Finova’s Launch of Car Equity Line of Credit Saves Tennessee Borrowers 50%
Industry’s first all-digital lending product focused on taking the
pain out of emergency loans
WEST PALM BEACH, Fla.–(BUSINESS WIRE)–Finova
Financial, the industry’s first cloud and mobile-based consumer
lending platform transforming the title lending industry, announced
today that its socially responsible Car Equity Line of Credit (C-LOC) is
now available and saving consumers up to 50% off the cost of traditional
auto title loans in Tennessee. Finova’s C-LOC delivers a powerful
alternative to the emergency cash lending marketplace, offering instant
online pre-qualification, payment-against-principal with every payment,
and reporting to major credit bureaus to create a path back to better
credit scores.
Tennessee, which has one of the highest cost structures for emergency
lending, is the second state to launch as part of the company’s national
expansion plans.
“Our goal is to reinvent the emergency cash lending industry by helping
people get out of debt cycles created by the high cost of traditional
title loans,” said CEO Gregory Keough.
Almost half of all Americans are unable to cover a $400 emergency
expense without borrowing money or selling something, underscoring the
need for fast, affordable emergency lending as an alternative to the
industry’s 300% + interest rates, punitive fees and repayment terms.
The C-LOC loan solution is the first in a series of digital financial
services products Finova is planning to bring to the unbanked 30% of
Americans outside the formal financial system.
Images here.
About Finova Financial
Finova Financial is transforming the FinTech industry as a socially
responsible online lender, providing fast, affordable 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;
Metamorphic Venture; 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, 954-629-0020
Chief Marketing
Officer
alfredo.rosing@finovafinancial.com
