How to apply for FinChoice Personal Loans?
A comprehensive guide on how to apply for a personal loan of up to R40,000 in South Africa to fulfill diverse requirements!
Get all the information you need about applying for a loan
FinChoice, a well-known financial services company in South Africa, provides a wide range of financial solutions, including personal loans and the MobiMoney facility.
When it comes to personal loans, FinChoice offers an initial loan limit of R8,000, which can increase up to R40,000 for customers who consistently use their services. However, some users have found the website to be less than clear, especially regarding personal loan details.
Nevertheless, the website does outline different loan options and emphasizes a consumer-friendly 14-day return policy for dissatisfied clients.
Understanding the intricacies of the personal loan application process with FinChoice is crucial. The company starts with initial loans of R8,000, providing a flexible repayment structure that allows clients to access larger loan amounts over time.
A notable feature of FinChoice’s financial offerings is the MobiMoney facility, which enables customers to obtain quick loans of up to R10,000 with same-day withdrawals.
Who is eligible to apply?
FinChoice aims to provide financial plans for a diverse range of individuals. As a result, the platform’s registration process does not involve significant distinctions.
The company follows South African market trends and requires applicants to be South African citizens with valid identification and at least 18 years of age. Personal loans in this category do not require collateral such as real estate or other assets. Approval and loan amounts are instead based on the applicant’s income.
Therefore, to access personal loan services, clients must have a stable and verifiable source of income. Additionally, FinChoice conducts a credit score check, meaning individuals with a negative credit history may face limitations.
Moreover, FinChoice does not impose other distinctions for platform applications.
What is the application process for FinChoice Personal Loans?
As FinChoice offers various types of personal loans, it is important to clarify the application process for these services. The application form for the initial loan, ranging from R8,000 to R40,000, requires the following information:
- Full name
- South African ID number
- Phone number
- Employment status and salary amount
After providing this information, the client needs to submit original documents such as pay stubs and statements as proof of income. Once the first loan is completed, clients can use the same login and password to apply for additional personal loans through the company.
The MobiMoney system follows a similar application process, requesting essential customer information. After applying for the loan, clients can also register directly on KwikServe, a USSD platform that allows them to check their loan balances and apply for KwikAdvance. This streamlines the process of requesting money within the platform.
For personal loans, FinChoice conducts a comprehensive credit check. If approved by 3:00 PM, the funds are deposited into the client’s account within 24 hours. Different timelines may apply for MobiMoney and KwikServe clients.
Additionally, FinChoice provides various customer service channels. The phone number 0861 346 246 is available during business hours. Sending an SMS with the word ‘Loan’ to 083 8555 700 will initiate a call to receive assistance from specialists. Clients can also reach out through the email address [email protected].
Looking for another lender?
MBC Finance Payday Loans is a personal credit company that offers loans of up to R10,000 with highly flexible repayment plans spanning up to 48 months. If you’re interested, you can learn more about the company.
