Author Topic: Awesome loan deal from Springleaf Financial  (Read 7632 times)

Thegoblinchief

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Awesome loan deal from Springleaf Financial
« on: March 25, 2014, 12:38:12 PM »
Springleaf Financial just sent me an offer to borrow $4,250 for 36 months at an APR of 29.8%

Yeah! Sign me up for summa dat!

Seriously?? People actually do this?

ketchup

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Re: Awesome loan deal from Springleaf Financial
« Reply #1 on: March 25, 2014, 12:53:53 PM »
Yep, they sure do!  One of my roommates got an offer a few months back from someone similar at 39% APR.  He was pretty shocked to read that fine print.

And I thought my girlfriend's grandma with her 27% car loan was bad.

Milspecstache

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Re: Awesome loan deal from Springleaf Financial
« Reply #2 on: March 25, 2014, 05:07:43 PM »
I got that same deal in the mail.  Turns out there is a local office in my town that could sign me up!  That means they are actually getting enough business to pay overhead for an office building...  Are there that many people who don't understand math/interest rates?

warfreak2

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Re: Awesome loan deal from Springleaf Financial
« Reply #3 on: March 25, 2014, 06:01:28 PM »
I'm surprised that 39% is an astoundingly high interest rate. There are high-street stores here that offer loans at up to 1600% APR.

Twenty4Me

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Re: Awesome loan deal from Springleaf Financial
« Reply #4 on: March 27, 2014, 01:29:57 PM »
I don't think anyone would be able to get out of a hole that's dug at 1600% APR!

Here, loans range from 30-40% depending on where you go. It hurts just to think about it.

randymarsh

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Re: Awesome loan deal from Springleaf Financial
« Reply #5 on: March 27, 2014, 01:48:59 PM »
I would just use a credit card (at around 15%), but I guess these loans aren't usually targeted to people who have 15% credit card rates.

I've had my car loan (I know) for less than 18 months and the bank has twice sent me an offer letting me "skip a payment" for only $70. What a deal!

fantabulous

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Re: Awesome loan deal from Springleaf Financial
« Reply #6 on: March 27, 2014, 01:51:26 PM »
I would just use a credit card (at around 15%), but I guess these loans aren't usually targeted to people who have 15% credit card rates.

I've had my car loan (I know) for less than 18 months and the bank has twice sent me an offer letting me "skip a payment" for only $70. What a deal!

I get these and unsecured loan offers from my credit union from time to time. I recall the unsecured loans being 10-15% APR.

Fonzico

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Re: Awesome loan deal from Springleaf Financial
« Reply #7 on: March 27, 2014, 02:43:34 PM »
I've had my car loan (I know) for less than 18 months and the bank has twice sent me an offer letting me "skip a payment" for only $70. What a deal!

Heh. I just got a lovely notice with my latest credit card statement: "As a thank you for being a valued customer, you can skip your minimum payment this month! Your balance will still accrue interest as usual, but it won't affect your credit score."

Aw, thanks guys! I guess they're getting sick of me using their no-fee card and not paying an extra dime. :P

Twenty4Me

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Re: Awesome loan deal from Springleaf Financial
« Reply #8 on: March 28, 2014, 06:45:08 AM »
This is a new one to me that I saw today... anyone heard of getting a loan at 0.15% interest PER DAY?

http://www.rodel.co.za/rodelit

*facepalm* I'm not sure about my math, but does this mean that the APR actually works out closer to 55%? Of course, it doesn't sound quite so bad if they break it down to a per day rate for you.

Thegoblinchief

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Re: Awesome loan deal from Springleaf Financial
« Reply #9 on: March 28, 2014, 11:43:58 AM »
I'm surprised that 39% is an astoundingly high interest rate. There are high-street stores here that offer loans at up to 1600% APR.

Not sure what's happened with recent regulations, but I think there are "payday" loan stores that offer loans with a similar effective APR when you compute the biweekly interest as a yearly rate.

warfreak2

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Re: Awesome loan deal from Springleaf Financial
« Reply #10 on: March 28, 2014, 11:54:28 AM »
I'm surprised that 39% is an astoundingly high interest rate. There are high-street stores here that offer loans at up to 1600% APR.

Not sure what's happened with recent regulations, but I think there are "payday" loan stores that offer loans with a similar effective APR when you compute the biweekly interest as a yearly rate.
Yeah, that's the stores I mean. They phrase it as interest paid weekly or monthly, but by law they have to state the equivalent APR somewhere on the ad.

There's also Wonga, whose interest rates sometimes work out at over 5000% APR.

EricL

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Re: Awesome loan deal from Springleaf Financial
« Reply #11 on: April 15, 2014, 01:50:30 PM »
In the good ole days it could be said they were just fishing for a sucker.  But since so many companies track your online profile, could it be you've exhibited a recent morbid on line interest in borrowing or credit cards? 

Shor

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Re: Awesome loan deal from Springleaf Financial
« Reply #12 on: April 16, 2014, 05:41:12 PM »
I don't think anyone would be able to get out of a hole that's dug at 1600% APR!

Here, loans range from 30-40% depending on where you go. It hurts just to think about it.
Hey, no problem! We'll just take it out of your next paycheck!
Let future Twenty4Me worry about those silly details!