Take your Capfin Loan in South Africa | Minimum Requirements
Here you will learn all the necessary information to apply for loans provided by Capfin in South Africa. You will know how to start the process, what are the minimum requirements, types of loans, and a lot more.
How Can I borrow money from Capfin and how do their Loans Work?
Capfin is a loan provider with presence in the South African market since 2010. They have the mission of offering easy-to- access loans to South Africans. And they actually do a great job: their loan application process is really simple. You can apply for their loans online by filling out an online application. All documents needed to process your loan are also uploaded online. After you complete your online application, a staff member from Capfin will call you to wrap everything up.
What is the Maximum Amount for Capfin Personal Loan?
When you set yourself to finding out the best loan for you, one of the first words that may come to your mind is quotation, that is, how much money you can borrow from the financial institution.
Usually, you have an idea of how much money you will need, but, does the creditor lend that sum? For instance, you may need to start some repairs at your house. Maybe your car needs service. Also, you may want to buy a new computer or other electronic equipment.
Capfin loans are an excellent tool for these kinds of purchases: they offer up to 50 000 Rands. Also, depending on the sum you borrow, they let you pay it back in 6, 12 or 24 months. They claim to be straightforward with the amount of money you will ultimately pay back. For instance, if you borrow 20 000 Rands, you can pay it back in 12 or 24 months. You would end up repaying (with interest and charges) R25 408.93 if you decide to pay in 12 installments, and R29 554.73 if you chose 24 payments.
Can I Apply for a Capfin Loan Online or Via SMS?
Most banks and credit institutions make you go to their branches in order to request a loan, either because you have to do the whole application process in person or because you need to bring them your documentation. This can be a burden for many people who work during business hour and can’t make the time to go all over the way to the bank.
Capfin works on the ground that loans should be made available for everybody and with easy access. For this reason, they allow you to apply for your loan completely online. You only have to complete the information they request and upload your documents.
Another way of starting your application with Capfin is sending them a text message with the word: “HELP”. After this, you will be contacted by staff member of Capfin to start your loan request. This company takes the easy-to-access premise to heart.
What are the Requirements for a Loan at Capfin?
Asking for a loan is a serious obligation you have with a financial company. This is why most banks or creditor facilities apply certain conditions you should meet in order to qualify for their loans.
Banks, specifically, impose strict requirements for their loan applications. So, many people are left out. If you are not able to comply with their requirements, you are not able to request a loan. What happens with people who can’t access these loans and need to make an important home repair, for instance?
Luckily, there are lending companies such as Capfin that have this philosophy of making it easier for people to find the money to finance their needs. Capfin has simple requirements:
You must reside in South Africa
You must be over 18 years old
You must have a permanent job: in order to prove this you can either provide your last 3 pay stubs or your last three bank statements
You also must have a bank account and provide a current cellphone number
We believe this is one of the most positive aspects of this lending company. With them, many South African may be able to have access to capital in order to satisfy their needs.
What are Capfin Loans Interest Rates?
Knowing what the interest rate and the repayment amounts of your loan will be is paramount in order to keep your finances neat. Generally, the type of interest rate a lending company gives you goes hand in hand with your income and your credit history. The higher your income and the healthier your credit history, the better interest rate you can get.
If you’d like to visualize how your repayments will look like or the approximate interest rate you might get, you can try our loan calculator. With this useful tool you’ll be able to take a glimpse at an estimation of the numbers in your loan.
Can Existing Customer Make an Early Settlement of Capfin Loans?
It may happen that while you are repaying your Capfin loan, you find yourself with money to settle the loan. You may wonder if this is feasible since it’s better to pay for the whole thing and forget about it. Capfin states in its terms and conditions that all existing customers who want to settle early their loan can do so as long as they contact the bank for a quotation of the settlement, and they pay all due payments, charges, and fees.
What other Non-online Options do I have to Submit my Documentation for a Capfin Loan?
Some people don’t find online applications friendly at all. It may confuse them or they might feel insecure about the whole process. If this is your case, and you don’t feel comfortable uploading your documents online, don’t worry, since you can either go to a Pep Store or an Ackermans Store so as to hand in your documents.
Does Capfin Offer Long Term Loans?
Technically, a long term loan is a sum of money borrowed over a period of time longer than one year. So, yes, Capfin does offer long term loans since it allows you to repay your loan in up to 24 months, that is, two years.
However, Capfin prides itself of being a short-term loan provider since its mission is to contribute to make financial needs simpler for South African. We’ve discussed above that Capfin does not have stringent requirements. Now, we can also say that they offer convenient short-term loans.
If you wish to borrow less than 5000 Rands, for instance, you will only be allowed to get a repayment term of up to 12 months. Only if you borrow more than that amount you will be able to get a long-term loan. Conversely, if you borrow less than 2000 rands you will have to repay it in a period of 6 months. The latter being the shortest-term loan.
Does Capfin Offer Revolving Loans?
This type of loan allows you to borrow a fixed amount, and after you have paid a percentage of the monthly repayments (which are fixed) you are allowed to borrow the same amount of money again. The portion of the repayment you should have paid is usually of the 15%.
Capfin does not offer this kind of loan. In fact, there are not many financial institutions that offer this loan in South Africa. Here we’ll tell you where you can find this loan in our country:
Woolworths Financial Services
2 Easy Steps to Apply for an R1000 Loan at Capfin
It’s a sound decision to only ask for the amount of money that you actually need. You might get tempted to think “in for a penny, in for a pound”, and set out to ask more money than you need. Resist this urge and stick to the good judgement.
To take out an R1000 loan at Capfin:
1. Fill out the online application
2. Upload your documents
This is Capfin’s aim, to help you get the money you need for solving problems. If your car broke down, for instance, and you have no money, Capfin may be your best solution.
Can I Find a Multi Loan in Capfin?
A multi loan is a short-term loan that allows you to finance needs you may have every day. Capfin does not work with this kind of loan.
However, there is one lending company that has multi loans in South Africa. Capitec is a bank that was founded 18 years ago with more than 120000 customers.
This bank offers multi loans for up to R4000 repayable the following month. That is, you can borrow money each month from Capitec and pay it back the next month. This kind of loan is of great help in the event of emergencies.
Find the best loan of South Africa
Can I Request a Loan at Capfin if Unemployed?
Unfortunately, you can’t. Capfin specializes in short-term loans, but they require that you have a permanent job in order to apply for them. That’s not the end of the road, though. If you need money to finance something you need and are not currently working you can consider Wonga loans. This is an online credit provider that lends up to R4000 if you are not a customer and R8000 to those who are currently clients. In order to qualify for this loan you will need to provide proof that you have regular income through your bank statements.
Can I get a Home Loan in Capfin?
At Capfin you won’t be able to find a home loan. They work with short-term loans up to R50000. If you are looking for home loans options, you might consider turning to reputable banks.
Are There Capfin Loans for Students?
This lending company offers personal loans for people who can prove that have a permanent job. If you happen to be a student who works, then you will be able to apply for a loan at Capfin. One way of proving that you have a permanent job is by providing your latest pay slips (3) to Capfin. You can also take out a loan at Capfin without a pay slips if you can prove that you have regular income with your last (3) bank statements.
Capfin Offers Loans for Self-employed?
What you need to know is that for you to request money at any lending company, you have to prove that you will be able to pay them back. Being permanently employed is a condition for borrowing money from this lending company. The question you should ask yourself is what kind of situation you are in. Are you self-employed at your own company? Or you work independently but are not registered as a business?
If you own a business, for instance, duly registered with the Companies and Intellectual Property Commission (CIPC) you may easily qualify for a Business Loan. Usually, this type of loans is offered by bigger financial companies, such as banks.
Most banks in South Africa —like Standard Bank, Absa Bank, Nedbank, among others— offer business loans for different sizes of companies. There are loans for start-ups, that is, if you want to start a new business you might receive financial aid and start shaping your dreams. Also, if you own a small business or an already consolidated company, you can also apply for business loans.
Can I Skip Payments with a Capfin Loan?
No matter where you take out a loan, paying your installments on time keeps you out of trouble. However, unexpected events do happen, and sometimes you just can’t pay for your repayments. With Capfin if you have this issue, you should contact their Department of Collections in order to discuss a different arrangement for you to repay your loan.
Take into consideration that doing this might be accompanied by some kind of punishment for late payment. So make sure to always pay on time and only using this alternative when you really don’t have another option.
Conversely, if there are months when you can pay more than the actual amount of your installment, you can pay more and have your loan amount reduced. Also, if you wish to pay for the total amount of your loan in order to cancel it, you may also do so. You need to contact the bank for a settlement quote.
What if I have Queries about Capfin Loans?
Should you have questions, doubts, you can use our question and answer for below or leave us a comment. Our team is here to help you clear all your doubts. Go ahead, ask your questions and we’ll answer them as soon as we can.
How long does it Take for Capfin to Approve a Loan?
When you fill out your application for a loan, Capfin has to check that the information and the documentation you provided is true and reliable. Also, the company has to run affordability checks on you and find out what is your credit history to see if you are a trustworthy payer or not. Usually, this might take up a week. But, this may vary according to your specific situation.
Can I Top up my Capfin Loan?
You might find yourself in the situation that you already borrowed money from Capfin but find out that it is not enough for you to solve your issues. For instance, you might have taken out this loan to make some repairs to your house or your car and the provider first told you an amount and then told you that more money would be needed.
After your loan has been approved for a specific amount, Capfin will not offer a top up. That is, you cannot increase the amount of money you requested. There are other institutions that do this, though. We’ve discussed these companies in different articles.
How long does it Take to Pay Capfin Loans?
Capfin offers straightforward loan terms. When you start your application for their loan, you will know how long it will take for you to pay it back. Depending on the amount of money you request you will be able to pay it back in 6, 12, or 24 months.
Of course, as we mentioned above, if you wish to settle your loan with Capfin, you can do so. If you do this, then your payment term will be shorter. You can pay your settlement quote in the following ways:
Pay at a Pep Store
Are there Loans Similar to Capfin?
South Africa has a wide market when it comes to financial needs. In this article we focused on this specific company, but there are many other institutions which offer similar services.
Another online financial company is Wonga. However, this business offers much lower loans than Capfin. With them, you can either borrow R4000 if you are a new customer, and R8000 if you already borrowed money from them.
Do I have to Own a Bank Account if I want to Take out a Capfin Loan?
The answer is a straight yes. As we’ve discussed above when we dealt with the requirements to apply for a Capfin loan, having a bank account is essential. This is so because Capfin will transfer the money from your loan to that bank account. After your loan is approved by Capfin, you will have the money you borrow in this bank account within 48 working hours.
Also, this bank account has to be from a South African bank. You cannot use an international bank account for a loan with Capfin.
What Are Capfin’s Office Hours if I want to Apply for a Loan?
If you want to apply for a loan, forget about business hours. You can start your application online at any time you want! Also, don’t forget you can upload your documents online as well. So why go to their office? If for any reason you do need to go over their branch, bear in mind that Capfin’s office’s business hours start from Monday to Friday at 8 a.m. till 6 p.m., on Saturday they open at 8 a.m. and close at 1 p.m.; they’re closed on Sunday.
What are Capfin Loan Contact Details in Cape Town?
If you need to go to their office because you have a query that con only be answered in person with Capfin staff members you need to know Capfin’s location. Their address is 1 Industrie St, Kuils River, Cape Town, 7580, South Africa. Just a reminder, most of the things you need to do for a Capfin Loan can be done online; please, to save you from the inconvenience, do asks us all your questions below before deciding to take the trouble to go all the way over there.
What are Contact Details if I want to Take out a Capfin Loan through a Pep Store in Cape Town?
Pep has 35 stores in South Africa, in Cape Town you can find them in Shop 4749 Golden Acre, 9 Adderley Street, South Africa. You can also request your loan through SMS (type “help” to 43679), USSD (*120*5566#), e-mail (firstname.lastname@example.org).
We’ve got to the end of our Article. We hope we’ve been of help in your Capfin loan queries. Our aim was to introduce this company to you and their easy-to-access loans. We covered, for instance, what are the conditions for requesting this loan, what are the documents you need to hand in, what are the maximum amounts you can borrow. We’ve also discussed repayment terms, and other options similar to Capfin loans. If you are in South Africa and need small loans with fewer requirements and paperwork, Capfin might be the way to go.
Questions and answers