Frequently Asked Questions

CAPFIN LOAN APPLICATION ENQUIRIES

1. WHAT DO I REQUIRE TO APPLY FOR A CAPFIN LOAN?

  • A valid SA ID
  • 3 latest payslips or 3 latest bank statements
  • Must be permanently employed and earning a monthly salary
  • A valid cell phone number
  • A valid SA bank account
  • Must be 18 years or older

2. WHAT DOCUMENTS DO I NEED TO APPLY FOR A CAPFIN LOAN?

A valid SA ID, and either 3 latest payslips or 3 latest bank statements.

3. WHERE CAN I APPLY FOR A CAPFIN LOAN?

You may apply for a Capfin loan online, via SMS or visit any PEP or Ackermans store nationwide.

4. HOW DO I APPLY FOR A LOAN USING THE CAPFIN WEBSITE?

Simply select the Apply Now button and follow the easy instructions.

5. IS THE CAPFIN ONLINE LOAN APPLICATION PROCESS SECURE?

Yes. You will need to create a profile which can only be accessed using your SA ID number and a unique One-Time-Pin (OTP) which will be sent directly to the cellphone number you registered with.

6. I HAVE CREATED A PROFILE ON THE CAPFIN WEBSITE. HOW DO I COMPLETE THE LOAN APPLICATION?

All you need to do is log into your profile using your SA ID number, we’ll then forward you a unique One-Time-Pin (OTP) which will be sent directly to the cellphone number you registered with, then, simply follow the instructions.

7. MY LOAN APPLICATION WAS DECLINED, HOW LONG SHOULD I WAIT BEFORE TRYING TO REAPPLY FOR A CAPFIN LOAN?

You may reapply for a Capfin loan after 30 calendar days.

8. HOW DO I SEE WHAT LOAN AMOUNT I QUALIFY FOR?

A loan offer will be prepared for you which will give you an indication of the loan amount you may qualify for subject to the completion of our affordability assessment. The loan amount may change subject to additional credit checks performed once your application has been completed and submitted to us.

9. HOW MUCH MAY I APPLY FOR?

We offer loans of up to R50 000, based on the outcome of your affordability assessment which considers factors such as your income and expenses, your credit profile and payment behaviour.

10. HOW LONG WILL I WAIT FOR A PAY-OUT?

Your loan will be paid out within 48 business hours after approval to your nominated bank account.

11. HOW CAN I SUBMIT MY DOCUMENTS?

  • Upload your documents right here, by selecting the upload tab on the website
  • Scan your documents at any PEP or Ackermans store nationwide
  • Email your documents to: docs@capfinmail.co.za with your SA ID number in the subject line after applying.
  • Fax your documents to 0866880000 with your SA ID number noted in writing as reference after applying.
  • With your permission, we can assist in retrieving your documents at no extra cost to you if you bank with ABSA bank, Standard bank or Nedbank.

CELLPHONE ENQUIRIES

12. I DID NOT RECEIVE A ONE-TIME-PIN (OTP) ON MY CELLPHONE? CAN YOU TELL ME WHAT MY PIN IS?

For your security, PIN numbers are completely private. Please click on the ‘Resend OTP link’ to receive your unique One-Time-Pin (OTP) within 15 minutes, which will be sent directly to the cellphone number you registered with.

13. I WANT TO CHANGE MY CELLPHONE NUMBER.

In order to update your details, please contact one of our consultants to assist you on 087 354 0000.

14. I DO NOT HAVE MY CELLPHONE AND CANNOT LOG INTO MY PROFILE ON THE CAPFIN WEBSITE.

A One-Time-Pin (OTP) can only be sent to the cellphone number you provided when you registered. Request a new One-Time-Pin (OTP) and follow our simple instructions.

PAYMENTS

15. WILL NON-PAYMENT AFFECT MY CREDIT RECORD?

Non-payment will have a negative impact on your credit record.

16. I AM UNABLE TO PAY MY INSTALMENT, CAN I MAKE AN ALTERNATIVE PAYMENT ARRANGEMENT?

Yes, please contact Capfin's Collections Department on 087 285 1234 to make an alternative payment arrangement.

17. WILL MY LOAN TERM BE SHORTER IF I PAY MORE ON MY MONTHLY INSTALMENTS?

Yes, your loan term may reduce should you make additional payments, depending on the amounts paid and the term of the loan.

18. HOW DO I CHANGE MY DEBIT ORDER PAY DATE OR BANK ACCOUNT DETAILS?

You can change your debit order pay date or bank account details in one of three ways:
  • Log into your online profile, select the Your Active Loans page tab, scroll down and select the change my payment details link. Select your chosen bank and add the account number and/or select a new payment date; or
  • Log into your online profile, select the My Details tab. Scroll down the page and click on the change payment details option. Select your chosen bank and add the account number and/or select a new payment date; or
  • You may call our Capfin contact centre on 087 354 0000 and request to update your details.
  • Please note that your respective bank may require you to approve a DebiCheck Authentication message when you opt to change your debit order pay date or bank account details.

SETTLEMENT ENQUIRIES

19. HOW DO I SETTLE MY ACCOUNT WITH CAPFIN?

You may call our Capfin contact centre on 087 354 0000 or use our USSD facility *134*6454# to obtain your settlement quote. You may then make payment via the following options before your given expiry date:

  • Direct Deposit
  • EFT
  • Pay@ available in any PEP Store

20. HOW LONG IS THE SETTLEMENT QUOTE VALID FOR?

The settlement quote provided to you by Capfin is valid for seven business days from date of request, and the settlement balance must be paid in full before such time.

21. WHY IS MY SETTLEMENT QUOTE DIFFERENT TO MY BALANCE?

Your settlement quote includes the unpaid balance of your loan, as well as all unpaid interest and fees which accrue up to the settlement date which may have not yet been added to your account.

CAPFIN DEBICHECK

22. WHAT IS DEBICHECK?

DebiCheck is a secure debit order payment system which allows you to electronically approve your debit order details with your bank.

An approved DebiCheck debit order mandate is required to pay your money into your bank account and collect your monthly instalments.

23. WHY WAS DEBICHECK INTRODUCED?

DebiCheck was introduced to protect customers and organisations from fraudulent activity and debit order abuse, for example processing of unauthorised debit orders resulting in high dispute rates. It will also prevent customers from avoiding paying valid debit orders by unfairly disputing them with their bank.

DebiCheck serves to protect customers, requiring credit providers:

  • To have an active authenticated mandate and
  • To deduct the debit order amount agreed to.

24. HOW DOES DEBICHECK IMPACT MY CAPFIN LOAN APPLICATION?

All Capfin customers will undergo our loan application process, and then receive instruction from their bank to approve the debit order mandate from Capfin.

Your bank will send you a USSD notification which you must accept or reject. If you do not receive a USSD notification, you can also approve the debit order mandate via one of your preferred banking channels.

Should you not approve the request, Capfin will request the bank to load the debit order on your behalf. If our request is unsuccessful, we will contact you to assist you with the debit order approval process. Please remember, a delay in approving the request from your bank will delay the transfer of your money into your bank account.

25. WHAT IS THE DIFFERENCE BETWEEN DEBICHECK AND WHAT I CURRENTLY HAVE?

Historically, customers could give verbal or written consent to creditor providers to submit debit order instructions. With DebiCheck, all debit order mandates will be sent to you, via your bank for your approval before any deduction may take place. The bank will, therefore, store your DebiCheck debit order agreement with them.

26. WHAT ARE THE BENEFITS THE DEBICHECK DEBIT ORDER?

DebiCheck serves to protect customers by issuing an active, authenticated mandate, which means service or credit providers cannot deduct more than agreed to or abuse the debit order system.

27. HOW DO I APPROVE CAPFIN'S DEBICHECK MANDATE?

Your bank will notify you of the pending DebiCheck mandate that requires your approval. Be sure to follow your bank’s instructions carefully. If you do not accept the approval of the mandate, Capfin will not be able to process your loan. Your bank will advise you of several approval channels, which should confirm your Capfin DebiCheck debit order. This includes, but is not limited to the following:

  1. Internet Banking
  2. ATM
  3. Call Centre
  4. USSD
  5. Cell Phone Banking
  6. Banking App
  7. Bank Branches

28. HOW OFTEN DO I NEED TO APPROVE CAPFIN'S MANDATE?

You only need to approve Capfin’s DebiCheck mandate once, unless you make the following changes during your loan period;

  1. Every time you change your banking details
  2. Every time you change your pay date
  3. If your loan is rescheduled

FUNERAL COVER

29. HOW DOES THE FUNERAL COVER WORK?

For the period between 15 September 2017 and 6 June 2018, Capfin customers who applied for a loan, qualified for FREE Funeral Cover valued at R5000 for natural death and R10 000 for accidental death. The Funeral Cover, covers you as the Capfin account holder, provided your loan account remains active, in good standing and subject to the Funeral Cover terms and conditions.

30. WHY DOES CAPFIN NO LONGER OFFER FREE FUNERAL COVER WITH THEIR LOAN PRODUCTS?

Capfin’s FREE Funeral Cover underwritten by Abacus Life Limited, was a promotional product and this promotion has now ended with effect from 6 June 2018.

31. WILL I STILL HAVE FREE FUNERAL COVER ON MY CURRENT LOAN?

Your Funeral Cover benefit will remain in place until such time as your loan account is settled, if you apply for a top-up loan or when a funeral cover claim is submitted to Abacus Life Limited.

32. HOW TO CLAIM YOUR FUNERAL COVER THROUGH ABACUS LIFE LIMITED?

For loans granted during the promotional period between 15 September 2017 and 6 June 2018, your nominated beneficiary must follow the following process:

Claims must be submitted to Abacus Life by phoning their Call Centre on 0800 777 444 within 6 months of the death of the Capfin account holder.

Claims must be accompanied by the following documents:

  • An official or certified copy of the original death certificate of the Capfin account holder
  • A clear, certified copy of the Capfin account holder’s identity document/li>
  • A clear, certified copy of the beneficiary’s identity document
  • A police report in the case of an accidental death
  • A copy of the beneficiary’s bank statement for the payment of the Funeral Cover
  • Any other documents that Abacus Life Limited may reasonably request

33. WHO RECEIVES THE FUNERAL COVER PAYOUT?

The nominated beneficiary will receive the Funeral Cover payout only upon the death of the Capfin account holder, subject to the approval of the claim.

34. WHAT IS A BENEFICIARY?

The Capfin customer will nominate a person (family member / friend) to be the beneficiary linked to their Funeral Cover. This person receives the Funeral Cover pay out in the event of the death of the Capfin customer once all the required documentation is submitted to Abacus Life Limited timeously and provided that the Capfin loan account was active and in good standing at the time of the customer’s death.

35. HOW LONG DOES MY BENEFICIARY HAVE BEFORE HE/SHE CAN CLAIM?

A customers’ nominated beneficiary has 6 months from the date of the death of the Capfin account holder to submit a claim. After 6 months the Funeral Cover will no longer be available.

36. WILL MY CURRENT BENEFIT BE TERMINATED IF I CHANGE MY BENEFICIARY?

No, you are welcome to change the beneficiary details subject to the Funeral Cover terms and conditions.

37. IS THE CAPFIN CONSULTANT ABLE TO CALL ABACUS ON MY BEHALF AND CHANGE BENEFICIARY DETAILS?

No, you as the Capfin customer will be responsible for changing your beneficiary details. You will be required to contact Abacus Life Limited on 0800 777 444 to make the necessary arrangements.

38. IS SUICIDE COVERED?

No, suicide is not covered.

39. FOR FUNERAL COVER SPECIFIC QUERIES PLEASE CONTACT?

Contact Abacus Life Limited on 0800 777 444 or via fax on 011 211 1090

40. CAN I KEEP THE FUNERAL COVER IF I PAY FOR IT MYSELF?

No, you can, however, contact Abacus Life Limited on 0800 777 444 and take up a separate funeral cover benefit not linked to your Capfin loan account.