Springleaf Loans Reviews

Springleaf loan review

Springleaf Financial, which is now called OneMain Financial has offered loan solutions to more than 10 million customers. The loan application process is simple. It is primarily an online lender, so you can apply online or even through phone banking. Once your loan is approved, the funds are transferred into your account within 24 hours.

 
 

Springleaf Financial are experts in providing secured as well as non-secured loans. So, whether you need a loan to buy a new vehicle, a new house, or even to consolidate your debts, you will be given the money you need. Personal loans range anywhere between $1,000 to $10,000 with an interest rate of 24.43% to 36% depending on your credit score.

Let us look at the merits and de-merits of Springleaf Loan.

Merits of Springleaf Financial

  • Fast and painless application process – Whether you are a first-time borrower or plan to consolidate your debts, applying for a Springleaf loan will save you a lot of time. Once your application is approved, your funds will be credited to your account within 24 hours.
  • Nil application fees – It does not charge any application fees nor do you have to pay a prepayment penalty. The charges are applicable only after your loan amount is approved. You can always check your eligibility online and then proceed to the bank to apply for a loan.
  • Services those with less than perfect credit – Springleaf Financial is one of the few institutions that offer loans to those who have less than perfect credit. It offers flexible payment options, which means you can pay your dues online, over the phone or by visiting any of its nearby branches.

De-merits of Springleaf Financial

  • High interest rates – Springleaf Financial charges very high interest rates as compared to other banks. The average interest rate is around 25% even if you have a good credit score. On the contrast, those with poor credit may be charged around 36%.
  • Late payments are reported to credit bureaus – Even if you are one day late to make your monthly payments, you will be harassed with repeated calls and emails. Also, they report the same to credit bureaus, which further spoils your credit score.
  • Does not operate in every state –Although Springleaf Financial has its presence throughout the country, there are some states where it does not provide loans. You can find the list of states it serves online and see if you are in the place where you can avail of a loan.

Springleaf Financial customer service is friendly and co-operative. They answer all your queries and are willing to provide the information you need. You can contact the customer care department from 7.00 am to 7.00pm, Monday to Friday. It is very simple to access its online portal and manage your accounts if you are comfortable with online banking.

Overall, Springleaf Financial is a trusted source for borrowing money. You can fix up an appointment with any of their loan officials, who will be more than happy to assist you. With reputed customer service and timely loan approval process, it is safe to bank with this financial institution. You are sure to have a pleasant banking experience.

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