frequently asked questions

FREQUENTLY ASKED QUESTIONS

Frequently asked Questions

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Benefits

FREE FUNERAL COVER

Can I pay in extra to extend the cover to my family (Spouse\Kids etc…) via CAPFIN or the underwriter?

No, this cover is limited to the CAPFIN account holder only and only for the period in which you have an active Personal Loan account with CAPFIN in good standing.



Is the FREE Funeral Cover active from when CAPFIN says its approved via SMS, over the phone or the day I receive my funds?

The FREE Funeral Cover is active as soon as your Personal Loan account is approved with CAPFIN.



As a CAPFIN Customer, I also have cover through my work, can I transfer the CAPFIN Funeral Cover to my spouse\child?

No, this is a FREE benefit offered to CAPFIN customers as part of the Personal Loan product and is paid for directly by CAPFIN.



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 timeously.



How long does my beneficiary have before he / she can claim?

A customer’s nominated beneficiary has 6 months from the date of the death of the customer to submit a claim . After 6 months, the Funeral Cover will no longer be available.



Is the CAPFIN Consultant able to call the underwriter on my behalf and change the 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 in order to make this arrangement,

on 0800 777 444.



Can I increase the cover amount & pay the premium myself?

No, this is a free benefit offered to CAPFIN customers as part of their Personal Loan account and is paid for directly by CAPFIN.



Is suicide covered?

No, suicide is not covered.



What is Abacus Life Limited contact details?

0800 777 444



FREE DEATH BENEFIT

The CAPFIN Free Death Benefit is an internal benefit extended to CAPFIN’s customers in the form of an outstanding balance write off in the event of the customer's death. This benefit is not transferable.



WHAT DOES FREE DEATH BENEFIT ENTAIL?

CAPFIN will write-off your loan in the event of your death.



DO I NEED TO PAY FOR THE FREE DEATH BENEFIT?

No, this a FREE benefit.



WOULD I BE ELIGIBLE FOR THE FREE DEATH BENEFIT?

Yes you will be eligible, regardless if you are a new or existing CAPFIN customer.



HOW WOULD MY FAMILY MEMBER / APPOINTED EXECUTOR CLAIM FOR THE FREE DEATH BENEFIT?

Note that timelines are subject to delays due to third party involvement  



WHAT DOCUMENTS DOES MY FAMILY MEMBER / EXECUTOR NEED TO SUBMIT TO RECEIVE THIS BENEFIT?

  • copy of the deceased CAPFIN Account Holder's ID
  • a clear, certified copy of the death certificate
  • a clear, certified copy of the Masters Letters of Executorship (if applicable)



WHAT AMOUNT IS WRITTEN OFF WITH THE FREE DEATH BENEFIT?

CAPFIN will write off the current outstanding balance of the account. 

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About your loan

WHAT DO I NEED TO APPLY FOR A CAPFIN LOAN?

Must be permenantly employed

3 most recent bank statements and latest payslip

Valid SA ID

Valid cellphone number

Valid SA bank account

WHERE CAN I APPLY FOR A LOAN?

To find out how to apply, click here

HOW MUCH CAN I APPLY FOR?

You may qualify to apply for a loan of up to R30 000, based on the outcome of your credit profile and payment behaviour

HOW LONG DO PAY-OUTS TAKE?

Your loan will be paid out within 48 hours of approval, to the bank account details you have provided

HOW CAN I PROVIDE CAPFIN WITH MY LATEST PROOF OF INCOME?

There are many ways to send your latest proof of income to Capfin, these are:

  1. Scan your 3 most recent bank statements and latest payslip along with your SA ID at any PEP or Ackermans store, nationwide
  2. Upload your latest proof of income via https://docs.capfin.co.za on your phone by taking a photo of each page, or using CapfinDirect from any device
  3. Email your latest proof of income to docs@capfinmail.co.za, with your SA ID number in the subject
  4. Fax your latest proof of income to 0866880000 with your SA ID number written on it 

WHAT IS CAPFINDIRECT? 

CapfinDirect is an online and USSD self-service portal where you can perform account management tasks such as checking your outstanding balance, obtaining a settlement quote or statement, updating your personal details and applying for loan (existing customers only). For the free USSD service please dial *134*6454# or click here to use the web service now

WHAT HAPPENED TO THE 1 MONTH LOAN PRODUCT?

CAPFIN's 1-month loan was a promotional product and this promotion has now ended. We are currently working on a new product and as soon as it is ready we will anounce it 

CAN I APPLY FOR MY LOAN ONLINE?

Yes, all existing Capfin customers can apply for a loan via CapfinDirect. All you need is a valid email address, a cellphone and your SA ID number. If you haven’t scanned your 3 most recent bank statements and latest payslip in the past 30 calendar days, it would best that you have it with you to scan it, or photograph it using your cellphone, it’s sooo eeeasy!

CAN I APPLY FOR A LOAN ONLINE IF I AM A NEW CAPFIN CUSTOMER? 

No, all first applications to be a Capfin customer need to take place via your nearest PEP or Ackermans store, with your SA ID, cellphone and 3 most recent bank statements and latest payslip 

HOW DO I SETTLE MY ACCOUNT WITH YOU?

You can contact the Capfin call centre or use the CapfinDirect USSD facility to obtain a settlement quote, and make payment before the expiry date of the quote via the following options:

  1. Pay@ in a PEP store
  2. Direct Deposit
  3. EFT

HOW LONG IS THE SETTLEMENT QUOTE VALID FOR?

The settlement quote provided to you by Capfin is valid for 7 business days and you must pay the settlement balance before the expiry date

WILL NON-PAYMENT AFFECT MY CREDIT RATING?

Non-payment will have a negative impact on your credit rating

WHY IS MY SETTLEMENT QUOTE DIFFERENT TO MY BALANCE?

Your settlement quote includes the unpaid balance of the debt as well as all unpaid interest and fees that accrued up to the settlement date but which have not yet been added to your account

WILL MY LOAN TERM BE SHORTER IF I PAY MORE ON MY MONTHLY INSTALMENT?

Your loan term will reduce if you make additional payments

HOW DO I CHANGE MY PAY DATE OR BANK ACCOUNT DETAILS?

You must contact the Capfin call centre on 0873540000 immediately to update your details

   

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Consumer Tips

The National Credit Act 34 of 2005 (“the Act”) was introduced “to promote and advance the social and economic welfare of South Africans, promote a fair, transparent, competitive, sustainable, responsible, efficient, effective and accessible credit market and industry, and to protect Consumers.”



Borrowing money

CAPFIN is a registered credit provider that strives to follow the Act and practice responsible lending with all its existing and potential customers. Therefore, allowing all our customers to fully understand the loan terms and conditions before making any financial commitments.

A helpful idea is to draw up a detailed budget to assist in familiarizing yourself with all your monthly expenses, managing your finances better and paying your creditors in full and on time.  Each of our customers are responsible for the full payment of their loans, the additional charges as well as the fees and interest. That’s why we advise all our customers to please ensure that they can afford the monthly charges that will accompany our loans as per the Capfin loan agreement.



Debt problems

Should you ever find yourself in a position where you are unable to meet your monthly financial commitments, we suggest that you immediately seek help. Below are a few options available if you ever find yourself in financial difficulty:

a)  contact CAPFIN directly by sending the word “ASSIST” via SMS to 43679 and we will call you back in order to make an alternative payment arrangement with you or if possible, reschedule your current monthly CAPFIN obligations; or

b)  contact a registered debt counsellor to assist you with the potential rescheduling of all your debt/monthly obligations and help you make arrangements with your creditors, tailored to your existing financial means. The Act makes provision for the debt review process and a registered debt counsellor will explain the procedure to you in detail. You can contact the National Credit Regulator at 0860 627 627 or visit their website at www.ncr.org.za to find a debt counsellor nearest to you; or

c) apply for an administration order whereby your estate will be put under administration by means of a court order. By doing this you will not be able to obtain any further debt or credit without the consent of the court, therefore allowing you to repay your creditors. To find out more in this regard, contact your nearest Provincial Law Society or the Law Society of South Africa at 012 366 8800 or lssa@lssa.org.za; or

d) submit your estate for sequestration, which is much like a company going into liquidation but in this instance for an individual. Basically a trustee will be appointed to administer your estate to finalize matters with your creditors, preventing you from incurring further debt or being hassled with further legal action against you. The consequences are however far-reaching and should be discussed with a legal representative in detail before such an option is considered. 
  



What is a credit report?

A credit report is a report done by a credit bureau to set out all your debt, financial obligations, court orders granted against you and any information related to outstanding payments submitted by other credit providers to the credit bureaus. You have the right to request a free copy of your credit report once a year from a registered credit bureau to ensure that all the information on the report is accurate. If you disagree with the information provided on your credit report, you should raise the problem directly with the credit bureau which supplied you with the information.



TransUnion Credit Bureau (Pty) Ltd

Experian South Africa (Pty) Ltd

T: 0861 482 482

T: 011 799 3400

Email: contactcentreadmin@transunion.co.za

Email: consumer@experian.co.za

 

 

Compuscan Information Technologies (Pty) Ltd

XDS (Xpert Decision System)

T: 021 888 6000

T: 011 645 9100

Email: info@compuscan.co.za

Email: kpremlall@xds.co.za



Complaints procedure

Should you find yourself in a situation where you would like to file a complaint relating to any CAPFIN service, contact our customer service department at 087 354 0000.

CAPFIN’s customer service department is dedicated to fully resolve your complaints and assist with your loan related enquiries as quickly as possible. If your complaint has still not been resolved to your satisfaction, you may contact the Credit Ombud or the National Credit Regulator and follow their complaints procedure.



Credit Ombud

National Credit Regulator

T: 0861 662 837

T: 0860 627 627 / 011 554 2600

Email: ombud@creditombud.org.za

Email: complaints@ncr.org.za

Website: www.creditombud.org.za

Website: www.ncr.org.za



To conclude

Whenever you enter a loan agreement, you always need to provide true and accurate information to the credit provider regarding your existing debt obligations.

To avoid additional interest fees and legal costs being added to your outstanding debt, make sure you pay all your instalments on time.

It is important to remember that there’s always a way to get help and relief when you feel overwhelmed by your debt and financial obligations. Therefore, we encourage you to use this information and contact the sources listed above for more information and assistance. 

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GET A LOAN OF UP TO R30 000

CALL ME BACK.


Smart isn’t standing in line to speak to a consultant, or wasting your valuable time, and airtime, holding on and waiting for an answer.

Smart is getting Capfin to call you back. Simply complete the form and we will get one of our consultants to call you discuss your application or provide you with world-class service.

GET A LOAN OF UP TO R30 000

CALL ME BACK.


Why stand in a line to speak to a consultant, or waste your valuable time, and airtime, holding on waiting for an answer?

Rather get CAPFIN to call you.

Simply complete the form and we will get one of our consultants to call you back to assist with your application.