Finova Financial Personal Loan Review

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Updated on Tuesday, July 16, 2019

Finova Financial
APR

18.00%
To
30.00%

Credit Req.

Varies

Terms

12 to 24

months

Origination Fee

Varies by state

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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.

Finova Financial personal loan details
 

Fees and penalties

  • Terms: 12 to 24 months
  • APR range: 18.00% to 30.00%, varies by state. It’s unclear if these rates include all finance fees.
  • Loan amounts: Varies based on state, vehicle and monthly income
  • Time to funding: As soon as the same day
  • Hard pull/soft pull: Soft Pull to check your rates and terms. Hard pull if you choose to submit a full application.
    Origination fee: Varies by state
  • Prepayment fee: None
  • Late payment fee: Not Specified
  • Other fees: $25 credit investigation fee, $75 DMV lien fee, filing fee of $0 to $75 (depending on state), document stamp tax (depending on loan amount)

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.

Pros and cons of a Finova Financial personal loan

Pros:

Cons:

  • Poor credit accepted: Bad credit likely won't hold you back from securing a Finova Financial loan as long as you own your vehicle and aren’t in bankruptcy.
  • Prequalification: Applicants can review rates before submitting a full loan application, which may then require a hard pull on your credit.
  • Funding time: Once approved for a loan and all documents and forms are signed and returned, borrowers may receive their funds the same day.
  • Funding and payments via MoneyGram: Loan funds are sent to customers via MoneyGram (which may be inconvenient if you prefer a checking or savings account). Monthly payments can also be made online or at one of more than 30,000 MoneyGram locations.
  • Collateral: Applicants are required to use their vehicle as collateral. The vehicle must have prepaid comprehensive and collision insurance with a deductible of $500 or less. The website doesn’t mention any deductible requirement for California borrowers.
  • Additional fees: There are multiple fees borrowers may have to pay. In addition to an origination fee, borrowers may also be charged credit investigation fees, DMV lien fees and more.
  • Availability: Only residents of Arizona, California, Florida, New Mexico, South Carolina and Tennessee can apply for a loan.

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

10.68%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

2.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

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%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. 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

15.49%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

A LendingPoint personal loan may be good for borrowers who have fair credit and need between $2,000 and $25,000. 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.