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If you’re looking for a convenient and easy way to access financial services in South Africa, then Finchoice is a great choice.
Whether you need a personal loan, a KwikAdvance loan for emergencies extra cash before payday, or even a long-term loan, Finchoice has got you covered.
But what sets Finchoice apart from other lenders? Well, one of their standout features is their user-friendly online application process.
You can apply for a loan with just a few clicks and provide the necessary information such as your ID number and proof of income.
Once your application is approved, you can expect to receive your funds within 24 hours.
But that’s not all – Finchoice also provides a handy loan calculator that allows you to estimate your monthly instalment and see which companies offer credits in South Africa with approximate interest rates.
FinChoice Loans Interest Rates
1. Types of loans offered by Finchoice
Finchoice offers two types of loans:
1. FinChoice MobiMoney Loan
This loan allows you to borrow up to R10,000 for a term of 1-3 months. It is designed for immediate cash needs or emergencies when you are short on money before your payday.
2. FinChoice Personal Loans
With this type of loan, you can borrow up to R40,000 and choose a repayment term of 6-24 months. It is suitable for larger expenses or planned purchases that require a higher amount of money.
2. How to apply for a loan with Finchoice
To apply for a loan with Finchoice, you can follow these simple steps:
1. Make sure you meet the requirements
Before applying, ensure that you have a bank account, are a South African citizen, are of legal age, have a permanent job, and can provide proof of income.
2. Visit the Finchoice website
Go to the Finchoice website and navigate to the loan application page.
3. Fill in your personal information
Provide your ID number, cell phone number, and details about your monthly income.
4. Submit your application
Once you have filled in all the necessary information, submit your loan application online.
5. Wait for approval
Finchoice will review your application and conduct an affordability assessment and credit history check to determine if you qualify for the loan.
6. Provide requested documents
If approved, Finchoice may request certain documents from you as part of its verification process.
7. Receive funds in your bank account
After providing the required documents and being approved for the loan, within approximately 24 hours, the money will be transferred directly into your bank account.
3. Benefits of taking a personal loan with Finchoice
There are several benefits of taking a personal loan with Finchoice.
1. Higher Loan Amount
With Finchoice, you can borrow up to R40000, which gives you the flexibility to meet your financial needs.
2. Quick Application Process
The application process for a personal loan with Finchoice is quick and convenient. You can apply online and get an instant decision.
3. Flexible Repayment Options
Finchoice offers flexible repayment options for their personal loans. You can choose to repay the loan over 6, 12, or 24 months, depending on what suits your financial situation best.
4. Payment Flexibility
If you’re facing difficulties in paying your instalments, Finchoice allows you to skip a payment through their mobi application. This provides some relief during times of financial strain.
If you’re not satisfied with the loan within 14 days of receiving the money, you have the option to reimburse the funds to the bank at no cost.
4. Interest rates for Finchoice loans
The interest rates for FinChoice loans vary depending on your credit history, current credit score, the loan amount, and repayment terms you choose.
As a responsible lender, FinChoice offers personalized loan interest rates that are within the regulated range. On average, the interest rate for a FinChoice personal loan is 17.5%.
However, it’s important to note that your specific interest rate will be determined during the application process based on your individual financial circumstances.
5. Qualifications required to qualify for a loan
In order to qualify for a loan with FinChoice, you need to meet certain criteria. These qualifications include:
- South African citizenship: You must be a citizen of South Africa.
- Legal age: You must be at least 18 years old or older.
- Bank account ownership: You should have a bank account in your name since the money will be transferred to that account.
- Permanent employment: You are required to have a permanent job, indicating stable income and employment.
- Proof of income: You must provide proof of your monthly income when applying for the loan.
6. Contact details for Finchoice customer service
If you need to get in touch with FinChoice customer service, there are several contact options available:
1. Finchoice Mobi: You can contact them through their mobile application called Finchoice Mobi. This provides self-service options such as applying for a loan, checking your balance, and more.
2. Phone: You can call their customer service line at 0861 346 264.
They are available to assist you from Monday to Friday between 7 a.m. and 7 p.m., on Saturday from 8 a.m. to 5 p.m., and on Sunday from 9 a.m. to 2 p.m.
7. Flexibility in repayment terms and options
With FinChoice loans, you have the flexibility to choose repayment terms and options that best suit your financial situation.
Whether you opt for a short-term loan or a long-term loan, FinChoice offers repayment periods that range from 1 month to 24 months.
This means that you can select a repayment term that aligns with your budget and ability to make regular payments.
If you prefer a shorter repayment period, you can choose a loan term of just a few months. On the other hand, if you need more time to repay the loan, you can opt for a longer repayment period.
FinChoice provides various payment options to ensure convenience and ease of repayment.
You can set up automatic debit orders from your bank account so that your monthly installment is deducted automatically on the due date.
This helps in ensuring timely payments and avoids any late payment penalties.
If you encounter temporary financial difficulties and are unable to make an installment on time, FinChoice allows you to skip payments through their mobile application called mobi.
This feature gives borrowers some breathing room during challenging times without negatively impacting their credit history or incurring additional costs.