How to Find Loans from Pep Stores in South Africa - Simulator
Working since 1985, Pep Stores have become one of the most popular retail enterprises in South Africa. This country’s citizens can turn to this store to get almost anything you can think of. They are so successful on assuring a myriad of products and services, that they even offer loans. Next, I will expand on how you can take loans from Pep Stores in South Africa. Besides, I’ll mention Ackerman’s which is another option to apply for a Capfin loan in store. So, read along to know every detail of this topic.
How to apply for a Capfin Loan at Pep Stores?
Capfin is, as you know, a popular bank issuing loans in this country. Among the many options they offer to get loans, there’s the option to do it through Pep Stores. This alternative is very convenient thanks to Pep’s many branches all around the country. No matter where you live, you sure have a Pep Store near your house. To apply for your Capfin loan at Pep, you need to read the following paragraphs that will perfectly explain what to do.
Pep Loans: How does it Work?
Loans at Pep Stores work almost like at Capfin, as let’s remember they are the ones that grant these loans. All Pep does is being the intermediate between the borrower and the bank, in this case, Capfin. This, I must tell you, is a great chance for those who prefer taking in store loans as, at Pep, it’s the only way available. The process goes like this:
You approach your closest Pep Store to ask for your credit. You must remember to take your documents, of course.
One of Pep’s assistants will scan those documents to check they’re ok.
They will send Capfin the application for them to follow from there.
Then, you need to cancel the money taken using a debit order. Consequently, it’s your every-month homework to make sure there’ll be sufficient funds in your bank account on your payment date until you cancel the last instalment. An important piece of advice when you go over your loan procedure, don’t skimp on time to read about your Capfin loan’s information when you apply for it at Pep Stores. That’s one of the most important tips you should remember, as once you sign it, you agree on the terms and conditions there established.
What Requirements must be met to get a Loan at Pep?
Even though you can have it easier to get a loan in person at Pep, the requirement criterion stays the same as with any other kind of loan. Before you go to a store, read this short list:
Applicants should be legal citizens of South Africa.
Their work status must be active and permanent. This means, there should be a salary paid on monthly basis from a permanent employer.
They must be old enough to enter a loan contract (at least 18 years)
But there’s another question that should be answered: How do I qualify for a Pep loan? Any person meeting the requirements from the previous list qualifies for a first stage. Then, the outcome is decided according to your credit history and your salary amount. Those points determine if you can afford the loan quote you are asking or not.
What do I need to apply for a loan at Pep?
Make sure you have the documents to let the company knows for sure you comply with all the requirements Capfin demands.
Also, look enough information about loans in South Africa to have tools to distinguish your best rate. Fortunately, this is our job! We can provide you with information about all sorts of loans here in our area and, of course, all kinds of lenders. This is your best shot to see clearly if asking a loan to Capfin through a Pep Stores is what you should do.
How is the Interest Rate charged on a Capfin Loan taken through Pep?
Because loans asked at any Pep Store are managed by Capfin, interest rates and fees are also decided by them. As Capfin is clearly a registered loan provider, rates will always be stated in accordance to what’s required by the NCA. Apart from this detail, the rate is affected by:
The sum of money you want to borrow.
The period of time you’ll give the money back.
Your credit score.
To exemplify a possible loan cost, let’s imagine you get a high interest rate, 27,5%, for a loan amount R8000 for over a year. If we add the fees charged in any loan operation, you loan repayment should be around R11000. You must think that if you get a lower rate, you’ll repayment will be cheaper, and that rates are always affected by each applicant particular situation.
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The Best Online Calculator to use before taking a Personal Loan at Pep
Much has been said about the advantages of using a bank loan calculator when applying for credit. The advantage of using it are obvious. But what if I tell you there’s even a better option for you and that you can take it right now? I’m talking about the loan comparison tool we have for you. Our loan simulator will not only show you the price to pay for a loan but also, the price to pay for a loan as regards many companies. This way, you can compare the different loan rates alternative available before deciding. Of course, you can’t miss comparing the different types of loans each of them offers and the requirements they ask. However, it’s a good start to have an idea of how much you would have to pay for the service.
Will I find Short Term Loans at Pep Stores?
Yes! In actual fact, you might get it difficult to find any other type of loan at Pep. These types of companies are known for working with short term loans only. Short term loans allow them to make a fast application process to lend the money without delay. Pep Stores’ loans wouldn’t be an option if you need a large sum of money. For instance, if you want to start a business or buy a house. Capfin loans at Pep can only be considered if the borrower is looking for a small amount of money and to get free of payments in a couple of years top.
Is there an option to get Payday Loans at Pep?
You won’t find payday loans at Pep. All the same, there is a loan term that you might get into account. You can choose a small amount of money to repay, for example in just 6 months. An interested detail for such loans has to be said. While for loans paid in a year rates are charged annually, for these shorter terms, they are charged monthly, clearly. Because of this, a 6 months loan interest rate is different. All in all, it depends on what you think is better as regards your financial situation.
Is it true that I can get a Personal Loan at Ackerman’s?
Similarly to Pep Stores, you can take a Capfin personal loan at Ackerman’s branches. The terms are also similar as the provider issuing the loan is the same: Capfin, of course. Because of this, you can ask for a short term personal loan. Following, you’ll read about this option to ask Ackerman’s your Capfin loan.
How do I apply for a Capfin Loan at Ackerman’s?
In just few steps, you can enjoy from money lent by Capfin through Ackerman’s stores.
Check the requirements – age, citizenship, bank account, cellphone number, regular wage,
Gather all your documents - salary slips proving your permanent income, Identity Document issued by South African Government, proof of address, bank statements.
Calculate your loans’ installment with our simulator.
Find an Ackerman’s store in your neighbourhood, once you decide is your best alternative.
Once again, as we are always referring to loans processed by Capfin, the requirements are the ones I’ve mentioned before.
Can I have Pep Stores and Ackerman’s contact details to apply for a loan over the phone?
If you need to, you might contact Pep or Ackerman’s to elicit some specific doubts, but the loan application can only be carried out in person. Remember, that’s the special characteristic Capfin offers when working with these two retail stores: applicants having an in store loan application as alternative. Only by taking your documents to their branch, you can ask for a loan.
Clearly, there are plenty of loan options to choose from in South Africa. From payday loans to business loans, you can find what you look for. If you are thinking about getting a Capfin loan at Pep or Ackerman’s, it means what you need is clearly a personal loan. As we are particularly focused on this type of loan, I can assure you it will much simpler for you to make up your mind about your loan after using our platform.
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Questions and answers
Hi, I took a loan of R18,000 with my bank, and I'm paying around R980. My salary is 4800 rand without bonuses, will I still qualify for pep loan?
If you currently have a loan of r18,000 rand with your bank, and you are paying around R980, the borrower, Capfin S.A, will analyse your profile to decide if you can qualify for a pep loan. With a salary of 4,800 rand, you have to make sure you have enough money to pay the monthly fees.
How can I apply for a Capfin top-up loan here online?
Yes, of course. There is no need to visit a local branch to apply for a personal loan with Capfin S.A. The private financial company offers the possibility to apply online. The process is quite easy and simple as you need to leave your personal details to get started. An agent will contact you to continue with the application.
I would like to know how to apply for a personal loan?
Capfin’s loan can be asked through the web page of the company or, as you know, you can also direct to one of the many PEP Stores in the country. If you go with this second option, by just taking your documents to the store, PEP will take care of the rest. That is, they will send Capfin your application and, Capfin will get in contact with you to go on with the loan.
How long does it take to process my application?
Capfin S.A. will take some time to analyse all the paperwork you have handed in: a copy of your South African ID card, your latest payslips and bank statements. The entire process can take up to 72 hours, approximately. After the application has been approved, then the money will be deposited in your bank account.
Can the pensioner qualify for a loan?
As a pensioner, you can qualify for a personal loan with Capfin S.A. as long as you provide the necessary documentation, which is required by the bank. They include three simple items: your South African identity card, your three recent payslips and the three latest bank statements. All of these will be examined by the entity.
How much do I have to pay if I get a 4,000 loan with Capfin?
To know how much you will be paying every month for a personal loan of 4,000 rand with Capfin, you will need to choose a repayment period. Therefore, for example, for a repayment period of 6 months, you will be paying around 963,12 rand. Now, if you choose a period of 12 months, the monthly instalment will be about 501,64 rand.
If I want 3500 rand, how much is the monthly instalment?
To know how much the monthly instalment is for a personal loan with Capfin will depend on the period of repayment that you choose. For example, for a repayment period of 6 months, you will be paying monthly instalments of 835,92 rand approximately. For a period of 12 months, you will be paying instalments of around 444,87 rand.
Can I qualify for a loan even if I'm working for a 5-month contract?
As regards requesting a personal loan with Capfin, the entity requires its clients to provide some obligatory documentation. For example, you will need to show your last three payslips and your last three bank statements. For this reason, you must have a permanent job and also a bank account. Providing you comply with all these requirements, having a 5-month job contract will not be a problem.
I'm working for a 5 month contract job and I'm earning R3700 per month. Will I qualify for a loan of R4000?
Unfortunately, you will not be able to obtain a loan of 4.000 rand with Capfin if you are an employee with a 5 month job contract. In other words, one of the requirements to comply with is to have a permanent job and earn a fixed monthly salary as the company needs to make sure you can afford the instalments.
I have a loan at Capfin, is it possible if I want to increase it?
Capfin offers its clients the possibility to top up their current loan by requesting more money. The company will determine so by checking your actual financial situation as it is important that you have enough income to pay off the instalments. However, if you need cash right away, you may choose a payday loan with Wonga, for instance, whose full payment can be done in a month.
Hi sir or madam I have already taken a loan from pep store and am still paying, can I apply for more?
You can think about requesting a top-up, this is an additional amount of money to the loan you already have with Capfin. You could go to that same PEP store to ask if you qualify for this top up. In order to speed things up, you could bring with you your ID and your bank statements or payslips.
How long does it take if you did apply for a loan at capfin cause my friend did do it online, but he just told me they say they will call him but didn't till now, so he just wants to know if he got the loan cause I told him to ask for a loan at cafpin.
If your friend completed the online application, he should have received a confirmation through a call. If this call has not happened yet, it may be because Capfin is still checking affordability or history of credit of your friend to see if he will be able to repay the loan. After the loan is approved, it should be deposited on his bank account after 48 hours.
What do I need to get a loan? And if my pay is r4,000.00, do I qualify?
To answer your first question, you need three payslips or bank statements for the three months prior to the request that prove you enjoy monthly income, your SA Identity Document, and a South African bank account. Then, to answer the second question, this company will take a look at your overall financial information to inform you about your affordability.
Is prequalification available at Capfin?
No, but you can use the simulator
If i've paid of my loan can get another loan immediately and do i get a better offer than my previous loan?
Once you have finished financing your loan with Capfin in PEP, you can have access to another loan and if you have complied with payments on time, then you will be paying less interest rates for the second loan
I have been trying for several times to apply for a loan but had failed ! I've been scanning my documents for several times now from 10th january 2018 up to the 12th january 2018. The only answer i,m getting from is that document i sent to you is invalid , i had even send my bank statement including my latest payslip for january the 4th 2018! Can you please help me guys i need that loan and is not for the first time , the first one there was problem from you but now i don't know?
Hi! Fortunately, you can contact the bank not only by email but also by phone or you can simply go in person to one of the offices near your home, so that the representatives of the company scan the different financial documentation of yours and the application can continue with no problem!
If I get payed about r2000. Do I qualify to take a loan?
On the assumption that you, first of all, have payslips or bank statements to verify your salary, you are one step closer to your Capfin loan. Then, once the company goes over an affordability assessment on your financial profile, you will be informed about the amount of money Capitec is willing to lend you keeping in mind your income among the factors they take a look at.
How much am I going to pay for 12 months?
Unfortunately, we can’t help you as we don’t know the quote you intend to ask, either way, we’ll provide you with an example for you to have an idea. An R 18.000 loan to pay in a year, will have an estimated cost of R 23053. In contrast, a R 35.000 loan for a year, will have an estimated cost of R 42750. Hopefully, this comparison will help you estimate the cost of your loan.
I applied for a loan at Capfin. I still did not get reply
Capfin has their agents who are willing to help you in any doubt by getting in contact with them. If you have not received a response on your application, you can give them a call, or approach their nearest office in your area. Once you get the approval of the credit, you will only wait 2 business day to have the money on your SA bank account.
Can I apply for a loan by phone?
Yes, by dialing up the free number
Hi if I take a loan of r20 000.00, what will my monthly instalments be? And I also want to know if there’s a certain period I have to pay back. Thank you
According to Capfin’s calculator, if you borrow 20 thousands rands, the monthly instalments would be of 2114.25 rands, more or less. This is so, because for that quote, the repayment period is over 12 months. Reaching the end of the loan, you would have paid 25300 rands approximately. So, for a 20.000 rands loan, the total cost is 25300 rands approximately.
Are offices open at weekends?
Only on Saturdays
I wanna apply for a r3000 loan but I receive a weekly income. For the month all together I earn between r4500-r6000. Do I still qualify for a Capfin loan at pep?
Providing that you are capable of proving you receive certain regular amount per month, Capfin will go over your request to see if you can afford a loan. What I mean is that if you get payslips for your weekly salary, Capfin will be able of verifying your affordability, as you can support your income information with valid documentation.
Good morning. Is it possible to get a loan if I have an outstanding loan at rcs?
There may still be an opportunity to get a loan with Capfin, even though you have instalments to pay to RCS. However, it will clearly depend on how are you going ahead with that liability. If you’re cancelling it properly, your loan may get approved. On the contrary, if you stopped paying those instalments, Capfin will not see it as a positive factor. If this is your situation, you may take advantage of a consolidation loan.
Hi. I earn r3200 per month and I do have 3 months’ payslips. I need a loan of r30 000 do I qualify?
So far, you comply with Capfin’s basic requirements to get a loan assuming, of course, that you also have a bank account in SA as well as an ID and cell phone number. Then, you have to know that, for the amount you are requesting (30.000 rands), they can offer you a 12 months term. In this case, each month you’d have to pay around 3.000 rands.
How much do I qualify for a loan? I get 2100 every months
The applicant’s income is not the only piece of information Capfin pays attention to in order to decide on the loan request. They have to check, for instance, the applicant’s FICO information to find out if they have many liabilities pending. In addition, Capfin will also ask you how much you spend on expenses to know how much of that salary is left to pay for the instalments. But, don’t’ worry, as they’ll tell you the amount you qualify for by filling up their application form.
I was scan my id, payslip and bank statements few days ago at pep but, I'm still waiting for their approval. How long does it take?
It usually takes only few minutes for Capfin to give a response about your loan application. The best you can do is to get in contact directly with Capfin to ask about the request. There may have been a misunderstanding or, perhaps, a little problem with any of the documents you presented. So, to be on the safe side, give them a call or send them an email to elicit any doubt.
I have loan with Capfin and would like to increase my loan, is that possible?
It will be necessary that you apply for that new loan as you did with the first one, to know if you qualify for it. The result of such application will be determined after analysing your current situation and, how you’ve been cancelling your existing loan, if you have failed to pay some or any of the instalments on due date, your chances of getting more money decreases.