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Security Finance installment loans review

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Security Finance Installment Loans

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.
Product NameSecurity Finance Installment Loans
Min. Loan Amount$256
Max. Loan Amount$2,000
Loan TermUp to 1 year
  • Be at least 18 years old
  • Must live in Alabama, Georgia, Idaho, Illinois, Louisiana, Missouri, New Mexico, Nevada, Oklahoma, South Carolina, Tennessee, Texas, Utah or Wisconsin.
  • Have a regular source of income

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 $256 to $2,000. 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

StateMinimumMaximum
Alabama$356$1,486
Georgia$333$1,516
Idaho$295$1,890
Illinois$330$1,500
Lousiana$314$1,086
Missouri$300$1,350
New Mexico$300$2,000
Nevada$295$1,890
Oklahoma$284$1,177
South Carolina$391$2,000
Tennessee$324$1,298
Texas$256$1,315
Utah$295$1,890
Wisconsin$300$1,500

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.
  • Quick turnaround. Since you won’t be getting a loan online, visit a store and receive a check for your loan funds possibly on the same day.
  • 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.

Compare other installment loan providers

Updated July 17th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$50,000
1 business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$15,000
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

Compare up to 4 providers

How does Security Finance fair when reviewed online?

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.

These two issues are common with short-term lenders, however you should take customer reviews with a grain of salt: Often, people only leave reviews when they are upset.

Despite these reviews, Security Group, Inc. — which owns Security Finance — is still accredited by the Better Business Bureau and has an A+ rating. As of August 2018, it has 20 total customer reviews, with 19 of those being negative, along with over 200 customer complaints. These customers also complained about Security Group’s harassing phone calls after being late on payments and rude customer service agents.

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
  • You must have a regular source of income

How do I apply?

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.
  • Click Submit.
  • 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.

Bottom line

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.

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2 Responses

  1. Default Gravatar
    LoydaSeptember 10, 2018

    Could i get approved for more money even if I pay off my loan early?

    • Avatarfinder Customer Care
      JoshuaSeptember 10, 2018Staff

      Hi Loyda,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      The answer to your question depends on your lender. Generally, having a good payment history will give you a better chance of getting approved and getting a larger amount of borrowed money.

      What you can do is to contact the lender directly to discuss your loan options and eligibility. Moreover, if you are also looking for other lenders who provide installment loan aside from Security Finance, please go to this page. There’s a table on that page to compare your options.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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