Springleaf Reviews: Does Springleaf.com Offer Guaranteed Bad Credit Loans With Legit APR Rates?


springEvansville, IN-based Springleaf Financial Services is a consumer lender that offers a wide range of unsecured and secured consumer loans for the subprime market. Loans include debt consolidation, auto loans, trips, and other big-ticket purchases.  It services borrowers with fair to good credit score, who cannot get access to prime rates in mainstream financial institutions and other peer-to-peer lenders. As a subprime lender, interest rates are expectedly higher than industry levels. If you cannot get a reasonable loan amount elsewhere, Springleaf can be a good alternative to banks mainstream lenders, but be prepared to get a smaller loan amount that you’d expect.

How is the lender different?

Springleaf claims to have lent out over $10 billion in personal loans to more than 3.5 million customers, making it an established lender in the volatile industry. Moreover, unlike many online lending companies, Springleaf has brick-and-mortar branch locations. The company claims that 2 out of 3 American are never 25 miles away from a branch across the country. That means when online communication is compromised or isn’t enough for you, drop by a Springleaf branch and talk face-to-face with a live rep. In disputes or special cases like negotiating for your rates or payment terms, a personal appearance can spell the difference.  Likewise, each branch, according to Springleaf, has an average 12 years of experience with subprime consumer lending. The lender also has a call center that allows you to take out a loan via phone.

You can borrow $1,500 to $25,000 in auto loans or up to $10,000 in personal loans. Some loans or terms may not be applicable in other states based on local loan caps and regulations.  You can use Springleaf loans for auto loans, debt consolidation, and personal loans for home improvements and other big-ticket purchases. Many Springleaf borrowers find the auto loan useful in buying a new car or refinancing the balance. Conversely, you can use your car as equity to secure an auto back loan.

How much are the rates and fees?

Interest ranges from 19% to 36% depending on your credit standing. The average interest is around 25%, which is higher than industry standards. Bear in mind that Springleaf targets subprime borrowers; so if you’re confident that your credit can secure prime rates, it’s best to tap other lenders first.  The lender doesn’t charge for prepayment or application fees, but be aware of administrative fees, such as,

debit card transaction fee (care of third-party processing agencies) and up to $1.50 processing fee for payments made at Walmart branches.

How to apply for a loan?

You can apply by visiting a Springleaf branch, calling their hotline, or, the most convenient way, via its online application. You can check online if you pre-qualify for guaranteed bad credit loans by filling up a form with your personal data, or you can apply directly by submitting a more comprehensive form with your loan amount request. Pre-qualifications are not explained, but, in general, borrowers with better-than-average credit are likely to be offered with better loan amount and interest.

The Fine print

Since Springleaf targets borrowers with less-than-ideal credit, expect to pay higher interest rates for smaller loan amounts. For many people, this is better than having no option at all. Be mindful also of small processing fees like debit card transaction fees and fees for payments in Walmart branches. Likewise, interest rates in reality average 25%, so don’t get excited about the published starting rate of 19%, which is likely reserved for borrowers with credit closer to a prime than a subprime rate.


Most recurring positive comments:

  • Online loan process is fast and easy.

Most recurring negative comments:

  • Pre-approval of the loan is overturned during the final approval stage.
  • Bait-and-switch financial rate, where the loan and interest are changed after the final loan approval.

Website: springleaf.com

Loan amount: $1,500 to $25,000 (auto loans), $1,500 to $10,000 (personal loans)

APR (est.): 19% to 36% (ave. 25%)

Loan Period: 12 to 60 months

Area being served: U.S. (state restrictions apply)

How to apply for a loan

You can apply in three ways: visit a branch, over the phone, or via online. The most convenient is to use Springleaf’s streamlined online application process:

  1. Check if you are pre-qualified for a loan by filling up an online form in the Springleaf website. This won’t affect your credit score. You can also skip this step by applying directly, stating your loan amount request, its purpose, and entering your personal, employment, and financial information in the form.
  2. Springleaf will send you an email telling you if you’ve been approved along with the loan amount, rate, and term.
  3. If the loan offer is acceptable, you respond to Springleaf via email with the offer number.
  4. Once a final approval is given, your loan is processed in as short as one business day and the amount is deposited in your bank account the next day.

Fees and charges

  • No application fees, prepayment fees
  • A $2.95 fee for every debit card transaction will be charged, whether via online or phone
  • A $1.00-$1.50 fee is charged on payments made at Walmart outlets

Terms & Conditions

  • Loan options depend mainly on your credit history. Larger loans are reserved for a small set of borrowers with excellent credit standing or high value collateral.
  • Vehicles used commercially or with salvage/branded titles cannot be used for security.
  • Vehicle models that have been discontinued cannot be used as collateral, too.
  • Not all loans are available in all states. State regulations and caps apply.

Personal information required

  • personal information including name, address, date of birth, email address, and contact phone number
  • financial information including social security number, bank account, property assets, and monthly income
  • employment record

Contact details

phone: (800) 325-2146 M-F 8am-5pm (Local)

office address:

601 N.W. 2nd St.
Evansville, IN 47708


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