Thinking of getting a loan from Springleaf or OneMain Financial

[Anonymous]

Not diminishing a repo or charge off but am question ing reasoning behind an almost 10 year repo and a 478 charge off that will come off report in ohhh about 3 months.. Remember this is a subprime at 36%. I think it had to do with me discussing paying it off really quickly.

[juggar]

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@Anonymous wrote:
Not diminishing arepo or charge off but am questioning reasoning behind an almost 10 yearrepo and a 478 charge off that will come off report inohhh about 3 months.. Remember this is asubprime at 36%. I think it had to do with me discussing paying it off really quickly.

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One thing to keep in mind is, these are unsecured loans so the criteria for approval will be relatively stringent, even if the APR is high. 

They way they see it is, you have had a secured asset repossessed and you've burned another creditor by not paying back what you owed. 

They dont care how it came to be or when it leaves your credit report, fact is, its on the report. 

I would work on getting the derogs off the report, You dont need a 36% APR cash loan anyway. Im not sure how they do things but it is possible the rule of 78's would have come into play and you might have been on the hook for a huge amount of "future" intrest if you tried to pay it off early. 

[Anonymous]

I had a loan with springleaf for the past year that I just recently paid off early and it did great things for my credit and got me out of a bind I was in at that time. The interest rate was 35% but no prepayment penalty so if its something you really need I recommend them over other types of loan sharks that can be much worse. 

[Anonymous]

I just got an offer from them in the mail. Borrow $5250 for just 177.38 per month for 48 months. In 29 payments, the 5250 would be paid back. So, the next 19 months at $177.38 equals another $3370! Yes, that is 25.91 % interest! This is an outrageous offer, in my opinion. I called to inquire and the rep told me it was to help those with bad credit to re-establish their credit. I told them a better approach would be to start off at a much lower interest rate that would increase IF they became late on payments. Of course, that rep could do nothing about it.

[Revelate]

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@Anonymous wrote:

I just got an offer from them in the mail. Borrow $5250 for just 177.38 per month for 48 months. In 29 payments, the 5250 would be paid back. So, the next 19 months at $177.38 equals another $3370! Yes, that is 25.91 % interest! This is an outrageous offer, in my opinion. I called to inquire and the rep told me it was to help those with bad credit to re-establish their credit. I told them a better approach would be to start off at a much lower interest rate that would increase IF they became late on payments. Of course, that rep could do nothing about it.

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Welcome to the forums!

Springleaf et. al serve a purpose, not everyone can pick up a <10% unsecured loan these days.  FWIW I once had a loan at ~120% interest, didn't carry it anywhere close to term but with where my credit was when I started this, it was what I could do.

[Anonymous]

There sure are a lot of one offs in this thread.

[StartingOver10]

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@Anonymous wrote:

There sure are a lot of one offs in this thread.

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I noticed that too ...wonder if Springleaf has a social media type dept to counter the negative posts???