Financial service companies have been a super hit for decades – you’ll find numerous companies across the country that can help you through your tough time and provide you with apt financial solutions. Whether it is debt consolidation or getting loan requests, we all need a trustworthy source institution to help us through the process, paperwork, and approvals. And this is where financial service companies come into play. These companies help their clients manage their funds, invest their savings, hold their money on their behalf and help them get personal loan options to achieve their financial goals.
Financial services companies include various institutions, including insurance companies, asset management companies, and even banks. Some are private, while some are even government-owned companies. When getting help with financial solutions, our priority is finding a trustworthy company with a credible track record to reach your financial goals. There are enormous cases we hear every other day around the country of people getting scammed by such financial service companies. One such company is Choice Financial.
Choice Financial Group is a big name in the financial service industry. It has catered to numerous clients over the years – however, there have been mixed reviews and scam reports linked to the company, which has confused many new clients about whether they should trust them or not. This article is for you if you are also willing to put your trust in Choice Financial Group. Today we are reviewing Choice Financial Group to answer the most common question: whether they are legit or a scam? So without any waiting, let’s get to it!
What is Choice Financial Group?
As evident from its name, Choice Financial Group is a financial service company that helps people with financial solutions; they’re a member of FDIC. According to their website, Choice Bank offers various banking services in the financial sector, such as helping with loans and debt consolidation, online banking, and other features. However, unlike popular belief Choice Financial is not a loaning company. Most people approach the company thinking it’s a private loaning firm, even though they are neither a lender nor a creditor. Their company is a middleman service, and a third party funds all the loans.
Choice Financial offers their clients from $2k to $100k with unsecured personal loans, but the party that will fund your loan is not their company but a third party in contact with it. This means that when you approach Choice Financial for loan options, they will connect you with a lender who will, as per their criteria, approve your loan and then lend you a specific amount. This benefits people because it allows the client to find loan options and lender that fits their needs.
However, this also gives the company more room for scamming its clients. This is why there are mixed reviews about the company, most of which point toward the fact that Choice Financial is probably a scam. Let’s get to know more about them. Apart from this, it is essential to note that the company offers all kinds of loan options, such as home equity and personal loans. And they also provide banking services such as online banking, counseling people about using their money, and planning to make informed financial decisions.
How Does Choice Financial Work?
Choice Financial works as a financial solution company, but instead of lending money or investing in people, they work as a lead-generating company. This means they connect you with various money lenders to help you secure a loan from them. However, for this, Choice Bank sells your personal information to these lenders. This can be unsafe for clients, especially as it is technically against their consent.
Moreover, Choice Financial Group has been accused of luring customers and local businesses through shady strategies. They are known to be used switch and bait schemes as their standard format to attract customers and get them to give personal and other information. According to reports, the company advertises low-interest rates and promises the same to get you to signup; however, once you do, the company switches to higher interest rates. Moreover, they also change your financial services; for example, there are reports of them switching from debt consolidation to credit counseling – which can cost you more in the long run. Hence, even though you are working with lenders, the lenders are making money by tricking people and getting them to sign up for more expensive financial services.
How Much Does Choice Financial Group Charge for their Financial Services?
Since the company offers numerous financial services, they also charge a different fee for everyone. Unlike lender companies, the cost you have to pay them varies based on the financial assistance you are using. However, since they are famous for their switch and bait schemes, it is essential to highlight that many people have claimed they were charged an amount totally different and much more than what they were initially told. This proves the accusation against Choice Financial that the company charges hidden fees for reasons that don’t make sense. For example, many have reported being charged for “late payment charges” or “extra private loans” – even when they don’t use these financial services.
What Kind of Loans Does Choice Financial Group Offer?
Along with their many financial services, getting loan options to their clients from suitable lenders is their main service. They offer all sorts of loans one may need. The most popular loans that people need are personal loans and home equity loans. Other than that, as long as you can score a suitable lender, you can ask for various loans; there is a huge range of types of loans to choose from.
How Can you Qualify for a Personal Loan at Choice Financial?

Choice Financial, like any other money lending company or middleman service, has a set of criteria to approve personal loans. If you want a personal loan from them, you need to take into account a few things, such as:
- A steady income; if you are struggling to find a way to earn a stable income, then chances are it will be hard for you to find lenders and brokers. They only approve people with the peace of mind that their money will be used for someone good and will also be repaid with no hassle.
- Your credit score is another important factor that lenders look into. To consider your application, they need to make sure you have a good rating on your credit score; people with a good credit score are like to get approved and receive favorable terms on their contract.
- The amount of debt you have on you currently, if you already have a lot of debt that you have to pay, then your chances of getting approved are very low.
- Your employment history is the last thing the lenders consider. They try to make sure you have a stable job or employment record – if you have been employed at a certain place for a significant time, then this can be added as a plus point in your profile.
How Long Does it Take for Choice Financial to Find a Lender?
As we discussed above, your loan and the amount you will be getting all depends on the lender you are able to score, but what most people are always curious about is how long does it typically take to find a lender? Well, the answer is that it really just varies from person to person.
How quickly you find a lender depends on your individual case – for some people, it only takes a few days; however, for others, it can take up to a few weeks. The time really depends on a few key factors, such as the type of loan you want, your credit score, and your income status. The better your profile, the easier it is for you to find a lender.
What is Choice Financial Lenders like, and Who is Affiliated with Them?
Many ask if Choice Financial Group is affiliated with other financial institutions, and the answer is yes (they’re a member of FDIC); they are affiliated with third-party lenders. These lenders charge very high-interest rates and fees, so it is difficult for borrowers; however, for some people, they are the only option to help them obtain credit. This is why to answer what kind of lenders Choice Financial work with; we can say those that can profit from using switch and bait schemes.
These lenders are willing to charge hidden fees and high-interest rates, which eventually makes it difficult for the borrower to gauge the actual price of the loan. Hence, the lenders working with the company are well aware of their switch and bait schemes and apply the same strategy; they offer low-interest rates and switch after luring customers, eventually causing stuck loans.
Can Choice Financial Affect your Credit Score?

People are mostly confused about how the company Choice Financial can affect their credit scores. Well, the answer is yes, they can, and here is how. One way they can affect your credit score is that they will request your full credit report from one or more consumer reporting agencies which is a hard pull on your credit score right when you open the bank account. This hard credit pull means reviewing someone’s credit history, and they are shown in your credit reports hence lowering your credit score.
Secondly, according to their policy, if you are ever late to repayment, the lender will inform the credit berries. Like the hard pull, these late repayments will also become a part of your credit report and lower your credit score. Not only that, but this reduction in your FICO score will make it more difficult for you to get future loans and open new lines of credit.
How to Cancel Choice Financial?
To cancel your subscription with Choice Financial, you will have to contact the Choice Financial Group. Ensure you have your account number before emailing or calling so they can remove your account from their system without hassle. Once your account is canceled, make to destroy physical checks that were provided to you by the company to avoid fraudulent transactions in the future.
However, it is important to note that many users have complained that the company’s customer service is extremely uncooperative and unresponsive, among other complaints. They rarely respond to emails and most often do not pick up calls or provide satisfactory answers to customers’ queries; it’s not like other financial institutions where it’s much easier.
Choice Financial BBB Reviews
The Better Business Bureau (BBB) reviews companies to help identify a company’s credibility and investigate scams – and the fact that Choice Financial has such a low rating on the BBB reviews shows how unreliable the company is. Choice Financial has an F rating and is not BBB accredited. Moreover, the company has a lot of complaints with the business bureau. Most of the companies keep revolving – in fact, eight complaints have been closed in just the last three years. Most complaints types for the company include:
- An account with money in it was closed by the company unannounced.
- Not responding to customer queries and ghosting customers when asking for their funds.
- Company charging extra fee without notice or changing service type without consent.
Complaint Type: Billing/Collection Issues
Status: BBB unable to locate business 01/08/2022
[star rating = “1”]
I had an account with choice financial and they closed my account with money in it and yet my money keeps being deposited in a closed account and I’m told I will get a check but can’t speak to anyone so what can I do
Complaint Type: Problems with Product/Service
Status: BBB unable to locate business 04/18/2021
[star rating = “1”]
Ok, my banking account with ******* **** which is through choice financial bank suddenly closed my account with funds in it they sent me an email and told me my account was closed and didn’t give a reason but that within 24 days I would receive my funds from them via check.
It’s been almost a month and I have not received my funds I have sent SEVERAL EMAILS …. no response from customer care. I also have tried calling the customer service line it says my debit card is blocked and hangs up on me then the only other option is to chat live but you can’t do that unless you have an active account. I don’t know what to do or how to get my money back. Can someone please help me?
Is Choice Financial Legit or Scam?

The most asked questions by users seeking loan options from a private company are whether Choice Financial is legit or a scam, but the answer to this question is not as simple. The company has been functioning for years; they have catered to hundreds of clients and numerous third-party lenders affiliated with them. However, looking at the review above, we can say their service and company policies are pretty questionable.
The company is well known for using switch and bait tactics that lure customers and local businesses into their trap, and once customers are stuck with them, they charge them an extra fee. They have a negative reputation among users for using aggressive marketing and sales techniques and misleading customers about their loan terms.
This shows the company’s main motive is to make money out of their clients rather than helping them through testing times and providing them with appropriate financial solutions. They charge hidden fees, switch up financial services without the client’s consent and sell their personal information to score a lender, only to trap them in their never-ending money-grabbing scheme.
Conclusion
Considering everything mentioned above, it can be concluded that choice-financial.net is indeed a scam company. They might work legally, but their tactics harm their clients. Therefore, we advise all our readers that you must look for better and more transparent options for your financial solutions other than Choice Financial. Moreover, whichever company you approach in the future, do your research and read their fine print before signing any contract or agreement. Lastly, don’t pay the fee before knowing what you are paying for.
FAQs
Exactly what is online banking?
Where the user can conduct financial transactions via the Internet and enjoy a great experience with many features, users of this service can perform various actions such as viewing account balances, managing their debit card and savings accounts, making payments, paying bills, or borrowing money from other users through an online interface that looks similar across all web browsers on any device – desktop computer, laptop, etc., which is why it’s also known as “Web Banking.”