Finchoice - Lender Review

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Representative example: Estimated repayments of a loan of r30,000 over 36 months at a maximum interest rate of 29.25% apr would be r1,381 per month including fees. Repayment terms can range from 2 - 72 months. Myloan is an online loan broker and not a lender. Our service is free, and we only work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 19.25% apr, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant's credit score and other factors at the lender's discretion.

The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.

MyLoan is an online loan broker and not a lender. Our service is free and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants’ credit score and other factors at the lenders’ discretion.

FinChoice is a top loan provider in South Africa. 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. 

FinChoice Review: Quick Overview

Here are the key details that summarise FinChoice loan products:

Loan amounts

  • FinChoice provides loan amounts ranging from R100 up to R40 000 depending on the product you choose.

Loan terms

  • FinChoice offers both short term and long term loan options. The lender’s repayment periods generally range from one month to six months and longer for larger loan amounts. The KwikAdvance option allows you to borrow money for several days until your next payday.

Interest rates

  • FinChoice does not disclose its interest rates upfront. However, these will be disclosed in your loan agreement.

Unsecured loans

You don’t have to provide collateral when applying for a FinChoice loan.

Personal Protection Plan 

If you apply for FinChoice’s KwikAdvance and personal loan products, you can also opt for the FinChoice personal protection plan. This insurance ensures your repayments are covered in the event of death, disability, or loss of income.

FinChoice full review

FinChoice is an online South African lender that provides innovative loan products to borrowers who meet their requirements. The lender offers three main loan products: the MobiMoney loan, KwikAdvance, and personal loans. 

The MobiMoney loan and KwikAdvance loan are designed to give borrowers quick and convenient access to cash. FinChoice promises fast approval and, as long as you have a working internet connection, you can apply and receive your money 100% online, in the comfort of where you are now. 

In addition, you can have the flexibility to choose from a wide range of loan amounts. If you are an existing customer, the application process is faster, and you may be able to top up your loan amount. 

FinChoice loan interest rates are regulated by the National Credit Regulator, so you can be sure their products are fairly priced. The fees and charges associated with these loans are not disclosed upfront, so you’ll have to make sure you read and understand the terms and conditions of your loan agreement.

Pros of FinChoice loan options

Wide range of flexible options

If you like to see many options on the table, you’ll be pleased to know that FinChoice offers something for everyone.

With loan amounts ranging from as low as R100 up to R40 000 and loan terms from a few days to 24 months (2 years), you can be sure to find a loan option that suits your needs. 

Some lenders in South Africa don’t provide small online loans, so FinChoice is a viable option if you only want to borrow a small amount for short term needs.

Online application

FinChoice is an online lender, so you can access all their loan products online. This is highly convenient because you don’t have to stand in bank queues. 

Fast loan processing

If you want to receive your money on the same day you apply, make sure you submit all the required documents before 3 pm. 

Once your application is processed, FinChoice will immediately transfer the money into your accounts, although the money can take up to 24 hours to reflect. You’ll also receive an SMS notification to let you know your cash is now available.

It’s possible to skip payments

If your budget is tight that month, FinChoice allows you to skip loan payments. But you must make sure you have covered at least one payment, and you are not behind on your payments. 

Responsible lender

As a registered credit provider, FinChoice stays compliant with the National Credit Act by only allowing you to borrow what you can afford. Therefore, when you apply, FinChoice will require details about your income, and you’ll have to submit your payslips and bank statements. 

FinChoice helps ensure that your debt is manageable and you don’t get trapped in the proverbial vicious debt cycle by factoring in affordability during the loan application process.

Cons of FinChoice loan options

No brick and mortar services

FinChoice does not have branches all across South Africa, like other lenders. While applying online is convenient, sometimes you might need to talk to a representative face to face to discuss things more clearly. 

However, there’s some good news. FinChoice does have a call centre where you can call and speak to one of their friendly staff.

Limited loan amounts

Compared to other lenders in South Africa, FinChoice only allows you to borrow a limited amount of money. Generally, you can borrow up to R40 000. This may not fully cover your needs if you are looking to buy a new car, for instance. Other lenders offer loan amounts of up to R250 000. 

But if you are an existing customer and you have taken out a loan with FinCheck, it’s possible to get a larger loan, though this depends on your affordability.

Long term options are not available

Generally, lenders in South Africa offer repayment periods ranging from one year up to seven years. Most of FinChoice’s loan products have to be repaid in a short period. 

For instance, the KwikAdvance has to be repaid on your next payday, the MobiMoney loan is repaid over a maximum period of three months, while a Flexi loan has to be paid back within six months.

Which loan products does FinChoice offer?

FinChoice offers three loan products to qualifying South Africans:

FinChoice MobiMoney

To access the FinChoice MobiMoney Facility, you first have to register for MobiMoney. You can activate FinChoice MobiMoney on your cellphone online for free by visiting From there, fill in your ID and phone number and follow the instructions.

Once you have access to MobiMoney, you can enjoy the following benefits:

  • 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


The KwikAdvance is FinChoice’s version of a payday loan. In a nutshell, you can expect the following features when taking out this loan:

  • Borrow a maximum loan amount of R3500
  • You have to pay the money on your next payday
  • If you pay back the money at an earlier date, it’s possible to apply for a new loan.

Personal loan options

FinChoice’s personal loan is called a Flexi loan. The Flexi loan allows you to borrow up to R8000 over six months to cover short term needs. If you pay back the loan in less than six months, you are allowed to apply for a new loan. However, FinChoice says you can also borrow up to R40 000 that you pay back over a longer term of 12 or 24 months.

FinChoice is best for:

Overall, FinChoice is the right option if you are looking for a:

How do you apply for a FinChoice?

Now that you have learnt all you need to know from this FinChoice review, you can make an informed decision about whether this lender is right for you. If you decide to apply, makes it even more convenient to submit your application.

All you have to do is complete the application form on this page, and we will do the legwork for you!

How do I contact FinChoice?

If you would like to speak with representatives from FinChoice, you can call 0861 346 246. FinChoice’s call centre will be open during weekdays from 7:30 AM to 7:00 PM. It’s also open on weekends (Saturday 8:00 AM to 5:00 PM and Sundays 09:00 to 14:00 PM.) 

Again, on public holidays from 09:00 to 14:00. However, the call centre is closed on Christmas and New Year’s Day as well as on Good Friday.