Fincheck: Showing you the best financial path

Do you want to shop around using a loan in South Africa? You have probably heard the name Fincheck. However, the most important thing you should know about Fincheck is that the company is not a credit provider. This means that you cannot get a loan directly from Fincheck. Instead, Fincheck helps you look for the right loan. Read on to learn more about how Fincheck works. 

When talking about shopping for loans in South Africa, it is impossible not to have heard the name Fincheck mentioned, but make no mistake, Fincheck is not a loan provider and this is essential information to keep in mind as you do not take out the loan directly with Fincheck, but rather are intermediated by them so that you can find the best loan. To learn more information about Fincheck, keep reading!

Fincheck: Quick Overview

• Loan amount: From R100 – R175 000

• Loan term: Depends on the type of loan

• Interest rate: Varying

• Fees: Initiation fee and service fee

• Loan Types: Personal loans, payday loans, vehicle loans and credit cards

Fincheck: Complete Overview

Fincheck is a financial company that uses an online platform to broker the best loan options for South African residents, comparing the situations that best fit the customer. 

Therefore, you will not apply for this loan to Fincheck, but rather you will be sought for this loan by Fincheck on your behalf. You can get various loan options, these being: personal loans, vehicle loans, debt consolidation loans and credit cards. Further details of the type of loan you will receive will be at the discretion of the lender you select, coming in at up to R175 000, being long or short loans.

Advantages of Fincheck

Credit Score Check: Fincheck provides users with free credit scores.

• Free service: You don’t have to pay Fincheck to help you find a loan.

• Variety of options: Not only helping you in making it easier to find a good loan for you, it also provides a comfortability of choice by being able to set key information such as the amount, repayment, and term. In addition, various loan options are offered, these being: personal loan, payday loan, debt consolidation loan, vehicle loan or a credit card.

Fincheck’s cons

• No physical offices: Fincheck is 100% online. It is impractical for you to visit them in person since there is no physical unit. But it is much easier and convenient, just communicating with them and applying for a loan on the portal.

• Multiple loan applications: Fincheck encourages you to apply for loans from the number of banks of your choice, but beware that a mass application of loans in a short period of time will trigger a negative impact on your credit score. For every application made is analyzed on your credit report, and with this continuous movement lenders will interpret that you are an irresponsible borrower.

How does Fincheck works

Fincheck uses the following process:

1. Fill out the application form: The first step is to select which type of loan you are seeking. Look out for the features on the form to make sure you are looking for the right loan.
2. Match lenders: Once the form is filled out, it synchronizes with the requested characteristics and finds the best lender within the informed criteria.
3. Compare your options: After the search is done and the options offered, the choice is in your hands, and it is up to you to define which features are most beneficial for the type of loan you need, and you can make a detailed comparison of the lenders’ information such as interest rate, loan and loan limits.
4. Apply for a loan: Finally, you apply to your lender, but in case you get turned down it’s no problem, you can check out the other more viable options anyway.

What you need for apply

• Be 18 years old or older

• Valid RSA ID number

• Have a stable and reliable income

• Proof of payment (bank statements/pay stubs)

• Working bank account

What loan products does Fincheck offer?

Fincheck has the function of only intermediating loans, and these types of loans are:

• Personal loans: This type of loan has as a segment a use in a general way, being it in short or long period. Leaving the option of what to spend with the loan money without the limitation of the use in only one direction, being possible to make a reform or additions to the house, travel, enjoy your vacation and even organize a wedding. Most lenders allow you to receive a loan amount between R8000 and R250000 after approval of the personal loan. Repayment can vary from a minimum of 6 months to a maximum of 5 years. Among the other types of loans, the personal loan is the one that has the lowest interest rate in frequency, such as in relation to credit cards or payday loans.

• Debt consolidation loans: To be able to pay off debts, Fincheck is also of great help as it can look for specific loans for this consolidation. The debt consolidation loan is for personal use but geared towards your active debts, leaving you with only a single loan. If you can get a lower rate, you can still achieve good savings with the consolidation.

• Payday loans: Fincheck also helps you take care of short-term payments with payday loans of R100 and R8000, maturing within a maximum of six months. As it is a short-term and emergency use, the interest rates come at a high amount.

• Vehicle loans: To help you purchase your car, Finecheck also offers the search for vehicle loans. In these cases, the loan follows a guarantee line, repossessing the car in case you are a defaulting customer. In addition to applying for a loan, an analysis of your profile will be required to see if you qualify for the loan. This makes it easier for you to buy your car, since you know how much you can afford to pay. After selecting the car of your choice, it is necessary to sign the purchase agreement with the seller, completing the loan application process, and finally the vehicle is paid for by the lender directly to the seller.

• Credit cards: A credit card provides a pool of funds at your disposal when you need to make purchases. The benefit of a credit card over a loan is that you do not need to apply every time you need extra cash. It is also useful for emergencies, but credit card rates tend to be much higher than personal loans, unless you have a card with a promotional rate.

For whom is the best

Fincheck is best for borrowers who:

• Want a quick application process

• Want more options when applying

• Need help searching for and applying for a loan

How do I apply?

Always keep in mind that Fincheck is not the exact company providing the loan. As explained above, it is to help you find the best way to resolve your financial issues with a loan, having everything done online, offering you the number of possibilities to choose from. This freedom to compare different lenders opens the door to considering the best loan for your situation.

Contacts

Despite not offering a physical address for visits, you can in a much more accessible way, with speed and practicality contact them online, either in a contact form on the portal or even in other social networks such as Facebook, Twitter and Linkedin. It is also possible to send the email to the address [email protected], and within a period of 12 hours Fincheck will contact you with a return of the situation.

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.