Dear Dirty America

I received a letter from Springleaf Financial Services today — I did not ask for a letter, or for more information, but they sent me their information anyway. Let me tell you why I think this loan service company, and companies like Springleaf, are really as dangerous as playing with a nest of vipers.Springleaf used to be called American General Financial Services, just so you know, but I’m not interested in their history as much as I am in their letter offering me an absolutely terrible loan that would sink my entire lifetime into a cutthroat circle of debt repayment.

Springleaf’s letter reads:

You are Pre-Qualified for a secured loan up to $5,250 with an Annual Percentage Rate of 24.14% and a payment of $171.56 for a term of 48 months.*

Springleaf wants to loan me a little over five grand and then charge me almost 25 percent interest? That’s an awful APR.

The letter continues:

Your Pre-Qualified status with Springleaf Financial Services guarantees friendly personal service, quick processing, and the flexibility to meet your schedule.

Bullshit. That’s like a rapist telling the victim, “This isn’t going to hurt, I’ve got a soft touch.” One American General / Springleaf Financial Services customer heatedly writes:

American General/Springleaf Financial Services is unbelievable. I missed one mortgage payment in 3 years due to illness and have not missed a payment since and have been harassed to no end. Repeated nasty calls and visits to my home are constant for the one payment 6 months ago. I have made up the payment but the harassment has not stopped. I should have kept my mortgage with the bank.

As America’s financial situation continues to rapidly deteriorate and more people lose their jobs, and then their houses, the desperate attempt to score some quick cash for very the essentials like food and rent is increasingly tempting.