Finova Financial Personal Loans Review

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Finova Financial

One sentence summary: Finova Financial offers car title loans with one-year terms and the ability to make payments at over 30,000 MoneyGram locations.

18% – 30%

Loan Amount

12 months

3.3 / 5.0

Finova Financial


  • Rates
  • Loan Size
  • Customer Satisfaction
  • Support
  • Fees

Full review

Our Two Cents — 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.

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 at a glance

Lender Loan Amount APR Range Terms Key Benefit
Finova Financial Varies 18% –  30% 12 months Make payments at 30,000 locations

*Rates accurate as of June 18, 2020

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

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.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Too long, didn’t read?

Finova Financial personal loans may offer some people much better rates and chances of approval because of the secured nature of the loan. You will need to have a car, though, and be willing to put it up for collateral. Before moving forward, make sure you understand all the risks and benefits that come with an auto title loan. You can get the cash you need fast, but make sure you have a plan to repay.

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