Frequently Asked Questions

We consider applicants with credit scores as low as 500. However, credit score is just one factor we evaluate. We also look at your income, employment history, debt-to-income ratio, and overall financial situation.

Many customers with past credit challenges—including bankruptcy, collections, or limited credit history—have been approved for loans. We believe everyone deserves a fair chance, and our loan specialists evaluate each application individually.

To complete your loan application, you'll need:

• Valid Photo ID: Driver's license or state-issued ID
• Proof of Income: Recent pay stubs (last 30 days), bank statements, or tax returns if self-employed
• Proof of Residence: Utility bill, lease agreement, or mortgage statement
• Social Security Number: For identity verification
• Contact Information: Working phone number and email address

While traditional employment is common among our borrowers, it's not the only qualifying income source. We accept various forms of income, including:

• Self-employment income
• Social Security or disability benefits
• Pension or retirement income
• Alimony or child support
• Rental income

The key is demonstrating stable, verifiable income sufficient to make your loan payments.

1st Franklin Financial is licensed and operates in 10 states across the Southeast:

• Alabama
• Florida
• Georgia
• Kentucky
• Louisiana
• Mississippi
• South Carolina
• Tennessee
• Texas
• Virginia

Visit our locations page to find a branch near you.

We understand that when you need money, you often need it fast. Our process is designed for speed:

• Online Application: Takes about 5 minutes
• Review: Most applications reviewed within 1-4 hours
• Branch Visit: About 30 minutes to finalize
• Funding: Same-day funding available if approved by noon

To maximize your chances of same-day funding, submit a complete application with all required documents before noon and be prepared to visit your local branch that day.

No! When you initially apply or check your rate, we perform a "soft" credit inquiry that does NOT affect your credit score. You can apply with confidence knowing your score won't be impacted.

A "hard" credit inquiry only occurs if you decide to proceed with a loan after pre-qualification. This is standard practice for all lenders when finalizing a loan.

We require an in-person branch visit to finalize your loan for several important reasons:

• Identity Verification: Protects you against fraud
• Document Review: Ensures you understand all terms
• Personal Service: Answer any questions face-to-face
• Immediate Funding: Receive your check on the spot

This personal approach is part of what sets us apart. Our branch team members are here to help, not just process paperwork.

Our personal loans range from $600 to $15,000. The amount you qualify for depends on several factors:

• Your income level
• Credit history
• Existing debt obligations
• State regulations

We also offer Premier loans up to $10,000 through our partnership with U.S. Bank, often with lower interest rates for qualified borrowers. Ask about this option when you speak with a loan specialist.

Interest rates vary based on your creditworthiness, loan amount, term length, and state regulations. All our loans feature fixed interest rates, meaning your rate and payment stay the same throughout the life of the loan—no surprises.

To see the specific rate you qualify for, apply online for a free, no-obligation quote. Checking your rate won't affect your credit score.

No! You can pay off your loan early at any time without any prepayment penalties or fees. We believe in giving you the flexibility to manage your finances on your terms.

If you receive extra money—a tax refund, bonus, or gift—you can apply it to your loan balance and potentially pay off your loan faster, saving on interest.

We offer flexible repayment terms to fit your budget:

• 12 months: Higher payments, pay off faster, less total interest
• 24 months: Balanced payment and term
• 36 months: Lower monthly payments
• 48 months: Lowest monthly payments for larger loans

Your loan specialist will help you choose the term that best fits your monthly budget while achieving your financial goals.

No, absolutely not. We are NOT a payday lender. Here's how we're different:

• Loan Type: We offer traditional installment loans, not short-term payday loans
• Loan Amounts: $600 - $15,000 (payday loans are typically under $500)
• Terms: 12-48 months (payday loans are due in 2 weeks)
• Rates: Fixed rates that don't compound or "roll over"
• History: 80+ years in business, not a fly-by-night operation

We're a legitimate, licensed financial services company focused on helping you build a path to financial stability—not trapping you in debt cycles.

1st Franklin Financial was founded in 1941 by Ben F. Cheek, Jr. in Toccoa, Georgia. We've been serving families across the Southeast for over 80 years.

Today, we're still family-owned and operated, with over 300 branch locations in 10 states. We've helped more than 1 million customers achieve their financial goals while maintaining our commitment to personal service and community values.

Yes, protecting your personal information is a top priority. We use industry-standard security measures including:

• 256-bit SSL Encryption: All data transmitted is encrypted
• Secure Data Centers: Your information is stored securely
• Privacy Policy: We never sell your information to third parties
• Compliance: We follow all state and federal regulations

Learn more in our Privacy Policy.