I had a loan with Springleaf a few years back. I was VERY uninformed and ended up taking out a secured loan with them, so be aware if they start asking you for stuff you have and what you'd value it at. They would call me (a LOT, like 3x a day) 1 day after the payment was due threatening to take my stuff. Like I said, I had no clue it was a secured loan, they never used that word and I didn't even know you could do a secured loan with anything other than a house/car. Thankfully, I was able to include them in my bk and I'd never do another loan with them!
I don't think so, honestly. I can't remember what the interest rate was, but I'd have been better off just paying my monthly payment to my cc's ($225) than to them. But I was in a rush and did not make a good decision. I had no idea what I was doing.
If it is a good deal for you then go for it. Just look at the payments and interest and such and consider the full picture. I'm sure you will make the right decision!
@Anonymous wrote:
@Jarnog wrote:Yea, this is where I am having the confilct. I am currently, basically upside down in a couple of loans and am paying about $500 a month or so. With this loan I would be down to 200-250 and that is at the highest rate they mentioned 36%.
Savings of about 250, I would get rid of the items I am having problems with and be on my way. No early payment penalty, and such. I would want to and plan to have it paid off within a year 1/2 or so. I just want to make sure it's actually worth it. Being that it'll be a HP on EXP for them to see what they can do for me. Still in that pondering stage I am LOL.
I'm still not clear on how a 36% loan improves your situation.
OP has at least one consumer finance loan at some absurd interest rate from the sounds of it. Getting out from under that to a single consolidated payment, especially on a simple interest loan without prepayment penalty, when the payment is less and you can kick additional money to it makes all sorts of financial sense.
Not certain even if there's still ant point for discussion: if it is simple interest (interest calculated as you go only on the remaining principal) and there's no prepayment penalty (do verify both as people have suggested), given the information presented it'd be fiscally irresponsible to not do it.
It didn't. They approved me conditionally with collateral. Unfortunately I do not have collateral that would cover the amount I need.
The reps were very nice and helpful, just apparently I wasn't "good" enough, even though they thought that I should be approved for the amount requested ($4500) without issue. A problem that is being resolved at the moment was that they pulled EX and EQ. I was explicitly told they only pull EX. I got a scorewatch alert about another inquiry from American General. Told the rep and he seemed just as confused as he stated they used to be called that years ago. He verified with his manager that they do indeed still pull EQ.
I told him that I was not expecting that as I had him, his manager and another rep say they only pull EX. He understood and stated he will be getting that off for me. We'll see if it actually happens.
Overall I would say that they were pretty ok. They just couldn't help me like I thought they could. 