Denied Lending Credit... Sent to Springleaf?

[Creditaddict]

glad I cancelled and didn't even apply

[frugalQ]

Creditaddict...

I noticed that you've looking for a lot of credit, and now you are going to finance companies. I hope all is well financially for you.

I am not trying to pry....but I do have a concern.

[Creditaddict]

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@frugalQ wrote:
Creditaddict...

I noticed that you've looking for a lot of credit, and now you are going to finance companies. I hope all is well financially for you.

I am not trying to pry....but I do have a concern.

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I think I "look" more than most! lol

although I have probably applied for more than most would too, who knows...

i also post for what my partner does credit and I do and sometimes experiences with friends or past roommate but we moved so no roommate now! YAY

[frugalQ]

As long as all is well!!

[negg]

Where's Montel at when you need him.

[Anonymous]

The loan is precomputed loan so your original balance it your total of payments. $205x36. You have only made 6 payments not 11. Every payment you make will lower your balance by the amount of the payment you make. You do pay more interest in the first 9-12 months on a 36 month loan. Plus you may have some type of credit insurance which is also calculated in the balance. You will only pay for interest for the time you have it open. Just like any other creditor, they can only charge for interest for the time you keep the loan out. So if you pay it off now, you only paid for interest since December.

[Creditaddict]

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@Anonymous wrote:
The loan is precomputed loan so your original balance it your total of payments. $205x36. You have only made 6 payments not 11. Every payment you make will lower your balance by the amount of the payment you make. You do pay more interest in the first 9-12 months on a 36 month loan. Plus you may have some type of credit insurance which is also calculated in the balance. You will only pay for interest for the time you have it open. Just like any other creditor, they can only charge for interest for the time you keep the loan out. So if you pay it off now, you only paid for interest since December.

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The credit report shot poster shows looks an awfully like all interest was charged on loan and posted as the actual loan amount?!

[TeeandDee]

I'm not sure of your situation, but if at all possible I'd stay away from those companies "One Main" and "Springleaf".....they charge a TONE of fees and interests that you'll be paying for years! I was in a tight situation last year and went into One Main's office.  After they approved me and I read over the paperwork and saw how much I'd be paying interest.....I immediately declined their offer and walked out of their office never to look back!  They will milk you dry! Beware!

[pizzadude]

Be aware that some of these loans are not simple interest loans, so in some cases you'll have to pay the entire interest amount even if you pay it off early.