WEST PALM BEACH, Fla.--(BUSINESS WIRE)--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 consumers 50% off the cost of traditional auto title loans in Arizona and South Carolina.
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 its fair, affordable auto title loans, delivering a powerful alternative to the emergency cash lending marketplace with instant online pre-qualification, payment-against-principal with every payment, and a 12-month pathway back to financial health.
“Hardworking Americans don’t deserve to get caught in debt traps that create more financial emergencies and hardship,” said CEO Gregory Keough. “We think there’s a better way, so we created C-LOC to help people with the cash they need now.”
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.
The first in a series of digital financial services products Finova is planning to bring to the 30% of Americans outside the formal financial system, C-LOC is currently available in Florida, Tennessee, Arizona and South Carolina.
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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