Springleaf Financial Personal Loans Review
- November 4, 2016
- Posted by: Jeff Gitlen
- Category: Personal Loans
Springleaf Financial Services is a well-established company that started up in 1920 as Interstate Finance Corporation, and it originated in Indiana as a truck and vehicle sales company. After numerous mergers and name changes, that company became what is known today as Springleaf Financial.
In modern times, the company focuses on consumer lending and credit products. One such product in its arsenal is the Springleaf Financial personal loan. These are offered for various reasons, and potential borrowers in need of funds can find help at the main Springleaf website.
True to its name, a personal loan can be taken out, or borrowed, for just about any reason. If there is a good chance the loan can be paid back, then there really is not much holding back a personal loan lender such as Springleaf Financial. With that being said, there are plenty of common reasons this type of loan is taken out; here are the specific offers listed by Springleaf.
The first reason on the list is a debt consolidation loan. Many borrowers who are seeking a personal loan simply need to pay off debt in some way. Most of these borrowers have more than one form of debt, so a personal loan for debt consolidation is a great way to simplify repayment and maybe save some money.
Aside from this serious reason, there are many more offers made by Springleaf Financial. Personal loans are awarded for big expenses such as boat purchases, wedding expenses, vacations, home refurbishing, home rehabilitation, motorcycle purchases, funeral expenses, dental expenses, medical expenses, and more.
Rates & Terms
Springleaf Financial offers a somewhat smaller range in terms of dollar amount when it comes to personal loans. The lower end for a personal loan is set at $1,500 while the maximum limit is set at $25,000. Both secured and unsecured loans are offered. A secured loan requires collateral while an unsecured loan does not. Unsecured loans typically come with higher interest rates, and they are harder to qualify for.
Annual percentage rates (APR) typically range between 16% and 40%, and each personal loan rate is fixed. These rates are pretty high for personal loans. Many other competitors offer lower rates on their personal loans. The lower APRs are awarded to applicants with higher credit scores and better credit history.
Four different repayment plans are available to borrowers of a Springleaf Financial personal loan. Starting at 24 months, the other payment terms increase to 36 months, 48 months, or 60 months. Any of these plans can be chosen before the final terms and conditions are finalized. Longer payment plans tend to have lower monthly payments while short plans have higher monthly payments.
There are no prepayment penalties to worry about if a borrower decides to eliminate his or her personal loan debt sooner than planned. Some lenders impose a penalty for paying off a loan before the payment plan term is up. It can be viewed as a breach of contract, but Springleaf Financial does not charge this fee for its personal loans.
Since it is an old and established company, Springleaf Financial offers all of the standard and useful benefits found with its competitors.
Firstly, Springleaf Financial has its own mobile app that can make personal loan management simple and easy. Monthly payment due dates are accessibly, and the remaining loan balance is essentially at one's fingertips. Many of the larger companies have mobile apps to go along with their financial services; Springleaf Financial is no exception.
A personal loan calculator is supplied by Springleaf Financial in the section of personal loans. This helps potential borrowers figure out what terms to pick for their loan. It requires the user to enter a loan amount, and payment term, and an interest rate. Based on these three criteria, the fixed monthly payment can be calculated to give borrowers the details of a personal loan.
Extensive resources are provided by Springleaf Financial on personal loans. All of the basic questions a borrower may have are covered in a list. It is simple and easy to find commonly asked questions since they are all located on one single page. If a question is not on this list, there is an option to submit a new question at the bottom of the page.
Springleaf Financial offers some decently competitive personal loans, but these services are not the most competitive on the market. The interest rates are set fairly high, and the maximum loan amount is much lower than many other personal loan providers including SoFi and Upstart.
While there are several standard benefits to a personal loan from Springleaf, these benefits can be found just about anywhere else. This makes Springleaf Financial an OK choice for a personal loan, but many borrowers in need of a big loan would do well to look elsewhere. Moreover, non-US citizens may also need to look elsewhere to companies like Stilt Personal Loans.
Author: Jeff Gitlen
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