people not a number. First Heritage also rewards you if you send customers their way. My credit was a poor 559 when i applied and they gave me a shot, its best to fill out for the one online though cause you intrest rate will be Lower for the first loan. 

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Sep 29, 2016
Nonexistent

I figured I would apply to consolidate my collection accounts. Now a hard inquiry and no consolidation

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Sep 28, 2016
Terrible
Anonymous

I applied and aproved but decide to go with other comp. becouse of better interest rate! They told me if I don't accept their offer (like they forcing me) they will report as hard inqure...And they did it.NOT RECOMMENDED!!!

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Oct 01, 2016

Once they have your info they run it. That's how you were approved. It was them trying to scare you into going with them.

 
Sep 28, 2016
NO!!!

Springleaf and One Main are a shell of what they used to be. Basically their website states you can get a loan with a 600 score and a title loan down too 550. Not the case. First they say your approved, then they want collateral, you say no, then they ask for a co-signer, you say yes. Then they say you qualify with your co-signer's collateral with them paying off your debts and receive only about 25% of the loan in actual money. 1. Go to lending club 2.Get a payday loan. 3. Go to the mob. Maybe if we get down to about 10 we can safely include Springleaf. 

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Sep 28, 2016
Springleaf Uses "Bait and Switch" Method

These people are a deceitful! They claim to be able to give loans to people with bad credit, but that's misleading! I applied for a $2,000 loan and was approved for up to $4,000 with a car title. I told the representative I didn't have a vehicle under my name. The rep then said my wife could co-sign since my credit wasn't high enough. She made it seem that I would have a better chance of securing the loan if our credit scores and INCOME were combined. We went to their office, and after being made to wait a really long time, we were told the only way we could get approved was to use my wife's car title as collateral....basically a title loan. For everyone who knows...title loans are a HUGE rip-off! You borrow $4,000 and end up paying back $11,000...more than twice as much! We were then told that we could apply later when our credit improved...NEWS FLASH: If we already had good credit, we wouldn't need the loan in the first place, imagine that! They claim to "help people with bad credit" but that's clearly not the case as my credit was the reason we were denied. So I guess you have to have "good-bad credit???" These people are like any other typical shady loan sharks. Don't waste your time with them. They lure you in telling you you're approved when you're really not. For a $2,000 loan I was told the payments would be around $95 a month. Had I been approved, I could've and WOULD'VE easily made $300 monthly payments to pay it off faster. I totally had the means and income to afford this loan and the monthly payments, but no, it all comes down to some stupid 3-digit credit score number with these people, though they claim to focus more on your income rather than your credit score. That's clearly not true, or else I would have been approved. If you get any "pre-approval" letters from them in the mail, tear it up. These people are just after your cars and assets.

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Sep 28, 2016
Anonymous

I applied for a loan got approved but then they said i needed collateral i wish i would have known before i pulled my credit because i have really been working hard on my score

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