Financial instability and inflation are two significant concerns for people who can hardly make ends meet. In such times, losing your job or being unemployed is no less than a nightmare. Considering the struggles of an unemployed person, Capitec Bank offers loans to the unemployed so they don’t end up trusting deceptive lenders and losing valuable items.
This quick guide will share Capitec loans for the unemployed, how to apply for one, and the loan conditions. So, if you need financial support temporarily or due to prolonged unemployment, you are in the right place.
Capitec Loans for Unemployed
Whether you lost a job recently or do not have one and want to take care of your expenses yourself, you can apply for Capitec loans for the unemployed, usually called personal or temporary loans. However, not every unemployed person is eligible for the loan; there is a set of criteria that you should fulfill to get the loan even if you are unemployed.
Eligibility Criteria for Capitec Loan
Like all other creditors in South Africa, Capitec Bank does not approve loan applications of those who don’t have a constant income source. It helps the bank decide whether you can repay the loan amount.
Now, those unemployed must be disheartened thinking they will never be able to apply for a Capitec loan, right? That’s not always the case; an unemployed person can also apply for a loan without a job or stable income source. For this, you will need a guarantor who has a stable income and agrees to pay back the loan amount if you can not, or if you have a good credit score without the job, you can apply for Capitec loans.
Personal Loan
Unemployed people who need financial assistance for personal use can apply for personal loans at Capitec Bank. You can get up to R250000 through a personal loan, and the repayment period for this loan is 84 months. However, it is credited only to a few because getting a loan as an unemployed person is challenging.
I own a business, so technically, I am not unemployed, but because I have a good credit score, my loan application always gets approved. All those looking for Capitec loans for the unemployed and having a good credit score, submit your loan application today and hope for the best.
Temporary Loan
I have good news for all those who are unemployed and are regular clients of Capitec Bank. Capitec Bank is one of the best banks in South Africa and offers loans to individuals at relatively lower interest rates, which is why the list of regular clients of Capitec Bank is long; if you are one of those and need a loan for an emergency, you can get that from Capitec Bank.
You can visit the bank, ask if you are eligible for the temporary loan, and submit your application. Once your loan application is approved, you will receive the loan amount directly into your bank account.
Student Loan
Unemployed students who want funding to continue their education can also apply for Capitec loans, but that is not included in Capitec loans for unemployed individuals. More specifically, you should apply for a student loan and receive R250000. Student loans should also be repaid within 84 months in installments.
Can an unemployed person get a loan in South Africa?
Yes, unemployed people can also get a loan in South Africa, like employed people. However, there are a few conditions that a jobless person should fulfill to get the loan.
How long does it take for Capitec to approve a loan?
For all those who have submitted a loan application to Capitec Bank and are wondering how many days it will take to approve the application, the following information is for you. After verification of the loan application, it takes up to five business days for the application to get approved and the loan amount to be deposited in your bank account.
Can I get a loan if I don’t work?
You can get a loan if you are unemployed or don’t work but on certain conditions. Anyone who does not have a job but is earning from alternative sources can get a loan. Also, you’re eligible for the loan if you have a good credit score.
Thinking about getting a loan as an unemployed person seems odd, but there are a few conditions on which an unemployed person can apply for a loan from Capitec Bank.
Someone with an alternative source of income, a good credit score, or a bad credit lender is eligible for the Capitec loans for the unemployed, but these loans are provided after proper assessment and verification, which is why not everyone who is jobless can get these loans. We have mentioned the loans you can get from Capitec Bank as an unemployed person; I hope you find that helpful.