SpringLeaf Financial

[xXIDaShizIXx]

I was accepted into a doctoral program on the other side of the United States. I don't have amazing credit, but it is fair. I need money for a uhaul, deposit, first  few months rent, utility connections and first month, and gas to get out there. We are moving from a place with a lower cost of living to a higher cost of living. We will both transfer to jobs we have had over the past year, so we will be continuously employed. Would Springleaf be an ok options for someone with fair credit for a 10,000 loan? We have no help from our families, so we don't have too many options. I realize all of the pitfalls of a place like this, but would it be a good option before I go and get my score pulled? I'm sorry if this is in the wrong subforum, I wasn't sure where to put it. Thank you so much for the help! If there are any other places to go let me know.

[xXIDaShizIXx]

Also, let me say, the low score isn't because of bad credit, but because of a minimal credit history. Thanks again, guys!

[NotUsher]

What sort of interest and payback period are you looking at? Seems as though another viable option would be a card with an introductory offer if you won't be in the market to apply for additional credit and are qualified for a large enough limit. Of course, you'd need to be sure that you'd be able to pay things off by the time the promo period is up.

[xXIDaShizIXx]

Its a 60 month term with up to 36 percent interest. It sucks but we can make the payments. Would it be worth doing it? We really need it, so we can move and get started. It should actually be paid off in about 4 years with the amount we can pay at 36 percent interest.

[NotUsher]

Honestly, I'd probably look at credit unions before pulling the trigger on that. 36% is way up there. Have you talked to your banking or investment instituions about personal lines of credit, secured if need be? Looked into CUs?

[xXIDaShizIXx]

I have not looked into credit unions, but my banks interest rates are way up there with my credit. I'm talking about 30-35.5% Which is outrageous I personally think. Would a CU help if I don't have an account with them previously? I mean I don't have a year or more to build a relationship with them. I just need to find something soon and my wife and I have both about the same credit scores, so even if she cosigns it wont help much. And none of my family will.

[thom02099]

---

@NotUsher wrote:

Honestly, I'd probably look at credit unions before pulling the trigger on that. 36% is way up there. Have you talked to your banking or investment instituions about personal lines of credit, secured if need be? Looked into CUs?

---

Great suggestions!  Credit Unions are certainly a way to lower that interest rate.  There are a variety of CUs that are touted here as being good to their members.  If I'm reading your original post correctly, looks like you've got some time constraints to get this done?  Presumably, you know where you're going to be living at your destination?  Looking into local credit unions at your destination would certainly be to your advantage. 

With a thin file and less-than-excellent credit scores, it would seem unlikely that you would be able to get any credit cards that would give you a $10K limit right out of the gate.  Yes, members here have done it, but in most (but not all cases), they also have thick files and/or higher credit scores. 

Also, look into secured or unsecured loans.  If you have vehicles that are paid off and could be used as collateral, that could be a consideration as well.

If all else fails, since you said you can handle the payments, bite the bullet and try for it.  From your post, it sounded like you were either approved or pre-approved?  If you get that loan, you can always pay it off early (unless there's a penalty clause for pre-payment), once you've reached your destination, established your residency, gotten a good local bank or credit union, then go in and talk with them about your situation of paying off that way high loan. 

Good Luck to you !

[xXIDaShizIXx]

I have a vehicle that is paid off and currently worth about half of the amount I need in the loan. I mean I would use it as collateral if you think it would improve our chances of gettting it without too much hassel. Would that help significantly? 

[Creditaddict]

Have you tried prosper.com and lendingclub.com

They both could be MUCH better terms... they both will offer you loans or deny you on SP's so it won't hurt your Credit and I recently found out that Lendingclub pulls TU and Prosper pulls EX and have slightly different lending criteria so it might be worth to apply to both to see terms or if denied at one.

Lendingclub will push you to Springleaf if you are denied wtih them as a secondary less favorable option.

[xXIDaShizIXx]

Do you think I would be most likely approved at springleaf? I saw prosper, how long does that generally take? I will go with springleaf and just pay it off sooner if my chances are actually good. But I thought prosper was a hard pull?