Springleaf Bad Credit Loans
Springleaf is one of the oldest consumer lenders in the United States. Founded in 1920, the company's corporate headquarters is based in Evansville, Indiana and is one of the largest brick and mortar lending institutions in the nation. In its 95-year history, Springleaf has provided over $10 billion in loans to about 3.5 billion borrowers.
Springleaf primarily serves borrowers who don't qualify for the prime rates offered by traditional and peer-to-peer lenders. These borrowers typically have fair to good credit with scores just below the threshold required by traditional lenders and peer-to-peer lenders. Potential borrowers can apply for a personal loan online, over the phone or at one of Springleaf's branch locations. If approved, the company will deposit your funds directly into your bank account or send a bank wire.
Springleaf is different in that they have the ability for its customers to visit one of over 800 branches to apply for a bad credit loan in person while also offering online services similar to other lenders. Moreover, Springleaf has loans available for a wide range of purposes including personal, debt consolidation or auto financing.
Springleaf boasts an A+ rating with the Better Business Bureau and the company has been accredited with the organization since 1985. However, potential borrowers should be aware that each respective Springleaf branch office has its own BBB ratings. It would certainly be worthwhile to spend some time researching the BBB rating and history of your local branch before meeting with a representative in person or applying through the corporate office online. While the majority of Springleaf's branches are highly-rated, there are certain cases in which it may be more ideal for a potential borrower to apply directly with corporate via telephone or online.
Springleaf's application process is fast and easy and there are no application fees. Applicants typically receive a decision on their application within 24 hours. The typical range from the amounts borrowed varies from $1,500 to $25,000. Terms for the loan depend upon a number of criteria including the applicant's credit history, employment and other components, which can include the value of collateral in specific instances.
Depending on a borrower's credit worthiness income and assets, interest rates range from 24.43% to 36%. However, the interest rate for the average loan is about 25%. Of course, those with higher credit scores will qualify for lower interest rates. So those with lower credit scores should be cognizant of the fact that they will face interest rates significantly higher than those offered by alternative lenders.
Springleaf's borrowing terms do provide a bit of flexibility, though. Terms range from a minimum of 12 months up to five years, which allows borrowers to select the terms which best align with their respective situations. Moreover, there are several ways in which a borrower can make payments. Payment methods include online, over the phone, in person at one of Springleaf's branches or by mail. In addition, borrowers can set up monthly charges to their bank account and even pay at your local Walmart using their "CheckFree" option. However, this method is subject to a $1.50 fee per payment.
A few extra perks are that Springleaf does not charge any prepayment fees. So, borrowers who wish to pay their loan ahead of the agreed upon terms should feel comfortable doing so. In addition, the company does report payments to all three credit bureaus, which is significant for borrowers undergoing debt consolidation.
Springleaf has great customer support, where people can find answers to a wide variety of questions either through email, call support or by stopping by their local branch. However, unlike other lenders like NetCredit that has customer service available seven days a week, Springleaf's customer support has normal banking hours Monday through Friday.
In addition, because Springleaf has branches open across the nation, potential and current borrowers can simply walk in and have any questions or concerns answered face-to-face. Each of Springleaf's branch offices is open Monday through Friday from 8 a.m. to 5 p.m. local time. Customers can also call for support over the phone or request a representative call them by filling out a form online in the event you have a question you would like answered after business hours. Springleaf's response time is usually fast and a borrower should expect a representative to respond to your inquiry within one to two business days.
With that said, many that use Springleaf seem impressed by their experiences. The lender touts a 94% customer satisfaction while also earning the previously mentioned A+ rating with the Better Business Bureau.
Arguably its biggest strength lies in its ability to serve customers in person. This gives prospective customers a personal approach whereby they can receive the attention they need. In addition, should they receive approval for the loan, they can receive the funds right there in person, making them a great option for those that need emergency cash quickly.
However, if there is one weakness in Springleaf's customer service, it is the company's website. Unfortunately, Springleaf's website is not as informative as it could be. Because of this, prospective applicants may face difficulty in navigating Springleaf's website trying to find the answers they are looking for. Of course, Springleaf associates are just a phone call away or you can fill out the inquiry form, but it would be ideal to have as much pertinent information as possible available on your company's website. Especially when dealing with customers who have to make a significant financial decision. This is a relatively minor inconvenience, but it is one area in which the company could improve.
Verdict - Very Good
Springleaf offers its customers the opportunity to apply for an unsecured personal loan on its website or by stopping by one of its many branches nationwide. With a wide range of purposes customers can use the loan for and great customer support, this is one of the better options available for those that are looking for a good loan with great service.