Capfin Loan for Unemployed

Capfin loans for the unemployed are an excellent opportunity for those under financial stress and striving for financial help to survive tough times. The application and eligibility for the Capfin loan are pretty easy and straightforward.

Here is a complete guide on the Capfin loan, its prerequisites, application process, loan statement, and interest rates; so dive right in for more.

Eligibility Requirements for Capfin Loans

To become eligible for the Capfin unemployment loans, the candidate must fulfill a few requirements.

• The applicant must be over the age of 18 years and must have a stable previous employment history. He/ she must prove their ability to repay the amount keeping the Capfin terms and conditions in mind.
• The applicant must have a valid national ID document. Or, they must enjoy the status of a permanent resident. People with special refugee status are not eligible for the loans.
• The applicant must show the proof of income of their beneficiary (as they are unemployed). They should provide the three most recent payslips or bank statements.
• The applicant must possess a good credit score. His/ her credit profile will undergo scrutiny and will be evaluated according to the Capfin credit policy checks, as the authorities need to make sure that the loans are extended to individuals with a history of responsible behavior.

Here are some other things you should be concerned about while applying for the Capfin loans.

• The applicants must disclose their previous and ongoing loans or financial obligations apart from Capfin loans. This is because it directly impacts a person’s affordability assessment (ability to take additional debt).
• The applicant is required to submit written consent, confirming that Capfin has the right to use personal information for necessary credit checks.

Documents Required for the Application

Here are a few documents you must submit to apply for the Capfin loans.

• They must provide a valid South African ID document.
• They must also provide the three latest payslips or bank statements.
• They are required to submit the consent letter.

Please note that Capfin may require additional documents depending on the individual’s profile.

How to Apply for Capfin Loans?

There are several methods through which you can apply for the Capfin loans. All methods are straightforward and don’t take more than ten minutes. Here is a breakdown of each way through which you can submit the Capfin loan application.

Online Application

• First, visit the official Capfin website and navigate to the Apply button.
• Before proceeding further, read all the instructions to ensure proper submission.
• Once done, hit the Apply button. It will take you to the application form.
• It usually asks you about personal and financial details. After filling out the fields, double-check everything to make sure there are no mistakes.
• Next, upload all the required documents. Make sure all the files are clear and scanned copies of the original documents.
• Once you are satisfied, press the Submit button and you are done.

Through SMS

Another way to submit your Capfin loan application is through SMS. Here is how it goes.

• First, open your phone and navigate to the messages app.
• Send your valid South African ID document number to 33005. You will receive a response with a few instructions.
• They usually require you to reply with your personal and financial details like name, ID number, bank details, employment history, etc.
• Once done, you will be required to submit a few documents.
• Overall, you just have to follow the instructions prompt to complete the application process. Congratulations, your request has been recorded.

Through PEP or Ackermans

The last way for the submission of Capfin loans is through PEP stores. Here are a few steps you need to follow in this method.

• First, visit any local PEP or Ackermans store in your country and consult a Capfin consultant. They usually guide you through the application process.
• Ask them to give you the application form. Carefully fill out the form under the supervision of the consultant and make sure there are no typing errors or misrepresented claims.
• Once done, they will ask you to attach a few documents. It is better to call them beforehand to inquire about the documents, so you don’t have to make multiple visits to the store. Attach clear and scanned copies of the original documents.
• Finally, your application is submitted. Get a stamped receipt as proof of your application submission.

How Do I Know If My Capfin Loan Is Approved?

Like the application process, there are several ways through which you can check whether the loan has been approved. Here are a few of them explained.

Through SMS

When you submit the application, the Capfin authorities on the other end will send an SMS notification, giving you the outcome of the request. It usually takes five to ten minutes for Capfin to respond to the application.

Through Email

Just like the SMS, Capfin will also send you an email with the final decision. It usually includes all the necessary details about the loan amount, interest rates, and repayment plans, specific to the application.

Through the Online Account

You can also log into your online account on the Capfin application portal. After this, navigate to the status page and view the status of your application. It also includes information like interest rates, repayment terms, and loan amounts.

Through USSD Notifications

In addition, if the Capfin loan is approved, you will receive a USSD notification from your bank. After this, you have to accept or reject the debit order mandate as soon as possible.

Signs that Your Capfin Loan Might be Approved

Here are a few signs that may suggest your Capfin loan might be approved.

• The applicant has received a positive credit check result.
• The applicant has an overall good credit score.
• The applicant meets all the eligibility requirements.
• The applicant has all the documents available.

That said, there is no guarantee that your application for the Capfin loan will be approved. This is because the committee considers several factors like credit score, income, employment history, etc, before making a decision. What’s even better is that Capfin provides reasons why your loan amount was approved, so you are better prepared in the future.

What If You Haven’t Received Any Decision?

• If it has been days and you still haven’t heard from Capfin, it is better to contact them directly. You can always call them on your toll-free number; 087 354 0000.
• Make sure to check your spam folder for emails.
• Always keep your phone on and accessible.
• Make sure the contact information you have provided is up-to-date, so it is easier for Capfin to reach you.
• Always wait 48 hours for the application to process before reaching out to Capfin.

Repayment Options for Capfin Loans

Capfin has a flexible repayment policy that allows you to choose to repay the loan amount over 6 months or 12 months. Beneficiaries are also free to make additional payments in between to reduce their loan balance and save on the interest amount.

In essence, applying for Capfin loans is easy and does not take more than ten minutes as long as you know the right steps. I hope this guide has been helpful for anyone interested in achieving a Capfin loan.