About Lender
1st Franklin Financial has been a trusted financial services company for over 80 years. They put customers first. They have over 360 branches in the Southeast and have built a reputation for being reliable and trustworthy. They offer personal loans with flexible terms to fit any budget so financial help is available and hassle free with no surprises.
The company offers personal loans with a simple and easy application process to fit the unique needs of their customers. Loans can be approved fast with fixed payments and fixed rates so you know what to expect. Apply online, by phone or visit a local branch for a personalized experience. With multiple state licenses, all loan terms and APRs are transparent and fair so you can be sure you’re getting responsible and reliable service.
Key Features
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Fast Application. Personal loan application with 1st Franklin Financial is fast.
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Community. 1st Franklin Financial gives back to its communities through donations and volunteer work.
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Availability. With over 360 branches in 9 states 1st Franklin Financial is a convenient option for you.
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Investments. 1st Franklin offers investments to the public in Senior Demand Notes, Variable Rate Subordinated Debentures and Commercial Paper.
Pros and Cons
Pros
Branch Locations. 1st Franklin Financial has over 360 branches in 9 states so you can do business in person.
Fast Application. Personal loan application with 1st Franklin Financial is fast and you can get your money in 24 hours of approval.
Personalized. 1st Franklin Financial puts their customers first.
Cons
High Interest Rates. 1st Franklin Financial personal loans can have high interest rates so borrowing can cost more.
Collateral may be Required. This is determined on an individual basis and depends on creditworthiness, income and loan amount.
Fees. The company may charge fees for certain services like late payments or returned checks which add to the cost of borrowing.
Credit History. Like most lenders 1st Franklin Financial has credit score requirements (at least 580) so some customers may not qualify for a loan.
Reliability
Age and Experience. 1st Franklin Financial has been in business over 80 years so they have been around for a long time. That’s reliability and stability.
Regulatory Compliance. Being regulated by state and federal agencies like the Consumer Financial Protection Bureau (CFPB) means they follow the rules and regulations so you can trust and be reliable.
Customer Satisfaction. A+ rating from the Better Business Bureau means high customer satisfaction but 1st Franklin Financial is not accredited by BBB.
How to Apply for a 1st Franklin Financial Loan?
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Visit the Website. Go to the official website and click on the "Apply Now" button prominently displayed on the home page.
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Fill Out Application. Specify the amount you wish to borrow and the purpose of the loan. Enter your zip code to find the nearest 1st Franklin Financial branch. Fill in the required personal information, including your name, address, and contact details. Provide your employment information and any additional income details. Submit the application form online.
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Wait for a Decision. Wait for a response from 1st Franklin Financial. You may be contacted for additional information or to discuss your loan and options.
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Visit the Branch. To complete the application process and discuss your loan options with a representative.
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Get Funds. Once approved, receive your funds as instructed by the loan representative.
Conditions and Requirements
Conditions
Terms. Loan terms go up to 60 months.
Amounts. 1st Franklin Financial offers loans up to $15,000.
APR. Interest rates vary up to 35.99%.
Requirements
Residency. Must be a resident of the state where the loan is offered.
Age. Borrowers must be 18 years old or older.
ID. Customers need to provide a valid ID.
Income. Proof of income is required.
Address. Proof of current address is also must be provided.
Ways to Receive the Money
If approved for a loan with 1st Franklin Financial the money will be deposited into your account. This is the fastest and easiest way to get your money as you can access it immediately and use it for whatever you need. If you don’t have a checking account or don’t want the money deposited into your account you can also get a check for the loan amount. But this option may take longer to receive and may require extra processing time.
Products
Personal Loans. The loans can be used for anything like home repairs, medical bills and unexpected expenses. The application process is fast and easy and approval is usually within 24 hours.
Senior Demand Notes. These are short term debt securities that mature in 1 year or less. Unsecured and fixed interest rate higher than what you can earn on a savings account or other low risk investments. You can redeem the notes at any time with no penalty.
Variable Rate Subordinated Debentures. Long term debt securities that mature in 10 years or more. Unsecured and variable interest rate that changes periodically based on market conditions. Because they are subordinated they are lower in priority than other debt obligations and are riskier than senior demand notes.
Commercial Paper. 1st Franklin Financial also issues commercial paper, short term debt security used to fund short term obligations or working capital needs. The commercial paper is unsecured and has fixed or variable interest rate depending on market conditions.
Other Personal Loans
Reasons for Loan Refusal
Reasons for loan refusal could be not meeting underwriting and income requirements for the loan amount requested, not having enough collateral, being an active-duty military member (or spouse/dependent covered under the Military Lending Act) trying to use a vehicle as collateral, or using loan proceeds for restricted purposes like post-secondary education, securities purchase, business purposes, gambling or illegal activities. Each application is thoroughly reviewed to ensure borrowers meet the company’s lending criteria, responsible lending and borrowing practices.
How to Repay a 1st Franklin Financial Loan?
Repaying a 1st Franklin Financial loan is easy and flexible. Borrowers can pay online through First Franklin Financial Services where payments can be made securely with Visa, MasterCard or Discover credit cards. Or send payment by mail to the processing center. For those who prefer a more personal touch payments can be made in person at any location. Borrowers can also set up online automatic payments to make paying even easier and on time.
Loans like 1st Franklin Financial
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full 1st Franklin Financial Account Review
- How to Apply for a1st Franklin Financial Loan
- How to Repay a 1st Franklin Financial Loan
- 1st Franklin Financial Customer Reviews
- All 1st Franklin Financial Coupons and Promo for February 2025
- 1st Franklin Financial Loans of February 2025