If you’re looking for payday loan alternatives, you may have heard of 1st Choice Money Center. But is 1st Choice Money Center the right lending option for your financial needs? Learn more about 1st Choice Money Center and CreditNinja before making a final decision regarding your personal finances!
Finding the Right Personal Loan
Knowing how to find the right personal loan for your situation can help you avoid financial issues in the future. There are plenty of online personal loans to choose from, but they all have different rates and terms. Asking yourself a few questions can help you narrow down your choices to find the best personal loan offer.
Consider these questions before applying for online loans:
- How much money do you want to borrow?
- How much time do you need for repayment?
- How much can you afford to pay monthly?
- Do you want to be able to pay off your loan early?
Personal Loans vs. Payday Loans
When people need quick cash loans, they typically choose between payday lending and personal lending options. But which type of loan is better?
Many financial experts advise consumers against working with payday lenders because they tend to have predatory rates. According to the Federal Trade Commission, the annual percentage rate of payday loans is usually 390% or more.1
Here’s a quick comparison of personal loans and payday loans:
| Feature | Personal Loans | Payday Loans |
| Loan Amount | Typically $1,000 to $50,000 | Usually $50 cash advance to $1,000 |
| Interest Rates | Lower (usually between 6% and 36%) | Very high (can be 300% APR or more) |
| Repayment Period | Longer terms (1 to 7 years) | Very short terms (typically 2 weeks to 1 month) |
| Credit Impact | Requires credit check; reported to credit bureaus | No credit check needed; rarely reported to credit bureaus |
| Usage | Broad use (debt consolidation, home renovations, etc.) | Emergency use for immediate, small expenses |
| Loan Approval Process | Detailed application with credit check | Minimal requirements, often instant approval |
| Financial Cost | Lower due to longer repayment terms and lower rates | High costs due to high rates and fees |
| Risks | Lower risk of cycle of debt | High risk of debt cycle due to loan conditions and costs |
Disclaimer: Loan terms, interest rates, and conditions can vary significantly between lenders and are subject to change based on market conditions and borrower eligibility. Always consult with a financial advisor or lending professional before making borrowing decisions.
While payday loans can provide fast cash, they are a financial risk that could leave you stuck in a debt trap. Consider applying for a small personal loan instead of a payday loan if you need money before your next paycheck.
Loans Like 1st Choice Money Center: What You Need To Know
1st Choice Money Center is an online lender that provides a wide range of loan products. While other online lenders offer funding in various states across the country, 1st Choice Money Center only offers funding in four states: Idaho, Utah, Delaware, and Missouri.
Interested borrowers can apply for the following loan options:
- Short-term online loans
- Signature loans
- Car title loans
- Installment loans
- Bad credit loans
- Medical loans
- No bank account loans
Loans range from $100 to $5,000, and the repayment period can last as long as 24 months. 1st Choice Money Center states they do not require credit checks for specific loan products. Utah residents are not required to have a checking account to qualify, but 1st Choice Money Center does not specify how funds are dispersed.
Who Qualifies for Funding?
If you want to work with 1st Choice Money Center, you must reside in Idaho, Utah, Delaware, or Missouri. The qualification requirements vary depending on the type of loan you want to apply for. If you want a personal loan, you will need to provide the following:
- Proof of direct deposit
- Debit card linked to direct deposit
- Recent pay stub
- Proof of address
- 30-day bank transaction history
- 4-6 personal references
- Driver’s license or state ID
- Social Security Number
If you want to apply for 1st Choice Money Center installment loans, you will only need pay stubs, transaction histories, and personal information. Signature loans require pay stubs, proof of address, and proof of identity. If you want a car title loan, you must provide the vehicle title, registration, key, and other personal information.
How Will the Application Process Work?
Consumers can apply with 1st Choice Money Center by speaking to a loan agent over the phone, visiting a local branch, or submitting an online application. The information and documents you need to provide in order to work with 1st Choice Money Center depend entirely on the type of loan you want. 1st Choice Money Center does not specify how long the approval process will take or when approved borrowers can expect to receive their loan money.
CreditNinja: How Does It Compare?
CreditNinja is an online lender that has helped over 275,000 borrowers get fast cash for unexpected emergencies. We offer personal installment loans through a convenient online process. We understand that time is precious, and you may need quick cash before your next payday. CreditNinja can help you afford car repairs, medical bills, childcare costs, and even an unexpected loss of income.
How Does Creditninja Stand Out?
While CreditNinja is similar to 1st Choice Money Center, we stand out in different ways. CreditNinja offers installment loans in several states across the country, so more people can access fast emergency cash.
Eligible borrowers can look forward to receiving these benefits:
- Online Experience — Interested borrowers can apply at any time online without visiting a store location or meeting an agent face to face.
- Quick Application Process — The online application is ninja-quick and requires minimal information! Eligible applicants can typically get a same-day approval decision!*
- Fast Funding — If approved, you could receive your funds as soon as the same day!*
- Exceptional Customer Service — Our Customer Care Team is informative and helpful.
Who Should Pick CreditNinja?
CreditNinja is a viable option for borrowers who struggle to get traditional loans with bad credit scores. If you think a payday loan is your only option, try applying for a CreditNinja personal loan! We do not base eligibility solely on your FICO Score. Instead, we take a look at your entire credit history to make a fully informed financial decision.
How Will the Loan Application Process Work?
The CreditNinja application process is easy and quick to complete, requiring only three steps.
- Apply Online — The first step is to complete the short online application.
- Get a Decision — An agent will determine if you are eligible. Approved applicants will receive a same-day loan offer with personalized terms.*
- Get Your Money — After electronically signing your personal loan agreement, you may get your money as soon as the same day!*
FAQs About Loans Similar To 1st Choice Money Center
Yes, many credit unions offer installment loans with competitive rates and more flexible terms. Since credit unions are nonprofit organizations, they often provide loans that are designed to be more affordable and supportive of your financial situation.
Making timely payments can improve your score, while late or missed payments on installment loans can cause it to drop. Credit bureaus also consider the diversity of your credit accounts, so having an installment loan might positively influence your credit mix.
Before applying for payday or installment loans, review your monthly budget to ensure you can handle the additional expense. Consider the loan’s interest rate, term, and monthly payment amount. It’s crucial to ensure that the repayment terms do not strain your finances and that you have a stable income to cover ongoing expenses plus your new loan payment.
CreditNinja: The Bottom Line
1st Choice Money Center and CreditNinja are simply two of the numerous online lending options available to American consumers. If you’re looking for installment loans, it’s important to consider all of your options and make comparisons. Your situation is unique, so you should find a lender that works with your budget.
If you are looking for financial resources, check out the CreditNinja blog. We cover a wide variety of topics, such as how to cash a check without ID, how to use an amortization calculator, and more.
References:
- Payday Lending│FTC
- FAQs│1st Choice Money Center
- Abous Us│1st Choice Money Center
