A quick personal loan is becoming a popular choice for consumers because FinChoice’s financial products and services are easy to access, transparent, and willing to help you every step of the way. Without mincing too much words, lets jump right into all there is to know about Finchoice loan
FinChoice is a digital financial service provider with offices based in Cape Town. Their online loan options are flexible, and they also provide funeral plans. The financial institution is a division of the HomeChoice Group and fully authorized by the National Credit Regulator.
At a glance, FinChoice provides loans of up to R40,000 for new customers and allows existing customers to take out a new loan even if they already have a loan.
How does Finchoice loan work
FinChoice is an online South African lender that offers innovative loan products for borrowers who meet their requirements. MobiMoney offers three types of loans: a personal loan, KwikAdvance, and a MobiMoney loan. With the National Credit Regulator regulating FinChoice loan interest rates, you can trust these products are fairly priced.
Typically, these loans do not disclose the fees and charges upfront, so you should carefully read the terms and conditions before signing. The amount of the loan can also be altered, so you can select what works best for you. If you are an existing customer, the application process is faster, and you may be able to top up your loan amount.
Loan Products they offer
With Finchoice, you can choose from a wide range of flexible and affordable financial products. These financial products include,
- Personal Loans
- Premier loans
- What is Finchoice Mobimoney
To use FinChoice MobiMoney, you must first register for MobiMoney. By visiting www.FinChoice.mobi you can easily activate FinChoice MobiMoney Online for free. After that, fill in your phone number and ID, then follow the instructions.
You can utilize MobiMoney for the following benefits once you have been granted access:
- Borrow between R100 and R10,000
- Choose whether to pay back the money in one, two, or three months
- You only pay interest on the money you borrow
- Apply for a loan and withdraw the money on the same day, wherever you are
- You can keep borrowing and repaying money many times per month
KwikAdvance is a service that lets you borrow between R100 and R2,000. The loan is also known as a payday loan because the full amount is due on your next payday. These types of loans are perfect when you only need a little bit of cash, in a hurry, or if you need extra cash to get you through until your next payday.
3. Flexi loan
Flexiloan gives you the option to borrow up to R10,000 and offers you 6 months of easy repayment terms for you to pay back the loan. Additionally, the service comes with a built-in protection plan that will cover your outstanding loan if you become permanently disabled or die.
4. Premier loan
A loan like this is best suited to paying off more expensive expenses, such as outstanding medical bills or replacing your car. This service allows you to borrow up to R30,000 and repay it over a period of 12, 24 or 36 months. With an easy-to-follow and manageable repayment plan, the loan can be paid back for however long you like.
Getting these loans will come in handy when you need cash to cover unexpected expenses, such as home or car repairs or school tuition. By extending the repayment term, it allows you to stagger payments to suit your budget, and you do not have to pay the full amount in one lump sum.
What do I need to apply for a Finchoice loan?
You are required to fill in the online loan application form.
- ID number
- Employment information
- Monthly income
- Bank account information
To qualify, you would need to meet the following criteria:
- Must be a HomeChoice customer
- Have a valid South African ID
- Provide your most recent payslip
- Have a valid South African bank account
Terms and conditions require your consent, which includes a credit check. You will be notified once the outcome has been determined.
Finchoice Interest rates and other fees
In terms of the NCA (National Credit Act), FinChoice stipulates that individuals must pay the total amount stipulated in the loan agreement, including the loan amount, all costs, and interest. There is no additional information regarding their interest fees.
There is no breakdown of additional fees, and this can only be found out when applying. Unfortunately, there is no indication of what the loan initiation fee may be. The initiation fee is, however, limited to R1000 in accordance with NCA regulations.
The loan agreement would specify the specific amount.
Finchoice loan application
FinChoice offers assistance if you are unable to make a payment due to unforeseen circumstances. If this is the case, please contact FinChoice to help you make arrangements when you need it most. You have to notify Finchoice or you will be charged additional fees due to late payment.
Here’s how to apply
- Log in to the site and create a unique login before you upload your supporting documents.
- Alternatively, you can upload your documents directly to the site. If you have any supporting documents, you can submit them with your application. Simply add the documents as an attachment. The documents you provide will be secure.
- Your documents may also be emailed to firstname.lastname@example.org using your ID number as the subject line to facilitate easy tracking.
- You can fax your documents to 021 680 8257
- The easiest way to apply for a loan if you don’t have access to a scanner or an upload service is to take a picture of your documents with your cell phone camera and then send it via WhatsApp to 063 482 7799.
So contact FinChoice today for your free no-obligation loan application.
The KwikAdvance product is the only installment that would be due as per the date agreed upon when the loan was applied for.
As for the rest of the products, FinChoice will raise the debit order on the 30th of the preceding month, so that it will be deducted on the 1st of the following month. For loans that require a payment in December, you can raise the debit order on any day starting from the 10th.
FinChoice uses the Non-Authenticated Early Debit Order (NAEDO). The system tracks the availability of funds in your bank account, as well as when they become available. As soon as funds are available, the debit order will be activated. Typically, this system is used in December, since most people are paid earlier than usual. It is usually in your loan agreement, so when you sign it, you agree to it.
How long does it take to get money from FinChoice
You can receive up to R40000 deposited within 24 hours, and pay it back over 6, 12 or 24 months. Get in touch today and apply for the loan that’s right for you!
How do I skip a payment on Finchoice
There are a few ways you can request to skip a payment:
- Login to finchoice.mobi and request the skip online.
- Request a KwikSkip on KwikServe by dialling *120*1048#
- Call us on 0861 346 246 for the skip to be processed telephonically.
- SMS ‘Skip’ to 083 8555 700 and we’ll call you.
How do I check my Finchoice balance
If you would like to view an interim statement or check your balance, visit finchoice.mobi, dial KwikServe at *130*1048#, or call our call centre at 0861 346 246.
How do I contact Finchoice?
If you would like to speak with representatives from FinChoice, you can call 0861 346 246. The support team is very responsive and has a thorough understanding of the product.
- Monday to Friday, 07:30 – 19:00
- Saturdays, 08:00 – 17:00
- Sundays, 09:00 – 14:00
- Public holidays, 08:30 – 15:00
With a wide range of financial product available for prospective applicants to choose from, Finchoice remains an efficient financial service provider. They also have one of the most flexible repayment plans dedicated to ease the burden of repayment on their customers. Be sure to read through thoroughly for a great loaning experience.