Everyone is worried about the financial situation in the current economic circumstances. If you are among those who run the family and lost your job recently. Do not worry; PEP is there to help you in the most challenging phase of your life.
Loans provide the needed financial support in the unemployment phase, which is no less than a blessing to fulfill your daily needs until you find another job. Capfin powers the PEP loans and acts as a bridge between the borrower and the bank. If you are unemployed and wondering if you are eligible for the PEP loans and how you can get PEP loans for the unemployed, then you are at the right place.
Requirement for PEP Loans
Any person with no income source and unemployment is not eligible for the PEP loan. An applicant must have the following items to qualify for the PEP loans for the unemployed.
- Three latest payslips or
- At least three latest bank statements
Anyone who fails to submit any of the above documents can not apply for any PEP loans, including PEP loans for the unemployed. However, that’s not the case all the time.
There are a few exceptional cases where you can get a PEP loan even though you are unemployed. Are you interested in finding out the conditions by which you can get a PEP loan without a job? Keep reading.
How to Get PEP Loans for the Unemployed?
If you want PEP loans for the unemployed, you must satisfy the Capfin that you can repay the loan in time because that’s the only thing PEP wants from the borrower. That’s why it is easier for an employed person to get a loan than for the unemployed because they have a reliable monthly income source through which the company determines the borrower’s capability of repaying the loan amount.
So, if you are not earning through a job, you will not have any payslip to attach to your loan application. This is why many think they can not get loans from PEP, but in reality, you can get PEP loans for the unemployed if you have a good credit score or bank history with regular deposits.
- Anyone self-employed
- Earning rental income
- Receiving payments regularly from various clients
Advantages of PEP Loans
If you fall under any of the above-listed qualifying criteria of the PEP loans, you should not waste any minute and submit your application for the PEP loans for the unemployed immediately. I run a business and recently got my PEP loan.
I suggest you do the same because it has many benefits for the borrower, making them the best option for unemployed workers. Let me discuss those for you here.
- Fast Financial Assistance
- Flexible Return Option
- No Security Requirement
- Minimal Documentation
- Minimum Interest Rates
Application Process
The application process for PEP loans is pretty simple, but careful research is needed to find a reliable lender. Once you have searched for a reputable organization or institute that offers PEP loans for the unemployed, you must gather your documents, apply for the loan, and submit your application.
Required Documents
Gather and attach all the required documents with your loan application. You will need the following documents:
- A valid South African ID
- Valid bank account
- Valid cell phone number
Complete the Form
Fill out the application form given by the lender. You have to provide accurate information to receive the PEP loan. Failure to fill out the application form increases if your application does not have valid information.
Submission of Form
Submit your filled application form with the required documents mentioned above. Most lenders provide the online submission of the application form, making the process more convenient.
After submitting your application form, cross your fingers and wait patiently; the lender will review it and inform you about their decision. If the lender approves your application form, the lender will transfer the money to your bank account within a few working days.
We understand how difficult it is for the sole breadwinner in the family to lose a job. Still, an unemployed person is not eligible for the PEP loans unless and until they have an alternative source of income or a good credit score that proves their ability to return the loan amount in time. Anyone interested in PEP loans for the unemployed can read this guide’s requirements and eligibility criteria to determine whether he can apply for the loan.