What Is a Capfin Loan? How To Get It?

A Fintech company, Capfin, in South Africa is providing financial assistance to eligible people who need financial support to deal with unforeseen expenses. Capfin provides financial assistance in the form of easy-to-manage loans that individuals have to repay according to the settled agreements. In order to get the loan, you must be eligible and qualify by submitting an application and other necessary documents.

What Is a Capfin Loan? How To Get It?

Well, Capfin loans are credits by a prominent Fintech company located in South Africa. These are some of the most affordable and easy-to-manage loans where an individual who qualifies for the loan can get the loan amount of up to R 50,000. 

The repayment schedule is easy and simple. You can repay within a 6 to 12-month time period. Your organization is a registered organization in South Africa that provides credit to individuals with costs or extra charges. 

The company offers Capfin loans to individuals to help them financially in dealing with unforeseen situations such as home improvements, emergency needs, or in the case of children’s education. The first and foremost important thing that you have to keep in mind before considering a Capfin loan as your partner is to confirm whether you qualify for it or not. 

To qualify for the loan, you need to make sure to fulfill the eligibility requirements before applying for credit. Let’s look at the eligibility criteria that you have to fulfill to apply for a Capfin loan in South Africa.

Eligibility Requirements

Here is the list of eligibility requirements that you have to fulfill to apply for a Capfin loan. Make sure to understand them well and try your best to fulfill every eligibility requirement beforehand so that your application gets accepted easily. In order to qualify for Capfin loans, you have to make sure that,

• You are a South African citizen with a valid South African identity card. 

• Another important thing that you have to keep in view before applying for a Capfin Loan is your age. It should not be less than 18 years at the time of application submission, to apply for the credit. Otherwise, your application will be rejected.
• You also have to make sure that you are either permanently employed in a company or earning a proper monthly salary. 
• You also have to make sure that you have a bank account and that you have your last three months stamped payslips or bank statements with you. Remember, they should be from the last 3 months. 
• You also have to make sure that you have a valid South African cell phone number. 
• You also have to provide proof that you have a working South African bank account in your name. 
• Your bank account could be in Standard Bank, ABSA, FNB Bank, Capitec Bank, Nedbank, or African Bank of South Africa.

How To Apply? Application Procedure 

Applying for Capfin loans is easy and quick. The loan providers have made it much easier and more convenient for applicants to apply for Capfin loans. 

You can apply for the loans directly at the official website of Capfin or simply by submitting the documents via email or faxing them to the company. Let’s look at the details of the methods below.

Applying Via Website

• To apply for Capfin Loan via their official website, you have to simply click on capfin.co.za. 
• Then you have to select the option to “Apply now”.
• Now you have to create your profile. Make sure to create a profile using your South African identity card number. 
• You will receive a one-time pin that will confirm your identity. 
• Now log into your profile and apply for the application by simply filling out the application form and attaching the necessary documents by uploading them. 

Here are the methods that you can use to upload the documents with your application form. You can either upload them,

• Directly on the website
• Or by scanning them at the Ackermans Store or PEP store near you.
• You can also submit the documents by emailing all the documents to their email address. The email address of capfin is [email protected].
• You can even fax the necessary documents to 086 688 0000.

Applying Via Message 

To apply via message for a Capfin loan,

• You have to send an SMS by typing “Capfin Loan” or simply “Hi” to 33005. 
• Then you have to wait for the response. 
• You will receive an immediate response from the company. 
• Follow the steps as it is to apply for the loan successfully. 

Applying Via In Store 

This is the third method that you can use to apply for Capfin loans. 

• You can visit the nearest PEP Store or Ackerman store.
• Then you have to inform the sitting person that you need guidance for applying for the loan. 
• They will guide you through the procedure that you have to follow to submit the application for a loan.

Documents You Need To Submit 

Here is the list of documents that you have to provide along with your application form to get Capfin loans. The list includes,

• A copy of your South African ID card 
• Latest 3 months stamped payslips or bank statements of your bank account 
• Proof of your employment or a monthly salary that you are getting

Loan Repayment

Capfin loans are provided based on affordability assessment. It is done considering your expenses, income payment behavior, and credit profile. 

After your application is approved your loan is paid within no more than 48 business hours to your selected bank account. You will receive the payment within 2 days in your nominated bank account. 

You can make repayments on the basis of your settled agreements via debit orders, in-store payments, bank deposits, or by capfin Pay@ Payment Portal.

Important: In case of assistance related to payment arrangements, you can contact Capfin’s collection department or simply use the USSD code, which is *134*6454#. 

How To Contact Capfin Loans In Case You Need Help?

In case you have questions and queries or need help during the procedure of application submission for the loan, there are different methods that Capfin offers to its customers for contacting. You can either email them, call them, or simply message them on WhatsApp. 

They assist you personally and quickly within no time. Moreover, Capfin is one of the organizations that is known for its helpful and reliable customer support team. The customer support service makes sure to satisfy customers by providing unparalleled support. 

Furthermore, there is this latest feature of WhatsApp Integration into the Support System of Capfin. This makes Capfin customer support not only direct and quick but also reliable and extremely helpful. 

FAQs

Will you get the updates from Capfin about your loan status? 

Yes, the Capfin keeps you updated about your loan status and other relevant information via SMS notifications. They offer timely updates and information about important news, repayment reminders, and your loan status via messaging you directly on your phone.

After creating an account on the Capfin website, what do I have to do to apply for the loan?

After you have created your account on the Capfin website, you simply have to log in to your account using your South African identity card number and an OTP for security. Then you have to click on “Apply Now” and follow the instructions as it is to apply for a Capfin loan.

Is the Capfin online application secure? 

Yes, there is no doubt about the Capfin online application. The system is secure and reliable because as soon as you create an account with your South African ID number, you get a one-time PIN on your cell phone. There is only this OTP via which you can get access to your account that makes online applications secure and reliable.

How long does it take for a Capfin loan to be approved?

Although the approval time of a Capfin loan varies based on different factors, you have to keep in mind that it may take somewhere between 15 to 20 days to process your application and check for your eligibility. You need to make sure to provide all the necessary information and genuine documents to avoid any misunderstanding or delays in the application.

Will there be any effect on your credit record if you do not pay your loan for one month? 

Yes, pending payment definitely affects your credit record negatively. You should try your best to pay the amount within time to avoid adverse effects on your credit record that ultimately will affect your reputation and chances of getting a loan next time.

What if I want to change my cell phone number? 

Well, you can change your details and update them without any worries. To do that, you can simply contact one of our customer service consultants by dialing 087 354 0000.

Why is my settlement quote different from the balance? 

The settlement quote is different from the balance because it includes the unpaid balance of the loan. All of the unpaid interest and fees that have not yet been added to your account are added together in the settlement quote that makes your “My Balance” different from “My Settlement Quote.”

Will my loan term be shorter if I pay more in monthly installments? 

Yes, definitely, and it is a better choice. Your loan term will automatically reduce if you make additional payments on a monthly basis. Moreover, the total time and payments that you have to make vary based on the amounts paid.

What if my loan application is declined?

In case your loan application is declined, you don’t need to worry at all. You can re-apply after waiting for 30 days.  Keep in mind that you can only re-apply for a Capfin loan after 30 days of your application declining.

What is the best method to apply for a Capfin loan? 

According to users, they usually prefer to apply for a loan by visiting the website. Alternatively, some users prefer selecting the SMS method or the in-person method in which they visit PEP or Ackermans Stores available near them.

Conclusion

This above guide elaborates on the procedure of applying for Capfin loans and other relevant information that you need to have when submitting the application form. You need to pay attention to the article written above to understand how a loan works, how you can get it, the documents you need to submit, and the eligibility criteria that you have to fulfill before applying. Remember not to miss anything important to make sure you can get your loan application approved easily.