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Are There Capitec Loans for Pensioners? Options, Application and Interest Rate

Pensioners usually find it hard to apply for a loan from banks. Even if they do find an entity to apply with, they may have some restrictions. If you’re a pensioner I’ll refer to Capitec loans for you and, I’ll also tell you a little about P2P Lending, which can be really convenient for not eligible borrowers.

What are the options for Pensioners with Capitec Bank loans?

    Capitec offers a wide range of alternatives but, for pensioners you may get a Personal loan or, what they call “Credit Facility”, which is a short term loan payable in just 30 days. These two types of loan have basic requirements like, being older than 18 and, get a monthly income and, documents to prove it. That’s why if you’re a pensioner, you can have access to this loan.

Will the interest rate of the loan be different if I’m a pensioner?

    The interest rates along with the amount of the loan are determined after going through some affordability assessments and checks. This is done with any applicants so, the loan cost will be settled on the result of previous loan payments the Cpaitec’s applicant may have. For example, when borrowers have good credit and, show good payment behaviour in the past, they have more chances to get lower rates.

    Now, if you really need to know more or less how much money you will need or, if you need to figure out how much money can you ask for, you may take advantage of the online calculator Capitec Banks has at your disposal. You will be asked to provide some information and, the result the calculators show, will clarify all this.

Are there other options for Pensioners to get a loan in South Africa?

    As a matter of fact, there’s another way which is getting more and more attractive among applicants. I’m talking about Peer to Peer Lending that works like this: there’s an online platform in which lenders and borrowers meet and, work together. Borrowers upload the loan they need to get and, the lenders go over the applications to decide which loans they will issue. The special feature of P2P is that as transactions are done without a bank, there’s a win-win situation for both parties. This means the borrower will get lower rates than with a bank and, the lender will also have a higher profit.

    Besides P2P Lending, you can search for payday loans companies. As these are loans issued for small sums of money, they usually have lower requirements. Also, you could get informed about pawn loans, which are loans granted in exchange for collateral. This means, you present an object of value and, you get the amount of money that object is worth, when you repay the loan; you’re given your abject back.

How is it possible to follow up the loan granted by Capitec?

    Follow up the loan once you start the application is possible thanks to Capitec Bank’s online tools. After the loan is permitted, you can follow the process via internet by entering into your Capitec account. You will see it’s truly simple and quick.

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Can Pensioners apply for the loan online?

    There are 3 ways to get a Capitec Bank’s loan. One of them is online and, the others are in person or, even sending an SMS. No matter which one you choose, these are the stages to follow. You get the estimated cost of the loan by submitting some information. This information relates to personal information about the borrower, their job status and, the loan they are requesting. Bear in mind, you need to support that information with valid documents. Afterwards, Capitec’s assistants will get in touch with you to let you know if you are eligible to get the funds and, the amount you are eligible for. In case you qualify, you’ll obtain the money in your account.

    For an SMS application, the procedure is similar to via your computer. If you decide to go in person, all you need to keep in mind is that you must take the documents to prove your information. These are:

1- Identity Document issued by the South African government.

2- The three latest salary slips to demonstrate you get income on monthly basis.

3- A utility bill showing your physical address. Bear in mind, it could be any other valid document that shows your address.

Let’s check out some Capitec Bank’s reviews from their clients

    One of the most remarkable features of Capitec is that they give pensioners the chance to get financial assistance. We know pensioners get if difficult to gather the requirements to apply for a loan and, even though this company doesn’t allow them to get home loans for instance, they do provide pensioners with options to get economic help if they need to.

    On the other hand, a benefit worth mentioning is Capitec’s assessments over their applicants to see if they can be granted the loan. Whereas this may be seen as a disadvantage by some clients, it represents a positive point and, I’ll explain why. There are entities that will approve your request no matter the amount and, in this way; they may lead you to get in financial difficulty to repay it. If you get behind with payments, you must pay extra late fees, increasing even more the total cost of the loan. What’s more, you may even find it impossible to cancel the loan. So, being granted a Capitec loan will make you feel sure about your monthly expenses.

Before we finish, let’s review important Capitec Bank Information

  • Capitec Bank application can be developed in 3 different ways.

  • The interest rate of the loan will always be established based on the borrower’s ability to pay the instalments.

  • There are personal and short term loans available for pensioners.

  • Borrowers can keep track of their loan in process.

  • Capitec group of consultants are eager to help any client.

If you’re a pensioner needing a little help, you can trust on Capitec to give you a hand. Besides, now you know there’re other alternatives for you to get a loan. So, wait no longer and, go for it.

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