Springleaf Review

Springleaf ReviewSpringleaf is a lender that will loan in higher dollar amounts, as much as $25,000 or more, and they say you can use the money for any reason whatsoever. This is much different than many of the lenders that have much smaller loan limits, and make the process more drawn out.

They say that some of the things you can use the money for is bill consolidation, whereby you take all of your bills and pay them all off, so you only have to make one payment to one lender. They also say that you can use the money to make home improvements, or repair things in your home that need fixing. They also say you can take the money and go on vacation with it, and of course you can use it to pay off emergency expenses that pop up unexpectedly.

One of the other things they say you can use the money for is to pay off your college tuition or other expenses you rack up while studying. Other major purchases are also included in the list of things that you can use the money for. If you think that it would be complicated to get this much money, they are trying to convince you that it is a very easy process, and also secure. They say that there is no application fee in order to see if you can get the money, and they can loan to any size order to meet your immediate needs. They also say that they can get back to you rather quickly, usually in about an hour. They also want to point out that you can take out secured as well as unsecured loans, so if you have collateral you can get better terms, and if you don’t have any collateral you can still get the money you need.

Springleaf Review – Not a Typical Lender

Springleaf is unlike many of the lenders we’ve seen because they are targeting borrowers that would want larger lump sums, and the ability to pay off a loan over time rather than having to pay it all at once. The interesting thing that we’ve been seeing in the payday loan industry is that lenders are moving to larger loans that are able to be paid off over time rather than smaller loans that need to be paid off two weeks later. This seems to be more borrower friendly by default because it is really hard to get out of debt when you have to continually repay the entire amount of the loan every time you have a payday.

Secure Application
They did say that their process is a secure one, and we did notice that once you get to the application page their website is hosted on a secure server. This is good because you will be providing information like how much of a loan you are looking for, what is the purpose of the loan, whether you are applying as an individual or with a cosigner, contact information you have as well as your financial and employment data. This is information that you would not want to submit over an insecure server, so it’s good that they provide you with the same level of security you get at your bank or other financial institution’s website.

Higher Loan Limits
Springleaf wants you to know that their big draw is just how much you’re able to loan compared to other lenders. By loaning up to $25,000 or more they are trying to prove to you that there really is no loan amount that is beyond their scope. If you’re tired of taking out small dollar loans in order to pay off different expenses, you will appreciate that they are willing to loan you higher dollar amounts if you can show the ability to repay them over time.

Our Recommendation
Springleaf has a lot going for it, because there are not too many lenders out there that are willing to loan in such high amounts. We would recommend going with them if you want to take out a loan that is 5 figures or more, and there are no local lenders that are willing to loan these amounts to you. Of course it may require more verification of your income and they want to know that you have the ability to repay this sort of loan over time, but it can be a real help to someone that is trying to get out of the payday loan debt cycle and really get back on their feet.

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