Security Finance Review: Cheaper Than A Payday Loan (Still Not Cheap)

Is Security Finance legit?

Yes, Security Finance is a legitimate business. Founded in Spartanburg, South Carolina, in 1955, the company has grown to include more than 750 branches spread across 11 states. It has been accredited by the Better Business Bureau for more than a decade and has an A+ rating from the site.

However, past customers have mixed feelings about the lender. Some customers report repeated phone calls when payments are missed, while others are more than happy with its fast, easy loans.

How Security Finance compares to other lenders

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Finder Score	Loan amount	Turnaround time	Requirements
Promoted 9.5 Excellent EarnIn	9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1–2 business days standard; minutes with Lightning Speed	At least 18 and a US resident, Valid Social Security number, At least 60 days of banking history, Proof of consistent income, Positive bank balance, Get paid by direct deposit.	Access up to $150 per day, with a max of $1000 between paydays. Not available to CT or Washington, D.C. residents. Subject to EarnIn terms & conditions.	Important information EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit EarnIn.com for full details. Expedited transfers available for a fee. Visit Earnin.com for full details.	Go to siteView details Compare product selection Compare	loading
Promoted 8.2 Great Cleo	8.2 Great	$20 to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteView details Compare product selection Compare	loading
Promoted 9.4 Excellent Varo Cash Advance	9.4 Excellent	Up to $250 today. Build up to $700 over time with direct deposit at Varo. Average loan: $195. Qualifications Apply.	Instant, once qualified	You must have an active Varo Bank Account with a positive balance, no delinquent Varo Line of Credit or charged off Believe account in prior 6 months. Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity.	Important information Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity. If approved, initial limits range from $20- $250. Unlock higher limits up to $700 over time when you bring your qualifying direct deposit to Varo and build a positive history with us. Negative repayment history may impact credit. Fees range from $1.60 - $100 based on loan amount, and deposits to your Varo Bank Account. Your current limit and applicable fees can be viewed in the Varo App. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency to the extent that can be identified. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo or Varo to Anyone), and funds deposited using a Varo routing number are not considered a direct deposit.	Go to siteView details Compare product selection Compare	loading
9.4 Excellent OppLoans Installment Loans	9.4 Excellent	$500 to $5,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WV. Comes with the option to change your due date so you won’t fall behind on repayments.	Important information The advertised APR is an estimate based on currently available information, is not final, and is subject to change. If approved, your actual rate will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Applications submitted on the OppLoans platform will be originated by one of our bank partners and serviced by OppLoans. Please see the Rates and Terms for details regarding the availability of products in your state of residence. Subject to credit approval and verification. Actual approved loan amount and terms are dependent on our bank partners’ standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction. Installment loan amounts typically range from $500 to $5,000. Annual percentage rate (APR) ranges from 129% to 195%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments with an APR of 160% would have monthly payments of $394.58. Loan amount, APR, and repayment terms may vary by state, please see https://www.opploans.com/rates-and-terms for additional information. Approval is not guaranteed. If approved, your actual rate will fall within the marketed range of rates, and will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Not all applicants will qualify for the lowest available rates. This is an expensive form of credit and you should determine whether the offered product(s) meets your financial needs. OppLoans’ Bank Partners may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. The credit inquiry will appear as a soft credit inquiry on your Experian credit report and a hard credit inquiry on your Clarity report. Therefore it will not affect your FICO credit score. OppLoans and its Bank Partners report customer payment history to the three major credit bureaus. On-time payments may improve credit score.	Go to siteView details Compare product selection Compare	loading
8.8 Great Albert Instant	8.8 Great	$25 to $1,000	Within minutes	An active bank account with transaction history linked to Albert	Advance up to $1,000 in minutes with Albert Instant.	Important information Albert is not a bank. Savings account provided by Wells Fargo, N.A., Member FDIC. Albert plans start at $19.99/mo. Try for 30 days before you're charged. Fees auto-renew until canceled. Cancel in the app. Terms apply. Albert Instant Line of Credit is an unsecured line of credit issued by FinWise Bank, a Utah chartered bank, Member FDIC. Limits range from $25-$1,000. Draw fees apply. Terms and eligibility criteria including geographic restrictions apply. In some states, Albert may offer you an Albert Instant Advance instead. Limits range from $25-$1,000, subject to terms and eligibility criteria. No Albert subscription is required for Albert Instant Line of Credit or Albert Instant Advance. See Albert Terms of Use for additional important terms.	Go to siteView details Compare product selection Compare	loading

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What is the Finder Score?

The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.

Read the full breakdown

What makes Security Finance shine?

Security Finance offers small installment loans to borrowers who may not qualify with traditional lenders. There’s no minimum credit score, and approval is based on your ability to repay, not just credit history. That makes it an option for people with poor or limited credit who might otherwise turn to payday lenders.

Speed is another plus. With a local branch network, many borrowers get same-day approval and funding. In-person service is part of the experience, loan specialists explain the process, answer questions and review repayment before you sign.

APRs are high compared to banks or credit unions but lower than many payday loans. And unlike payday loans, which require a lump-sum repayment, Security Finance uses fixed monthly installments for easier budgeting. The company also reports to two of the three major credit bureaus, so on-time payments help improve credit.

Where Security Finance falls short

The biggest drawback is access. Security Finance only operates branches in 11 states and doesn’t offer fully online loans. Even if you start online, you have to complete the process with a branch representative. That’s less convenient than lenders like OppLoans or Upstart, which let you apply, sign and receive funds without leaving home.

Another drawback is cost. While Security Finance is often a cheaper alternative to payday loans, its APRs can still exceed 100% depending on your state and loan amount. On top of that, borrowers may face multiple fees, including an origination fee, installment account handling fee and late or returned payment penalties. To cut costs, try a no-origination fee loan instead.

Loan size is also limited. Security Finance caps its loan amounts at around $2,600 in most states, and the maximum may be lower depending on where you live. If you’re looking to borrow a larger amount or consolidate high-interest debt, you may not find the loan size sufficient.

Security Finance loan details

Security Finance contact information

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How to qualify for Security Finance

To qualify for a loan through Security Finance, you need to:

• Be 18 years of age or older
• Have a valid Social Security number
• Provide proof of identity (government-issued ID)
• Provide employment information and proof of income
• Provide information on your current residence
• Provide information about your monthly expenses

There is no minimum credit score requirement, but Security Finance conducts a credit check as part of the application process.

How to apply

You can apply for a Security Finance loan by visiting a local branch or calling during business hours. A loan specialist walks you through the application and lets you know what documents you’ll need to verify your identity and income.

Here’s what to expect:

1. Contact your local branch. Call or visit in person to start your loan request. A staff member will ask about how much you want to borrow and your reason for the loan.
2. Submit required information. You’ll need to show a valid ID, proof of income (like a pay stub or benefits statement) and proof of residence. They may also ask for your Social Security number.
3. Review the loan offer. If approved, the branch goes over your loan amount, fees, APR, payment schedule and due date. Many applicants receive a decision the same day.
4. Sign your agreement and get funded. If you agree to the terms, you’ll sign the paperwork and receive your loan funds, often before you leave the branch.

You can start the process online by selecting Start My Loan on the Security Finance website and submitting your basic information. But you’ll still need to speak with someone at your local branch to complete the application and get your funds.

Security Finance reviews and complaints

Security Fiance gets mixed reviews from past customers. On the plus side, customers are happy with how easy it is to take out a loan. They also comment about how quickly they get funds and the friendly, helpful personnel. Some even mention using Security Finance repeatedly over the past several years.

But plenty of customers give the company low marks. The biggest complaint is receiving multiple calls a day from Security Finance if they miss a payment, including receiving phone calls at work. There are even several people who report being contacted just because they know someone (a friend or family member) who defaulted on their loan.

People who receive these calls often comment that the customer service agents are rude and unwilling to explain the purpose of the call. Other complaints include a hard pull on their credit report from the company, payment not being recorded and difficulty reaching their local branch.

To get a clearer picture of what to expect from your local Security Finance branch, read Google business reviews on that specific location.