How to Apply for Finchoice Loan: Requirements & Interest Rate
In need of instant loans to meet your financial needs, Finchoice gets you covered. Finchoice is a digital lending platform that offers collateral free loans to South Africans. They offer quick loans to their users. Amazingly, the application process is quite simple since it can be completed online hence there is not endless paperwork as it is with conventional borrowing.
In this post, we’re going to explore the lending terms, eligibility criteria, interest rate and how to apply for a Finchoice loan. Let’s get started…
Finchoice Loan Requirements
To qualify for Finchoice loan, you’ll need to meet the following eligibility criteria, they are:
1. Age: The applicant must be at least 18 years old.
2. Bank: You must have an active bank account for loan disbursement.
3. Resident: Must be resident in South Africa.
4. Identity: You must have a valid South African ID.
5. Income: You must have a stable income source with your recent payslips handy.
Finchoice Loan Application Process
Follow the steps below to apply for Finchoice loan:
1. Visit the official app store: Go to the official app store to download the Finchoice app if you don’t have it yet.
2. Create an account: Create a Finchoice account by signing up with the required details.
3. Fill loan application form: Complete the online loan application by choosing the loan type and the loan amount that is suitable for you.
.4. Submit supporting documents: Once you’re done filling the loan application form, then submit it with the supporting documents like proof of income, proof of residence, valid ID etc.
5. Wait for review: After submitting your Finchoice loan application, wait for their review and subsequent approval or rejections. If you meet their requirements, your loan application will be approved. If not, it will be rejected.
6. Evaluate & accept the loan offer: If approved, go through the loan offer including the terms, if it is okay by you, you can go ahead and accept it.
7. Loan disbursement: The loan will be disbursed into your bank account.
Finchoice Loanable Amount
The loan amount that borrowers can take from Finchoice lending is not fixed; it is dependent on the borrower’s creditworthiness.
However, the loan amount that a borrower can take from Finchoice ranges from R100 – R40,000.
Finchoice Loan Term
The loan tenure of Finchoice personal loan is relatively flexible, hence borrowers can repay their loans without breaking banks.
The repayment plan of Finchoice personal loan ranges from 6 – 36 months.
Finchoice Loan Interest Rate
The interest rate of a Finchoice loan is around ~21%. However, it is important to note that this is an estimated interest rate hence it is liable to change overtime. So, to be on the safe side, it is best to visit their website for the updated interest rate before opting for their loan.
Finchoice Loan Representative Example
Let’s assume you take a loan from Finchoice with the following creakdown:
Loan amount: R18 000
Loan term: 24-month
Initiation fee: R1050
Service fee: R68
Interest rate: 2.3%
Personal Protection Insurance: 5.5% per R1000.
Equal Monthly Installment(EMI): R1207,78
Total repayment amount(principal amount+interest): R28 986,68.
Finchoice Loan App Download
Downloading Finchoice loan app is quite simple, follow the steps below to download it:
- Visit Google Play Store on your device and open it.
- On the search bar, type ‘’Finchoice’’.
- Tap on the download tab.
- After downloading, install the app.
- Register with your details to start using the app.
Is Finchoice Legit?
Finchoice appears to be a legitimate lending platform with more than 50k downloads from Play Store and 4.5 stars rating. However, it is best to carry out your independent research before taking a loan from them.
Finchoice Customer Care
For questions or enquiries as it concerns the lending services of Finchoice, you can reach out to their customer care unit via the following means:
Call: 0861346246
Email: info@finchoice.com
Finchoice Loan Customer Review
Just like other online lending platforms in South Africa, users of Finchoice lending services have diverse experiences when they use the loan app. Our check on different review platforms like Trustpilot & Play Store revealed that some customers were satisfied with Finchoice services while others expressed dissatisfaction with their lending services. Some of the reviews from both Trustpilot and Google Play Store are sampled below:
Positive Reviews
Peter Lubisi – ‘’Had a wonderful experience with FinChoice. Although it took some time for things to get through, they were able to send funds. I do recommend the tech team working on the app and its status with your current loan, the app needs to be updated. But i’m happy with Fin’’
Mel – ‘’Amazing service’’.
Negative Reviews
Sane ngcobo – ‘’I paid a settlement amount and two months later they are chasing me to say I owe. Bunch of crooks…..stay away!’’.
Lydia Florence – ‘’Having a very bad experience with finchoice. You see what people write about them and don’t believe it at first the service was good been with them a few months now my Account is up to date i always make sure my Account is paid on the first time paying my Account EFT because i had money available and was going on holiday just to get back to see my Account is in arrears. Please be careful guys’’.
