Springleaf loans (now OneMain Financial) is a subprime lender company. Their main goal is focused on high-risk, high-interest loans. This includes personal loans and asset-guaranteed loans (such as auto-title loans).
The company offers personal loans to subprime borrowers through an online application form. However, to complete the loan, you must visit one of the company’s retail locations to speak with a loan representative. Rates may be high, but this lender accepts borrowers with low credit scores.
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A Brief History of Spring Leaf Financial Auto Loans
OneMain Financial was acquired by springleaf Financial in 2015 from Citigroup. As part of the integration, the combined company adopted the OneMain name. Springleaf branches were rebranded to OneMain Financial to reflect the change that same year. Any loans you took from Springleaf are now owned and serviced by OneMain Financial.
They have nearly $14 billion in outstanding loans, over 40% being loans secured with an asset such as a vehicle. OneMain Financial focuses on giving customers the best rates and the best borrowing experience possible.
If OneMain doesn’t suit your needs, there are dozens of other personal loan providers, such as Net credit, Upstart, etc.
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Pros & Cons
| Pros | Cons |
|---|---|
| Free credit score access. | Rates are high compared to other lenders that serve similar borrowers. |
| May fund a loan the same day. | Charges origination fee. |
| Offers joint and secured loan options. | $25,000 maximum loan |
| No prepayment penalties | Only offers personal loans |
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Major Benefits of Using Springleaf Loans
OneMain personal loans are commonly used for debt consolidation, wedding and medical expenses, home improvement projects, and auto financing. Below are some of the major benefits of using their service.
Quick cash
With OneMain, you will get your loan as soon as it’s approved. You can complete an application and receive a decision in less than 10 minutes. Within 1-2 working days, you can receive funds via bank payment or check. The process requires you to visit a OneMain branch to complete it.
Credit insurance
Spring leaf loans may offer optional credit insurance with secured or unsecured loans. This insurance adds to your costs. We suggest you get full details about their loan before opting for credit insurance.
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Secured loan option
You can also apply for a secured loan, which may help you qualify for a lower APR, larger loan amount, or longer loan term than an unsecured loan. OneMain accepts car titles with VINs as collateral.
Satisfaction Guarantee
Springleaf loans have a seven-day satisfaction guarantee, during which period a borrower can decide to cancel his/her loan.
What are Springleaf Loans Rates and Terms?
They offer loans between $1,500 – $30,000. All loans offered by OneMain Financial are installment loans with monthly payments. The terms of the loans range from 24 to 60 months.
Note also that all loan offerings come with an origination fee, which can vary from customer to customer. With an APR on loans ranging from 16.05% to 35.99%.
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What concerns should I worry about as a borrower?
Borrowers with bad credit, but a valuable asset, such as a vehicle or RV, may be able to secure a loan from OneMain Financial using the asset as collateral. But borrowers that miss payments may have their car repossessed by the company.
How Can I Obtain A Loan With Spring Leaf?
To get a loan from OneMain (formerly Springleaf), you must fill out an online application with some basic information about yourself and your circumstances. If the application is approved, you must visit one of their branch offices to complete the application process.
The loan amount a person can get from OneMain ranges from $1,500 to $20,000, which is enough for many of the common uses for personal loans.
The interest rates you’ll get with OneMain are higher than many other loan companies, partially because of their willingness to take on people with a poorer credit history. Annual percentage rates range from 18.00%% to 35.99%%.
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Final Remark
If you need a mortgage, home equity, or traditional auto loan, you must look elsewhere, as OneMain might not be the right place for you.
However, checking your rate and pre-qualification is only a soft credit check. It’s important to check your state requirements because minimums and maximums will differ depending on geography.
Online or walk-in customers receive the funds quickly after approval, and paying off the obligation early won’t trigger a penalty.
