Capfin Loan Review
Capfin was founded in 2010 and has since established itself as a reputable lender by operating primarily through its online platform. However, Capfin has extended its services to PEP and Ackermans stores nationwide. This strategic expansion allows Capfin to combine the convenience of online lending with the physical accessibility of retail outlets. As a result, Capfin has become a versatile and easily accessible financial solution provider in South Africa.
This review will examine and compare Capfin’s personal and short-term loan offerings. By evaluating the eligibility criteria, loan terms, interest rates, and repayment options for both personal and short-term loans, individuals can make informed decisions regarding their borrowing needs.
Capfin at a Glance
- Loan amount: R1 000 – R8 000 (short-term loans) / R8 500 – R50 000 (long-term loans)
- Loan term: 6 months (short-term loan) / 12 months (long-term loans)
- Interest rate: up to 5% per month (short-term loans) / up to 29.25% per annum (long-term loans)
- Initiation Fee: R535
- Monthly Service Fee: R69
What You Should Know about Capfin:
Capfin loans are an excellent choice for individuals who are in need of easy, quick, and readily accessible loan options. With Capfin, borrowers can easily access loans through multiple channels, including retail stores, online platforms, and over the phone. This ensures that individuals can apply for loans in a way that suits their preferences and circumstances.
Moreover, Capfin provides borrowers with the advantage of customising their loan amounts to suit their specific requirements, particularly in times of emergencies. The loan instalments offered by Capfin are set and unchanging, simplifying the budgeting process.
- Capfin's loans are conveniently available nationwide in PEP and Ackermans stores.
- Capfin has flexible repayment options like making in-store payments, unlike most other lenders who only rely on DebiCheck Mandate.
- Capfin loans offer a comparatively lower maximum loan amount of R50 000 when compared to other online lenders in South Africa.
- Capfin's customer service is perceived as unsatisfactory, according to reviews on HelloPeter and Google Reviews.
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*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate, including fees of 27.5% APR would be R1 232.82 per month. BetterLoans is an online loan broker and not a lender. Our service is free, and we work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant’s credit score and other factors at the lender’s discretion. Loan amount R500 – R350 000. Repayment terms can range from 3 – 72 months. The minimum APR is 5%, and the maximum APR is 60%.
How Capfin Loans Stand Out?
Capfin sets itself apart from other online lenders in South Africa by leveraging a unique advantage. Through strategic partnerships with PEP and Ackermans, Capfin guarantees the availability of its financial services in all its nationwide stores.
Customers can conveniently access Capfin’s offerings in over 2 500 PEP stores and more than 1 000 Ackermans stores scattered throughout South Africa. By tapping into the vast network of these retail giants, Capfin extends its reach far and wide, ensuring that its services are accessible to a large portion of the population.
Capfin Loan Products
Personal Loans (long-term loans)
Capfin offers personal loans ranging between R8 500 and R50 000 with a repayment period is 12 months, enabling customers to handle their loan obligations comfortably. Capfin provides a competitive interest rate of up to 29.25% per year, ensuring that borrowers can access funds at a rate that is in line with NCR standards.
Short-term Loans
In addition to personal loans, Capfin provides customers with the option of a short-term loan ranging from R1 000 to R8 000. The repayment period for this loan is set at six months, and borrowers are subject to an interest rate of up to 5% per month. This offering enables individuals to access the necessary funds quickly and repay them over a relatively short period, providing a flexible solution for their financial needs.
Benefits of Taking a Loan from Capfin
Capfin gives customers the benefit of various repayment options for their loans. One way is by setting up a DebitCheck, which allows for automatic monthly deductions of the repayment amount. Another option is to make a bank deposit using either the Capfin Personal Loan account number or the customer’s identification number as the deposit reference.
Customers can also make in-store payments at Pep or Ackermans. To do so, they need to use the unique Pay reference number provided by Capfin upon request. Alternatively, customers can utilise the Capfin Pay Payment Portal. They can access this portal by following a link sent to them via SMS when arranging to pay their account. Through the portal, customers can easily make their payments.
Capfin Loan Interest Rate and Fees
Capfin provides personal loans with an attractive interest rate of up to 29.25% per year. This rate ensures customers can access the financial support they need while keeping their repayments manageable. Additionally, Capfin offers an interest rate of up to 5% per month for short-term loans, providing flexibility and convenience for those seeking immediate financial assistance.
In addition to the interest rates, Capfin charges an initiation fee of R535. This fee covers the administrative costs of setting up the loan and processing the necessary paperwork. By incorporating this initiation fee, Capfin ensures transparency and clarity regarding the total cost of borrowing.
Furthermore, Capfin applies a service fee of R69, which covers the ongoing support and assistance provided throughout the loan term. This fee contributes to maintaining efficient customer service, ensuring that clients receive the necessary guidance and support during their borrowing experience.
How To Qualify For Capfin Loan
These are the documents you need to qualify for a loan from Capfin:
- Valid South African ID: The first step to qualify for a loan from Capfin is to have a valid South African ID. This establishes your residency in South Africa and serves as a form of identification.
- Recent Pay Slips or Bank Statements: Capfin requires you to provide three of your most recent pay slips or bank statements. These documents serve as proof of your income and help the lender assess your ability to repay the loan. It’s crucial to be permanently employed and earn a monthly salary.
- Good Credit History: Having a good credit history is vital for loan approval. Capfin will review your credit score and credit report to evaluate your creditworthiness. A positive credit history enhances your chances of qualifying for a loan.
- No Outstanding Debts in Collections: It’s essential not to have any outstanding debts in collections. Having debts in arrears can negatively impact your loan application, as it suggests a higher risk of defaulting on payments. Ensure all your debts are up to date before applying for a loan from Capfin.
By meeting these requirements, you increase your chances of qualifying for a loan from Capfin.
How to Apply for a Capfin Loan
The best way to apply for a Capfin loan is to use BetterLoans. In addition to Capfin, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.
To apply for a Capfin loan, visit their website and complete the online application process. Make sure you have all the required documents beforehand. Once ready, go to the online portal on the Capfin Website and enter your name and cellphone number. A Capfin representative will then review your application and contact you for further instructions.
In addition to the online application, Capfin offers the option to apply for a loan via SMS to 33005. Once you have sent the SMS, a Capfin representative will reach out to you by phone to talk about the application process in more detail.
Furthermore, if you prefer a more personal approach, Capfin has established a unique way to apply for their loans. You can visit any PEP or Ackermans store located nationwide, as they offer Capfin’s financial services. By visiting one of these stores, you can have a face-to-face interaction with a Capfin representative who will guide you through the application process and address any questions or concerns you may have.
How Long It Takes Capfin to Approve a Loan
Capfin takes just a few hours to give the green light on your application (if all your documents are in order and your credit check is clean). Once your loan is approved, the funds will be deposited into your bank account within 48 hours. This quick turnaround time allows you to access the money you need in a timely manner, providing financial relief when you need it most.
However, it’s important to note that any delay in approving the DebiCheck mandate request from your bank can impact the transfer of funds into your account. The DebiCheck mandate request is a verification process to ensure the loan repayments can be deducted from your bank account as agreed upon.
Is Capfin a Trusted and Reliable Lender?
Capfin, a division of Pepkor Trading (Pty) Ltd, is a well-established credit service provider in South Africa. Founded in 2010, Capfin has gained a commendable reputation for offering financial services through popular retail brands such as PEP and Ackermans.
In adherence to the regulations set by the 2005 National Credit Act, Capfin is duly registered with the National Credit Regulator (NCR). The NCR plays a crucial role in overseeing and regulating credit providers operating within South Africa.
While Capfin has enjoyed success in its operations, it has also faced some criticism from customers. According to reviews on HelloPeter.com, a customer review platform, Capfin has received an average rating of 1.4 stars out of 5. The predominant complaints revolve around the behaviour of the company’s representatives, with customers expressing dissatisfaction with rude behaviour and reporting receiving an excessive number of calls from Capfin.
Capfin Contact Details
Office Address: 1 Industrie Street, Kuils River, 7580, Cape Town
Open:Customer service telephone line 8 am – 5 pm weekdays.
Email: [email protected]
Phone: 087 354 0000
Website: www.capfin.co.za
Frequently Asked Questions (FAQs)
What interest rate does Capfin offer on its loans?
Capfin offers an interest rate of up to 29.25% per year for long-term loans and up to 5% per month for short-term loans.
What is Capfin's contact number for a loan?
You can call the Capfin contact centre on 087 354 0000 t enquire about your eligibility for a loan.
Foli has an MSc. Economics degree, and has been active in South Africa lending space for years. Whenever he is not writing, you will find him building websites.
