Finova Financial Personal Loans Review

Finova Financial personal loans may offer better APR rates because the loan is secured with your car as collateral. However, this does bring the risk of losing your car if you default on the loan.

APR Range
18%–30%
Loan Amount
N/A
Term
Up to 12 months
SimpleScore
3.3 / 5.0
close
SimpleScore Finova Financial 3.3
Rates 3
Loan Size N/A
Customer Satisfaction N/A
Support 4
Fees 3

Finova Financial offers car title loans with one-year terms and the ability to make payments at over 30,000 MoneyGram locations. Finova Financial personal loans are different than the traditional personal loan because they come secured by collateral. Secured loans require that you put something up for collateral to “guarantee you will pay,” but in return, you’ll generally get easier odds of approval and a better interest rate. At Finova Financial, the collateral used on a loan is your car. The company offers auto title loans with same-day funding, online application processing and the ability to make your payments at over 30,000 MoneyGram locations.

Finova Financial personal loans are different than the traditional personal loan because they come secured by collateral. Secured loans require that you put something up for collateral to “guarantee you will pay,” but in return, you’ll generally get easier odds of approval and a better interest rate. At Finova Financial, the collateral used on a loan is your car. The company offers auto title loans with same-day funding, online application processing and the ability to make your payments at over 30,000 MoneyGram locations.

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In this article

    Finova Financial at a glance

    LenderLoan AmountAPR RangeTermsKey Benefit
    Finova FinancialVaries18% –  30%12 monthsMake payments at 30,000 locations

    *Rates accurate as of June 18, 2020

    What we like about it

    Anytime you are using a secured loan, you can get better rates and a better chance of approval. Where you would see rates higher with unsecured personal loans for people with less-than-great credit, the maximum you’ll see with Finova Financial is 30%. Additionally, as long as you have proof of income and you own your car with adequate equity, you’ll meet the major eligibility criteria for Finova Financial personal loans.

    The company also gives borrowers the ability to apply online or via a mobile device with quick decisions and same-day financing. Additionally, the loans come with no prepayment penalties and the ability to make your payments at any one of 30,000+ MoneyGram locations.

    Things to consider

    Repayment terms with Finova Financial personal loans are not flexible. All loans are made for 12 months. For some, this may be too short of a period to use the money and get things repaid.

    The biggest thing to consider, though, is that your car has to be used as collateral for your loan. What this means is that if you default on your loan, the company can take your car in place of payments. For many people, losing your car would mean no way to get to work, get to the grocery store or pick up the kids. Make sure you understand the risks of a secured loan before signing on the dotted line.

    What you need to know

    Personal loans through Finova Financial are available for 12-month terms with rates up to 30% APR. The amount of money you’re able to get will depend on the value of your car, your equity in the car, your monthly income and what state you live in. All loans come with a $75 DMV Lien Fee and a Document Stamp Tax that will depend on the size of the loan. All of these fees are rolled into the life of the loan or the finance charge.

    Applying for a Finova Financial personal loan can be completed online or through your mobile device.

    1. Collect personal information, your car title and your proof of income. You will need this information during the application process.

    2. Fill out the form on the company’s website. Head to the Finova Financial website and fill out the application. It shouldn’t take you long because you will already have collected the necessary documents in the previous step.

    3. Sign your loan documents. Once approved, review your loan document and sign. Depending on what time of the day you sign, you may be able to receive your funds on the same day.

    Collateral and criteria

    All loans through Finova Financial are secured and require you to put up your car as collateral. As the loans are secured, this means that your Finova Financial personal loan rates will be lower than what you may be able to get with a traditional unsecured personal loan.

    As long as you own your car and have adequate equity built up, you will meet the main qualifications for eligibility with the company. It’s clearly stated on the website that you will not be turned down because of a bad credit score. There are a few other small requirements for eligibility that are laid out in the FAQ section of the website.

    Finova Financial vs. LoanMax Title Loans

    If you thought getting your money the same day was fast, how about within 20 minutes? LoanMax advertises that you can get a loan of up to $10,000 within 20 minutes. The application process is completed online, and then an agent from the company contacts you to complete the process. LoanMax operates in 17 different states. One major difference between the two companies is that LoanMax advertises that it will offer loans to some unemployed borrowers.

    Finova Financial vs. TitleMax

    Continuing with the trend of fast funding, TitleMax can get you your money within as little as 30 minutes. The company operates in 16 states and does have brick and mortar locations if you’d rather handle this in person. Much like most title loan companies, the maximum you can get is $10,000 and will depend on the state you live in, the value of your car, your ability to repay and the equity in your vehicle. TitleMax is best for people that want fast financing but want to handle the transaction in person with a live agent.

    Methodology

    SimpleScore

    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.

    Rates

    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

    Support

    We awarded higher scores to lenders with the most channels for customer support.

    Fees

    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

    Jason Lee

    Contributing Writer

    Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.