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Frequently Asked Questions – Your Finance Application

How did you get here?

You’re most probably reading this because you recently made a finance application. We’d like you to know you’re in the right place, with the right people who are going to help you out! Read the questions below so you know what to expect from us

If you haven’t made an application yet but your curiosity brought you here before making your application, solid stuff! That means you’re doing your homework. You can continue reading about what you can expect from us by checking the questions below. Once you’re ready to apply, just click on the button below to apply for the financial product of your choosing!

I applied on another website, why are you sending me emails & SMS?

This means you applied on of our partner websites or companies. We’re working hard to create an epic environment for every person out there to make safe, easy, and better financial decisions. 

When you submitted your application on the website, you got sent into our magic engine! It’s a wildly cool AND safe ride, so don’t stress. Check the steps below under the heading “I applied on Fincheck, now what?” to see what’s next.

I applied on Fincheck, now what?

Step 1

Once you have entered your basic details and selected an offer, our magic engine is doing its work! Our engine makes sure your selected offer can get processed by the finance or insurance partner and if not, it will let the next best partner know so they can reach out to you.

Step 2

The best possible partner for your financial profile will get in touch with an offer that matches your credit health capability. 

Step 3

You can either choose to go with the offer the partner gives you, or do another application somewhere else.

Only once you accept an offer from a partner, does it turn into a formal loan application on your credit profile.

Step 4

You’re in the hands of the partner now for everything related to your application! But, your journey with Fincheck doesn’t stop here. 

We’ll keep in touch with tons of charm. As long as you want us to of course!

What you can expect from us?

  • A free credit score & report.
  • Introduction to our free myFincheck tool to help build your credit health & financial future.
  • Tips, tricks & news to help you build a better financial future!
  • Information about other products that you might be interested in.

What the fica is FICA and why do banks need it?

FICA documents refer to the Financial Intelligence Centre Act and are there to protect you from fraud and criminal activity.

When you submit your FICA documents, you are helping banks, lenders and insurance providers to make sure it really is you making an application! If you’ve ever been on the other side of Fraud, you’ll appreciate this.

What documents are included in FICA?

For Identity Purposes:

  • South African green bar-coded ID book, or
  • South African ID smart-card
  • South African Driving License card

General Requirements (Depends on what you apply for):

  • Proof of income
  • Copy of Marriage Certificate or ANC Contract

For Proof of Address Purposes:

  • Utility bill in your name (e.g. water, electricity, rates and taxes) *, or
  • Utility bill in your name and showing the legal description of the property (erf number) *, or
  • Bank or credit card statement issued by your bank (i.e. statements issued by the institution: whether on paper, electronically in an email or in the form of an internal printout where it is clear it has been issued by such institution). Note that a printout of a bank statement done at an ATM or printed from the internet is not acceptable *, or
  • Municipal rates and taxes account *, or
  • Mortgage statement from a bank or other recognised lending institution *, or
  • Rent/ lease agreement **, or
  • Landline (e.g. Telkom) or Cellular phone account *, or
  • Official SARS documentation **, or
  • IRP5 issued by an Employer **, or
  • IT3(b) issued by an institution such as a bank or financial services provider
  • Policy document, statement or valuation from another long-term insurance company **, or
  • Client statement issued by a linked investment services provider in terms of the Stock Exchanges Control Act and the FAIS Act **, or
  • Member’s statement issued in terms of the Collective Investment Schemes Control Act **, or
  • Correspondence from a body corporate or share-block association **, or
  • Television license **, or
  • Retail account reflecting National Credit Act (NCA) or Financial Services Provider (FSP) license *, or
  • Motor vehicle or motorcycle license **, or
  • Short-term insurance documents showing the risk address **, or
  • Payslip or salary advice *, or
  • Services invoice from a retirement village in the case of a person older than 55 **, or

* The document must not be older than 3 months.

Why are you sending me emails & SMS if you are not the company giving me the loan or insurance?

At Fincheck, we pride ourselves on epic relationships and great communication. As a team, we’re a pretty tight family. We want to make all our customers feel like they’re part of the family too!

Every SMS, email, social chat, and phone call is just us reaching out to you to make sure you:

  • Know what you need to know
  • Get the best tips and tools we can give you
  • Feel part of the Fincheck family

What does Fincheck do?

Fincheck is an online comparison marketplace for financial products. Think of the Saturday market you go to, but just an online version for financial products! We connect you with the best finance partner to help you make the best possible financial decision.

Like the market organisers make sure all your favourite sellers are there, we make sure all the right people are on our marketplace. This means it is super easy for you to compare financial products and quotes!

The best part? Your application on Fincheck is not actually a formal loan application! Only once a partner contacts you, do you do the formal loan application.

Fincheck = Better Financial Decisions = Better Credit Health.

Why not apply directly at the company who will give you the product?

By applying on our comparison marketplace, you can be sure to always get the best deal based on your financial profile! Plus, we are able to connect you the right tools and products in the future that will help you 2 epic things:

  1. Make better financial decisions
  2. Build a better financial future

What does Fincheck NOT do?

It’s important to know that Fincheck is not an actual financial or insurance product provider. 

We do not supply loans and cannot change a lender’s decision. We also don’t have access to their call centers, and unfortunately can’t give you immediate feedback on your application status. But the good news is:

  • We don’t take your money
  • We don’t send your information to anyone without your consent

How long does it take before someone calls me with an offer?

Usually, a lender will be in touch within a few hours or a day regarding your application. They will do this through a call or SMS, so keep your phone close!

If you have not heard anything, it most likely means you did not qualify. You are welcome to contact us if you would like to make sure.

P.S. We understand it sucks to have to wait and wait and wait to hear something from a lender. We wish we could do something about this and make sure every lender gives you the response you deserve as a Fincheck user! We’re working on a solution for this so keep with us 

What happens if I get declined or did not qualify?

Hey, we get it. No one wants to be picked last. But, it’s important to know that if you didn’t qualify, you were on your way to damage your credit score!

The answer is not to force the financial product. Loan sharks are not the answer! The next steps look a little like this if you stick with us:

  • We’re going to show you your credit score so you know why you got declined
  • We’ll share helpful tips with you to restore your credit score
  • We’ll introduce you to great debt counseling solutions to help you out if you hit rock bottom. There’s no shame in this, everyone can get back up!
  • We’re going to do our best to show you how to make more money so you don’t need to get a loan in the future!
Updated on May 19, 2020

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