Capfin Loan Requirements
What are the Capfin loan requirements? It’s a question that many in South Africa have been asking. Capfin, which is owned by Pepkor, is one of the major short term lenders in the country. It has been around since 2010, and in that time, it has provided loans to millions of people. You are here because you also wish to apply and you are wondering what you need in order to get a loan.
What is required to apply for Capfin loan
The following are the Capfin loan requirements;
- Only people who are 18 years old and above can apply
- You need to have valid SA ID
- 3 latest payslips or 3 latest bank statements
- You need to be formally employed with a monthly salary
- All applicants need have a valid South African cellphone number
- You should also have an active bank account with one of the banks listed below
Which banks are supported by Capfin?
Those are the Capfin loan requirements. We noted above that you need to have an active bank account with one of the supported banks before you can apply. Should your application be successful, they will deposit your money into your account. So, which banks are supported? The following are the supported South African banks;
- Standard Bank
- ABSA
- FNB
- Nedbank
- Capitec
- African Bank
What else do I need to know?
In the above sections, we highlighted the Capfin loan requirements. But what else do you need to know? Just to further explain that you can only get a loan if you are 18 years and above.
You are also required to have a valid South African ID and a valid South African bank account. Another requirement is that you need to be formally employed, with a salary that has been deposited for at least the previous 3 months into your bank account.
In this regard, they ask you to provide copies of your bank statement or copies of your payslip going back 3 months. Capfin supports most of the major banks in South Africa, so chances are high that you won’t have to worry about that. But you will need to have an active account, not one that you created and forgot about.
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Summary
Those are the Capfin loan requirements. In this post, we showed you the documents that you need in order to apply for a Capfin loan. It was noted that they will only lend to you if you have a valid South African ID, a valid bank account and if you are formally employed.