Capfin is a South African financial institution established in 2010. They are a registered credit provider (NCRCP13053) and authorized financial services provider (FSP). Capfin aims to be a reliable financial partner for individuals by offering personal loans. They focus on responsible lending practices to ensure their customers can manage their debts.

What Personal Loans Does Capfin Offer?

Capfin offers personal loans to help you cover unexpected expenses or make larger purchases. Here’s a breakdown of the key features:

• Loan Amounts: You can borrow up to R50,000.
• Repayment Terms: You can choose a repayment term between 6 and 12 months to fit your financial situation.
• Interest Rate: It’s important to note that the interest rate is 29.25%, which is on the higher end. Make sure you carefully assess your ability to repay the loan with interest before applying. There are additional fees to consider as well.
• Fees: There’s an initiation fee of R535 and a monthly service fee of R69 on top of the interest. Be sure to factor these fees into your total loan cost.

Am I Eligible for a Capfin Loan?

Capfin has specific requirements to ensure you can manage the loan repayments. To qualify, you’ll need to meet the following criteria:

• Age: You must be 18 years old or older.
• Identification: You’ll need a valid South African ID document.
• Employment: Capfin requires proof of permanent employment with a verifiable monthly income. Submit your 3 latest payslips or bank statements to demonstrate this.
• Bank Account: You must have a valid South African bank account to receive the loan funds and make repayments.
• Contact Information: Provide a valid cellphone number for Capfin to reach you regarding your application.

Capfin Loan Calculator

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This online loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

How Can I Apply for a Capfin Loan?

Capfin offers several convenient ways to apply for a loan:

• Online Application: Apply directly through their secure website. They use a one-time-pin (OTP) verification process for added security.
• SMS Application: Send an SMS to apply, following the instructions provided by Capfin.
• In-Store Application: Visit any PEP or Ackermans store nationwide to apply for a loan with their assistance.

What Happens After I Apply?

Capfin strives for a quick and efficient application process. Once approved, the loan funds will be deposited directly into your nominated bank account within 48 business hours.

Additional Things to Know About Capfin Loans

• If your application is unsuccessful, you’ll need to wait 30 days before reapplying.
• The final loan amount you qualify for will be determined based on an affordability assessment. This assessment considers your income, expenses, and credit history to ensure you can comfortably repay the loan.
• Capfin provides several options for submitting your required documents: online upload, in-store scanning at PEP/Ackermans, email, and fax.

Important Considerations Before Applying

• Interest Rate: As mentioned earlier, Capfin’s personal loans come with a high interest rate. It’s crucial to thoroughly assess your affordability before applying. Consider using a loan calculator to estimate your total repayment amount with interest and fees.
• Fees: There are additional fees besides the interest rate. Factor in the initiation fee and monthly service fee when calculating the total loan cost.
• Shop Around: It’s always a good idea to compare loan offers from different lenders before choosing Capfin. This way, you can find the most suitable option for your needs and financial situation.