topic Re: Thinking of getting a loan from Springleaf or OneMain Financial in General Credit Topics

Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Sat, 14 Apr 2012 22:41:00 GMT

I am thinking of getting a loan from springleaf or onemain financial. I read stories on how shady they are but most of them are because of late payments. I want to borrow 5-10k loan and I know I can pay the monthly bill on time. I am thinking of taking a 36 month loan and pay it off within a year and a half. My thinking is that if I paid the loan off earlier than the 36 months, they can't charge me for any extra interest. Hearing about stories where people borrowed 5,000 only to end up paying 30,000 in interest scares me. So If I was to pay this loan off way earlier than the 36 months, I shouldn't have to worry about paying interest right? Say interest is an extra 3,000, so in total I am paying a balance of 13,000? By paying that early, I shouldn't incur any other fees? This will be my last effort if I get denied from a Credit Union. An interest of 3k is alot and I doubt I would go through with it. Just need to know all my options.

Thanks

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Sat, 14 Apr 2012 22:46:17 GMT

What do you need the money for? What's your credit like?

I ask these two questions because there may be better options... These loans can end up putting you farther behind than getting ahead...

Re: Thinking of getting a loan from Springleaf or OneMain Financial

TeeandDee — Sat, 14 Apr 2012 22:59:49 GMT

I looked into both Springleaf and OneMain Financial last month and they are very shady! I decided to not go through with the loan after reading the loan contract. I applied for a $2,500 loan and would have ended up paying over $5,000. They are an incredible rip off and not to be trusted! They add on all sorts of interest at the front of the loan and that's how it would report on your credit report. So basically I would have got $2,500 but $5,000 would have shown up on my credit report. Even if I had paid the $2,500 off in two months, there would be no way to prove that was all I owed. The Customer Service rep basically admiitted I was right!!!! So I ripped up the offer and walked out of there thankful I did not go through with it. I mean how is their business practice even legal?! You are loaned $2,500 but end up paying over $5,000?! How crazy is that?! If I were you...I'd look into other options.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Sun, 15 Apr 2012 00:00:12 GMT

Truthfully, I am fortunate that I don't need the money. I just prefer to have more money in the bank now. I have about 4,800 in AMEX and 3,500 in Chase. I am paying off the Chase card 500 every month. I am going to pay off the AMEX card since its a charge card, paying that off will show a balance of 1500 in my bank account. I just prefer to have more money because I know I can pay off the minimum monthly payment. I might just try to rebuild my credit then apply for prosper.com again. They need at lease a 640 credit score. I don't mind paying interest of 1,500 on a 10,000 loan because I will have more money in my bank account. A 3,000 interest is too much for me, I hope everything goes well at the Credit Union.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Sun, 15 Apr 2012 00:17:51 GMT

I have fair credit of 650, 640 and 620, so not that great of credit.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

1768geme — Sun, 15 Apr 2012 00:23:05 GMT

You should try prosper.com a peer to peer lending group . Never had any problems whit them.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

pizzadude — Sun, 15 Apr 2012 01:06:34 GMT

You need to be very careful with these types of loans ~ they are usually not simple interest loans but as stated there is a lot of upfront interest that you have to pay first. Make sure you ask for an amortization schedule and fully understand the terms/fees/etc.. before you decide.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Revelate — Sun, 15 Apr 2012 05:49:58 GMT

I guess I'm confused, if you don't need the money, why borrow it? It's typically a bad idea to borrow one's "reserve" at any APR in excess of what you could get on a CD or other investment vehicle... and personal loans don't come that cheap anyway.

There may be other options outside of that, if you own your car, you may be able to take a title loan, but unless you're in short-term need for some float, it just doean't seem to make a lot of sense to me. If you do need a short-term loan, Cashcall works and is nowhere near as shady as the others you mentioned, though the APR high, it's a simple interest loan with no early repayment penalty. Something like $75 for an application fee though. Extra bonus is that their loans report to Experian.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Sun, 15 Apr 2012 09:57:54 GMT

I got denied from Prosper due to TU score of < 640. I don't own anything so I have no title for any sort of collateral. I am fine with paying 1500 interest but anything more is not worth it.

Thanks for the amortizable table idea.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

1768geme — Sun, 15 Apr 2012 14:10:49 GMT

Prosper only pulls experian and only hard inquiy if loan is funded

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Sun, 15 Apr 2012 17:00:29 GMT

On April 1st my Experian was about 650, but up till the past days, I went to Wells Fargo, TD Bank and other online sites for a loan. All these inquiries must have lowered my score by now. If only I did my research better and found this site sooner, I would have had a better chance to get approved. I am going to stop by my nearest CU as a last effort and rebuild my credit. Then try again in 2 months. I am going to lower my debt to ratio by 1,000 to 1,5000 and pay off 4,800 that I owe with my AMEX charge card. Hopefully this will give me a boost. I also found out TU is messing up my reports when I see one account that should be removed which is a collection account that is already over due to the statutory limit, both other CRA removed it. When I get a dispute response on a late 30 day payment, then I will send them a letter regarding the Collection.

Thanks

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Thu, 13 Feb 2014 16:04:50 GMT

you can borrow against your own money at 3 percent

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Transmogrifying_Bee — Sat, 15 Feb 2014 02:59:17 GMT

For what it's worth, Credit Karma has a section (under "Reviews" / "Personal Loans") where a bunch of personal loan companies are "reviewed" by customers. A lot of good and bad opinions abound, so you need to be careful in extracting the information that might be useful for you. Some have very reasonable loan rates but, of course, are predicated on decent credit. Might be useful IF you decide to go this route. Good Luck!

Re: Thinking of getting a loan from Springleaf or OneMain Financial

bearze34 — Sat, 15 Feb 2014 19:59:47 GMT

I think I am missing the logic here as well. You want to pay some high interest rate on a loan to put it in a savings account? Why not just put the money you would be using for the payments in savings? Then, if a need comes up you could borrow money or use the money you have saved? I must be missing something as this makes no sense at all.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Revelate — Sat, 15 Feb 2014 20:49:39 GMT

It's a 2 year old topic.

I didn't recognize that when I was reading it the other day heh. Shy hasn't logged on since this topic.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Sun, 16 Feb 2014 22:54:24 GMT

Thinking of getting a loan at springleaf think again.

my daughter recently secured a loan using her car , the thing now is we filed a chapter 7 ,

against springleaf they are now since june 2013 still refusing in anyway to help her collect the car,

they have the title the car doesnt work nor tabs are any good they have left it to my daughter to call towing companies to see who will take it without title that is not our job.

the car is sitting on private property that im renting from springleaf is refusing to release the title to my daughter even though its been discharged in court.

it is not our job to call companies on behalf of springleaf . they are even violating our rights under the bankruptcy laws and still want my daughter to pay to get the title back on a loan that went discharged what kind of company runs a business like this. we are stuck with a car with no title no company will even tow it the police wont get involved.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Thu, 03 Apr 2014 15:43:32 GMT

This message is to the daughter who can not get rid of car. I am not a customer of Springleft, but I have sold a junk car to a no title company. Normally their ads states they buy junk cars.

My daughter flooded out her Honda during a storm, we sold it to the junk people for a little over $300. Not much, but came in handing paying some immediate bills. If we had the title we would have received around $500, as was mentioned over the phone, but once we told him in person we didn't have the title he gave the $300. I really believe it was around $350. Anyway, just an suggestion for you.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Fri, 18 Apr 2014 17:28:28 GMT

With all due respect, your daughter took out a loan from the company using her car as a promise that they would get their money back. The car broke down which is not their fault (nor your daughter's) but they still gaver her money which they are now not getting back due to the bankruptcy.

The Chapter 7 means your daughter no longer is legally responsible for the debt but Springleaf now owns the vehicle through the lien. I cannot see how your rights have been violated in any way.

Springleaf gave your daughter money with the expectation that they would get it back either from her or by collecting the vehicle. They now legally own the vehicle. if your daughter wants the title she needs to purchase it from the legal owner. You have to understand that the loan was discharged but she forfeited the collateral i.e. neither the title nor the vehicle are hers. You and she should expect to pay for the title if you want it. The title is no longer your daughter's property. If your bankruptcy atty didn't explain this to you they should have. That is federal law.

A company gave your daughter money which they cannot get back. Their only recourse is to collect the vehice which no longer works. Springleaf has already lost money on the deal your daughter made (I assume she spent the money they gave her) why should they spend more time and energy (money) to collect the vehicle when it will probably cost them more than it's worth? Haven't they already given enough?

I had a Chapter 7 bankruptcy discharged in December. I got there because of financial irrepsonsibility. This may not be the case with your daughter but will all due respect it sounds as if you view the bankruptcy as an absolution of all responsibility. It is your daughter's "job" to be as responsible for her debt as possible. She couldn't pay it back. This happens and is why we have bankruptcy.

I'm sure you're good and well-intentioned people but perhaps everyone would be better if you could see where Springleaf is coming from. Pretend it's you that someone borrowed money from. They said they would give you property with a set value in lieu of money if things didn't work out. Things didn't work out and after they filed bankruptcy they then informed you that not only could you not get the money from them but the property has lost the value it had. (Again, bankruptcy means that you now own the property as the lien makes this so.) They then want ownership of the property to return to them. When you tell them no they expect you to pay to come collect it. I can see that you're an intelligent person. What would you do in this situation? WOudl you pay more out of pocket to go collect something that will probably cost more to pick up than it's worth? Or would you tell the other person that since they borrowed from you it's their responsibility get it back?

I undertsand you are frustrated but it doesn't sound like you are a victim here. Can we agree that financial responsibility begins with personal responsibility? I am not syaing that you or your daughter are irresponsible but I am familiar with viewing big companies differently than I view people. I told myself in the past that it was okay because they had so much money or were charging me a high (unfair) interest rate, one which I agreed to in the first place. I promise you if your daughter does everything she can to make things right with Springleaf things will start to get better for everyone. At the very least perhaps you can begin to let your anger go.

I wish you the best.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

Anonymous — Thu, 18 Dec 2014 14:38:26 GMT

WOW. Gotta tell ya, they were very nice on the phone. Been building my credit over the last several years and have reached mid 600s. Received a number of pre-approved materials in the mail, but never used. Looking to buy some furniture and thought I would give them a try. Paid on time on all cards, no missed payments on auto, last charged off credit card was 2008 for $500. Applied and would you believe I was declined on a sub-prime loan with an interest rate of 36%? I called and again they wre nice, but I was told that they do not use credit score but look at the credit history. Two items caused them to decline it. A car repo with balance of 1800 from 2006 (this should be gone) and a charged off credit card of $478 back in 2008 (lost my company in 2008). Thats it. Clean payment on my auto payment (installment loan of $19000), not one missed payment and clean credit card payments. He also said that my revolving credit were "some little cards" of insignificant value. WOW. I was surprised. No - shocked. After reading more about this, maybe it was a blessing. Would have paid it back in about 3 months.

What kind of credit score do you have to have to qualify for sub-prime.

Re: Thinking of getting a loan from Springleaf or OneMain Financial

juggar — Thu, 18 Dec 2014 18:22:24 GMT

@Anonymous wrote:
WOW. Gotta tell ya, they were very nice on the phone. Been building my credit over the last several years and have reached mid 600s. Received a number of pre-approved materials in the mail, but never used. Looking to buy some furniture and thought I would give them a try. Paid on time on all cards, no missed payments on auto, last charged off credit card was 2008 for $500. Applied and would you believe I was declined on a sub-prime loan with an interest rate of 36%? I called and again they wre nice, but I was told that they do not use credit score but look at the credit history. Two items caused them to decline it. A car repo with balance of 1800 from 2006 (this should be gone) and a charged off credit card of $478 back in 2008 (lost my company in 2008). Thats it. Clean payment on my auto payment (installment loan of $19000), not one missed payment and clean credit card payments. He also said that my revolving credit were "some little cards" of insignificant value. WOW. I was surprised. No - shocked. After reading more about this, maybe it was a blessing. Would have paid it back in about 3 months.

What kind of credit score do you have to have to qualify for sub-prime.

If you think a repo and a charge off are insignificant then you have another thing coming.

I would work on getting the repo removed off the credit report and go from there.