Finova Financial is an online lender that is transforming the $5.3 billion US title loan industry. The Palm Beach company was founded in 2015 and is using modern technology and advanced analytics to change how title loans are financed and processed. Finova Financial calls its product a car equity line of credit, C-LOC for short.

How Does Finova Financial Work?

Finova Financial offers loans to consumers with poor to good credit who need money fast or don't qualify for traditional prime loans. The borrower's car is used as collateral for the loan. If the borrower default's on the loan, Finova Financial may keep the vehicle to cover the cost of the loan. Once borrowers successfully repay a loan, they access a revolving credit line. 

Finova's clients can apply online or over the phone. Once borrowers fill out a short form and provide details about their car's make, brand, and mileage, they get instantly pre-approved (or denied). They then have to log on to Finova's platform and fill a short application form to cash out their loan. 

What Are Finova's Rates And Terms? 

Finova's terms vary depending on the credit history of borrowers. Interest rates are 50% lower than the national average, according to Finova. Finova charges up to 30% APR on its C-LOC loans.

Borrowers have up to 12 months to repay the loan, and there are no prepayment penalties. Finova charges a $25 origination fee and a $25 credit investigation fee. 

How Is Finova Financial Better Than Other Lenders?

- Finova Financial does not require a credit check to determine eligibility because it uses proprietary risk assessment software. However, it may report to credit bureaus when borrowers default on payments. Borrowers who have shown a pattern of paying on time may qualify for lower rates and deferred payments if they go through financial difficulties.

- Finova's Car Equity Line of Credit costs up to 70 percent less than the national average.

- Customers receive around-the-clock access to capital.

- 12-month term

- Payments can be made online or at 32,000 US retail locations.

- Every time Finova Financial borrowers pay on time, they receive Finova Points. Finova Points can be used to postpone payments (when you are going through financial difficulties) or lower interest rates for future loans.

- Finova Financial reports payments to at least one credit bureau. Borrowers who make regular and on-time payments may see their credit score improve over time.

- Applicants can find out instantly whether they qualify and there is no credit check required.





  • APR
    16% - 30%
  • Credit Bureau Reporting
  • Loan Amount
    $500 - $5000
  • Payment Options
    Automatic Payments Check by mail
  • Max Loan Term (Months)
  • Checking Account Required?
  • Immigration Status Requirements
    Must be U.S. Citizen or U.S. Permanent Resident
  • Lend To Military?
  • Minimum Age
  • Verification Documents Required?
    Recent pay stubs Driver license (or other photo ID) Proof of citizenship/residence
  • Approval Speed (Hours)
  • Customizable Payment Dates
  • Deferred Payments
    Unemployment Protection
  • Funding Time
    Same day
  • Joint Loans Available
  • No Late Fees
  • No Origination Fee
  • No Prepayment Fee
  • Pre-Approved Soft Credit Inquiry
  • Institution Type
    Direct Lender
SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

No reviews found.

Be the first to write a review for this company!

Write a Review

New Review for Finova Financial

In category:  

Rate your experience:


Other Personal Loans companies