Capfin, a division of Pepkor Trading, offers personal loans, which is the product people mean when they search for a Capfin short term loan. To qualify you must be an adult, have a valid South African identity document, be employed and earning a monthly salary, have a South African bank account and a working cellphone number, and pass Capfin’s credit and affordability assessment.
Meeting the basic criteria does not guarantee approval. Capfin decides each application at its own discretion. Capfin offers loans of up to R50 000 (its loan calculator starts at R1 000), repayable over 6, 12 or 24 months, with the amount decided by its affordability assessment. The current criteria, amounts, terms and costs are set by Capfin, so confirm them on the Capfin website before you apply.
Eligibility Requirements at a Glance
Capfin’s own FAQ sets out the basic criteria. In general you need:
- To be 18 or older
- A valid South African identity document (Capfin may accept other identification in some cases, so check when you apply)
- Permanent employment with a monthly salary
- A South African bank account with a bank Capfin supports: Standard Bank, ABSA, FNB, Nedbank, Capitec, African Bank or TymeBank
- A valid cellphone number
Check that your bank is on that list before you start.
Income and Affordability Requirements
Capfin asks for proof of your income: your 3 latest payslips or your 3 latest bank statements. You must be permanently employed and earning a monthly salary.
Credit providers in South Africa must assess affordability before granting credit. The assessment looks at your income against your existing expenses and debt, which is why meeting the stated criteria does not oblige Capfin to approve you.
Credit and Financial Requirements
Your credit record and existing obligations are checked as part of the application, and they affect both the decision and the terms offered.
Credit life is mandatory for a Capfin loan at the time of application, but Capfin’s FAQ says you can choose to substitute Capfin Credit Life with your own credit life insurance policy. Credit life is designed to settle your outstanding loan balance if certain events occur, such as death, disability or loss of qualifying income.
Compare the total cost of credit, not just the instalment. Short-term credit can cost a lot relative to the amount borrowed even when the monthly payment looks manageable. Interest rates and fees are set by Capfin, so read them in your loan agreement before you sign.
Documents and Verification Required
Expect to provide:
- Your identity document
- Proof of income: your 3 latest payslips or your 3 latest bank statements
- Your bank account details and cellphone number
- Your employment details
Capfin’s FAQ says you can submit documents by uploading them on the Capfin website, scanning them at any PEP or Ackermans store, or emailing them to [email protected] with your SA ID number in the subject line after you apply. If you bank with ABSA, African Bank, Standard Bank or Nedbank, Capfin can obtain your documents with your permission at no extra cost. Capfin may ask for further documents depending on your application. Never send documents to anyone who contacts you out of the blue claiming to be Capfin.
How to Apply and Improve Approval Readiness
Capfin’s FAQ says you can apply online on the Capfin website, by SMS to 33005, or at any PEP or Ackermans store. Online, you select “Apply Now” and create a profile that is accessed with your SA ID number and a one-time PIN sent to your registered cellphone. After approval, the loan is paid out within 48 business hours to your nominated bank account, and a delay in approving the DebiCheck mandate request from your bank delays the payout. The application steps are in Capfin’s step-by-step application guide. Start from the official site so you know you are dealing with Capfin.
To improve your readiness:
- Have your ID, payslips or bank statements ready before you start
- Check that your bank account is with a supported bank and that your cellphone number is yours and working
- Review your existing debt and monthly expenses honestly, because affordability decides the outcome
- Borrow only what you can repay comfortably
Never pay anyone a fee to secure a loan. Registered credit providers deduct fees from the loan or include them in the agreement. A request for upfront payment to release a loan is a scam.
Frequently Asked Questions
Is a Capfin loan a short term loan?
Capfin offers personal loans repaid over a fixed term of 6, 12 or 24 months, for amounts of up to R50 000, rather than a payday product. The amount you can get depends on your affordability assessment, so apply to see the offer prepared for you.
Where do I apply for a Capfin loan?
On Capfin’s website, by SMS to 33005, or at any PEP or Ackermans store. See the official application guide for the current steps.
What documents does Capfin need?
A valid South African ID and either your 3 latest payslips or your 3 latest bank statements. Capfin tells you if it needs anything further.
Do I need a bank account?
Yes. You need a South African bank account with a bank on Capfin’s supported list.
Do I need to be permanently employed?
Capfin’s FAQ says applicants must be permanently employed and earning a monthly salary. If your income is different, ask Capfin before you apply.
Is credit life compulsory?
Credit life is mandatory when you apply, but you can substitute your own credit life policy for Capfin Credit Life.
Can I apply again if I am declined?
Capfin’s FAQ says you may reapply after 30 calendar days.
Should I pay a fee to get approved?
No. Never pay an upfront fee to secure a loan. Registered providers deduct fees from the loan or include them in the agreement. Also check that any credit provider is registered with the National Credit Regulator before you apply.
This page is general information and not financial advice. Confirm current criteria, interest rates, fees and terms with Capfin directly before applying. See loan requirements and browse all finance and funding requirements.