First Choice Finance

First Choice Finance eligibility and documents

The published bad-credit criteria allow consideration of applicants with previous credit problems, subject to repayment capacity. They request identification, a household bill showing the applicant’s name and address, recent payslips and 90 days of bank statements.

For secured borrowing, the page generally describes a vehicle registered in the applicant’s name without existing finance secured against it. Current age, residency, income and credit-score thresholds could not be verified. Meeting the website’s stated requirements should not be treated as approval or confirmation that lending is available.

Who the advertised loan was designed to help

The product description targets borrowers needing a small cash advance whose credit history may limit their options. The application page itself warns that this is high-cost borrowing unsuitable for ongoing financial difficulties or long-term needs.

Our assessment is that applicants should establish the lender’s current identity and operating status before considering suitability. Borrowing to cover a recurring shortfall also needs a different comparison: whether the next repayment leaves enough for rent, food, utilities and existing debts.

Compare personal loan costs and requirements and other options for borrowers with poor credit. If repayments are already difficult, explore debt management support before adding another commitment. Consumer Protection also identifies low-cost microfinance and assistance with essential expenses as alternatives, subject to eligibility.

Application process and current availability

What the website describes

The advertised process starts with an online form covering the requested amount, purpose, contact details, employment, dependants and take-home pay. Staff then request documents, assess the application and discuss repayment arrangements before releasing approved funds.

The privacy statement says applications go to My Loan Solution Limited and authorises credit checks and information sharing for assessment, administration and collection. Before supplying identification or bank statements, establish which active legal entity would receive the information and provide the credit.

Response and funding claims

The process page advertises contact within 30 minutes and possible same-day funding following approval and documentation. Neither claim was verified as an operating service. Do not plan an urgent payment around these website timings.

Questions to resolve before sharing documents or signing

• Which legal entity would lend the money, and what current registration and dispute-resolution details identify it?
• How much cash would reach my account, and what is the total repayment including every compulsory charge?
• What annual interest rate, repayment frequency and final payment date apply to my quotation?
• Which default-fee schedule applies, given the differences between the website and sample agreement?
• Would my vehicle secure the debt, and is insurance required? If so, what are its premium, excess and exclusions?
• Who receives my personal information, and who handles account queries, hardship requests and complaints?

Advertised features and material limitations

Potential advantages described in the documents

• Previous credit difficulties do not automatically exclude consideration under the published criteria.
• The website describes both secured and unsecured borrowing.
• The sample agreement states that full and partial early repayments carry no prepayment fee.

Limitations that affect the decision

• These features cannot be relied on as currently available because an active lender has not been verified.
• The advertised interest rates make total repayment a more consequential comparison than application speed.
• Conflicting default fees and an undated pricing schedule weaken the usefulness of the published cost information.
• Using a vehicle as security adds an asset-loss risk, particularly if the borrower depends on it for work.

Published interest, fees and total borrowing cost

The fee schedule lists the following charges, whose current applicability remains unverified:

• Establishment: Generally NZ$50–NZ$95, depending on loan size and assessed risk.
• Transactions and security: NZ$1.30 for direct debiting and NZ$3.15 for a Personal Property Securities Register entry, where applicable.
• Payment problems: NZ$25 for dishonoured payments, NZ$25 for missed payments and NZ$35 for a default payment fee.

However, the sample agreement lists NZ$35 each for dishonoured and missed payments. It also contains an unfilled credit-check fee field and provides for enforcement costs. The documents do not establish which schedule would govern a new loan.

No complete current repayment example or APR including fees was verified. The sample leaves the amount, rate, term and repayments blank. Required insurance and its cost also remain unconfirmed, so treating an interest-only calculator result as the total price would be misleading.

For any verified alternative, compare the cash received with the total paid back over the same term. Check the regular repayment against income remaining after essential expenses; a smaller instalment achieved by extending the term may still increase overall cost.

Our assessment of First Choice Finance bad credit loans

First Choice Finance’s clearest advertised feature is willingness to consider a poor credit history. Its decisive limitation is that the named creditor is recorded as removed and current lending availability remains unverified. The published costs provide an additional reason for caution.

We would not shortlist it for a new application without evidence identifying an active lender and a complete, current quotation. The useful comparison is with a verifiable provider offering clear total costs, manageable repayments and an identifiable complaints route.

First Choice Finance bad credit loan questions

Is First Choice Finance still lending in New Zealand?

Current lending could not be verified. Its named creditor, My Loan Solution Limited, is recorded as removed from the Companies Register. A visible application form does not establish that a lending business remains active.

Can I qualify with a bad credit history?

The website says applicants with poor credit may be considered, subject to affordability assessment. That describes the advertised criteria, not a verified current offer or an assurance of acceptance.

Does First Choice Finance offer no-credit-check loans?

The published application consent expressly authorises a credit check. Its bad-credit marketing should therefore not be interpreted as no-credit-check lending.

How much does the website advertise?

It advertises NZ$300–NZ$5,000. Those limits have not been confirmed for current lending, and the amount displayed does not establish what an applicant would receive.

Would I need to provide a vehicle as security?

The website generally describes unsecured loans below NZ$2,000 and secured borrowing above that amount, commonly using a vehicle. Treatment of exactly NZ$2,000 is unclear. Confirm any security requirement in writing.

Can a First Choice Finance loan be repaid early?

The sample agreement states that full and partial prepayments have no prepayment fee. Existing borrowers should request a dated settlement figure from their verified account provider and check their own agreement.

Where can existing borrowers get repayment help?

Use the verified contact details on your latest statement or agreement and ask who currently owns and services the account. Explain payment difficulties promptly. MoneyTalks provides free financial support on 0800 345 123 or by text to 4029.

How can I raise a complaint about an existing loan?

Put the complaint in writing to the verified account provider and retain the response. The sample agreement names Financial Services Complaints Limited, but current membership and jurisdiction were not verified. Ask the scheme whether it can consider your particular complaint; Consumer Protection explains the available complaint routes.