Denied Lending Credit... Sent to Springleaf?

[Creditaddict]

Anyone have any info?

is it a HP if you apply or do they do SP also?

[creditwatcher2012]

I have a personal loan for 205 a month from Springleaf, it is going to be another hard pull, and the intrest rates are terrible, when I opened this loan my credit I think was a 675-680 on transunion, and I still got 27%, but I figured its ok, because I would have it paid off in no time.... Im still paying on it, and i just got my payoff last week it was $5500, I only borrowed 5k, and have made about 11 payments so far... so put two and two together you see how much intrest they charge you.  If you definately need the money then I would say go for it, but you could also check onemain financial, they are backed by citibank. goodluck!

[Creditaddict]

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@creditwatcher2012 wrote:

I have a personal loan for 205 a month from Springleaf, it is going to be another hard pull, and the intrest rates are terrible, when I opened this loan my credit I think was a 675-680 on transunion, and I still got 27%, but I figured its ok, because I would have it paid off in no time.... Im still paying on it, and i just got my payoff last week it was $5500, I only borrowed 5k, and have made about 11 payments so far... so put two and two together you see how much intrest they charge you.  If you definately need the money then I would say go for it, but you could also check onemain financial, they are backed by citibank. goodluck!

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that's just not possible... is it a cash advance loan? did you have a ton of upfront fees that you have not paid off yet? I don't understand... $5k at 27% for $205 a month puts you on a 36 month term and a total cost of $7348.54, so $2348.54 over the 36 months but you have already paid almost $2300... you some how end up in a loan that pays interest first? I didn't even know you could get loans like that anymore if so.

[creditwatcher2012]

Account Name Balance Balance Date Monthly Payment Term

► FRD MOTOR CR	$0	01/28/2012	$444	86
▼ SPRINGLF FIN	$6,150	06/30/2013	$205	36
How to Dispute Account Details Payment Status Creditor Contact Account NameAccount NumberConditionResponsibilityCurrent BalanceOriginal BalanceLimitMonthly PaymentLast PaymentStatusTermLoan TypeOpenedReportedRemarks SPRINGLF FIN ************************************* Open Individual $6,150 $7,380 $0 $205 06/10/2013 OK 36 months Secured by household goods/collateral 12/03/2012 06/30/2013   copied right rom my credit report, I thought I opened it earlier like september, but I guess it was december.

[gstq34]

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@creditwatcher2012 wrote:

I have a personal loan for 205 a month from Springleaf, it is going to be another hard pull, and the intrest rates are terrible, when I opened this loan my credit I think was a 675-680 on transunion, and I still got 27%, but I figured its ok, because I would have it paid off in no time.... Im still paying on it, and i just got my payoff last week it was $5500, I only borrowed 5k, and have made about 11 payments so far... so put two and two together you see how much intrest they charge you.  If you definately need the money then I would say go for it, but you could also check onemain financial, they are backed by citibank. goodluck!

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Onemain = just as bad. FYI

[creditwatcher2012]

I thought they would be a little bit better, but yea springleaf is bad!!

[Creditaddict]

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@creditwatcher2012 wrote:

Account Name Balance Balance Date Monthly Payment Term

► FRD MOTOR CR	$0	01/28/2012	$444	86
▼ SPRINGLF FIN	$6,150	06/30/2013	$205	36
How to Dispute Account Details Payment Status Creditor Contact Account NameAccount NumberConditionResponsibilityCurrent BalanceOriginal BalanceLimitMonthly PaymentLast PaymentStatusTermLoan TypeOpenedReportedRemarks SPRINGLF FIN ************************************* Open Individual $6,150 $7,380 $0 $205 06/10/2013 OK 36 months Secured by household goods/collateral 12/03/2012 06/30/2013   copied right rom my credit report, I thought I opened it earlier like september, but I guess it was december.

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wow, they built the interest for the entire loan into the original loan amount that you start paying.... that is legal? so much for pre-pay! no point in paying extra when you already paid it all before even making one payment! ouch.

[creditwatcher2012]

I think your right too, that it pays intrest first.

[gstq34]

Wow, yep looks like interest was rolled in.  Here is GA you can pre-pay but in the 1st year there is a fee to do so.  They like to know how much they are guarantted in interest I guess.  We used them when our scores were in low 600s but PIF as soon as bonus time rolled around.  They serve a purpose if you know you can pay them ASAP!

[creditwatcher2012]

I guess its legal, what state are you in?