Are you looking for a personal loan that is affordable, convenient, and transparent? If so, you might want to consider a capfin loan. Capfin is a South African company that offers personal loans of up to R50 000, with flexible repayment options and no hidden fees. In this blog post, we will explain how you can apply for a capfin loan without a payslip, and what are the benefits and requirements of doing so.
What is Capfin and What Kind of Loans Do They Offer?
Capfin is a registered credit provider that operates in partnership with PEP and Ackermans, two of the largest retail chains in South Africa. Capfin offers personal loans of up to R50 000, with repayment terms ranging from 6 to 24 months. You can use the loan for any purpose, such as paying for education, medical bills, home improvements, or emergencies.
One of the main advantages of capfin loans is that they are affordable. Capfin charges a competitive interest rate that is based on your credit profile and affordability assessment. Capfin also does not charge any initiation, administration, or monthly service fees, which means you only pay for what you borrow. Capfin also provides credit life insurance, which covers your loan repayments in case of death, disability, or retrenchment.
Another benefit of capfin loans is that they are convenient. You can apply for a capfin loan online, by SMS, or by visiting a PEP or Ackermans store near you. You do not need to provide any paperwork, such as bank statements or payslips, as capfin verifies your income electronically. You can also choose how you want to receive your loan, either by EFT or cash at a PEP or Ackermans store.
A third advantage of capfin loans is that they are transparent. Capfin provides you with a clear and detailed quotation before you sign the loan agreement, which shows you exactly how much you will pay back, including the interest rate, fees, and credit life insurance. Capfin also sends you regular SMS updates on your loan balance and repayment dates, and you can access your loan account online at any time.
How to Apply for a Capfin Loan Without a Payslip
If you are interested in applying for a capfin loan without a payslip, you need to meet the following eligibility criteria:
You must be a South African citizen with a valid ID
You must be 18 years or older
You must have a bank account in your name
You must have a regular income of at least R2 000 per month
If you meet these criteria, you can apply for a capfin loan without a payslip in three easy steps:
1. Apply online, by SMS, or by visiting a PEP or Ackermans store. To apply online, visit www.capfin.co.za and fill in the online application form. To apply by SMS, SMS your ID number to 33005 and follow the instructions. To apply at a store, visit any PEP or Ackermans store with your ID and cell phone, and scan your ID at the till.
2. Provide your documents. You do not need to provide a payslip, but you need to provide your ID, proof of income, and bank statements. You can do this electronically, by giving capfin permission to access your bank account and credit history. Capfin will use this information to verify your income and affordability, and to determine your interest rate and loan amount.
3. Receive your loan. If your application is approved, you will receive an SMS with your loan quotation, which you need to accept by SMS. You will then receive another SMS with your loan agreement, which you need to sign electronically. You can then choose how you want to receive your loan, either by EFT or cash at a PEP or Ackermans store.
What are the Repayment Terms and Conditions for a Capfin Loan?
If you take out a capfin loan without a payslip, you need to be aware of the following repayment terms and conditions:
You will pay back your loan in monthly instalments, which will be deducted from your bank account by debit order on your chosen date
You can choose to pay back your loan over 6, 12, 18, or 24 months, depending on your loan amount and affordability
You will pay a fixed interest rate that is based on your credit profile and affordability assessment, which will not change during the loan term
You will also pay a credit life insurance premium, which is calculated as a percentage of your loan amount and added to your monthly instalment
You will not pay any initiation, administration, or monthly service fees, but you will pay a once-off delivery fee of R49 if you choose to receive your loan by cash at a store
You can pay off your loan early without any penalty, and you will only pay interest for the period that you had the loan
You can also apply for a top-up loan if you need more money, as long as you have paid at least 3 instalments on your existing loan and you can afford the new loan
See also: Capfin Login Balance
Capfin Loan Application via Cell Phone Number
If you want to apply for a capfin loan via cell phone number, you have two options:
You can SMS your ID number to 33005 and follow the instructions. Capfin will send you an SMS with your loan quotation and agreement, which you need to accept and sign electronically.
You can dial 1346454# and follow the prompts. Capfin will call you back and guide you through the application process2.
Both options require you to have a valid ID, a bank account, and a regular income of at least R2 000 per month. You do not need to provide a payslip, as capfin will verify your income electronically. You can also apply online or at a PEP or Ackermans store if you prefer.
Conclusion
In conclusion, capfin offers personal loans of up to R50 000 without a payslip, based on your income verification and affordability assessment. Capfin loans are affordable, convenient, and transparent, and you can apply for them online, by SMS, or by visiting a PEP or Ackermans store.
If you are looking for a personal loan that suits your needs and budget, you might want to consider a capfin loan without a payslip.
If you want to apply for a capfin loan without a payslip, or if you want to find out more about capfin loans, you can visit their website at www.capfin.co.za, SMS your ID number to 33005, or visit any PEP or Ackermans store near you. You can also contact capfin customer service at 087 354 0000, or email them at info@capfin.co.za.