Security Finance Personal Loan Review

Security Finance has been providing personal loans for over 60 years, primarily serving individuals who might not qualify for traditional bank loans. But just because they’ve been around for decades doesn’t mean they’re the best option for your financial needs. In this detailed review, we’ll walk through how Security Finance loans work, what fees to expect, and whether this lender is right for you.

What Is Security Finance?

Security Finance is a consumer finance company that issues personal installment loans in 11 U.S. states. They specialize in smaller loans—usually from a few hundred dollars to around $2,500—aimed at borrowers with limited credit options.

States Where Security Finance Operates

Their loan availability, policies, and fee structures vary by state. Currently, they operate in the following states (check their website for the most current list):

  • Alabama
  • Georgia
  • Idaho
  • Illinois
  • Kentucky
  • Missouri
  • New Mexico
  • Oklahoma
  • South Carolina
  • Tennessee
  • Texas

How to Apply for a Security Finance Loan

You can start the loan application online, but you must complete the process in person at a local branch. Your account will be tied to that branch office.

Required Application Information

To apply, you’ll need to provide:

  • Current and previous addresses
  • Employment and income information
  • Monthly expenses
  • Social Security number

Security Finance will perform a credit check and have you complete a monthly budget to assess your ability to repay the loan.

Security Finance Loan Terms and Costs

Security Finance loans are expensive, and the full cost can be difficult to understand at first glance.

Loan Amounts

  • Typically between $300 and $2,500
  • Varies by state

Interest Rates and APR

  • APRs can go as high as 124.48%

Fees to Expect

Most Security Finance loans include several upfront and ongoing fees:

  • Acquisition fee: Around 10% of the loan amount
  • Closing fee: Typically 5%
  • Account handling fee: Usually $180

Example Loan Breakdown

If you borrow $592, your total loan note could look like this:

  • $59.21 acquisition fee
  • $23.68 closing fee
  • $180 account handling fee
  • Total loan note: $855 (even though you received only $592)

Interest typically accrues on the full loan note—not just the cash you received.

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Optional Credit Insurance: Is It Worth It?

Security Finance may offer optional credit insurance in some states. This insurance might:

  • Cover your payments if you lose your job
  • Pay off your loan in case of death

Should You Get It?

In most cases, credit insurance is expensive and not worth the cost. It adds to your monthly payment and rarely provides good value. Always read the fine print and consider your alternatives.

Late Fees and Payment Options

If you’re late on a payment, Security Finance will charge a late fee, the amount of which depends on your state’s regulations.

Making Payments

  • In person at your branch
  • Via their mobile app

Many borrowers prefer going into the branch for payments, but the app is a more convenient option for tech-savvy users.

Should You Borrow from Security Finance?

Security Finance loans are best used in true financial emergencies. Here’s what to keep in mind:

Pros

  • Easier approval for people with bad credit
  • Small loan amounts for short-term needs

Cons

  • Extremely high APRs and fees
  • Limited to 11 states
  • In-person application requirement

Expert Recommendation

Only borrow from Security Finance if you have no other options. Take the smallest loan possible and pay it off quickly.

Compare Other Loan Options First

If you have less-than-perfect credit, there are still alternatives. At The Yukon Project, we make loan shopping easy. Use our lending marketplace to:

  • Check your rate with up to 40 lenders
  • Use a soft credit check (won’t hurt your score)
  • View and compare multiple offers instantly

Visit our loan comparison tool to explore your options.

Share Your Experience

Have you used Security Finance before? Let us know in the comments:

  • What was your experience like?
  • What state do you live in?

Your feedback could help others make better borrowing decisions.

If you found this review helpful, like the video, subscribe to our channel, and share it with others who might be considering a high-cost loan.

Disclaimer: Loan policies and availability may change over time and vary by location. Always read your loan agreement thoroughly before signing.

Picture of Jonathan Walker

Jonathan Walker