FAQs

Why should I get a loan instead of carrying a balance on my credit card?

Unlike credit cards with high, fluctuating interest rates, a personal loan through Premium Choice Financial offers a fixed interest rate and predictable monthly payments. That means no surprises—just a clear payoff date and a plan you can stick to. Credit card rates often go up as the Prime rate rises, but with a fixed-rate loan, you lock in your rate and stay in control. It's a smarter, more stable way to tackle your debt.

Is collateral required?

Nope—none at all. Loans through Premium Choice Financial are unsecured, which means there’s no collateral required or accepted. You can get the financial help you need without putting your assets on the line.

What will my interest rate be?

Your interest rate is personalized and based on several factors, including your credit history, income, repayment ability, and other financial details. Once we review your full application, we’ll provide you with a custom rate and loan offer tailored to your unique situation.

Does pre-approved mean I’m guaranteed to be approved?

Not quite. Pre-approval means you met certain initial criteria based on your credit report at the time the offer was made. However, final approval depends on a full review of your credit, income, and ability to repay the loan. If your credit score has changed or your income doesn’t support the loan payments, we may not be able to extend credit. Pre-approval is a great first step—but it’s not a guarantee.

Are there penalties for paying off my loan early?

Not at all! There are no fees or penalties for paying off your loan early. In fact, doing so can save you money since you’ll pay less interest on the remaining balance. Just keep in mind that any fees already paid—like origination or processing fees—aren’t refundable.