Security Finance installment loans review
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.
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
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.
Compare other installment loan 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.
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.