Fincheck - Lender ReviewPublished: 15/09-2021 Category: Articles
Are you shopping for a loan in South Africa? Chances are, you might have heard the name Fincheck. However, the most important thing you should know about Fincheck is that the company is not a credit provider. That means you can't get a loan directly from Fincheck. Instead, Fincheck helps you search for the right loan. Keep reading to learn more about how Fincheck works.
Fincheck: Quick Overview
- Loan amount: From R100 - R175 000
- Loan term: Depends on the loan type
- Interest rate: Varies
- Fees: Initiation fee and service fee
Fincheck: Full Overview
According to Fincheck, they are an online financial company that helps South Africans compare loans to make informed decisions when borrowing.
Therefore, when you apply for a loan with Fincheck, they won't give you the cash, but they will search for a loan on your behalf. Through Fincheck, you can access several types of loans, including personal loans, payday loans, vehicle loans, debt consolidation loans, and credit cards. The details of the loan you get will depend on the lender you choose, but generally, you can get up to R175 000, and both long-term and short-term loans are available.
Pros of Fincheck
- Credit score check: Fincheck provides users with free credit scores.
- Free service: You don't have to pay Fincheck to help you search for a loan.
- Variety of options: Whether you need a personal loan, a payday loan, a vehicle loan, a debt consolidation loan, or a credit card, Fincheck can help you with your search. In addition, you have more flexibility when it comes to choosing your loan details, such as amount, term, and repayment.
Cons of Fincheck
- No physical offices: Fincheck has no physical address that you can visit. You can only communicate with them and apply for a loan online.
- Multiple loan applications: Once you have several loan options in front of you, Fincheck encourages you to apply to as many banks as you like. But keep in mind that too many applications in a short timeframe will impact your credit score negatively. That's because each hard credit check is recorded in your credit report, and in the future, lenders will think you're an irresponsible borrower.
How does Fincheck work?
Fincheck uses the following process:
- Complete the application form: The first thing is deciding the type of loan you want. Be sure to fill out the rest of the form correctly to ensure you get the right loan you're looking for.
- Get matched with lenders: Fincheck then tries to find the best lender for your needs based on the information on your application form.
- Compare your options: Once you receive several suggestions from Fincheck, it's up to you to decide which one suits your needs the most. You can use factors such as the interest rate, loan fees, and borrowing limits to make the best comparison.
- Apply for a loan: You apply for a loan with your preferred lender. If your application is unsuccessful, it's possible to apply with the next best lender.
What you need to apply
- Be 18 years or older
- Valid RSA ID number
- Have a steady, reliable income
- Proof of payment (bank statements/payslips)
- Working bank account
Which loan products does Fincheck offer?
- Fincheck does not provide any loan products but can help you secure the following types of loans:
- Personal loans: A personal loan is a general-purpose loan that can be long-term or short-term. You can use a personal loan for a wide range of purposes, including home improvements, travel and holiday, and weddings. Generally, most lenders allow you to borrow between R8000 and R250 000 when taking out a personal loan. The repayment period ranges from six months to 5 years. The biggest advantage of personal loans is they don't require collateral and often have lower interest rates than other loan options, such as credit cards and payday loans.
- Debt consolidations loans: Fincheck can also help your search for a loan if you want to consolidate debt. A debt consolidation loan is a personal loan that you use to pay off multiple debts so that you're only left with a single loan. If you also manage to secure a lower rate, debt consolidation can save you money.
- Payday loans: Fincheck helps you access payday loans between R100 and R8000. Payday loans are a type of short-term loan that's typically due within six months or less. Because they come with high interest rates, they are designed for emergencies or any situation where you need credit quickly.
- Vehicle loans: A vehicle or car loan is used to purchase your new set of wheels. Typically, the loan is secured, meaning the car will be used as collateral and repossessed if you default. When applying for a car loan, you can get pre-approval which tells you how much you qualify for. This makes shopping for a car easy since you know how much you can afford. Once you find the car of your dreams, you sign the purchase agreement with your seller and complete the loan application process. The lender then pays the seller directly.
- Credit cards: With a credit card, you will have a pool of funds that's always available if you need to make purchases. Credit cards are convenient because you don't have to apply each time you need extra cash. This can be convenient in an emergency, but keep in mind that credit cards tend to have higher interest rates than personal loans unless you get a card with a promotional rate.
Who is Fincheck best for?
Fincheck is best for borrowers who:
- Want a quick application process
- Want more options when applying
- Need help searching and applying for a loan
How do I apply for a Fincheck loan?
Keep in mind that you can't exactly apply for a Fincheck loan since Fincheck is not a registered credit provider. However, as mentioned, Fincheck is there to help you search for a loan online, so you have as many options to consider as possible. The more options you have when comparing financial products, the better your chances of ending up with a loan that meets all your needs.
While on the subject of loan options, we're happy to tell you that our loan comparison service, MyLoan.co.za is available to bring even more options to your table. You can apply for a loan via
How do I contact Fincheck?
Unfortunately, Fincheck does not have a physical address you can visit to meet with a representative. However, you can contact Fincheck via the contact form on their website or connect with the company on social media platforms, such as Twitter, Facebook, and LinkedIn. You can also email email@example.com, and Fincheck will get in touch within 12 hours.