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

5 of 5 results

Updated regularly

Finder Score	Loan amount	Turnaround time	Requirements	bullet point infobox
Promoted Finder score 9.5 Excellent EarnIn	Finder score 9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1 to 2 business days or within 30 minutes for a fee	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. Subject to EarnIn terms & conditions.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 8.7 Great Current	Finder score 8.7 Great	$50 to $750	Up to 3 days or within an hour for a fee	Among other factors, you must receive a monthly total of $500 or more in Eligible Payroll Deposits into your Current Account.	Get up to $750 before payday, once you qualify. Paycheck Advance is an earned wage access service and is not a loan or credit product. Subject to Paycheck Advance Terms and Conditions.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 8.2 Great Cleo	Finder score 8.2 Great	Up 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 siteMore info Compare product selection Compare	loading
Finder score 9.4 Excellent OppLoans Installment Loans	Finder score 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.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.1 Excellent CreditNinja Installment loan	Finder score 9.1 Excellent	$300 to $5,000	1 to 2 business days	Checking account at least 60 days old, regular income through direct deposit, resident of eligible state, age of majority in your state	Not available in: AK, CO, CT, FL, GA, IL, IA, KY, ME, MD, MA, MT, NV, NH, NJ, NM, NY, NC, ND, OR, VT, VA, WA, WV. Fast online funding up to $5K, but you won't know about rates and terms until after you apply.	Go to siteMore info Compare product selection Compare	loading

loading

Load More

Showing 5 of 5 results

Compare other products

We currently don't have that product, but here are others to consider:

How we picked these

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

Calculate your monthly loan payments

Not sure what your payment could look like? Enter the loan amount, APR and length of repayment term to see your monthly payment and total interest.

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.