Tuesday, 24 November 2020

Finova Financial Personal Loan Review

Finova Financial Personal Loan Review
27 Sep
3:30

Finova Financial
APR

18.00%
To
204.00%

Credit Req.

Varies

Minimum Credit Score

Terms

12 to 24

months

Origination Fee

$30

Finova Financial personal loan details
 

Fees and penalties

  • Terms: 12 to 24 months
  • APR range: 18.00% to 204.00%, varies by state. It’s unclear if these rates include all finance fees.
  • Loan amounts:$750 to $5,000, varies based on state, vehicle and monthly income
  • Time to funding: As soon as the same day
  • Hard pull/soft pull: Soft Pull
  • Origination fee:$0 to $30
  • Prepayment fee: None
  • Late payment fee: $15
  • 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: Your credit score won’t hurt you when you apply for a loan with Finova Financial. 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, Oregon, 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 the vehicle and review employment, 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 the other for power of attorney, sent via FedEx. 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: Even bad credit shouldn’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.
  • Lack of transparency: Difficulty determining APR range for loan, so rates may not be between 18% and 30% for each state.
  • Collateral: Applicants who are interested in securing a Finova Financial personal loan will be required to use their vehicle as collateral. The vehicle must have prepaid comprehensive and collision insurance with a deductible of $500 or less.
  • Additional fees: There are multiple fees borrowers may have to pay when selecting Finova Financial as their lender. In addition to an origination fee, borrowers may also be charged credit investigation fees, DMV lien fees and more.
  • Availability: Finova Financial does not offer personal loans in all 50 states. Only residents of Arizona, California, Florida, New Mexico, Oregon, 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 own their car outright, a Finova Financial C-LOC 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 to those with bad credit that don’t require a car title as collateral. Here are few more alternatives:

Alternative personal loan options

LendingClub

LendingClub
APR

6.16%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% – 6.00%

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.Read More

A loan with LendingClub may seem like the perfect alternative if people have a large expense to cover that is more than $5,000. Unlike a Finova Financial personal loan, collateral is not required, and the 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. While the available loan amounts are higher for this particular lender, 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

OneMain Financial
APR

16.05%
To
35.99%

Credit Req.

Varies

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

Varies

If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.Read More


Loan approval and actual loan terms depend on your ability to meet our standard credit criteria (including credit history, income and debts) and the availability of collateral. Loan amounts subject to state specific minimum or maximum size restrictions. Collateral offered must meet our criteria. Active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral. CA minimum loan amount is $3,000. GA minimum loan amount is $1,500 for present customers and $3,100 for others.

OneMain Financial offers loans from $1,500 to $30,000. Applicants can check rates prior to completing an application and if everything looks good, they can also apply for a loan online within minutes. But similar to Finova, applicants will have to speak to a specialist in order to secure a loan. They will have to pay their local OneMain Financial branch a visit 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

LendingPoint
APR

15.49%
To
35.99%

Credit Req.

600

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

Varies

LendingPoint offers personal loans for a wide variety of reasons, including paying for home repairs, consolidating credit card debt, or to make a large purchase. Their online process can help you to quickly apply for a personal loan, get qualified, and receive funding. While their interest rates can be higher than others, they do offer fast approval and can transfer funds to your bank account in 24 hours.

A LendingPoint personal loan is 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. The APR can be a bit high and 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.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Kristina Byas

Kristina Byas |

Kristina Byas is a writer at MagnifyMoney. You can email Kristina here

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Source: https://www.magnifymoney.com/blog/personal-loans/finova-financial-personal-loan-review/

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