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CD Rates and Terms
Finova Financial Personal Loan Review
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Written By
Updated on Tuesday, July 16, 2019
What is Finova Financial?
When online lender Finova Financial formed in 2015, the goal was to provide consumers with an alternative to expensive auto title loans.
Along with a prepaid credit card, the Palm Beach Gardens, Fla.-based company offers what it calls a consumer loan on car (CLOC), which is actually a secured personal loan.
Like auto title loans, Finova’s CLOC requires a borrower’s vehicle title as collateral. But Finova’s rates could be lower than on a traditional auto title loan. It does charge fees such as a DMV Lien Fee and Document Stamp Tax, however. Finova’s rates vary by state. On its website, the lender says its annual rate in Arizona could be as high as 30.00%. It’s unclear if annual rates include other fees.
The CLOC isn’t available to everyone — it’s limited to residents of six states — but they may provide quick cash to those with less-than-stellar credit.
Finova Financial personal loan highlights
- No prepayment fees: Finova Financial does not charge an additional fee when borrowers choose to pay off their loans early.
- Collateral required: Borrowers are required to own a vehicle, which will be used as collateral when securing a loan with Finova. There must be comprehensive and collision insurance on the vehicle, either prepaid with Finova Financial named as an additional payee or you have the option to purchase the Debt Cancellation Addendum. The deductible on your policy must also be $500 or less.
- No credit score required: A loan with Finova Financial does not require applicants to have good credit, so those with poor credit have a chance of getting approved.
- Fast funding time: Finova Financial is able to send funds to borrowers the same day they are approved for their personal loan.
APR
18.00%
To
30.00%
Credit Req.
Varies
Terms
12 to 24
months
Origination Fee
Varies by state
Terms and Conditions Apply. FINOVA RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet Finova's underwriting requirements. A borrower cannot be an active-duty service member of the U.S. Armed Forces (or a covered dependent under the Military Lending Act). Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and terms are subject to change at any time without notice and are subject to state restrictions. To check the rates and terms you qualify for, Finova conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull. Finova is an equal opportunity lender.
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Eligibility requirements
- Minimum credit score: As long as you own your car outright and it has enough equity to fund your loan, you should be able to get approval.
- Minimum credit history: No minimum, but borrower cannot currently be in bankruptcy.
- Maximum debt-to-income ratio: Not specified.
To secure a personal loan with Finova Financial, one of the most important requirements that applicants will have to meet is the owning of a vehicle. This vehicle must be in the borrower’s name, have a car title that is lien-free and have comprehensive and collision insurance. Borrowers are not required to obtain Finova’s voluntary debt cancellation addendum, but should a borrower not be able to provide proof of insurance, this is mandatory.
In addition to the vehicle requirement, applicants will need to be U.S. citizens who are at least 18 years old and residents of Arizona, California, Florida, New Mexico, South Carolina or Tennessee. They cannot be active-duty service members and must have verifiable income.
Applying for a personal loan from Finova Financial
Applying for a Finova Financial personal loan is simple. The process is fairly quick, and begins with a short form on Finova’s homepage to determine if interested parties prequalify for a loan. At this stage, Finova only requests the applicant’s name, phone number, email and information about their vehicle, including the make, model and mileage.
Upon submission of this information, applicants will be informed of the probability of being approved for a loan. Once the results from the prequalification process are reviewed by the applicant, the application can be completed by logging into their account.
At this point, applicants can request a loan, which will involve their Social Security number as well as details regarding residency, vehicle and requested loan amount. After this, they will be able to schedule a time to speak with a Finova Financial representative. During this call, the representative or specialist will evaluate and review the applicant’s vehicle, monthly income and residency information.
Applicants will then need to send in various documents for verification purposes, including photos of their vehicle. There will also be two forms: one for the lien that will be placed on the title of the vehicle and a power of attorney. They will need to be signed and sent back along with the title for the vehicle. When all signed forms have been returned, borrowers will be able to receive their funds the same day via MoneyGram.
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Who’s the best fit for a Finova Financial personal loan?
For those with poor credit but who own their car outright, a Finova Financial CLOC may be a good fit, especially if you need cash right away. Finova may be able to provide funding the same day as your approval. But there are other lenders who offer loans for those with bad credit that don’t require a car title as collateral.
Finova Financial consumer reviews
When it comes to online reputation, Finova Financial has a lot of ground to make up. The four-year-old lender has received 17 consumer complaints in the last three years. It currently has an F rating with the Better Business Bureau and is not accredited with the organization.
Finova Financial earned 3.7 out of 5 stars from customers who reviewed its services on LendingTree (Disclaimer: LendingTree is the parent company of MagnifyMoney).
Finova Financial FAQ
You have to own the vehicle and have a lien-free title to be eligible for a loan from Finova Financial.
You need to be a minimum of 18 years old and have a valid driver’s license.
Currently loans are only available to residents of six states — Arizona, California, Florida, New Mexico, South Carolina, and Tennessee.
Yes, you may be charged an origination fee, a credit investigation fee, a documentary excise tax, or a filing fee.
You have 12 to 24 months to repay your loan.
No. There are no prepayment penalties or fees.
You only have to purchase this addendum to receive a loan if you do not provide adequate proof of required insurance.
Alternative personal loan options
LendingClub
APR
8.05%
To
35.89%
Credit Req.
Not specified
Terms
36 or 60
months
Origination Fee
3.00% - 6.00%
on LendingTree’s secure website
LendingClub is a great tool for borrowers that can offer competitive interest rates. The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.
A loan through peer-to-peer lender LendingClub may be a good alternative to consider. Unlike a Finova Financial personal loan, collateral is not required, and loan amounts range from $1,000 to $40,000.
What stands out about LendingClub is that after checking their rates, applicants may receive more than one loan offer, leaving them to choose the one they believe is the best fit for them. Funding can take up to seven days and there is an origination fee that potential borrowers will want to consider before applying for a loan.
OneMain Financial
APR
18.00%
To
35.99%
Credit Req.
Not specified
Terms
24 to 60
months
Origination Fee
1.00% - 10.00%
OneMain Financial offers quick turnaround times and you may get your money the same day... Read More
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
OneMain Financial offers loans from $1,500 to $20,000. Applicants can check rates prior to completing an application and if everything looks good, they can also apply for a loan online within minutes.
Applicants will have to speak to a specialist in order to secure a loan. They will have to visit a local OneMain Financial branch to have their identity, employment and income verified, as well as their collateral, if it is required for the loan. Having to visit a branch can be a drawback, but an added bonus for borrowers who select this lender is the OneMain Financial mobile app that makes payments fast and convenient.
LendingPoint
APR
9.99%
To
35.99%
Credit Req.
585
Minimum Credit Score
Terms
24 to 60
months
Origination Fee
0.00% - 6.00%
on LendingTree’s secure website
LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $36,500.... Read More
A LendingPoint personal loan may be good for borrowers who have fair credit and need between $2,000 and $36,500. Potential borrowers can check rates prior to filling out an application, and if they are approved for a loan, funds are made available to borrowers by the next business day. An origination fee may be applied, but the process of securing a loan with LendingPoint is quick and simple, which can prove to be helpful when borrowers need funds sooner rather than later.
