Home Security Finance Review – READ This First!

When Americans need cash, they will use credit cards, banks loans or seek loans from credit unions. Some also seek financing from manufacturers or retailers. But those options only work for people with excellent credit.

Those with low credit scores, however, have limited options. They may borrow from payday or auto title lenders, but such loans come with a high APR and a short repayment period. That’s why borrowers seek alternative lending solutions, which has led to the development of yet another nonbank consumer credit market.Security Finance Review –...

It’s called the installment loan. Credit reporting firm TransUnion reported that as of October 2019 non-prime borrowers in the US owed about $50 billion on installment products.

So, are you interested in this type of credit?  If you are, where would you get it? To answer all your questions, we review Security Finance, an installment leading provider in the country operating in almost all states that allow this lending service.

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What is Security Finance?

Security Finance Review –...

Security Finance is a company in the financial service industry that majors on offering traditional consumer installment loans, generating credit reports, and offering credit and tax preparation assistance. It has a nationwide foothold, all you’ve to do is locate your nearest or convenient branch.

While the company is not a payday lender, it offers same day loans for emergencies and unexpected bills such as car repair, medical expense or any other unbudgeted expense.

So, wondering about the quality of their service? Perhaps, you want to learn more about them. Here is a comprehensive review that will tell you everything you need to know about this company founded in 1955.

Unlike some same-day lenders that do their business online and hardly have a physical location, Security Finance insist on you calling or visiting its local branch for services.

Security Finance Vs Online installment loan providers, how does it fair?

Established in 1995, Security Finance has gone on to become one of the most reputable online installment loan lenders. But how does it fair when compared to equally successful online installment loan providers? We have checked its key features in relation to TileMax, Rise Credit, and Oportun loan companies and summed their attributes in the table below

Security Finance

  • Borrow loans of between $250 and $2000 (state dependent)
  • No minimum credit score
  • Loan APR will be communicated after application confirmation (state dependent)
  • Loan repayment periods depend on loan amounts and Residence state


  • Borrow up to $10,000 (secured title loans)
  • No credit score check
  • Annual loan APR ranges from 400% – 1,000%+ (payday loans)
  • Loan repayment period of 30 days to 72 months

Rise Credit

  • Offers loan from between $500 to $5000
  • Bad credit score is allowed
  • Annual rates starts from as low as 36% to as high as 299%
  • Depending on the state, the repayment term ranges from 7 to 26 months


  • Loan amount starts from $300 to $9,000
  • No minimum credit score required
  • Annual rates fall between 20% to 67%
  • Loan should be repaid in a span of 6 to 46 months

How does Security Finance loan work?

Security Finance Review –...

Unlike most providers that enable you to complete your application online, for Security Finance, you may start online, but you must visit or call your local storefront branch to complete the request. This approach may be an inconvenience. On the one hand, some people are conservatives and don’t like sharing their personal information online.

The application process

Fill the enquiry form – On the lender’s home page, click the “Need a Loan” and fill out the ensuing inquiry form, which helps the lender identify your local branch.

The information required here include:

  • ZIP code.
  • Full name.
  • Street address.
  • Phone number
  • Loan amount.

Once you have filled out the information, tell how the lender how learned about them and agree to the loan’s terms and condition, to submit.

This online application process is merely a loan inquiry, and the staff gets back to you to see through the application. However, there a set of conditions you must meet to move forward with the application process.

Eligibility Criteria

If you are members of the Armed Forces on active duty, active Guard or Reserve duty, you are not eligible for a loan from the Security Finance Corp. The same goes to your spouse or dependent, in line with the new Military Lending Act regulations. Otherwise, you must:

  • Be aged at least 18 years
  • Be a permanent resident of any of the 14 states it operates.
  • Provide your social security number
  • Provide your monthly expense items.
  • Provide proof of income
  • Agree to credit checks

Once you provide all the above details, the application moves to verification, and it takes an hour before the branch customer support gets back. If every information you provided is verified, your request is approved or declined within an hour of application.

In some cases, though, it takes longer. But still, the lender has streamlined the process. It happens pretty fast, and, if successful, your check can be ready on the same day.

Installment Loans vs Payday Loans

When you compare instalment loans by Security Finance and Payday loans, it is agreeable that, actually instalment loans are a better choice.

  • Monthly payments consume 5% or less your monthly income.
  • The principal amount reduces with monthly payment.
  • The cost of the loan is far much cheaper than those for payday or auto title loans.
  • You get out of debt at a reasonable cost within a manageable period, unlike payday that hinges or rollovers and re-borrowing.

You must, however, look out for some fees that lender charge. You may pay them every time you refinance your instalment loan or when you repay early. They tend to increase the overall cost of borrowing. They include:

  • Asking you to pay for ancillary products, particularly credit insurance and club memberships.
  • Charging of non-refundable acquisition fees.
  • Monthly account management fees.

Also, in most cases, the real annual percentage rate (APR) pays after the lender include all cost and thus is often higher than that declared by the lender in the loan contract.

Pros and Cons of Security Finance


  • Loan repaid in small manageable instalments.
  • You repay a constant amount every month.
  • A handy loan management app that allows you to make a payment.
  • Accepts bad credit.
  • Helps you build your credit if you pay on time.
  • Security Finance has a long-standing reputation.
  • Licensed in every 14 jurisdiction it operates in the US.
  • No bank account required.
  • Security Finance has conveniently located branches in 14 states.
  • Faster and convenient than a bank loan.


  • Not internet loans, you must call or walk to one of their offices.
  • Offers instalment loans, which are high-interest credit.
  • Only available in 14 states
  • The poor your credit score is, the higher the interest you pay.
  • More instalments translate to more in interest.
  • Prohibitive fees.
  • Can lead you into a debt spiral if you fail to pay on time.
  • Can cause lasting damage to your credit score.

Security Finance Products

Security Finance, under US Navy Jesse L., began its operations by offering traditional installment loan a set whole-dollar monthly payment over a defined time. But it has since diversified its portfolio, now it offers:

  • Installment loans,
  • Generating credit reports
  • Offering credit
  • Tax preparation assistance

The Cost of Security Finance Loans

Security Finance Review –...

One thing about Security Finance that many people find irritating is how economical the company is with information. There’s very little about it’s the cost of its loans online. Even so, we know its loan comes with pre-set terms, including predetermined equal monthly payments. The loan neither charge balloon payments nor prepayment penalties. But the lender charge fees on top of the interest rate. You’ll pay $130.45 service charge, and this is beside your loan’s interest rate.

On why it shares little information regarding interest, the company argues that it customizes its loan products to fit the borrower. So, you’ve to fill in the enquiry form, call, or walk into one of its branches spread across the 14 states to provide them with your financial data. It’s only then that it can calculate the lending rates applicable to your case. Therefore, if you not comfortable talking to the lender directly, then Security Finance might not be the right choice for you. All the same, the lender factor the following:

  • Amount
  • Duration of the loan
  • The state, which determines the rate.
  • Your household income
  • Your debt-to-income ratio
  • Your FICO credit score

The terms of the loan and the amount you are eligible for vary from state to state based on the type of license it obtains from that state. However, the amount ranges between $250 and $2,000. Texas has the least low limit of $256, and the highest is both North Carolina and New Mexico at $2,000.

State Minimum Maximum
Alabama $356 $1,486
Georgia $333 $1,516
Idaho $295 $1,890
Illinois $330 $1,500
Louisiana $314 $1,086
Missouri $300 $1,350
New Mexico $300 $2,000
Nevada $295 $1,890
Oklahoma $304 $1,176
South Carolina $391 $2,000
Tennessee $324 $1,298
Texas $256 $1,315
Utah $295 $1,890
Wisconsin $300 $1,500
Instalment loans don’t suffocate you with payments but a payday loan does, but charges processing and monthly management fees. So, security Finance is still a pricey choice, and you should not consider it if you qualify for more affordable emergency financing options.

Security Finance Loan Repayment

So, your loan request has been successful, you have banked the cheque, and it is now payback time.

Depending on the duration of your loan, you’ll make equal monthly payments until you pay off your credit. Earlier, you had to call or visit a local branch office to submit your payment. But now, Security Finance has a convenient app that allows you to make payments.

You can easily install the lender app on your phone to help you manage the loan repayment. Once you do, you can view when your next loan due date, and conveniently make the payment on that day.

These instalment loans are costly, so, you don’t want to add more burden by paying late and incurring the late payment fees. Familiarize yourself with the repayment dates.

The company advises you to communicate in advance if your financial situation has changed and may jeopardize your monthly repayment schedule. You should talk to your local Security Finance branch so that you can work out a repayment plan that can accommodate your situation.

What Countries does Security Finance Accept?

Security Finance only operates in the United States. Thus, it doesn’t accept clients from other countries.  Also, in the US, it only has branches in states that allow instalment loans. Currently, it is available in 14 states, namely:

  • Alabama
  • Georgia
  • Idaho
  • Illinois
  • Louisiana
  • Missouri
  • New Mexico
  • Nevada
  • Oklahoma
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Wisconsin

Security Finance Customer Support

Customer support at Security Finance is primary via the phone. You can call Customer Relations through 1-866-281-7043 to report any complaint and for 1-866-281-7043 for comments, questions or claims. Alternatively, you can walk to your local branch for more personalised services.

For Credit Disputes, though, mainly those wrongly supplied to a credit-reporting agency, you can write to the company through c/o Consumer Reporting, PO Box 3146, Spartanburg, SC 29304. The letter should include your contact and address as well as the disputed information, and your basis of argument. Of course, the lender advises you to attach the supporting documents if any.

It still doesn’t make sense why a lender as huge as Security Finance is yet to adopt instant messaging for its customer support. Some issues could easily be solved over live chat support.

Is it safe to borrow from Security Finance?

Well, it is safe to borrow Security Finance instalment loans. The company is highly rated. According to the Better Business Bureau, the lender has an A+ rating. Even so, scanning through the customers’ reviews, most upset customers are those who defaulted. They complained about the abrasive nature of the customer service agents. That brings us to why you need to be careful.

The company offers the traditional instalment loans, which gives you a more extended repayment period than payday loans but are, after all, short-term loans. Such a loan, even minus the processing and monthly account management fees, are expensive. If you fall behind in repayment and add the late payment penalties, it can easily overwhelm you and sink you deeper into debt.

But an installment loan from Security Finance comes in handy when you have an emergency expense that you can’t afford to pay wholly with your next paycheck. In normal circumstances, you would tackle the emergency with a payday loan. But what happens if you already had committed your next month’s salary to something else? An instalment loan can afford you some breathing space on your paycheck as it will allow you to spread the repayments in equal monthly payments.

Security Finance Review Verdict

Same-day loans, like instalment loans offered by Security Finance, are quick fixes that cannot address your underlying financial needs. They are helpful for emergencies but should you should quickly repay them to save on the costs and interests, lest you have to borrow to offset the original loan and end up in a debt cycle. Conventional credit facilities offer better rates. You would rather be late than sorry they say. Let you’re a personal bank loan take time to process, instead of rushing into an investment that will only create more problems for you.

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Our Rating

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  • Loans From $100 to $15,000
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  • Bad Credit Considered
  • Lenders From All 50 US States Onboard
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Does Security Finance offer payday loans?

Is Security Finance Security available in my state?

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How do I identify my local branch

I’ve bad credit, can I get a loan?

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Thadeus Geodfrey has been a contract writer for Lernbonds since 2019. As a fulltime investment writer, Thadeus oversees much of the personal-finance and investment-planning content published daily on this site. With a background as an iGaming expert and independent financial consultant, Thadeus’s articles are based on years of experience from all angles of the financial world.