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1st Franklin Financial

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LAST UPDATED: September 14th, 2022

1st Franklin Financial Corporation has been in the consumer finance industry since 1941, providing personal loan services in Alabama, Georgia, Louisiana, Mississippi, South Carolina, and Tennessee.

Loans are available as both short and longer-term installment loans, with terms generally ranging from six to sixty months. All personal loans have fixed-rates and your annual percentage rate (APR) will depend on your state and creditworthiness.

In addition to providing loans to consumers, 1st Franklin takes pride in each of its branches doing its civic duty. The company donates and is involved in many local charities and has also helped raise money for various charitable organizations. 

Read 1st Franklin Financial reviews below to see what consumers have to say about this lender's financial services and more.

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The Good

  • High Location Density
  • Fast Approval Time
  • Clear Terms
  • Tailor-Made Interest Rates

High Location Density

1st Franklin Financial serves six states: Georgia, Alabama, South Carolina, Mississippi, Louisiana, and Tennessee. Georgia has 110 operating branches, Alabama has 39, South Carolina has 45, Mississippi, has 36, Louisiana has 31, and Tennessee has 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.

Fast Approval Time

1st Franklin Financial states that approval time for a loan application can be as fast as the next day. Applications submitted on the weekends will not be viewed until the following Monday, and responses will be received shortly after they are viewed. 

Funding will be dispersed to a bank account after the borrower meets with a 1st Franklin Financial associate at one of the many branch locations. Funds will likely take until the next day or longer to be transferred to your bank account.

Such a quick loan process makes it so you can get a handle on your expenses quite quickly, which can provide peace of mind to customers in a financial hurry.

Clear Terms

A personal loan with 1st Franklin Financial has no hidden fees, including no prepayment penalty if a borrower would like to pay off their loan sooner than the completion of their loan term. In addition, personal loans have fixed rates and payments. 

However, it is unclear whether or not 1st Franklin Financial charges a loan origination or late fee. If the lender does not charge an origination fee, this will likely entail a higher interest rate on a loan.

Tailor-Made Interest Rates

While there are no specific interest rates available, it is stated that interest rates are determined case-by-case, depending on the type of loan, the amount borrowed, the borrower's credit history and the repayment terms set for that specific loan. 

This can be a positive aspect for 1st Franklin Financial because it shows that the company takes an interest in the customer's specific circumstances, and it is more likely that a borrower with bad credit could be approved, which may not be the case with other larger lenders. 1st Franklin Financial does not treat every case the same and takes the time to discuss the different terms of the loan before they are assigned.

1st Franklin Financial also has fixed rates, so whatever rate you receive when finalizing your loan, that rate will stay the same throughout the lifespan of your loan. It will never be subject to change, so your monthly payment will also stay the same. This makes for an easy loan process and ensures you won't have to experience fee changes.


The Bad

  • Poor Online Transparency
  • Maximum Loan Amount
  • Required Branch Visit

Poor Online Transparency

There is very little personal loan information available on the 1st Franklin Financial site. The maximum loan term, annual percentage rates, and minimum credit score needed are unavailable. 

In addition, with limited consumer reviews, it's also unclear what 1st Franklin Financial customer service is like and whether or not it elicits a positive customer experience. 

Maximum Loan Amount

1st Franklin Financial only has personal loans for up to $15,000. This is much smaller than what most personal loan lenders offer, many offering at least $35,000 loans. Some lenders even provide loans for up to $100,000. If you're a consumer looking to borrower more than $15,000, 1st Franklin Financial is likely not for you and we suggest looking into another personal loan service.

Required Branch Visit

The application process includes a face-to-face meeting with a 1st Franklin Financial associate at one of its many branch locations. In this meeting a potential borrower will discuss rates and terms before completing their application, in addition to providing required documentation.

Although this in-person branch visit can ensure that your personal loan is fit to your specific needs, it may be inconvenient for borrowers who would would prefer an online application process that could guarantee funding more quickly.


The Bottom Line

It is difficult to know how 1st Franklin Financial compares to other personal loan options because of the lack of information available on their website. However, as a smaller company providing service specific to each borrower, information regarding rates and terms can likely be received by speaking to a company representative, thus resulting in information tailored to your financial needs and circumstances. 

1st Franklin Financial has been in business for many years and has a lot of experience in personal loans. Although the maximum loan amount of $15,000 is relatively small compared to other lenders, 1st Franklin Financial seeks to provide loans for emergencies that may arise, while also helping customers make payments and find financial stability.

If you live in one of the six states that 1st Franklin Financial services (Alabama, Georgia, Louisiana, Mississippi, South Carolina, or Tennessee), it could be worth your time to take a look at its services.

Have you borrowed a personal loan from this provider? Let us know about your experience with a quick review below.

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