FinChoice’s fast and accurate loans!

One of the biggest names in South Africa when it comes to lending is FinChoice. This financial institution is a division created by the HomeChoice group and auotorized by the National Credit Regulator.

The loans that FinChoice provides can be as high as R40,000 with new customers and also gives the freedom to existing customers to take out an additional loan, even if they already have one in place.

Quick overview

Here are the key details that summarize FinChoice loan products:

Loan amounts

FinChoice provides loan amounts ranging from R100 to R40 000, depending on the product you choose.

According to your product FinChoice provides a loan around R100 to R40 000 related to the product of your choice.

Loan terms

The loan options offered by FinChoice are both long term and short term. Repayment from the lender often occurs over a period of one month or six months for smaller amounts and longer periods for larger amounts. There is an option called KwikAdvance, which allows you to pay in instalments over several days until the scheduled payment day.

Interest rates

Interest rates are not shown in advance by FinChoice, but you can view them when you launch the loan contract.

Personal protection plan

With the purchase of KwikAdvance products and FinChoice’s personal loan it is your option to select a personal protection plan, ensuring that should a fatality, disability or loss of income occur you are covered with a refund. 

Full review of Finchoice

With its origins in South Africa, FinChoice is a lender that makes innovative loans to its clients, tailored to their individual needs. There are three main loan options they offer in addition to personal loans: the MobiMoney loan and the KwikAdvance loan.

MobiMoney and KwkikAdvance loans aim to make life easier for customers by providing quick and convenient access to money. With just a few clicks you can easily receive your money completely online, anywhere you are, all you need is an internet connection, with the promise of fast approval by FinChoice. 

The flexible way that FinChoice provides to choose from a vast number of loans to take out. This application process has a faster practicality for those who are already customers, being able to complete the requested loan amount. 

The regulation by the FinChoice loan interest is carried out by the National Credit Regulator, for a better assessment of the client to ensure fair pricing. Although the disclosure of fees and charges for loans is not made in advance, you can check in the terms of contract conditions of the loan.

Advantages

Wide range of flexible options

There is an extensive sea of choices offered to FinChoice clients.

Amounts ranging from R100 to 40 000 getting terms that reach minimally a few or a long period of after years, to give you greater certainty of the right choice in your loans. 

One differentiator FinChoice has over other lenders in South Africa is the ability for the client to be able to apply online for a small amount in short term needs.

Online application

Accessibility is great, avoiding any bank queue bureaucracy or service issues, you can totally comfortably at home access all your products online, a magnificent essence of FinChoice.

Fast loan processing

But in case you are wanting the money the same day you applied for the loan, it is essential to submit all the necessary documents within 15 hours.

Once your application has been approved FinChoice will transfer the money to your accounts immediately, it doesn’t necessarily mean that the money will drop in the same time, but it can take up to 24 hours to process. As soon as the money is available a notification via SMS will be sent to your cell phone.

Skip payments

If you are experiencing difficulties in any month, FinChoice allows you to skip some loan payments. But keeping in mind that you must have made at least one payment and not be behind on any.

Responsible lender

In order to have a better analysis of your payer profile, FinChoice asks for information of your income, pay slips and bank statements when making the application, following according to the national credit law.

FinChoice seeks freedom from any imprisonment in debt, leaving your financial life with quality and better managed. By analyzing the client’s economic profile during the loan application process.

Disadvantages of Finchoice

No brick and mortar services

Although FinnChoice is in essence online, as it has no branches around South Africa. Even with the portal application at your disposal, at times you may need to go in with a representative in person to resolve some outstanding issues. 

In addition to these two options, FinChoice also offers an answering service to resolve your issues, the attendances are handled in a totally empathetic and caring manner with its customers.

Limited loan amounts

There is one difference FinChoice has from other lenders within South Africa, and that is the fact that you have a limited amount of money available to borrow around R40 000. Often this may not be enough to buy a new car or house, for example. Unlike other lenders that offer amounts up to R250 000.

Depending on your affordability and whether you are already a FinChoice customer with a loan held it is possible to check for a loan higher than R40 000.

Long term options are not available

FinChoice dispenses with any long-term terms, unlike most lenders who make a repayment available in a year or even seven, FinChoice gears its system towards short-term situations.

An example of this is its loan programs; KwikAdvance is the loan that asks for repayment on the next payday, MobiMoney gives you a maximum of three months for repayment, and finally Flexi has the longest term, with a maximum of six months for repayment.

What loan product does Finchoice offer?

FinChoice offers three loan products for qualified South Africans

The three loan products offered for FinChoice approved customers are:

Finchoice Mobimoney

To get the use FinChoice MobiMoney has its easy accessibility; just log on to the website www.FinChoice.mobi completely free of charge. After completing these steps follow the instructions on the site and fill in your ID and phone number to proceed.

With access to MobiMoney you get to enjoy benefits like:

• Loans from R100 up to 10,000

• Leave the division of repayment to your choice, possible in one, two or three months

• Only pay interest on the money borrowed

• Anywhere you can apply for a loan and withdraw the same day to make several payments not just once a month.

KwikAdvance

The essence of KwikAdvance is a payday loan. To summarize, this loan consists of the following features:

• Loan comes in at a maximum amount of R3500

• On the next payday you will be charged for this loan

• But if payment is made in advance, you are able to apply for a new loan without problems.

Personal loans options

For personal loans FinChoice has decided to create the Flexi loan, allowing you to borrow up to R8000 for short-term needs. In case of prepayment in less than six months, you can apply for a new loan. However, if you want a longer loan up to a maximum of R40 000, as long as you can make the repayment within 1 or 2 years.

The best option

In an overall review, FinChoice is perfect if you want:

• Easy to access online loan

• Small, short-term loan

• Fast loan response as soon as requested

Contacts

Are you in doubt about FinChoice’s services or have a problem and would like to solve it? No problem, FinChoice’s customer service is available every working day, just call 0861 346 246. The service is available from 7.30am to 7pm and on weekends the hours are different, being Saturday 8am to 5pm and Sunday 9am to 2pm. Public holidays have the same opening hours as Sundays, but are unavailable on Christmas, New Year’s Eve and Good Friday.

Click the button below and discover the best credit card options in your region. A variety of options for you to find the best credit on the market, the best opportunities and what best fits your income! Click now and learn more.