What does SERVICE LOAN COMPANY mean on my credit report?

Learn about SERVICE LOAN COMPANY, an provider offering loans for financial assistance. Check the impact to your credit report and financial status.

Updated January 1, 2023
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What is SERVICE LOAN COMPANY?

SERVICE LOAN COMPANY is shorthand for Personal Loans Service Loan, with the company name being Personal Loans Service Loan Inc

Service Loan South is a branch of Service Loan that offers personal loans to families in Alabama, Georgia, Texas and Tennessee since 1974. When families face financial needs for any reason, our branch manager and assistants live in these areas and have children who attend local schools.

SERVICE LOAN COMPANY is a Loan Provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Personal Loans Service Loan.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

  • ⚫ The average account balance is $400.

  • ⚫ The average high credit balance is $900.

  • ⚫ The average monthly repayment is $200.

How do I contact them?

Here is the current contact details for Personal Loans Service Loan:

Address:

  • Human Resources P.O. Box 2935 Gainesville, GA 30503

Website:

Email:

Phone:

Payments

Service Loan South offers installment loans from $500-$1500 for any reasonable purpose and has multiple branches located in Alabama, Georgia, Tennessee, and Texas. Apply online or visit a branch to pre-qualify for a loan. To apply for a loan pre-qualify online or visit one of their branches located in Alabama, Georgia, Tennessee or Texas. The loan proceeds are instantly deposited into your bank account after completing the electronic loan application and submitting it for approval.

Question Answer
Do they offer a monthly payment plan? Yes
Can I make payments over the phone? No
Can I make payments online? Yes
Do they offer a discount for automatic payments? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

they do not offer loan forgiveness or consolidation.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

Service Loan South offers loans from $500 to $1500 that can be applied for online, over the phone, or in person at one of their branches in Alabama, Georgia, Tennessee, or Texas. The loans can be used for any reasonable purpose. A cosigner is not required but may be used.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? Yes
Can I apply for a loan in person? Yes
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

SERVICE LOAN COMPANY IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Loan Provider?

A loan provider is a bank or financial organization that can provide loans. In order to apply for a loan they will run a hard inquiry on your credit account which will negatively impact your credit report. They may make mistakes in their reporting, so if it says that you have missed a payment and you haven’t then if you take the correct action you will be able to remove the late repayment from your credit profile.

How do I remove SERVICE LOAN COMPANY from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.