A Complete Review of Finchoice Lender

FinChoice Lender Guide 

FinChoice originated as a registered credit lender out of the HomeChoice brand. They offer a range of loan products that can be taken over 6, 12, or even 24 months. 

You can only apply for a loan from them if you are a customer of HomeChoice.

  • Founded: 2007 
  • No. of Staff: 51-200 
  • Location: Headquartered Cape Town. 
  • Valid Lending Licence: Authorised Financial Services Provider (FSP no. 48448). 

Also a registered Credit Provider (NCRCP 454). 

Loan Products 

FinChoice has created three loan products that one can choose from, each of which cater to different needs. 

Loan Amounts Available 

  • MobiMoney: R100 – R10 000.
    A feature of this product is that airtime, data and electricity can be purchased via your cellphone. 
  • KwikAdvance: Payday loans from R100 – R3500. 

As an additional benefit, FinChoice has a Personal Protection Plan that will cover the payment of the loan in case of death or disability. 

  • Personal Loans: Flexi Loan: A first-time applicant can apply for a Flexi Loan from R100 – R8000
  • Personal Loans: Premier Loan: This product is only for individuals who qualify for a second loan. It covers from R10 000 – R150 000. 

The Personal Protection Plan is active on personal loans too. 

Loan Terms Available 

FinChoice’s different products offer their clients flexible terms to suit their individual needs. 

  • MobiMoney: 1 to 3 months. 
  • KwikAdvance: Short-term loan ranging from 10 to 20 days, depending on when the individual takes the loan and their next payday. 
  • FlexiLoan: A period of up to 6 months is allowed. 
  • Premier Loan: Up to 36 months. 


FinChoice stipulates that an individual must pay the total amount that is due in the loan agreement, including the loan amount, all costs, and interest in terms of the NCA (National Credit Act). 

There is no further information regarding their interest fees. 


The KwikAdvance product is the only installment that would be due as per the date agreed upon when the loan was applied for. 

For the rest of the products, FinChoice will raise the debit order on the 30th of the preceding month, so that it will come off on the 1st of the new month. 

If you have a loan that requires a payment in December, the debit order can be raised any day from the 10th of December onwards. 

FinChoice uses the Non-Authenticated Early Debit Order (NAEDO) system. This tracks your bank account to determine whether you have sufficient funds available, as well as when these funds become available. The debit order will be activated as soon as funds appear. 

This system is used in December, as most individuals get paid earlier than usual. Please note that this is in your loan agreement, so you agree to it when you sign. 


There is no breakdown of additional fees, and it can be expected that this will only be found out when applying. 

Loan Initiation Fee

Unfortunately, there are no hints as to what the loan initiation fee may be. However, in line with NCA regulations, the initiation fee is not allowed to be more than R1000. 

The specific amount would be mentioned in the loan agreement. 

Loan Service Fee 

Finchoice does not stipulate the service fee on their website. 

Late Fee 

The website does not specify a late fee charge. They will, however, raise a debit order on an unspecified day to recover the amount in arrears from your bank account. 

If you’re not going to be able to make a payment, your best choice would be to request a payment reschedule. 

The agreement would then be regulated by the terms agreed between both parties. However, the decision to reschedule is entirely at the company’s discretion. 

How To Apply For a Loan 

FinChoice has made it easy to apply for a loan online. The best part is that the whole process should take no longer than 10 minutes. Approval or rejection is immediate. 

To qualify, you would need to meet the following criteria: 

  • Must be a HomeChoice customer
  • Have a valid South African ID
  • Provide your most recent payslip 
  • Have a valid South African bank account 

Minimum Criteria to Take a Loan 

You have to be a HomeChoice customer in order to qualify for any FinChoice products. 

Information Required for Application 

  • ID number
  • Employment information
  • Monthly income
  • Expenses
  • Bank account information 

How Long Will It Take? 

The overall application process takes about 10 minutes. Once you’ve been approved, you will have access to MobiMoney and KwikAdvance, which would take an extra 2 minutes from application to approval. 

Support Team Contact 

The support team is very responsive and has a clear understanding of their products. 

  • Monday to Friday, 07:30 – 19:00
  • Saturdays, 08:00 – 17:00 
  • Sundays, 09:00 – 14:00 
  • Public holidays, 08:30 – 15:00 

Social Media 

Customer Reviews 


FinChoice - Google profile

The few Google reviews that they have are varied, and leave them with a 2,4 star rating out of 5. The newest reviews are a few months old, so it’s hard to get a very accurate idea of the company based on these. 

FinChoice Customer Reviews


HelloPeter FinChoice Reviews

FinChoice has received over 1000 reviews on HelloPeter, most of which are from dissatisfied customers. 

Their rating from 1043 reviews is 1.35 stars, which is in the lowest quarter. 

The most recent reviews show vastly different feelings from one to the next. 

Finchoice negative review
Finchoice positive review

Average Star Rating 

Between Google and HelloPeter, FinChoice comes out with an average star rating of 1,875. 

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