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Finova Financial Personal Loans Review: What Borrowers Need To Know

A Finova Financial personal loans review such as this will definitely help you decipher whether the company is the best choice for this category or not. Needless to say, it will provide you all the necessary information to get into an informed decision.

Finova Financial Personal Loans Review

First of all, a personal loan, according to the Chamber of Commerce is “a type of short term unsecured loan ranging anywhere from $100 to $100,000 (typically around $8,000) with fixed or variable interest rates that consumers can use to buy expensive things or consolidate debt.”

A personal loan is like people’s go-to kind of loan whenever they need money to fund a home renovation, travel, events, etc. — almost anything and everything.

With personal being the easiest type of loan to get, it’s not surprising that based on statistics, as reported by the Chamber of Commerce, personal loan balances in the United States doubled in just a span of four years. Imagine, from $72 billion in 2015, it increased to $143 billion at the beginning of 2019.


In a report by TransUnion, it says that personal loan has become mainstream. It has been used by people of all backgrounds, regions, and income brackets across the country for various purposes.

With the current situation, with people losing jobs, getting laid off, and all that because of the pandemic, it is not surprising is personal loans will surge. People need to survive, and one of the options they know is to get a loan — to borrow money from lending companies (if borrowing money from friends and family members are s not feasible).

Good thing there are a number of lending companies across the country. People do have a lot of options to choose from. In fact, one of the choices is getting personal loans from Finova Financial.

With that said, we are going to share with you some of the most important details you need to know about Finova Financial personal loans.

In particular, we are going to talk about the following:

  • Who is Finova Financial?
  • What do you need to know about Finova Financial personal loans?
  • Who qualifies for Finova Financial personal loans?
  • How to apply for a Finova Financial personal loan?
  • What are the alternatives to Finova Financial?


Finova Financial is a Florida-based company that aims to lessen the cost and hassle related to car title loans.

Finova Financial loans are advertised as lines of credit. However, they are totally different from the usual revolving credit that is associated with a credit card or a personal line of credit. With Finova Financial personal loan, you get the money in a lump sum, and not as a credit limit.

According to Finova, the company’s loans are designed to help address the major drawbacks of car title loans. Typically, it costs 300% APR according to a 2015 report by the Pew Charitable Trusts. Needless to say, it usually is due in a few months, which leaves a lot of borrowers in a debt spiral or at risk of losing their car or vehicle.

As compared to traditional personal loans, Finova Financial personal loans are different as they come secured by collateral — in Finova’s case, it’s your car or vehicle.

Just to refresh your memory, secured loans require borrowers to put something up for collateral, which is your guarantee that you will pay for the loaned amount.

To know more about what a secured loan is, you may check the video below by Common Cents Mike. It’s very informative and gives you just the right information about this type of loan.

Although it requires collateral, generally, secured loans are easier to acquire approval from, and also, it offers better interest rates as compared to unsecured loans.

As mentioned, Finova Financial uses your car as collateral for your loan.

Furthermore, it offers auto title loans that come with same-day funding, the online application process, longer loan term, as well as the ability to make payments across 30,000 MoneyGram locations in the country.

Although there’s the risk of losing your car or vehicle is unable to pay for the loan, according to Finova, the company makes sure to try to work things out with borrowers who are having trouble making payments first before they get into a default situation. This is absolutely good news given the fact that some lenders are too strict they would not have time for any settlement first.


Just like any other reviews we made, in this Finova Financial personal loans review, we are going to share with you some of the benefits and downfalls of Finova Financial personal loans.


  • It offers low APR rates that range from 18% to 30%. Definitely competitive rates as compared to other lending companies that offer secured personal loans.
  • It does not charge prepayment fee when you pay the loan early or before the maturity date. Unlike other lending companies, if you wish to pay your loan earlier, you may do so without having to worry about being charged for a repayment fee.
  • Accepts poor credit. As long as you own a vehicle and are not in bankruptcy, you are welcome to apply for a Finova Financial personal loan.
  • Does have a prequalification process. Unlike other lending companies, potential borrowers can review rates before submitting a full loan application, which usually requires a hard pull on your credit.
  • Fast funding time. Once your personal loan application is approved, and all documents and forms are signed and returned, borrowers may get their loaned money on the same day.
  • Provides funding and accepts payments through MoneyGram. If you are someone who’s doesn’t mind getting the funds through a third-party channel, then this one’s ideal for you. Finova Financial sends funds via MoneyGram. In the same way, they also accept monthly payments made either online or at one of MoneyGram’s 30,000 locations.
  • It gives borrowers the ability to apply online or through their mobile devices. With Finova Financial, the loan application is definitely convenient as you can do it from home or wherever you are. All you got to do is go online and provide all the necessary information required.


  • It requires collateral. Unfortunately, Finova Financial personal loan is a secured loan, which means it needs collateral specifically your vehicle. More so, the company requires that the vehicle must have prepaid comprehensive and collision insurance that comes with a deductible $500 or less.
  • It lacks transparency. Another downside we found is that it’s hard to determine the APR range for the loan, which means rates may not be between 18% and 30% for every state.
  • Finova charges additional fees. While they do not charge a prepayment fee, borrowers may have to pay multiple fees with Finova Financial, which include an origination fee, credit investigation fee, as well as a DMV lien fee, and a lot more. Make sure to check with them before you submit your application.
  • Limited availability. Unfortunately, Finova Financial does not offer personal loans in all 50 states. Only those living in Arizona, Florida, California, Oregon, New Mexico, Tennessee, and South Carolina can apply for a Finova Financial personal loan.


Now that you already know about what the company is all about, it’s time to know more about the Finova Financial personal loan particularly on the following aspects:

  • Loan Amount
  • Loan Terms
  • Annual Percentage Rate (APR)
  • Fees and Charges
  • Collateral

Loan Amount

When it comes to the amount of money a borrower can loan from Finova Financial, it actually varies depending on certain factors like your equity in the car, the value of your car, your monthly income, as well as the state where you live in. That is why if you are interested to get a personal loan from them, it’s best to check with them directly.

Loan Terms

Unlike other lending companies out there that have various options when it comes to loan terms, Finova Financial personal loans are available for 12-month terms only.

Annual Percentage Rate (APR)

The annual percentage rate or APR for a personal loan at Finova Financial varies depending on the state where you live in. However, stated in different communication channels, it says that the company’s APR for a personal loan is within 18% up to 30%.

It is important to note though that these rates do not include finance and other fees.

Fees and Charges

As we have mentioned earlier, Finova Financial does not charge prepayment fees. So, if you wish to end your loan sooner than scheduled, you may do so without having to worry about getting charged for such a fee.

However, as a borrower, you must be aware that Finova Financial do charge various fees, which include the following:

  • Extra Fees – Unfortunately, not all fees are included in the APR you receive from the company. Apart from the rate you qualify for, you will also be charged a $25 “credit investigation fee”. In addition, the company also charges a $75 DMV lien fee, filing fee that costs between $0 to $30 depending on the state you are from, and documentary stamp tax, which varies depending on the loan amount.
  • Origination Fee – Another fee that the company charges its borrowers is an origination fee, which costs between $0 and $30.
  • Late Payment Fee – In case you pay late for your monthly loan payments, you will also be charged $15 as a late payment fee.
  • MoneyGram Fees – Many Finova Financial borrowers do not have a bank account that is why the company would usually use MoneyGram to transfer money to them. In the same way that borrowers use MoneyGram locations to make their loan payments. For the latter transaction, MoneyGram charges a flat fee of $11.50 for every payment made amounting to $900 and below. So, ideally, you must have a debit or credit card to make payments to avoid getting charged for this.
  • Insurance Costs – Another important thing that borrowers must be aware of is that Finova Financial requires borrowers to prepay for 12 months of comprehensive and collision insurance, or if not, buy an optional form of insurance from the company, which is known as a “debt cancellation addendum.”


As mentioned, all personal loans through Finova Financial have secured loans, which means they require borrowers to put up their car as collateral. Essentially, if you do not have a car or any form of vehicle, you are automatically disqualified for this type of loan. Consider getting a loan from another lending company instead.


At this point in our Finova Financial personal loans review, we are going to talk about who actually qualifies for the loan.

If you are planning to apply for a loan – whether it be at Finova Financial or other lending companies – it is always best to check their requirements or qualifications first. It’s always best to self-assess before you submit an application to avoid wasting time and effort.

To qualify for a Finova Financial personal loan, you must meet the following requirements:

  • Must be at least 18 years old with a valid driver’s license
  • Must be able to submit proof of income
  • Must have a proof of U.S. residency
  • Must own the vehicle and have a lien-free car title
  • Have adequate equity in your car
  • Must not currently be in bankruptcy
  • Must have a prepaid comprehensive and collision insurance coverage for the loan term

If you meet all of the above requirements, then, you may continue rather proceed with your loan application with Finova Financial.

If you notice a credit score is not mentioned. That is because Finova Financial does not require a specific credit score to qualify for personal loans. Needless to say, the fact also that the loan is a secured loan, credit score becomes unnecessary. The collateral as well as the borrower’s proof of income should be enough to decide whether the borrower is capable of paying off the loan or not.


Now that you already know the criteria to get approved of a Finova Financial personal loan, it’s time to discuss how to apply for the loan.

Finova Financial allows loan applications to be made online through its website. So, if you are someone who prefers online loan application over in-person loan application, this one’s a good option.

To apply, all you have to do is follow the following steps:

STEP 1: Gather all required documents as well as your personal information.

During the application process, just like in any lending company, you will be asked to provide some personal information such as your contact information, your proof of income, etc. Furthermore, you will also be asked to present your car title as well to ensure you own the car or vehicle for collateral.

STEP 2: Fill out the loan application form on the company website.

Head over to Finova Financial website, and fill out the online application form as soon as you have already decided to push through with the loan application. The whole application process should not take you long if you have already collected all the necessary documents mentioned earlier.

STEP 3: Sign all loan documents.

Once Finova Financial approves your loan, you will be asked to review your loan document, and if you find everything in order, sign, and return the document to them.

STEP 4: Receive the loaned amount.

As we have said, the process is fast and convenient. In fact, depending on what time of the day you sign the loan documents, it is possible for you to get your funds on the very same day. Otherwise, you will have it the next business day.

You see, the whole process is quite easy, simple, and straightforward. Again, only if you have all the documents required and if you have already self-assessed beforehand.


Unfortunately, not all borrowers are fortunate enough to get approved of a Finova Financial personal loan. So, in this case, we have some alternative suggestions for Finova.

These alternatives are also applicable to those who think Finova loans are still an expensive option as compared to other personal loan options.

1. Apply for an auto equity loan from a bank or credit union or a secured loan from an online lender.

This depends on your credit history as well as the condition of your car or vehicle. If you think you could qualify for an auto equity loan, then consider getting it from a trusted financial institution or lending company.

2. Get a payday alternative loan from a credit union that you are a member of. As mentioned, to be able to be eligible to apply for a payday loan, you must be a member of a credit union first. So, if you want to avail one, make sure to join the union first.

3. Ask family and friends for a loan. Some of us are fortunate enough to have family and/or friends who are willing to loan money. Sometimes though we are not aware of it until we ask. So, before you even think about loaning money from a lending company or a financial institution, consider asking your family and friends first. You may also loan money from them through lending circles or a loan agreement, whichever works.

4. Ask your employer for a paycheck advance or use an app that provides such a service. Another option is to do a paycheck advance. Check your company policies if this is allowed and if yes, then, consider this option as well.

5. Seek assistance from charities, religious organizations, as well as nonprofit organizations. Depending on the purpose of the loan, especially if it’s a matter of life and death, another option you may consider is to seek assistance from kindhearted people/organizations.

6. Make money by doing side hustle. If you have extra time, consider making money by doing work from home jobs, or by selling stuff online. With technology and the internet, you can definitely do this. However, this idea is applicable only to those who do not need the money as soon as possible.


Getting personal loans is inevitable especially during trying times. That is why it is nice knowing that financial institutions or lending companies do exist. At least, during financial difficulties, we have an option where to loan money from.

Finova Financial is just one of the many options where you can borrow money from. While it is cheaper as compared to traditional personal loans, it requires you to have a car to serve as collateral for the loan though.

So, do you find it a perfect fit for your financial needs?

We hope that through the information we have provided in this Finova Financial personal loans review, you were able to assess whether it’s the right lending company for you or not.

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