Capfin offers personal loans applied for through PEP and Ackermans stores as well as online, and requires a South African identity document, proof of income and recent bank statements. As a registered credit provider it must complete an affordability assessment before granting credit.
The retail application route is what distinguishes Capfin. You can apply in a store you already shop at, which is convenient, but the credit assessment and the legal protections are the same as they would be at a bank.
Eligibility Requirements at a Glance
Capfin generally assesses the following.
- A valid South African identity document
- Verifiable income, evidenced by payslips or bank statements
- A South African bank account into which your income is paid
- Your credit record and existing obligations
- The affordability assessment required by law
- A working cellphone number, since the process uses SMS verification
Income and Affordability Requirements
Income must be documented. Applicants are typically asked for recent payslips or bank statements covering a set period, and the assessment is based on what those show.
Credit providers in South Africa are required to complete an affordability assessment before granting credit. It looks at your actual income and expenditure rather than declared figures, which is why bank statements are requested and why meeting the stated criteria does not oblige a lender to approve you.
Credit and Financial Requirements
Your credit record is checked as part of the application. Existing debt and repayment history bear directly on both the decision and the terms offered.
Compare the total cost of credit rather than the instalment. Short-term credit can carry a high total cost relative to the amount borrowed even where the monthly payment looks manageable.
Documents and Verification Required
Applications normally require the following.
- A certified copy of your identity document
- Proof of income, such as recent payslips
- Bank statements covering the period the lender requires
- Proof of residential address
- Your contact and employment details
How to Apply and Improve Approval Readiness
Applications can be started in a PEP or Ackermans store or online, with documents submitted by the channel the provider specifies. SMS verification forms part of the process, so use your own number.
Never pay anyone a fee to secure a loan. Registered credit providers deduct fees from the loan or add them to the agreement; a request for upfront payment to release a loan is a scam.
Frequently Asked Questions
Where do I apply for Capfin?
In PEP and Ackermans stores or online. Documents are submitted through the channel the provider specifies.
What documents does Capfin need?
A South African identity document, proof of income such as payslips, and recent bank statements.
Do I need a bank account?
Yes. A South African bank account into which your income is paid is normally required.
Should I pay a fee to get approved?
No. Never pay an upfront fee to secure a loan. Registered providers deduct fees from the loan or include them in the agreement.
Check that any credit provider is registered with the National Credit Regulator before applying. Registered providers are subject to the affordability and disclosure rules; unregistered lenders are not, and dealing with them carries real risk. This page is general information and not financial advice. Confirm current criteria, interest rates, fees and terms with the provider directly before applying. See loan requirements and browse all finance and funding requirements.