You'll have to visit or call a local branch to apply for a loan with this provider.
Not everyone is comfortable giving out their personal information online. If that sounds like you and you want a more personal loan experience, visit a Security Finance store for a short-term loan that can help you out of a tough financial situation.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
What is Security Finance?
Security Finance provides small installment loans for people who need a little extra money in their budget. The company prides itself on its personal service, and there are no balloon payments or prepayment penalties. If you’re a resident of one of the 14 states Security Finance services, you’ll be able to call or walk in to start your loan application.
Depending on your state, you can borrow anywhere from $700 to $1,500. In addition to your interest rate that varies based on your loan amount, you’ll also pay a $32.45 acquisition charge and a $98 installment account handling charge.
You can inquire about a loan on its site, but you’ll need to call or visit a store location to start an application.
Security Finance loan amounts by state
Loan amounts accurate as of September 2018.
What are the benefits when I borrow from Security Finance?
Handy app. Want to view your payment history or next due date? Security Finance has an app you can download to do just that. And if you need to make a payment, you can do that, too.
Visit an actual store. Unlike some payday lenders that work only online and don’t have a physical location, you have to either visit a Security Finance store or call to apply for a loan.
No prepayment penalty. You can pay off the full balance of your loan at any time without a prepayment penalty fee.
What should I watch out for?
Although an installment loan from Security Finance can be helpful when you need a small amount of money and don’t want to pay it back within a few weeks, there are still some drawbacks involved.
Not available online. Although the store locations can be a benefit for those wanting to pick up cash, it can be a drawback because you’ll need to visit a branch or call to complete the official loan application.
Located in only 14 states. Security Finance only has locations in Alabama, Georgia, Idaho, Illinois, Louisiana, Missouri, New Mexico, Nevada, Oklahoma, South Carolina, Tennessee, Texas, Utah and Wisconsin. If you live don’t live in one of those states, you’ll need to find a different lender that operates in your state.
Not much information available. If you’re the type of person who’d rather not call a lender directly, Security Finance might not be for you. Its loan terms aren’t outlined online, so you’ll have to call your local office to get more information.
Fees on top of the interest rate. Security Finance charges $130.45 in fees right off the bat before you even factor in your loan’s interest rate.
A warning about high-cost loans
Security Finance offers installment loans, and while you won’t need to repay it as quickly as a payday loan, it is still a costly way to finance emergency expenses. With high fees for taking out a loan and a monthly fee for account management, an installment loan from Security Finance can become a pricey choice that should only be used when you don’t qualify for more affordable financing options.
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Security Finance installment loan reviews and complaints
BBB customer reviews
1.68 out of 5 stars, based on 25 customer reviews
BBB customer complaints
Customer reviews verified as of
16 October 2020
Although Security Finance has limited customer reviews online. The few that are available cite issues with Security Finance’s collection efforts after a late or missed payment. Borrowers also discuss problems with Security Finance updating their credit reports slowly, though most short-term lenders often don’t report to the main three credit bureaus quickly, if at all.
Am I eligible?
To apply for an installment loan from Security Finance, you’ll need to meet some basic criteria.
You must be at least 18 years old
You must live in one of these states: Alabama, Georgia, Idaho, Illinois, Louisiana, Missouri, New Mexico, Nevada, Oklahoma, South Carolina, Tennessee, Texas, Utah or Wisconsin
The process is generally simple, but you will have to visit or call a store branch to complete the application. However, you can make a loan inquiry online before beginning the official application.
Go to Security Finance’s website and click the Need a Loan? button to be redirected to the inquiry form.
Enter your ZIP code and hit Search.
Fill out the application with information including your full name, street address, ZIP code, phone number and email.
Enter the loan amount you’re requesting.
Select how you learned about Security Finance and agree to the terms.
Wait for Security Finance to contact you to complete the loan application process by phone or in store.
What happens after I get the loan?
If you’re approved for a loan from Security Finance, you’ll receive a check that you can cash at your bank.
At this point, you will be expected to make 12 equal monthly payments until your loan is fully paid off. Because Security Finance doesn’t offer online loans, you’ll need to visit a branch office or call to make your payment each month.
If you believe you may be late making a payment, call or visit the local branch that serviced your loan to see if it can accommodate your situation. After all, these short-term loans are expensive enough without additional late fees to cause you to fall even further behind on your repayments.
What if my credit is misreported?
You can dispute any information Security Finance has given to a credit bureau by filing a report, in writing, to Consumer Reporting that includes your contact information, account number, the reason behind the dispute and any documents that support your claim. You can send this to:
Consumer Reporting PO Box 3146 Spartanburg, SC 29304
Security Finance provides installment loans for you if you’d prefer a personal experience or don’t want to risk your information being shared online. While there are downsides — the limited number of serviced states and the inability to pay online — you may find that the personal attention at a storefront outweighs the cons. But before you make your final decision, compare your other installment loan options.
Frequently asked questions
What happens if I’m late on a payment?
Security Finance charges a late fee of $15 for a payment that is more than 5 days late.
What happens if my check bounces?
There is a returned check fee of $20.
Does Security Finance have a prepayment penalty?
No. There’s no penalty if you choose to pay your loan off early.
Does Security Finance check my credit?
Yes. They will perform a credit check when issuing a loan.
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