As of 2015, Covington Credit loans are fixed-amount, fixed-term personal installment loans in amounts of about $1,400 or less, according to Southern Management Corporation. The short-term loans are available in Georgia, Alabama, South Carolina and Tennessee. The company also makes loans in Texas and Oklahoma. Borrowers do not need car titles, high credit scores or post-dated checks to obtain loans, and they can repay their loans in full without prepayment penalties.
Covington Credit is one of four brand names that Southern Management Corporation uses, states the corporation. In business since 1986, Southern Management Corporation is a consumer finance company with more than 250 branches. The company offers small loans, credit insurance and related products as alternatives to traditional personal credit sources. Borrowers can apply for loans and make payments by phone, online or in person at branch locations. Consumers can start the loan application process on the company website, MyMoneyToGo.com.
As of 2015, Roy Little is the president of Southern Management Corporation, based in Greenville, South Carolina, notes Bloomberg. The Military Lending Act, which Congress passed in 2007, prohibits lenders from using electronic debits or post-dated checks for loans to military personnel and their dependents, according to Consumer Reports. The law also limits interest rates to 36 percent for particular loans to members of the military.