California Consumers Can Now Save up to 70% with Finova’s Car Equity Line of Credit
Industry’s first all-digital emergency loan product designed to help
people with kinder terms and lower interest rates
WEST PALM BEACH, Fla.–(BUSINESS WIRE)–#fairlending—Finova
Financial, the industry’s first cloud-based platform for affordable
consumer emergency lending, announced today that its socially
responsible Car Equity Line of Credit (C-LOC) is now available and
saving California consumers up to 70% off the cost of traditional
emergency loans.
Almost half of all Americans cannot cover a $400 emergency expense
without borrowing money or selling something, underscoring the need for
an alternative to the industry’s 300% + interest rates, punitive fees
and repayment terms.
“There’s a growing number of people who live paycheck-to-paycheck and
they’re the hardest-hit when faced with a financial emergency,” said CEO
Gregory Keough. “We think it’s important to find ways to help people
back to better financial health, so we created C-LOC to provide a more
fair and affordable option.”
Finova’s C-LOC has earned
Consumer Affairs prestigious partner accreditation and was named to
the Fintech
100 list of the world’s leading financial technology innovators for
friendlier auto title loans that deliver up to 70% cost savings, instant
online pre-qualification, payment-against-principal with every payment,
and a 12-month pathway back to financial health.
The first in a series of digital financial services products Finova is
planning to bring to Americans outside the formal financial system,
C-LOC is also available in Florida, Tennessee, Arizona, New Mexico and
South Carolina.
Additional images here.
About Finova Financial
Finova Financial is transforming the FinTech industry as a socially
responsible online lender, providing fast, affordable emergency loans
based on the equity in your car. Founded in 2015 by a team of financial
services, technology and payment experts, Finova delivers a path to
financial well-being and fair lending for the 70 million financially
underserved Americans that spend $138 billion in fees and interest
annually on alternative financial products. Finova’s Car Equity Line of
Credit (C-LOC) costs up to 70% less than the current national average,
provides around-the-clock access to capital, and a 12-month payback
plan. Finova Financial backers include Silicon Valley investors MHS
Capital, Refactor
Capital, CoVenture,
Compound,
and 500
StartUps; Al Hamra Group, a private company owned by United Arab
Emirates’ ruling family, Ras Al Khaimah; and others. For more
information: www.finovafinancial.com
Contacts
Finova Financial
Alfredo Rosing, 561-517-9256
Chief Marketing
Officer
alfredo.rosing@finovafinancial.com
