Personal Loans

At Springleaf, we are committed to providing you with the cash you need to make your dreams a reality.

  • 90+ Years in Business
  • Over 3.5 Million Customers Served
  • 92% Customer Satisfaction Rate*
* Based on an internal survey of customers that recently closed loans with Springleaf.

Personal loans from
$1,500 to $10,000

1. Apply

Our online application is easy and secure

2. Sign

Once approved, sign your loan documents

3. Done!

Receive your personal loan funds from your local branch

† All loans subject to our normal credit policies and may be subject to maximum or minimum size restrictions, which vary by state. We make loans above the illustrative amount(s) mentioned in this advertisement, but the maximum loan size depends on your credit history, with larger loans only available to a small number of highly qualified applicants for secured loans.

The whole loan process was very quick and easy. No hassles at all. I needed money quickly for home repairs that needed to be completed quickly and they were there. +

Sara F.

The whole process was very simple. It took less than an hour to get approved, fill out all the paperwork and get my check. The representatives at the office were friendly and helpful. +

James E.

Rating:

9.5 / 10 review rating

+ These customer testimonials reflect the individual's personal experience, so you may not have the same results.

What can I use my personal loan for?

Debt Consolidation

Consolidate and pay off your credit
card and loan payments with a single monthly bill.

Home Improvement

Remodel, renovate, and redefine your home.

Unexpected Expenses

Life happens, we're here to help you get back on track.

Major Purchases

Personal loans to make furniture, appliances, and other big purchases possible.

Vacations

Road trip or cruise ship, we've got a way for you to get away.

Personal Loans 101

What types of loans are there?

Loans generally can be divided into secured and unsecured loans. In addition, a loan might be defined by the type of collateral required, the size of the interest rate or the purpose of the loan.

The following types of loans can be categorized by use:

Home improvement loan: A loan used for a home renovation project, such as a kitchen remodel, a new roof, a sunroom addition or a new pool in your backyard.

Auto loan: A loan used to finance the purchase of a motor vehicle. When you purchase a motor vehicle from a dealer, a lien is normally placed by the lender on the title of the vehicle, and payments are made in fixed installments. The lien placed on the vehicle’s title is released upon the borrower paying the loan off in full.

Debt consolidation loan: When a person has multiple loans or credit card debts and is struggling to make payments, a debt consolidation loan may help. The cash from a debt consolidation loan is used to pay off debt from many sources. With the old debt paid off, the borrower now only has to worry about paying back the debt consolidation loan.

The difference between a secured and an unsecured loan

Secured loan: A secured loan requires collateral as part of the loan terms. If the borrower is unable to pay the loan and defaults on it, the lender gains possession of the collateral. This reduces the risk for the lending institution and allows the lender to offer lower interest rates.

Secured loans are often the only way to obtain large loans. Valuable collateral such as a car is required to qualify for these types of loans.

Unsecured loan: An unsecured loan, also known as a signature loan, requires no collateral from the borrower. As a result, the lender has a much higher risk and could lose more in the case of default. Because of the higher risk, interest rates on unsecured loans tend to be higher than on secured loans. In addition, because the borrower has no collateral, lenders place greater emphases on the borrower’s credit score when determining loan terms.

The above information ("Content") is intended for general information purposes and is not specifically tailored to Springleaf or its products. This Content is not a substitute for a consultation and review of your individual financial needs by a certified financial planner. The Content is not intended as legal advice and should not be used as a substitute for the advice of competent legal counsel.

What do you need to get a loan?

A secured loan requires collateral, while unsecured loans may only require an acceptable credit score. Depending on the type of loan, you may be required to provide the following:

Credit report: Lenders typically require a credit report that includes a credit score to determine the terms of the loan. Your credit report contains information on all your credit and loan accounts, credit inquiries, financial information in the public record, collection agency information, and personal identification information. A credit score is a number that reflects how well you make credit payments. It gives lenders an insight into how risky it is to give you a loan. The most widely used score is the FICO credit score, which has a range from 300 to 850. A higher score indicates that you have a history of paying your debt on time and in full. Thus a high credit score will qualify you for better loan terms.

Collateral: Collateral is the property the borrower pledges as security in order to receive a secured loan. Examples of collateral include cars, jewelry, and stocks and bonds. When an item is pledged as collateral, a lien is placed on the item. A lien is the legal right of the lender to seize the collateral if the borrower defaults and fails to repay the loan. The collateral can be sold by the lender under certain conditions to recoup the loss from the default.

Pay stub: Lenders like to know how borrowers intend to pay back the loan. Pay stubs with information about the borrower’s monthly income and job history are sometimes required as part of the loan application.

Co-signer: A co-signer is a trusted individual who is willing to repay the loan if the original borrower is unable to make payments. Depending on your credit score, you may not qualify for certain loan sizes or the best interest rates. Having a co-signer may allow you to borrow more money at a lower interest rate.

The above information ("Content") is intended for general information purposes and is not specifically tailored to Springleaf or its products. This Content is not a substitute for a consultation and review of your individual financial needs by a certified financial planner. The Content is not intended as legal advice and should not be used as a substitute for the advice of competent legal counsel.

What things should you consider when getting a personal loan?

There are a number of other factors you should consider when shopping for a loan.

What type of collateral are you willing to put at risk?: Secured loans tend to have lower interest rates compared to unsecured loans. In addition, you often need collateral to obtain larger loan amounts. You should consider the monetary value of the collateral and your ability to pay off your loan in full. In the event of bankruptcy, the property pledged as collateral may be seized by the lender.

Will your interest rate change over time?: Some loans have low introductory interest rates. While they may appear attractive, you must weigh your ability to continue making payments if the loan's rate rises significantly in the future. For example, many credit cards offer introductory zero percent interest rates, but that rate can shoot up after the introductory period is over.

Can you afford the monthly payment?: How much are you willing to pay each month? Personal loans tend to be installment loans, which means you pay the same amount monthly. Contrast this to credit cards, where you are only required to make the minimum payment each month with the outstanding balance continuing to grow.

What is the length of the repayment period?: While lower monthly payments may be an attractive selling point, it is important to look at how much money you will pay in interest. A high-interest loan with low monthly payments spread over a long payment period may end up costing a lot more than the same loan with higher monthly payments.

How good is your credit score?: When shopping for personal loans, think about your credit score and whether it is good enough to qualify you for certain types of loans. Applying for loans will require hard credit checks, and these checks can drop your score. If you are going to apply for several loans, it is best to apply for all of them within a 14- to 45-day period. Doing so will not affect your credit score as much as applying for multiple loans over a longer period of time.

The above information ("Content") is intended for general information purposes and is not specifically tailored to Springleaf or its products. This Content is not a substitute for a consultation and review of your individual financial needs by a certified financial planner. The Content is not intended as legal advice and should not be used as a substitute for the advice of competent legal counsel.

Where do you get a personal loan?

There are many sources to obtain personal loans, including:

Banks: Banks tend to require borrowers to have high credit scores and excellent credit histories. The application process tends to be longer and more involved than the processes at other loan sources.

Credit unions: Credit unions offer the same basic services as a bank. They are not-for-profit entities, and members who bank at credit unions are considered to be the owners of the financial institution.

Peer-to-peer lending: Peer-to-peer lending is made up of individuals instead of financial institutions. Loans are often unsecured. Most peer-to-peer lending is conducted online through a virtual marketplace. The company that runs the marketplace profits by collecting a fee on each transaction.

Financial services companies: Non-bank financial institutions specializing in personal loans – including Springleaf – offer products that range from car loans to unsecured personal loans. Applications often can be completed online, and funds can be deposited in your bank account very quickly, sometimes by the next business day.

The above information ("Content") is intended for general information purposes and is not specifically tailored to Springleaf or its products. This Content is not a substitute for a consultation and review of your individual financial needs by a certified financial planner. The Content is not intended as legal advice and should not be used as a substitute for the advice of competent legal counsel.

What is in your credit report?

The following is in every credit report:

Information associated with credit accounts: Information such as loan types, loan amount, payment history and loan balances are listed here. For credit cards, the information might include the bank issuing the card, the maximum credit limit, the payment history on the card, and the card's current and previous balances.

Credit inquiries: This shows a record of inquiries into your credit history. Everyone who has made a request to see your credit report in the last two years is listed.

Both voluntary and involuntary inquiries are listed. An example of a voluntary inquiry is a request that you make for your own credit report so you can check the account history. An example of an involuntary inquiry is a credit check by a prospective lender in order to pre-approve you for a loan.

Public records and collection agencies: This is information available in the public record and includes lawsuits, bankruptcies, wage garnishments, judgments and tax liens. The credit report also contains information on debt owed to collection agencies.

Personal information: This includes the borrower's name, address, birthday, employment information and Social Security number.

The above information ("Content") is intended for general information purposes and is not specifically tailored to Springleaf or its products. This Content is not a substitute for a consultation and review of your individual financial needs by a certified financial planner. The Content is not intended as legal advice and should not be used as a substitute for the advice of competent legal counsel.

What are soft and hard credit inquiries?

When anyone requests a credit report, the request is called a credit inquiry or credit check. A credit check can be soft or hard:

Soft inquiry: A soft inquiry, also known as a soft pull, does not adversely affect a borrower's credit score. Examples of soft inquiries include:

  • Employer background checks
  • Checks by companies looking to pre-approve potential customers for personal loans or credit cards
  • A request you make to check your own credit report

Hard inquiry: A hard inquiry, also known as a hard pull, has a negative effect on a borrower's credit score. Hard inquiries are voluntary and typically must with be made with your consent. These types of credit checks are required when applying for a loan or credit card, or when opening a bank account.

A hard inquiry can drop your credit score by a few points, typically between 1 and 5 points. A history of frequent hard inquiries signals to lenders that you are always on the hunt for loans.

Hard Inquiries are required when you apply for credit cards and personal loans.

The above information ("Content") is intended for general information purposes and is not specifically tailored to Springleaf or its products. This Content is not a substitute for a consultation and review of your individual financial needs by a certified financial planner. The Content is not intended as legal advice and should not be used as a substitute for the advice of competent legal counsel.