Capfin Loan Without Payslip

Can you get a Capfin loan without a Payslip? It’s a question that we have been getting from a lot of people. Capfin is a popular lender in South Africa. They offer short term loans at affordable interest rates. However, if you look at the Capfin loan requirements, you will notice that one of the things that they want are copies of payslips going back 3 months. So, what do you do if you are self employed, or if you are a pensioner as an example?

Can you get a Capfin loan with a Payslip?

Though it’s possible to get a Capfin loan without a payslip, it’s difficult to do so. One of the requirements by Capfin is that people need to be permanently employed before they can apply for loans.

If you are self employed, you need to get in touch with the Capfin customer care team to get more information on whether or not you qualify for a loan. If they deem that you qualify for a loan, they will ask you to provide proof of income in the form of a bank statement going back 3 months.

Proof of income requirements

That’s the answer to the question, can you get a Capfin loan without a payslip. We noted above that you can get one if you provide sufficient forms of proof of income. But what constitutes proof of income?

  • If you are self employed, you will need to provide bank statements going back 3 months. That’s in the event that Capfin has agreed that you qualify for a loan.
  • Capfin also does not normally provide loans to pensioners. If you are one, you can reach out to them using the above method to find out if they will be able to help you. If they agree that you can apply for a loan, they will ask you to provide a bank statement. The statement needs to go back 3 months. You can also provide any other form of proof of income.
  • Domestic workers can provide payslips or bank statements of a confirmation of employment letter.

Why does Capfin insist on payslips?

The business of providing loans is risky. A lot of people take out loans that they cannot afford. Some take loans with no intention of repaying whatsoever.

That’s the reason why Capfin, like all other lenders, insist that people provide proof of income. The most accepted form is a payslip.

A payslip shows the company that you will be able to repay your loan. It also provides you with information on how much they can provide you.

If you take a loan that is too big, you will not be able to repay. There are actually laws that determine how much lenders can lend based on a person’s income.

Another accepted form of proof of income is a bank statement. Again, it shows that you get money into your account on a regular basis. Based on this information, Capfin can then provide you with a loan that you can afford.

Summary

In this article, we answered the question “can you get a Capfin loan without a payslip?” It was noted that yes, you can get a loan, provided you can produce proof of income in the form of a bank statement going back 3 months. You may also be required to produce additional documents pertaining to your business or source of income.

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