topic Re: I'm considering taking out a loan from SpringLeaf ... in Personal Finance

I'm considering taking out a loan from SpringLeaf ...

Anonymous — Mon, 03 Aug 2015 19:00:32 GMT

I'm approved, and already took the inquiry hit. They will loan me $4000 at 42 months. I would use this loan to pay down credit cards, but they are asking 30 percent!!! Against my better judgement, I'm actually considering this!

I need someone to help talk me out of this. This is insanity, right?

Re: I'm considering taking out a loan from SpringLeaf ...

youdontkillmoney — Mon, 03 Aug 2015 19:23:31 GMT

Aren't your CC interest rates lower than the 30% Springleaf is offering, does not make sense to take a personal loan out at a higher rate than CC rate

Re: I'm considering taking out a loan from SpringLeaf ...

Anonymous — Mon, 03 Aug 2015 19:51:52 GMT

Yes, that's true. I don't know what I was thinking. Perhaps was thinking of having all that available cash to pay down a few cards.

Re: I'm considering taking out a loan from SpringLeaf ...

youdontkillmoney — Mon, 03 Aug 2015 20:27:13 GMT

If you have a 401k type account and you want to get rid of debt consider borrowing from it; of course people will say don't since you are giving up future tax deferred earnings etc, aside from that if you have a strong aversion to debt, this is one possiblity as most loans from 401k type accounts are arounf 4%-6%, definitely lower than CC rates. But before this, also consider a personal loan from the bank etc as rates are prob. lower than CC rates too, but then again if you are going to Springleaf maybe these loans are not available to you for whatever reason.

Re: I'm considering taking out a loan from SpringLeaf ...

Anonymous — Tue, 04 Aug 2015 03:41:08 GMT

If the interest rate with Springleaf is higher than your credit cards, than I would continue to pay down your credit cards the old fashioned way. IMHO paying 30% in interest is too much. Thanks for sharing your story!

Re: I'm considering taking out a loan from SpringLeaf ...

Anonymous — Tue, 04 Aug 2015 11:22:47 GMT

Thank you all for your support. Sometimes when you're in the situation, it's hard to see things clearly. It would be really stupid for me to take the loan. Thanks again!

Re: I'm considering taking out a loan from SpringLeaf ...

Anonymous — Tue, 04 Aug 2015 11:52:06 GMT

@beautifulblaquepearl wrote:
If the interest rate with Springleaf is higher than your credit cards, than I would continue to pay down your credit cards the old fashioned way. IMHO paying 30% in interest is too much. Thanks for sharing your story!

Agreed!

Re: I'm considering taking out a loan from SpringLeaf ...

Vitte — Sat, 08 Aug 2015 20:53:10 GMT

Even though they "approved" you, you would still have to go in and talk to someone. Then they may change the terms (for worse), and try to sell you insurance products while they are at it.

Have you considered looking at LendingClub instead? Their rates are better.

Re: I'm considering taking out a loan from SpringLeaf ...

Revelate — Sat, 08 Aug 2015 22:46:51 GMT

Springleaf's market position is such that they are a good choice if you are refinancing payday or similar loans (the 100%+ APR variety) but other than that generally should be ignored by anyone who has the credit needed to qualify for unsecured credit cards.

Re: I'm considering taking out a loan from SpringLeaf ...

Anonymous — Thu, 13 Aug 2015 06:19:45 GMT

These type of loans should be your last resort. The interest rates is ridiculous!

Re: I'm considering taking out a loan from SpringLeaf ...

compassion101 — Thu, 13 Aug 2015 09:51:30 GMT

I only charge 28%

Re: I'm considering taking out a loan from SpringLeaf ...

Anonymous — Mon, 17 Aug 2015 01:01:10 GMT

I used SL and RF for high interest loans. Used the funds to pay down debt, scores shot up. THEN I got a LC loan to pay off the SL and RF, just depends on what your ultimate goal is. LC has better rates, you may want to look into other crowd sourcing loans...FYI SL and RF both require you to take out an insurance on the funds thus making the total loan amount significantly more..GOOG LUCK!