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FinChoice Loan Review

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Finchoice front page

FinChoice is a loan provider derived from the HomeChoice Group. This well-established lender caters to the financial needs of South African citizens by offering loans of up to R40 000. With a diverse range of loan products and a commitment to customer satisfaction, FinChoice has become a popular choice for individuals seeking quick and convenient financing options.

Through streamlined application processes and swift approval times, the company ensures that individuals can obtain the funds they need in a timely manner, alleviating the stress and uncertainty associated with financial emergencies. This article will explore the advantages and disadvantages of securing a loan from FinChoice.

FinChoice Loans - Overview

FinChoice Loans - Overview

  • Loan amount: R100 - R40 000
  • Loan term: 1 - 24 months
  • Interest rate: n/a
  • Initiation Fee: n/a
  • Monthly Service Fee: n/a

What You Should Know about FinChoice:

FinChoice is a highly reputable financial provider that boasts a large client base. Their short-term and personal loan portfolio caters to a wide spectrum of borrowers, making them an excellent choice for individuals with diverse financial needs. 

What sets FinChoice apart is its adaptability, as they have tailored its services to accommodate the specific requirements of South Africans, ensuring that most customers can find suitable solutions for their financial goals.

Pros of Finchoice Loan Services
  • FinChoice offers flexibility in both loan amounts and repayment instalments, allowing borrowers to tailor their borrowing experience to their specific needs.
  • With FinChoice, borrowers have the option to skip a repayment if necessary, providing a level of flexibility and convenience in managing their loan obligations.
Cons of Finchoice Loan Services
  • The absence of long-term loans limits borrowers to shorter-term borrowing options.
  • The lack of physical branches for in-person assistance. All interactions and transactions with FinChoice are conducted exclusively online, which may be inconvenient for individuals seeking face-to-face support or guidance.
Finchoice review by Hellopeter

Latest Finchoice Customer Reviews

Nwabisa M
Beware of misleading naming. Know what "activate" means.
Read More
Please be ad­vised that periodically, the Finchoice app will require you to "activate" your account. This activation means that they will do a credit inquiry to assess your eligibility for a credit increase. I made the mistake of clicking "activate" and filled in the form to confirm all my details. Suddenly I reached the end and I saw a "Congratulations" you qualify for a R10 000 increase" I did not want to checj if I qualify ...
Gift L
Finchoice Mobi
Read More
I withdrew R4500 from my finchoice mobi account on Saturday but today its Monday yet the money is not paid into my account. I spoke to Tawfeer Abrams who also confirmed that I should have received the money on Saturday already latest Sunday. I needed the money ASAP since I had an emergency. Its been 60 hours I am still waiting.
Thembalethu E.
Failure to update my credit record
Read More
Finchoice failed to update my account at transunion bureau and experian.
Katya M.
FinChoice is a living nightmare
Read More
They don't know how to keep a proper record of their books, they keep harassing me for charges I have already paid and this goes on month after month. The harassment is relentless, if you want to make a deal with the devil, choose Finchoice they will make your life hell!
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*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate, including fees of 27.5% APR would be R1 232.82 per month. BetterLoans is an online loan broker and not a lender. Our service is free, and we work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant’s credit score and other factors at the lender’s discretion. Loan amount R500 – R350 000. Repayment terms can range from 3 – 72 months. The minimum APR is 5%, and the maximum APR is 60%.

Table of Content
Table of Content

How FinChoice Loans Stand Out?

FinChoice offers a unique benefit to its clients by offering the option to skip a loan payment. This flexibility is particularly valuable for individuals experiencing financial limitations. FinChoice grants its customers the ability to skip payments during months when their budgets are stretched thin. It is crucial to acknowledge, however, that specific conditions must be met. Borrowers must have made at least one payment before requesting a skipped payment and should not be in arrears on their payments.

FinChoice Loan Products

FinChoice MobiMoney™ Facility

FinChoice offers the MobiMoney™ Facility, which allows borrowers to access up to R10 000. This facility provides the flexibility for borrowers to withdraw any amount between R100 and R10 000. The funds are deposited into the borrower’s bank account promptly. The MobiMoney™ service ensures that borrowers can access funds whenever they need them, providing a convenient financial solution.

FinChoice Personal Loans

FinChoice continues to offer personal loans of up to R40 000. These loans are designed to cater to the financial needs of individuals, allowing them to borrow a substantial amount for various purposes. The repayment period for these loans can extend up to 36 months, offering borrowers ample time to manage their repayments. The process remains straightforward, with no collateral requirements, ensuring a hassle-free loan application experience.

FinChoice Funeral Cover

In addition to their loan products, FinChoice also offers Funeral Cover, providing coverage of up to R100 000 per person. This insurance product ensures that individuals and their families have financial support during challenging times, offering peace of mind and security.

Benefits of Taking a Loan from FinChoice

FinChoice, being an online lender, offers the convenience of accessing all their loan products through their online platform. This eliminates the need to wait in bank queues, making the process more convenient for potential borrowers. FinChoice also provides online quotes, making it easy to compare with other loan providers.

As a registered credit provider, FinChoice adheres to the regulations set by the National Credit Act. They prioritise responsible lending by ensuring that you borrow only what you can afford. When you apply for a loan, FinChoice will ask for details about your income and request your payslips and bank statements.

This thorough assessment of your financial situation helps FinChoice prevent you from falling into a cycle of unmanageable debt. By considering affordability during the loan application process, FinChoice ensures that your debt remains manageable and that you avoid getting trapped in a harmful debt cycle.

FinChoice Loan Interest Rates and Fees

Finchoice does not disclose its interest rates and fees on its website. However, the company will disclose this information in a loan agreement. Finchoice must abide by the regulations established by the National Credit Regulator (NCR) to ensure transparency and consumer protection. According to NCR guidelines, FinChoice must maintain a personal loan interest rate below 27.75% per annum, safeguarding borrowers from exorbitant rates. In the case of short-term loans, the NCR sets a maximum interest rate of 5% per month for the first loan, followed by 3% per month for subsequent loans.

In addition to interest rates, the NCR imposes regulations on initiation fees charged by credit providers. The initiation fee, which covers administrative costs, must not exceed 15% of the original debt amount. Furthermore, credit providers can levy a service fee for managing the credit agreement, but this fee should not exceed R60, excluding VAT. 

FinChoice includes the personalised interest rate and initiation fee in the loan contract with each borrower. This practice prevents borrowers from being caught off guard by unexpected fees, ensuring that they clearly understand the costs associated with their loan.

How To Qualify For FinChoice Loan

To qualify for either a short-term or personal loan from FinChoice, you must meed the following criteria:

  1. South African ID: To be eligible for a loan from FinChoice, you must hold South African citizenship and have a valid ID number/document. This requirement ensures that you are a legal resident of the country.
  2. Valid Contact Information: Providing a valid contact number is crucial for smooth communication between you and FinChoice throughout the loan application process. This ensures that you can be easily reached and updated about the progress of your application.
  3. Accurate Banking Information: Having accurate banking information is essential to facilitate loan disbursement and repayment procedures. You will need to provide details such as your bank account number and branch code. Double-checking this information is vital to avoid any delays or complications with your loan transaction.
  4. Proof of Income: To demonstrate your ability to repay the loan, FinChoice will request proof of income, typically in the form of a recent payslip. This allows FinChoice to assess your financial stability and determine if you can meet the loan repayment obligations.
  5. Bank Statements: FinChoice may require three months’ worth of bank statements from you. These statements provide insight into your financial transactions, including income, expenses, and overall financial health. FinChoice can make an informed decision regarding your loan application by reviewing these statements.

By meeting these requirements and providing the necessary documentation, you significantly increase your chances of getting approved for a loan from FinChoice.

How to Apply for a FinChoice Loan

The best way to apply for a FinChoice loan is to use BetterLoans. In addition to FinChoice, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.

To apply for a loan from FinChoice, new customers can visit the FinChoice.mobi website and locate the “apply now” button. Upon clicking this button, a series of prompts will appear on the screen, guiding applicants through the application process. The initial step involves providing fundamental information such as your full name, date of birth, and contact details.

Furthermore, the website will prompt you to include any essential financial documents and proof of identity, for which presenting your ID card or driver’s license would suffice. By following these straightforward instructions, prospective borrowers can initiate their loan application process efficiently.

Applying for a loan through the FinChoice.mobi website streamlines the process for new customers. The user-friendly interface ensures easy navigation, allowing applicants to complete the application promptly. Potential customers can also call FinChoice on 0861 346 246 if they need assistance. 

How Long It Takes FinChoice to Approve a Loan

FinChoice is dedicated to providing its customers with a seamless and efficient loan processing experience. If you submit your loan application along with all the necessary information before 3 pm on any business day, you can expect that your application will be processed and the funds will be swiftly deposited into your bank account on the same day. 

Once FinChoice successfully processes your application, the money will immediately be transferred to your designated account. While the funds are transferred promptly, they may take up to 24 hours to fully reflect in your bank account balance. To keep you informed and updated, FinChoice will also send you an SMS notification to notify you as soon as your cash is available for use. 

Is FinChoice a Trusted and Reliable Lender?

FinChoice, a division of the HomeChoice Group, operates with full authorisation from the National Credit Regulator (NCR), in accordance with the National Credit Act of 2005. The NCR was established to enforce responsible lending practices, safeguard consumer rights, and ensure equitable and transparent credit transactions. By adhering to the NCR’s guidelines, FinChoice strives to maintain ethical standards and provide financial services that meet regulatory requirements.

Finchoice NCR registration

Despite its affiliation with the HomeChoice Group and compliance with the NCR, FinChoice has garnered a relatively low average rating of 1.2 out of 5 stars on HelloPeter.com, a prominent South African review site. These ratings are based on nearly 3 000 customer reviews, indicating a general dissatisfaction with the service provided by FinChoice. However, it is essential to approach online reviews cautiously and conduct thorough research before making judgments solely based on these opinions. Factors such as individual experiences and subjective perspectives can greatly influence the ratings given on review websites.

FinChoice Contact Details

You can contact Finchoice support mainly through 2 channels which are by phone and email. Below you will find all the contact details for Finchoice.

  • Office Address: 78 Main Road, Wynberg, 7800, Cape Town, South Africa
  • Open: Weekdays 07:30 – 19:00, Saturday 08:00 – 17:00, Sunday, 09:00 – 14:00, Public holidays 08:30 – 15:00

  • Support Email: [email protected]

  • Support Phone: 086 134 6246

  • Website: https://www.finchoice.co.za/

Note that Finchoice support is not available during Christsmas, New Year and Good Friday.

Frequently Asked Questions (FAQs)

If you submit your application early in the day and FinChoice does not require any additional documents, you can expect your money within the same day or the next day (depending on your bank).

Yes, FinChoice will perform a credit check as part of the loan application process.

FinChoice is a division of the HomeChoice group.

Foli Raheem
Foli Raheem

Foli has an MSc. Economics degree, and has been active in South Africa lending space for years. Whenever he is not writing, you will find him building websites.