About Lender
My Funding Choices is a direct lender offering short term loans to individuals in need of quick cash. These loans are meant to be a short term solution to a short term problem and not a long term solution.
One of the benefits of getting a short term loan from My Funding Choices is the speed of the funds. Once approved the loan amount will be deposited directly into the borrowers bank account. So borrowers can get the cash they need fast and hassle free.
Key Features
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Online Application. My Funding Choices has a simple online application process that makes it easy for customers to apply for a loan.
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No Credit Checks. They don’t do traditional credit checks. The look at income and employment history instead.
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Instant Decision. Once you’ve applied for a loan you’ll get an instant decision from My Funding Choices.
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Small Loans. The lender offers short term loans to eligible borrowers. Good for people who need to borrow a small amount of cash to cover a short term need.
Pros and Cons
Pros
Quick and Easy. My Funding Choices has a simple online application process that can be done anywhere with an internet connection.
No Credit Checks. Unlike many other lenders My Funding Choices don’t do traditional credit checks when assessing loan applications.
Instant Decision. Once you’ve applied for a loan you’ll get an instant decision from My Funding Choices.
Cons
High Interest Rates. Short term loans come with high interest rates and My Funding Choices is no different.
Short Repayment. My Funding Choices loans have a short repayment term.
Not a Long Term Solution. Short term loans are meant to be a short term solution to a short term problem.
Reliability
Trustpilot Rating. The company has a 4.1 rating on Trustpilot, but ratings aren’t always 100% reliable.
BBB Accreditation. My Funding Choices isn’t listed on the Better Business Bureau (BBB) so if you rely on BBB ratings for reliability.
Transparency. The company doesn’t list their interest rates on their website so it’s harder to compare loan costs with other lenders.
Affiliation with WLCC. My Funding Choices is affiliated with Black Hawk Financial, an entity of the Wakpamni Lake Community Corporation (WLCC) which is governed by tribal and community regulations.
How to Apply for a My Funding Choices Loan?
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Initiate the Application. Click on "New Customer" to start the process.
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Provide Personal Information. Enter your first and last name, phone number, and email address, then click "Next."
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Enter Identification Details. Select your driver's license state, input your driver's license number, and provide your date of birth.
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Input Address Information. Provide your current address, including street, city, state, and ZIP code. Enter your mobile phone number.
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Specify Residence Type. Indicate whether you rent or own your residence and specify the duration of your stay in years and months.
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Enter Social Security Number. Provide your Social Security number for identity verification.
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Provide Banking Information. Input your bank's ABA or routing number, bank name, and checking account number. Confirm your checking account number to ensure accuracy. Indicate how many months your bank account has been open.
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Finalize the Application. Review all entered information for accuracy and submit your application.
Conditions
Loan Amounts. Borrowers can access unsecured personal loans up to $1,500 to address unexpected financial needs.
Annual Percentage Rates (APR). The APRs range between 450% and 750%, varying based on factors such as loan amount and repayment terms.
Repayment Terms. These loans are designed for short-term financial assistance, with repayment periods typically shorter than traditional loans.
Requirements
Steady Source of Income. Applicants should have a consistent income that aligns with the desired loan amount.
Proof of Employment. Providing verification of current employment is necessary to demonstrate the ability to repay the loan.
Active Bank Account. An open and active checking account is required for fund deposits and automatic repayments.
Contact Information. A valid phone number and email address are needed for communication purposes.
Residency and Age. Applicants must be permanent U.S. residents and at least 18 years old.
Ways to Recieve the Money
Once approved the funds are deposited directly into the borrower’s checking account. For applications approved before 5:00pm EST the borrower can expect to have the funds in their checking account the next business day.
Products
Other Personal Loans
Reasons for Loan Refusal
My Funding Choices may deny loans due to low credit score, high debt to income ratio, low income, unstable employment history or incomplete application. Make sure to provide accurate and complete information and meet the company’s financial and employment requirements to increase approval chances.
How to Repay a My Funding Choices Loan?
Repaying a My Funding Choices loan is easy, the payment is automatically deducted from your linked bank account on the due date. Make sure you have sufficient funds to avoid penalties. If needed you can contact customer support to discuss alternate repayment arrangements or schedule changes.
Loans like My Funding Choices
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full My Funding Choices Account Review
- How to Apply for a My Funding Choices Loan
- How to Repay a My Funding Choices Loan
- All My Funding Choices Coupons and Promo for December 2024
