Choosing a lender that best fits your financial needs can be a daunting task, especially with so many options available in today’s market. One such lender that has been getting a lot of attention recently is 1st Franklin Financial. This company has been providing financial solutions to local communities across the southeast for over 75 years, with over 320 branches today. But is 1st Franklin Financial the right lender for you? In this article, we’ll take a closer look at what they offer and help you make an informed decision.
- BBB A+ Rating & Accredited
- $500 Million Debt Resolved
- $7,500 Minimum Debt
What is 1st Franklin Financial?
1st Franklin Financial Corporation is a company that provides financial assistance to customers. The company has been in business since 1941 and is headquartered in Toccoa, Georgia. Customers can reach 1st Franklin Financial Corporation by calling (706) 886-7571. Contact your local branch for more details.
While the company has an A- rating from the Better Business Bureau (BBB), they are not accredited by them. Additionally, they have an average of 18 customer reviews and 63 complaints closed in the last 3 years, resulting in a 1.5-star out of 5-star rating from customers.
Services and Offerings
1st Franklin Financial provides affordable loans and other financial services to its customers. They offer personal loans of up to $15,000, with repayment terms ranging from 18 to 60 months. The interest rates and fees vary by state, with a maximum APR of 21.99%.
The company has branches in six states: Georgia, Alabama, South Carolina, Mississippi, Louisiana, and Tennessee. Georgia has the most 1st Franklin Financial branches, while Tennessee has the least with 21. Individuals and families living in these states are likely to find a branch close to them that will be able to provide them with a personal loan.
One advantage of using 1st Franklin Financial is their quick approval times for loan applications, with some decisions possible as soon as the next day. However, applications submitted over the weekend will not be reviewed until the following Monday, and responses will be sent shortly after review.
Once a borrower meets with a 1st Franklin Financial associate at one of their many branch locations, funding will be dispersed to their bank account. However, it may take until the next day or longer for the funds to be transferred to your account.
Loan Qualification
The application process can be started online by clicking the “Apply Now” button. In most cases, 1st Franklin Financial staff will contact you within two business days to discuss your application and answer any questions. Final loan decisions are made at your local 1st Franklin Financial office and are based on factors such as your credit history, payment history, and ability to make monthly payments.
1st Franklin Financial also offers premier loans, but availability is limited to current and former premier loan customers for a limited time. Loans from 1st Franklin Financial cannot be used for expenses related to education or vocational training, to purchase securities, for business purposes, gambling, or illegal activities.
Fees and Interest Rates
1st Franklin Financial provides personal loans with APRs of up to 21.99%. Loan terms of 18, 24, 36, 48, and 60 months are available, and fees and interest rates vary by state.
For example, for a loan of $3,650 with a 36-month repayment period, an interest rate of 19.81%, a $109.50 origination fee, and an APR of 21.99%, the borrower will make 36 monthly payments of $139.37.
Unlike some other lenders, 1st Franklin Financial does not charge pre-payment penalties. Personal loans have fixed rates and payments, so you’ll always know what you’re expected to pay, and you can pay off your loan before the end of the term without incurring any additional fees.
Credit Score Impact
It’s important to understand how your credit score may be impacted before applying for a loan. Most lenders will perform a soft credit check initially, which won’t affect your credit score. However, once you decide to proceed with the actual loan application, the lender will need to do a hard credit inquiry to get a full view of your credit history and offer you final rates. These hard inquiries will lower your credit score.
Cancellation Policy
Before taking out a personal loan, make sure you are confident in your decision. You will not be able to change or undo the transaction once the funds have been deposited into your account, so double-check beforehand to avoid any complications later on.
Is 1st Franklin Financial Legit or a Scam?
1st Franklin Financial has been providing customers with helpful financial assistance for many years. They have an A- rating from the BBB but are not accredited by them. Additionally, their customers have given them a 1.5 out of 5-star rating due to negative reviews.
It’s important to compare interest rates and repayment terms from different lenders before taking out a loan. Doing your research ahead of time can help you choose the best option for you.
1st Franklin Financial Reviews
According to the Better Business Bureau (BBB), 1st Franklin Financial has an average of 18 customer reviews and 63 complaints closed in the last 3 years, resulting in a 1.5-star out of 5-star rating from customers.
While the company has an A- rating from the BBB, it’s important to note that they are not accredited by the BBB, and their customers have reported various issues and concerns in their reviews. Some of the common complaints include high-interest rates, aggressive debt collection practices, and unprofessional customer service. It’s important to read through these reviews and take them into consideration before deciding whether 1st Franklin Financial is the right lender for you.
Tips for Managing Your Finances
Living paycheck to paycheck can be stressful and overwhelming. It’s important to be mindful of your finances and budget accordingly, regardless of your current financial situation. Here are a few tips that can help you get your finances in order and set yourself up for success in the future.
- Create a Budget
Creating a budget is one of the most important steps in managing your finances. It helps you keep track of your income and expenses, so you can make informed decisions about how to spend your money.
Start by listing all your sources of income, such as your salary, bonuses, and any side hustles. Then, list all your expenses, including rent/mortgage, utilities, groceries, transportation, and any debt payments. Once you have a clear picture of your income and expenses, you can make adjustments to your spending habits and find areas where you can cut back.
- Consult with a Financial Advisor
If you’re struggling to manage your finances on your own, consider consulting with a financial advisor. They can help explain your different options and set up a plan that suits your unique circumstances.
A financial advisor can help you create a budget, develop a savings plan, and provide guidance on investments and debt management. They can also help you understand your credit score and provide advice on how to improve it.
- Communicate with Your Lenders
If you’re having trouble making payments on a loan, credit card, or other debt, don’t be afraid to reach out to your lender. Many companies are understanding and willing to work with customers in order to create a more manageable payment plan.
You may be able to negotiate a lower interest rate, a longer repayment term, or even a temporary suspension of payments. The key is to communicate with your lender and be honest about your situation.
Conclusion
In conclusion, 1st Franklin Financial has been providing financial assistance to local communities across the southeast for over 75 years. They offer personal loans of up to $15,000, with repayment terms ranging from 18 to 60 months. The interest rates and fees vary by state, with a maximum APR of 21.99%.
While they have an A- rating from the BBB, they are not accredited by them, and their customers have given them a 1.5 out of 5-star rating due to negative reviews. Before taking out a loan, it’s important to compare interest rates and repayment terms from different lenders and do your research to find the best option for you. Additionally, it’s important to be mindful of your finances and budget accordingly, regardless of your current financial situation.
Creating a budget, consulting with a financial advisor, and communicating with your lenders are just a few tips that can help you manage your finances and set yourself up for success in the future.
If you’re considering taking out a loan from 1st Franklin Financial, make sure to read the terms and conditions carefully and understand the interest rates and fees. While they offer quick approval times and flexible repayment terms, it’s important to make sure that a personal loan is the right option for you before committing to it.
Overall, 1st Franklin Financial is a reputable company that has been providing financial solutions to local communities for many years. By doing your research and taking steps to manage your finances, you can make an informed decision about whether a personal loan from 1st Franklin Financial is the right choice for you.
1st Franklin Financial
1st Franklin Financial Review
Overall, 1st Franklin Financial is a reputable company that has been providing financial solutions to local communities for many years. By doing your research and taking steps to manage your finances, you can make an informed decision about whether a personal loan from 1st Franklin Financial is the right choice for you.
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