Financial hardship can happen to anyone A job loss, medical emergency, or other unforeseen circumstance can put you in a difficult financial situation If you find yourself struggling with debt, a hardship recovery loan may provide some relief.
In this article, we’ll provide an in-depth review of Choice Financial hardship recovery loans. We’ll look at how they work, eligibility requirements, interest rates, fees, alternatives, and what customers have to say in reviews.
What is Choice Financial?
Choice Financial is not a direct lender. Instead, they act as a loan matching service connecting borrowers to lenders in their network. The company itself does not make loans or set rates and terms.
Choice Financial has only been in business since 2021. With such a short track record there are limited reviews available online. This makes it difficult to fully evaluate the company’s reputation and service.
How Choice Financial Works
If you apply for a loan through Choice Financial, your information will be sent to multiple lenders in their network. These lenders will use your details to determine if they want to make you a loan offer.
You may receive multiple offers from different lenders. It’s up to you to compare and choose which loan works best for your situation.
The lenders in the Choice Financial network are not banks or credit unions. They are often high-interest lenders that may not require strong credit.
Choice Financial Hardship Loans
Choice Financial advertises loans for borrowers facing financial hardship. These loans can provide access to cash if you’ve experienced an unexpected expense or loss of income.
However, hardship loans often come with less favorable terms than a traditional personal loan. Lenders view them as higher risk, so you’ll likely pay more in interest.
Eligibility for a Hardship Loan
To qualify for a Choice Financial hardship loan, you’ll likely need:
- Minimum credit score around 600
- Steady income
- Ability to provide proof of financial hardship
- Bank account in good standing
Each lender has their own eligibility criteria. Having a higher credit score increases your chances of qualifying and getting better rates.
Interest Rates and Fees
Interest rates on Choice Financial hardship loans can range from around 10% up to 35.99% APR. This is quite high compared to rates from credit unions or online lenders.
In addition to interest, lenders may charge origination fees of 1-5%. Late fees, returned payment fees, and insufficient funds fees can also apply.
Always read the fine print so you understand the full cost of any loan offer. High fees and interest can make hardship loans very expensive over time.
Loan Amounts and Terms
Choice Financial offers hardship loans from $500 to $50,000. Specific loan amounts will depend on the lender.
Loan terms are typically 2 to 5 years. Shorter terms usually have higher monthly payments, while longer terms reduce the payment but increase the total interest paid.
Pay close attention to the loan amount, fees, and repayment timeline before accepting an offer. Make sure it aligns with your budget and doesn’t create an unmanageable monthly burden.
What Do Customers Say in Choice Financial Reviews?
With limited information available online, it’s hard to get a complete picture of borrowers’ experiences with Choice Financial. However, here are a few key points that emerge from customer reviews:
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Interest rates are high – Many reviewers note rates ranging from 20-35% APR. This results in very expensive loans that are tough to pay off.
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Fast funding – Most people report getting funds deposited within 1-3 business days after approval. Speedy access to cash is a plus.
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Frustration with fees – Reviews mention origination fees and maintenance fees being higher than expected. Make sure you understand all costs upfront.
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Mediocre customer service – Some reviews describe representatives as aggressive or lacking empathy. But a few mention friendly service, so experiences seem mixed.
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Credit reporting issues – A handful of reviews cite problems with incorrect information being reported to credit bureaus.
Overall, borrowers faced with an emergency may appreciate the quick funding. But they should be prepared for high interest rates and the potential for less-than-stellar customer service.
Pros and Cons of Choice Financial Hardship Loans
Here’s a quick rundown of the key advantages and drawbacks:
Pros:
- Fast access to funds
- Available for borrowers with bad credit or financial troubles
- Various loan amounts and terms
- Simple online application
Cons:
- Very high interest rates
- Potentially predatory lending practices
- Risk of damaged credit if unable to repay
- Complaints of poor customer service
- Limited information on lender reputation
For borrowers with poor credit or limited options, the speed and accessibility of Choice Financial loans can be helpful. But proceed with extreme caution, as these loans can do more harm than good if you struggle to keep up with payments.
Alternatives to Consider
Before turning to Choice Financial, you may want to explore some alternatives that could provide lower rates and costs:
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Credit union payday alternative loans – Credit unions offer small loans at reasonable rates for members facing short-term hardship.
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Employer advances – Some employers will provide an advance on your paycheck as an interest-free option.
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Payment plans – Contact creditors directly to explain hardship and request altered payment arrangements.
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Balance transfer credit card – Transfer high-interest balances to a card with a 0% intro APR.
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401k loan – If allowed, borrow against your retirement savings temporarily.
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Personal loans – Banks, credit unions, and online lenders may approve you for installment loans at lower rates.
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Assistance programs – Research hardship assistance options from utility companies, charities, religious organizations, etc.
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Buy now pay later plans – Use installment plans for necessary purchases without interest.
These alternatives involve some tradeoffs, but may help you avoid astronomical interest payments on predatory loans.
What to Know Before Applying for a Hardship Loan
Hardship loans promise quick cash when you need it most. But they come with risks that you should carefully consider:
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Only borrow what you can realistically repay on time to avoid spiraling debt.
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Watch out for sky-high interest rates and fees that drive up the cost.
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Read all loan terms to check for prepayment penalties or other “gotchas.”
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A high-interest loan may do more harm than good if you’re already struggling financially.
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Late or missed payments lead to credit damage plus penalties and fees.
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Once in a hardship loan, it can be very difficult to get out. Tread carefully.
Your best option is to exhaust all other possibilities before resorting to a predatory loan product. If you do need to borrow, shop around thoroughly and compare all costs.
The Bottom Line on Choice Financial
Choice Financial offers an option for accessing cash quickly when traditional lenders won’t approve you. But hardship loans come with big risks and seldom provide a long-term solution.
Borrowers facing financial crisis should carefully consider lower-cost alternatives when possible. If you do use Choice Financial, go in with eyes wide open about potential interest rates over 20% or even 35%.
While the money may provide temporary relief, be realistic about your ability to repay the loan. Otherwise, you may end up in an even more challenging financial hole.
Have you taken out a hardship loan from Choice Financial or a similar lender? Share your experiences in the comments below to help other consumers make informed decisions.
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Filter byComplaint StatusAll complaint statusesComplaint AnsweredComplaint ResolvedComplaint TypeAll complaint typesBilling Issues (12)Customer Service Issues (8)Service or Repair Issues (2)Order Issues (Product Issues (
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Initial Complaint
11/16/2021
- Complaint Type:
- Billing Issues
- Status:
- AnsweredThe business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
This company has vanished leaving me with a $5,372.57 loan against my credit score/s and a title that has a lien against it making it not fully legally mine. I am highly concerned that I am in the situation that I am now in and that I wasnt contacted prior to or after to sort things out and set up any possible alternatives to avoid a very sticky and concerning situation. I am very concerned about the ownership of my vehicle as its all I have to get back and forth to work and I am also highly concerned about what this could do to my credit scores as those are what is used to determine any future loans and also so much more (practically everything we do in life). My last payment was on August 27th, 2021 when I was able to make contact however since than Ive reached out with 20+ calls on 9-10-2021 to make my next payment as they are due every 2 weeks with no success as the business up and closed and says so on ****** and no further contact information or ongoing discussions were had.
Business response
11/29/2021Choice Bank does not service this loan portfolio. We recommend that you contact *******************, the ******************* attorney.
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Initial Complaint
11/04/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- AnsweredThe business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I purchased a 2014 Dodge Dart Rallye with financing through CNAC financing from ******************* St Cloud in 2019. I have made payments on time every other week for the last 2.5 years. CNAC (located on site at the dealership) had been taking my payments automatically from my account. In August of 2021, they stopped taking my payments out. I have attempted to call ******************* and CNAC but the only thing I was able to find out was that ******************* and all of its accounts from the ******** location was sold to ******************. I have attempted to get ahold of someone from Rooster but the only phone number I can locate is disconnected. I have made 2 trips to ******** to try and catch someone at the building, but it is all boarded up with no contact information given. I just want to finish making my car payments so I can get the lien removed from the title and no end up with a negative make on my credit report.
Business response
11/02/2021The vehicle was purchased at a franchise owned and independently operated Byrider in *********, **. The franchise owned Byrider terminated their franchise agreement and closed the dealership in May, 2020. The existing portfolio is being serviced by Choice Bank and all inquiries should be directed to Choice Bank at **************.
Business response
11/12/2021Please see attached response.
Business response
11/29/2021Choice Bank does not service this loan portfolio. We recommend that you reach out the attorney for ******************* directly, *******************.
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Initial Complaint
09/08/2021
- Complaint Type:
- Billing Issues
- Status:
- AnsweredThe business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Someone stole my identity and opened up an account with Choice Financials affiliated app ***** Choice Financial is refusing any assistance in this matter and after multiple attempts to reach **** via phone, email & social media I have had no success.
Business response
09/15/2021Please find our response to the complaint attached
Customer response
09/16/2021 I am rejecting this response because:I find the business response acceptable with the acception that they have not provided info on the email address that was used to create the profile.I would like that information in order to investigate this fraudulent activity.Thank you in advance.
Business response
09/23/2021Please find our response to the complaint attached.
Customer response
09/27/2021 I am rejecting this response because:The vendor is asserting that they cannot tell me who opened the fraudulent account in my name because they are protecting their privacy. In other words, they are saying that the thief who tried to steal my identity has a right not to be identified to the person who they stole from, which is unacceptable.
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Initial Complaint
09/07/2021
- Complaint Type:
- Billing Issues
- Status:
- AnsweredThe business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
This bank has held money from a declined charge TWICE AND WILL NOT PUT MY MONEY BACK IN MY ACCOUNT. PLEASE, I AM BEGGING FOR HELP. PLEASE.
Business response
09/15/2021Please find our response to the complaint attached.
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Initial Complaint
09/03/2021
- Complaint Type:
- Billing Issues
- Status:
- AnsweredThe business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
The Date of the transactions were on March 30, 2021. I had several unauthorized transactions from Apple charged on my Current Card which is through Choice Financial Group. When I realized what happened I reached out to Choice Financial Group via the Support option available on the Current App and filed a dispute on six transactions made on March 30, 2021 totaling up to $250.00. No one in my home owns any Apple products and I made them aware of that. I also reached out to Apple which told me that there wasnt any record of my card being used. Apple support was very helpful. I filed the dispute in April 2021 and Current told me it could take up to July before I get an decision but it was two days later with them stating that no fraud was detected. I just want my money back, Im a single mom and every dollar counts, Choice Financial Group basically took my money with no explanation.
Business response
09/13/2021Please find the response to the complaint attached.
-
Initial Complaint
09/02/2021
- Complaint Type:
- Billing Issues
- Status:
- AnsweredThe business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
This is the worst company ever. I will be moving elsewhere.They charge a $4.99 subscription fee and normally comes out of my checking account but this month came out of an external account that I have told reps at Current (AKA Choice Financial Group) to remove and not charge.This charge caused an overdraft with a $36.00 fee.There were funds in my current account to cover this.I have requested multiple times to remove the external accounts from my Current account but this has fallen on Deaf ears.You cannot delete these from the app. I have been promised this has been taken care of multiple times.I have attempted to contact their customer service but they are worthless.I want my $4.99 back and charged to my Current checking account, as well as a $36 credit either to my current account or the external account.
Business response
09/10/2021Please find our response to the complaint attached.
Customer response
09/13/2021 I am rejecting this response because: This company has been told multiple times to remove all external accounts from this account. There were funds in my choice account to cover the $4.99. My problem with this is my Current account and the external account were both charged for my monthly fee. In total I was charged $9.98 and they have not refunded due to their oversight. The charge on the external account resulted in an overdraft fee. They should have to cover this since this was their fault.
Business response
09/14/2021Please see our additional response attached.
Customer response
09/15/2021 I am rejecting this response because: This company has been told many times to remove all external accounts from my Current account. I have chatted with several people stating that they will remove those. They shouldnt have had access to charge another account due to my MULTIPLE requests for this. I even responded back to an email from a representative and told her to delete all external accounts. STILL HASNT BEEN DONE!!! Fact of the matter is, Current/Choice shouldnt have been able to charge my other account and make it overdrawn. Because of their error, they should be covering the $36 overdraft fee.
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Initial Complaint
09/01/2021
- Complaint Type:
- Order Issues
- Status:
- ResolvedThe complainant verified the issue was resolved to their satisfaction.
Hello,I signed up on 6/19/21 for ********* (banking services provided by choice financial group) using a referral code ****ko. Through this referral, I was told that I would earn $50 after spending $250 with my debit card within 45 days. I never received the bonus, and the support told me that if the bonus did not post that I did not meet the terms of the promotion. I finished the spending requirement on 7/22/21, 33 days after signup.
Business response
09/09/2021Please find our response to the complaint attached.
Customer response
09/10/2021 Better Business Bureau: I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
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Initial Complaint
08/30/2021
- Complaint Type:
- Billing Issues
- Status:
- ResolvedThe complainant verified the issue was resolved to their satisfaction.
This organization is affiliated with another digital bank partner named ******* I received a debit card issued in my name and sent to my address; however I have no account with them. I first reached out to Choice Financial Group customer support to report the fraud, who directed me to contact ***** I reached out to **** twice and both times they indicated they cannot communicate with me because I do not have an account with them. That is the whole point. **** sent a debit card issued in my name and to my address, which I did not request and somebody fraudulently set up. However, they wont even communicate with me about the fraudulent activity made against me. I would like some assurance the matter is being investigated internally and the fraudulent account will be closed. I am also reporting this matter to my local authorities, our State Attorney General fraud unit and the ****
Business response
09/08/2021Please find the response to the complaint attached.
Customer response
09/10/2021 Better Business Bureau: I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
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Initial Complaint
08/27/2021
- Complaint Type:
- Customer Service Issues
- Status:
- ResolvedThe complainant verified the issue was resolved to their satisfaction.
I opened an account and was supposed to get a 50$ bonus for spending 250$ with my new card within 45 days. I spent the 250, but was cutting it close to the 45 day ****. I called to speak to someone and the gentleman I spoke with was rude, was not at all concerned about my concerns, he didnt care about helping me, he was very condescending and talked over me. I asked for manager and he said I have someone call you back in the future and hung up. This is the treatment I get from a bank Im supposed to trust my money with? Ive sent several emails, no one gets back to me. The automated line hangs up on you. When you finally get someone on the line, they say they will have someone call you back. It never happens. I just want **** to make it right for me. And I dont want anyone else to get treated like I did.
Business response
09/13/2021Please find the response attached.
Customer response
09/14/2021 Better Business Bureau: I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
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Initial Complaint
08/24/2021
- Complaint Type:
- Service or Repair Issues
- Status:
- AnsweredThe business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
On Monday August 16th 1:17 p.m. my debit card was charged for $71.90. I quickly disputed this charge because as shown on my transaction history, I made a purchase just 10 minutes earlier for Uber eats to deliver to my home.. This $71.90 charge was for Panera Bread And I didnt didnt recognize the charge.. I paused my account, blocked the merchant, Emailed customer service to dispute the charge and ordered a new debit card.I also called Panera Bread customer service to see if there was any type of information that could give me on the location of this charge, they could not because the charge was still pending and there was no additional information outside of the amount that I could offer. As of Tuesday August 24th Current denied my dispute saying there was no foul play on my account. I have tried to reach out to customer service as well as the disputes team. They send over a scripted message saying I am confirming that your dispute is closed, check your email.. That is ridiculous as
Business response
09/03/2021Please find attached our response to the complaint
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Is Choice Financial Online Loans For Bad Credit Any Good? I Tried ChoiceFinancial.co Myself! Review
FAQ
Is the financial hardship loan legit?
Is Choice Financial a real company?
Why am I getting calls for a hardship loan?
What does Choice Financial do?
Is Choice Financial a lender?
Choice Financial Group is not a lender and it doesn’t have local businesses, but it connects you with different financial institutions. It offers a variety of loan options, including personal loans, home equity loans, and more. How much does Choice Financial charge?
Should you use Choice Financial to get a loan?
If you’re considering using Choice Financial to get a loan, there are a few things you should know. First of all, the company is not accredited by the Better Business Bureau (BBB). Additionally, there are no online reviews of the company’s services.
How do I qualify for a choice financial personal loan?
Here are some tips on how to qualify for a Choice Financial personal loan: Your credit score is one of the most important factors that lenders look at when considering a loan application. If you have a good credit score, you’re more likely to be approved for a loan with favorable terms and conditions. Another important factor is your income.
Is Choice Financial a good company?
First of all, the company is not accredited by the Better Business Bureau (BBB). Additionally, there are no online reviews of the company’s services. That means it’s difficult to know what kind of experience other borrowers have had with Choice Financial.