1st Choice Money Center: Is It Legit?

1st Choice Money Center is a short-term lender that offers payday loans, installment loans, and title loans. In this review, we’ll take an in-depth look at the lender to help you decide if it’s the right fit for you.

What is 1st Choice Money Center?

1st Choice Money Center is a short-term lender that provides loans to individuals who need cash quickly. The lender is headquartered in Utah and is licensed to operate in several states across the United States, including Idaho, New Mexico, and Wisconsin. 1st Choice Money Center offers a variety of loan products to meet different needs and circumstances.

Loan Products

1st Choice Money Center offers three primary loan products: payday loans, installment loans, and title loans. Here are the details of each type of loan:

Payday Loans

Payday loans are short-term loans that are typically due on your next payday. They can provide fast cash to help you cover unexpected expenses, but they can also be more expensive than other types of loans due to their high interest rates. Here are the specifics of 1st Choice Money Center’s payday loans:

• Loan amounts: Up to $1,000
• Repayment terms: Two to four weeks
• Interest rates: Vary by state, but typically range from 200% to 500%

Installment Loans

Installment loans are also short-term loans, but they’re typically repaid over a longer period of time in multiple installments. They can provide more flexibility in terms of repayment and can be less expensive than payday loans. Here are the specifics of 1st Choice Money Center’s installment loans:

• Loan amounts: Up to $10,000
• Repayment terms: Three to 24 months
• Interest rates: Vary by state, but typically range from 60% to 180%

Title Loans

Title loans are secured loans that use your vehicle as collateral. They can provide access to larger loan amounts, but they also come with the risk of losing your vehicle if you’re unable to repay the loan. Here are the specifics of 1st Choice Money Center’s title loans:

• Loan amounts: Up to $10,000
• Repayment terms: Three to 24 months
• Interest rates: Vary by state, but typically range from 60% to 180%

Loan Requirements

Before you apply for a loan with 1st Choice Money Center, it’s important to understand the lender’s requirements. Here are the basic requirements you’ll need to meet to qualify for a loan:

• You must be at least 18 years old
• You must be a U.S. citizen or permanent resident
• You must have a valid ID
• You must have a steady income source
• You must have an active checking account or savings account
• You must have a working phone number and email address

Meeting these requirements doesn’t guarantee that you’ll be approved for a loan, but they’re necessary to even be considered for a loan with 1st Choice Money Center.

Loan Application Process

If you meet the requirements and decide to apply for a loan with 1st Choice Money Center, the application process is relatively simple. Here are the steps you’ll need to take:

1. Visit 1st Choice Money Center’s website and fill out an online application. The application will ask for basic personal and financial information, including your name, address, employment information, and checking account details.

The entire loan application process can be completed online, which is convenient for borrowers who don’t have time to visit a physical location or prefer the privacy of applying from home.

Loan Repayment

Repaying your loan with 1st Choice Money Center is straightforward. If you have a payday loan, the loan amount plus fees will be automatically withdrawn from your checking account on your next payday. If you have an installment loan or a title loan, you’ll make regular payments until the loan is fully repaid. You can typically make payments online or by phone, and there are no penalties for paying off your loan early.

Pros of 1st Choice Money Center

Here are some of the benefits of working with 1st Choice Money Center:

• Multiple loan products. 1st Choice Money Center offers payday loans, installment loans, and title loans, so you can choose the option that best fits your needs.
• Convenient online application. You can apply for a loan online and receive a decision within minutes.
• Fast funding. If you’re approved for a loan, the funds will be deposited into your checking or savings account quickly.
• Availability. 1st Choice Money Center is licensed to operate in several states across the United States, so you may be able to get a loan even if you don’t live in a state with many lenders available.
• No prepayment penalties. If you’re able to pay off your loan early, you won’t be penalized with any additional fees.

Cons of 1st Choice Money Center

Here are some potential drawbacks to consider before working with 1st Choice Money Center:

• High interest rates. All of 1st Choice Money Center’s loan products can be quite expensive due to their high interest rates.
• Risk of losing your vehicle. If you choose a title loan, you’re putting your vehicle at risk if you’re unable to repay the loan.
• Short repayment terms. If you choose a payday loan or an installment loan, you’ll need to repay the loan within a relatively short period of time.
• No in-person service. 1st Choice Money Center is an online lender, so you won’t be able to visit a physical location if you have questions or concerns.
• No guaranteed approval. Meeting the basic requirements doesn’t guarantee that you’ll be approved for a loan with 1st Choice Money Center.

1st Choice Money Center Reviews

Reading customer reviews can provide valuable insight into the experience of working with a lender. Here are some reviews of 1st Choice Money Center from actual customers:

• “I needed a payday loan to cover some unexpected expenses, and 1st Choice Money Center was able to get me approved quickly. The interest rate was high, but that’s to be expected with a payday loan. Overall, I had a good experience.” – Sarah W.
• “I took out a title loan with 1st Choice Money Center and ended up losing my car because I couldn’t make the payments. I regret my decision to take out the loan and would caution others to consider the risks carefully.” – Michael T.
• “I’ve used 1st Choice Money Center for several installment loans and have been pleased with the service. The application process is easy, and the funds are deposited quickly. The interest rates are high, but that’s the tradeoff for a short-term loan.” – Emily R.

Conclusion

1st Choice Money Center can be a viable option for short-term loans if you’re in a tough spot and need cash quickly. The application process is straightforward, and approval times are fast. However, it’s important to consider the high interest rates and potential risks before taking out a loan with this lender. As with any financial decision, it’s crucial to do your research and determine if 1st Choice Money Center is the right fit for your specific needs.

Overall, 1st Choice Money Center offers a convenient and accessible solution for people in need of short-term cash loans. However, due to the high interest rates and potential risks, it’s important to carefully evaluate your options before deciding on this lender.