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Cardoza Law Corporation

Security Finance Corporation, Complaints and Lawsuits

CFPB Debt Collection Complaint Ranking*:

#134 of 2,458 Companies

Lawsuits, Penalties, or Sanctions:

In four Oklahoma lawsuits, Security Finance was accused of keeping elderly and mentally handicapped customers in “a state of perpetual debt.”

The jury awarded $1.8 million to the mentally handicapped customer  and this letter from Attorney David Humphrey to Kansas State Representative Ray Cox describes Security Finance's lending practices to the developmentally disabled in detail.

Location and Contact Details:

181 Security Place
Spartanburg, SC 29307
Phone: (864) 582-8193
Fax: (864) 582-2532
Heidi Bolton, President
Nancy Robinson, Ethics Contact

Business Model:

Security Finance Corporation offers relatively high-interest-rate personal installment loans and then collects on those loans. The loans vary in amount and terms based on the state of operation and the type of license obtained within that state. 

Security Finance also offers loan refinancing and renewals. Loan renewals are separate loans initially applied to pay off the original loan and any excess is paid out to the borrower with the renewal loan still needing to be paid back.  

The South Carolina-based company was founded in 1955 by Jesse L. Bridges. It is also known as Security Finance Corporation of Spartanburg. It is also known as Maverick Finance; and also known as Security Finance of [state name]

* Ranking determined by the overall number of debt collection complaints to the Consumer Financial Protection Bureau (CFPB) as of year-end 2015 and should be considered in context of company size and/or market share. See the CFPB debt collection complaint database in real-time here

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