How to Settle Capfin Loan
Do you wish to learn how to settle a Capfin loan? Settling means you will be paying up everything that you owe. This is something that you can do instead of sticking to loan terms that dictate that you pay off little amounts every month. Capfin is one of the best known providers of affordable, shorter term loans in South Africa. You are here because you took out a loan with them, and now you wish to settle what you owe. How do you do that?
How to pay off a Capfin loan account
The following is how to settle a Capfin loan;
- The first thing that you will need to do is to determine how much you need to pay to settle your account. In order to do this, you need to get a settlement quote from Capfin. There are a number of ways through which you can get the quote. You can check your Capfin loan balance via USSD, online or by calling their customer care number.
- Once you know how much you need to pay to settle your loan, you can then proceed to make your payment. You can do so via direct deposit, through EFT or at a nearby PEP Store or Ackermans store.
What else do I need to know?
That’s how to settle your Capfin loan. One thing that we need to mention here is that when you get a settlement balance, you will need to choose a day by which you will have made the payment.
This date cannot exceed 3 weeks. The quote that you make is only valid till this date. Should you fail to settle your account, you will need to get another quote using the methods that we outlined above.
Here is the Capfin customer care number
Your settlement quote will be more than your balance
Another thing that we need to mention here is that you settlement quote will usually be higher than your balance.
Remember you will be straying away from the agreed to repayment terms. So, you can expect to pay a bit more.
According to Capfin, the settlement quote includes your loan balance, interest, fees and insurance. So, that’s something to expect.
Summary
In this article we highlighted how to settle your Capfin loan balance. We noted that this is a two stage process. In the first place, you need to get a settlement quote from Capfin. You can get the quote in a number of ways, all of which were revealed in this article.
Once you have gotten the quote, you can then proceed to settle your account. Also mentioned was the fact that the settlement amount will be more than the loan balance. That’s because it includes interest and fees that are charged on the account.