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Loans & Credit

Loans at Southern Security

Southern Security offers a wide variety of loans to help our members with whatever needs they may have. All loans are calculated with Simple Interest and there is never a pre-payment penalty. Plus you can set up your payments through Payroll Deduction allowing you to make payments more often, thereby paying even less interest over the life of the loan. On top of that, Southern Security makes the process easy for you, starting with a phone call or online application.

The information on this site is offered as guidelines only. It is not policy and is subject to change.

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Types of Loans Offered

Whether you want to consolidate your bills, buy a car or purchase a home, Southern Security is here to help. Below is just a sample of our most popular requests. If you do not see a specific loan type, just ask. We’ll even tailor one to meet your needs. In addition, ask about our money-saving refinance options.


Quick Reference for All Southern Security Loans

  • Can begin the loan application process online, by phone or in person.
  • Repayable via payroll deduction/direct deposit; payment dates can match your pay frequency
  • No prepayment penalty
  • All loans are calculated with simple interest (the calculation where you pay the least)
  • Pre-approvals are available on our most popular loan types
  • Most loans are subject to credit approval
  • Extended terms available

Loan Approval Process

Applying for a Loan

Applying for a loan is easy. You can apply online 24/7, by phone or in person.   All approvals are made quickly during regular business hours. You can apply at any branch location and complete the process at another, if you choose. Southern Security will need payroll information (last pay stub) for each loan request; so please have that available when applying.  Additional information may be required based on specific loan type.

Not a member?  Click here for information.

Pre-approvals

What is pre-approval and why is it important?

A pre-approval on a loan lets you know the maximum amount you can spend on an item – whether it’s a car, truck, refrigerator, lawn equipment, boat, etc.  So as you shop, you don’t have to worry about if you can get financed for it.  Pre-approvals also speed up the actual completion of your loan as much of the information required has already been attained.

What will I need to apply for a loan?

  • Let your loan officer know for what you’re applying (car, truck, boat, house) and approximately what you plan to spend on the item.  Then you’ll be asked how much, if any, down payment you will make toward the item.  Many items can be financed at 100%.  But you’ll typically get a lower interest rate on your loan if you pay some toward the purchase.
  • You’ll be asked what payment amount you will be comfortable with.  Your loan officer can help you determine if the payment amount and loan amount are comparable.
  • Your loan officer will request that you verify and update your personal information such as your address, contact numbers, email, etc.
  • You will be asked to verify your income.  Typically, providing your latest pay stub is sufficient.  If you do not receive a pay stub (self-employed, other) we’ll ask for other information.
  • For some loan types, such as mortgages, there is additional information we require.  Please speak with your loan officer directly about this.

What happens next?

Your loan officer works with the information you provided to determine if you will be approved for your loan.

Loan approvals are based on more than your credit score.  Southern Security looks at the following:

  • Time on the job and at your current residence (indicating stability).
  • To whom you owe and how much; then compares that with your income (debt-to-income ratio).
  • The value of what you want the money for and how much you’re willing to pay towards it (loan to value ratio).

All of the above affect your ability to borrow and often the interest rate offered.

Application includes credit check (except secured loans).  Application fee.

Your loan officer will contact you with the results of your loan application request.

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Do you have a family member who is already a Southern Security member? Or, do you work for one of over 500 of our sponsor companies?

You may not be eligible for membership at this time. Please call 901.452.7900 or 800.633.4128 or visit a branch for further assistance.