Thinking of getting a loan from Springleaf or OneMain Financial

[Anonymous]

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

[Anonymous]

you can borrow against your own money at 3 percent

[Transmogrifying_Bee]

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!

[bearze34]

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.

[Revelate]

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.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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. 

[Anonymous]

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.

[juggar]

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@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.

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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.