Security Finance Review: Is It Legit or a Scam?

Security Finance Review: Is It Legit or a Scam? 1

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Security Finance stands as a notable entity in the financial services sector, primarily catering to individuals in need of installment loans and tax preparation services. With a business model that emphasizes physical branch interactions over online applications, Security Finance offers a personalized touch to its services. However, potential borrowers are encouraged to carefully weigh the pros and cons of engaging with Security Finance. This review aims to provide a balanced overview, examining the company’s offerings, customer feedback, and operational nuances to help readers make informed decisions about their financial needs.

Security Finance Review: Is It Legit or a Scam?

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Security Finance Pros and Cons

When considering Security Finance for your financial needs, it’s important to weigh both the benefits and drawbacks. Here’s an overview:


  • Handy App: Security Finance offers a user-friendly app that allows customers to view their payment history, and next due date, and even make payments, enhancing convenience for loan management.
  • Quick Turnaround: The process of obtaining a loan can be swift, with the potential to receive funds the same day by visiting a store, a feature that stands out for those in immediate financial need.
  • Physical Store Advantage: Unlike purely online lenders, Security Finance provides the option to visit an actual store for personal interaction, which can be reassuring for customers preferring face-to-face service.
  • No Prepayment Penalty: Borrowers have the flexibility to pay off their loan balance at any time without incurring a prepayment penalty, offering financial freedom to clear debt sooner if possible​​.


  • Limited Online Availability: The necessity to visit a branch or call to complete a loan application might be inconvenient for those preferring online transactions, reflecting a traditional approach in the digital age.
  • State Availability: With operations in only 14 states, Security Finance’s services are not accessible to everyone in the U.S., potentially requiring some customers to look elsewhere for financial assistance.
  • Opaque Online Information: The lack of detailed loan terms and conditions on their website may deter customers who prefer to research options independently before making contact.
  • Additional Fees: On top of interest rates, Security Finance charges significant fees, including an upfront charge before the loan’s interest rate is even applied, which could make loans costlier than anticipated​​.

A Word of Caution: Security Finance’s installment loans might offer a solution for short-term financial needs, but it’s crucial to be aware of their costliness due to high fees and interest rates. Such loans should be considered only after exhausting more affordable financing options​.

Security Finance Products and Services

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Photo Credit: Medallion Media Group

Security Finance’s portfolio of products and services caters to individuals in need of financial assistance, offering a range of installment loans alongside tax preparation services. Here’s a closer look at what they offer:

Installment Loans:

  • Loan Amounts: Security Finance provides installment loans ranging from $428 to $2,500. These amounts can cater to various financial needs, from covering unexpected expenses to funding small projects​​.
  • Funding Process: Loans are funded through a combination of Security Finance’s capital, bank loans, and the securitization of loans. Once approved, borrowers receive funds via check or direct deposit, which can be used for a variety of personal financial needs​​.
  • Loan Conditions: Interest rates and repayment terms vary, aimed at accommodating different financial situations. While specific rates are not disclosed upfront, borrowers are advised to inquire directly for the most accurate information​​.
  • Application Process: Unlike many modern lenders, Security Finance requires applicants to visit a store or call to apply, providing a more traditional, albeit less convenient, customer service experience.

Tax Preparation Services:

  • In addition to lending, Security Finance offers tax preparation services, designed to assist customers with filing taxes and maximizing refunds. These services are highlighted as both convenient and affordable, with professional assistance to navigate tax filings​​.

Comparison with Competitors: Security Finance distinguishes itself from competitors like RiverBend Cash, Fundo, and Helix Financial by offering installment loans with a focus on in-person service, contrasting with competitors’ online or specialized lending models​​.

  • RiverBend Cash vs. Security Finance: Security Finance provides more substantial loan amounts and offers tax services, whereas RiverBend Cash focuses on short-term payday loans​​.
  • Fundo vs. Security Finance: Fundo targets small businesses with merchant cash advances, a different niche compared to Security Finance’s personal installment loans and tax services​​.
  • Helix Financial vs. Security Finance: Helix offers online personal and debt consolidation loans, catering to those preferring digital application processes, unlike Security Finance’s in-person approach​​.

Key Takeaways: Security Finance’s blend of traditional installment loans and tax services caters to customers preferring personal interactions with those in its operational states. However, potential clients should carefully review loan terms, considering the interest rates and fees, to ensure these products meet their financial needs without imposing undue burden.

Security Finance Products and Services

Security Finance offers a range of financial products and services tailored to meet the needs of individuals looking for financial assistance. Here’s a closer look at what they offer:

Installment Loans:

  • Security Finance provides installment loans, which allow borrowers to receive a lump sum of money upfront, to be repaid over a set period in fixed monthly payments. These loans are designed for those in need of funds for personal expenses, such as medical bills, home repairs, or unexpected emergencies.
  • Loan Amounts: The loan amounts vary significantly, ranging from $428 to $2,500, depending on the borrower’s financial situation, credit history, and the specific requirements of the loan​​.
  • Funding Method: Once approved, loans are typically funded through a check or direct deposit, giving borrowers access to funds to address their financial needs. The funding sources for these loans include the company’s capital, bank loans, and the securitization of loans​​.
  • Conditions: Interest rates and repayment terms vary, tailored to match the borrower’s ability to repay. While the company might cater to individuals with less-than-perfect credit, it’s essential to understand the loan conditions, including any associated fees, to ensure the loan is manageable within one’s budget​​.

Tax Preparation Services:

  • Besides lending, Security Finance offers tax preparation services aimed at helping customers navigate the complexities of tax filing. These services are designed to maximize tax refunds and ensure accurate and compliant tax submissions. Engaging professional tax preparation services can provide peace of mind and potentially save money by identifying eligible tax deductions and credits.

Comparative Analysis:

  • When compared to companies like RiverBend Cash, which offers payday loans, or Fundo, which specializes in merchant cash advances, Security Finance’s installment loans provide a more structured repayment plan, potentially making it easier for borrowers to manage their debt over time. Unlike payday loans, which typically require repayment by the next paycheck, installment loans from Security Finance offer a longer repayment period, making them a more flexible option for those in need of larger loan amounts or more time to pay​​.

In summary, Security Finance’s product offerings, including installment loans and tax preparation services, cater to a diverse range of financial needs. However, it’s crucial for potential borrowers to carefully review the terms and conditions of any financial product and consider their repayment capacity before committing to a loan.

Security Finance Reviews

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Photo Credit: Medallion Media Group

In evaluating Security Finance, it’s crucial to consider customer reviews and feedback, as they offer insight into the company’s service quality and customer satisfaction levels. Here’s a summary of what customers are saying:

Customer Feedback:

  • Reviews of Security Finance reveal a mixed picture. On one hand, some customers appreciate the quick access to funds and the physical presence of stores, which allow for personal interaction and immediate assistance. The convenience of the company’s app for managing payments and loans also receives positive mention.
  • On the other hand, there are significant concerns raised by customers. A common point of critique involves the high fees and interest rates associated with loans, which some customers found to be burdensome and costly over the loan term. Additionally, the limited state availability and the requirement to visit a store for loan applications have been inconvenient for those seeking online options​​​​.

BBB Profile Insights:

  • The Better Business Bureau (BBB) profile for Security Finance provides additional context. With an A+ rating, it might seem at first glance that the company stands in good stead. However, a deeper dive into customer reviews and complaints reveals a different story. The company has an average customer review rating of 1.35/5 stars based on 31 reviews, indicating dissatisfaction among a significant number of clients. Furthermore, the BBB reports 102 complaints closed in the last 3 years, with 35 closed in the last 12 months. This level of complaint activity suggests areas where Security Finance could improve its services and customer interactions​​.

Overall, while Security Finance may offer valuable financial products and services to some customers, the mixed reviews underscore the importance of careful consideration and due diligence before engaging with the company. Potential customers are advised to thoroughly understand all loan terms, fees, and conditions, and to explore other financing options to ensure they make the best decision for their financial situation.

Security Finance BBB (Better Business Bureau) Profile

The Better Business Bureau (BBB) profile for Security Finance offers a comprehensive look into the company’s business practices and customer interactions over the years. Here are the key points from their BBB profile:

BBB Accreditation and Rating:

  • Security Finance is accredited by the BBB, boasting an A+ rating. This rating reflects the BBB’s opinion on how the company interacts with its customers and handles customer complaints. Accreditation since June 1, 2014, signifies the company’s commitment to resolving consumer issues and adhering to BBB ethical standards​​.

Customer Reviews and Complaints:

  • Despite the high BBB rating, customer reviews tell a different story. The company has an average customer review rating of 1.35 out of 5 stars, based on 31 reviews. This low score highlights significant customer dissatisfaction, with common grievances centered around the high costs associated with loans and the customer service experience.
  • Over the last three years, Security Finance has seen a total of 102 complaints closed through the BBB, with 35 of those occurring in the last 12 months. The nature of these complaints often revolves around issues related to loan terms, fees, and the handling of customer accounts. The number of complaints and their resolution is crucial for potential customers to consider, as it provides insight into possible challenges they may face when dealing with Security Finance​​.

Considerations for Potential Customers:

  • The BBB profile for Security Finance serves as a valuable resource for potential borrowers to gauge the company’s reliability and customer service quality. While the A+ rating may indicate a good standing with the BBB, the customer reviews and complaint history present a more nuanced view of the company’s operations and customer satisfaction levels.
  • Prospective clients are encouraged to read through the BBB profile, reviews, and complaints carefully to better understand the experiences of other customers. This research can help inform their decision on whether Security Finance is the right choice for their financial needs.

The BBB profile of Security Finance underscores the importance of diligent research and consideration before committing to a financial agreement with any lender. By taking into account both the positive accreditation and the critical feedback from customers, individuals can make more informed decisions aligned with their financial situations and expectations.

Security Finance Trustpilot

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Photo Credits: Medallion Media Group

It appears there was an oversight in the process, as the search didn’t directly yield specific Trustpilot reviews for Security Finance. Typically, Trustpilot is a valuable platform where consumers can leave reviews about their experiences with various companies, providing potential customers with insights into the company’s reliability, customer service, and product quality.

Given this gap, it’s important for consumers considering Security Finance’s services to seek out reviews across multiple platforms, including Trustpilot if available, to get a well-rounded view of the company. Reviews can offer a glimpse into the real-world experiences of other customers, highlighting both the strengths and potential areas of concern within Security Finance’s operations.

Key Considerations When Evaluating Reviews:

  • Look for Patterns: Repeated complaints or praises about a specific aspect of the service can provide more reliable indicators of what you might expect.
  • Recency: More recent reviews can give you a better idea of the current state of the company’s customer service and product offerings.
  • Response to Complaints: See how the company responds to negative reviews and complaints. A constructive and proactive approach can be a good sign of a company’s commitment to customer satisfaction.

In the absence of Trustpilot information, potential clients are encouraged to also consult the BBB, as previously discussed, and other consumer review sites, to gather a comprehensive understanding of Security Finance’s service quality and customer satisfaction levels.

Security Finance Cost

Understanding the costs associated with borrowing from Security Finance is crucial for potential borrowers. The company provides installment loans, which come with specific financial obligations, including interest rates, fees, and other charges that can impact the overall cost of the loan. Here’s a breakdown of the costs associated with Security Finance’s offerings:

Interest Rates and Fees:

  • Security Finance’s loans are subject to interest rates that vary based on the loan amount, the borrower’s creditworthiness, and other factors. While specific rates are not publicly disclosed and can only be obtained by contacting a local branch or during the application process, it’s important to note that the cost of borrowing can be significant.
  • In addition to interest rates, Security Finance charges fees that can include loan origination fees, late payment fees, and potentially others. For example, the company has been noted to charge $130.45 in fees upfront, before even considering the loan’s interest rate​​.

Considerations for Borrowers:

  • Total Cost of Loan: Borrowers should calculate the total cost of the loan, including both interest and fees, to understand the full financial obligation.
  • Comparison with Other Options: It’s advisable to compare Security Finance’s costs with those of other lenders. Installment loans can be more expensive than other types of credit, such as personal loans from banks or credit unions, especially for borrowers with good credit.
  • Ability to Repay: Before accepting a loan, ensure that the repayment terms align with your financial situation. Consider whether the monthly payments are manageable within your budget.

High-Cost Loans Warning: Security Finance’s loans, like other high-cost installment loans, should be considered carefully, especially if they come with high fees and interest rates. These loans are often marketed to individuals who need quick access to cash but may lead to long-term financial strain if not managed properly. It’s important to explore all available options, including more affordable financing alternatives, before deciding to take out a high-cost loan​​​​.

In conclusion, while Security Finance can provide quick financial assistance, the associated costs of its loans necessitate a thorough evaluation. Potential borrowers should carefully review all terms and conditions, understand the full cost of borrowing, and consider their ability to repay the loan before proceeding.


Our thorough review of Security Finance highlights the company’s role in providing financial solutions through installment loans and tax preparation services. With a keen focus on personal interaction via its network of physical branches, Security Finance caters to those who value face-to-face service. However, the absence of online application options and the limited state availability underscore the need for potential customers to consider their specific needs and geographical location.

The pros, such as the convenience of a mobile app and no prepayment penalties, offer notable advantages. Yet, the cons, including high fees and interest rates, along with a lack of transparency online, present challenges for consumers seeking cost-effective financial options. Customer reviews and BBB ratings reveal a mixed reception, emphasizing the importance of conducting comprehensive research and exploring all available options before committing to a loan.

Ultimately, while Security Finance may serve as a viable option for some, it’s crucial to carefully evaluate the associated costs and terms. Consumers should prioritize understanding the full scope of their financial obligations and consider more affordable financing alternatives to ensure a decision that aligns with their financial health and goals.

Frequently Asked Questions

What types of loans does Security Finance offer? Security Finance specializes in installment loans, which are loans that are repaid over time with a set number of scheduled payments. The company also provides tax preparation services to assist customers during tax season.

Can I apply for a Security Finance loan online? Security Finance requires borrowers to either visit a physical store or call to apply for a loan, as the company does not offer an online application process for all its services. This approach emphasizes personal interaction and service.

What are the typical loan amounts available through Security Finance? Loan amounts at Security Finance vary, ranging from approximately $428 to $2,500. The specific amount you may be eligible to borrow depends on your financial situation, credit history, and the state where you reside.

What should I consider before taking out a loan with Security Finance? Before taking out a loan, consider the interest rates, fees, and repayment term. It’s crucial to ensure that you can comfortably afford the monthly payments without straining your finances. Also, explore other financial options that may offer more favorable terms.

How does Security Finance compare to other loan providers? Security Finance offers a unique combination of installment loans and tax preparation services, with the convenience of physical branches for personal service. However, it’s important to compare the costs, including interest rates and fees, and terms of loans from Security Finance with those of other lenders to find the best option for your needs.

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