Recently updated on October 20th, 2023 at 08:58 am
Last Updated on October 20, 2023
When financial emergencies strike, having a reliable solution can make all the difference. Capitec Bank, a trusted South African financial institution, offers a range of banking and lending products, including temporary loans. In this guide, we’ll walk you through how to apply for a temporary loan at Capitec quickly and conveniently.
And in this article, you’ll find out everything about the Capitec loan application.
How to Apply for a Temporary Loan at Capitec
Here’s how to apply for a temporary loan at Capitec:
1. Apply for a Capitec Loan via USSD
- On your mobile phone, dial *120*3279#.
- Follow the instructions provided by the USSD service carefully.
- Complete the application process as guided.
- Upon approval, the loan funds will be sent to your Capitec Bank account immediately.
2. Apply for Capitec Loan using the Bank App
- Download and install the Capitec Bank app on your smartphone.
- Open the app and navigate to the “Loans” section.
- Select “Temporary Loans.”
- Enter the amount you wish to borrow.
- Follow the on-screen instructions to complete the loan application.
3. Apply for Capitec Loan Online
- Visit the Capitec Bank website.
- Download the application form for the temporary loan.
- Fill in all the required details on the form accurately.
- Submit the completed form online.
- Use a valid email address when applying, as the bank will send a response via email.
- Please note that you must complete the online application within 14 days once initiated.
4. Apply by Visiting a Capitec Branch
- Locate a Capitec Bank branch near you.
- Visit the branch and request an application form for the temporary loan.
- Fill in all the required information accurately on the form.
- Submit the completed form to a bank representative.
- No application fee is required when applying in person at a Capitec branch.
- Take along copies of necessary documents as per the bank’s requirements.
What is Capitec Loan?
Capitec Temporary Loan is a short-term credit product designed to provide customers with quick access to smaller loan amounts to cover emergency expenses or unforeseen financial needs.
It was a type of unsecured loan, meaning that no collateral is required to secure the loan.
What are the Types of Capitec Loans?
The types of Capitec temporary loans are:
1. Capitec Personal Loan
The Capitec Personal Loan is a versatile credit product that allows you to borrow a specific amount of money for various purposes. The loan amount and repayment term are determined based on the borrower’s creditworthiness and affordability.
You can use the personal loan to cover temporary financial needs, such as unexpected expenses, medical bills, home repairs, or educational costs.
This type of loan is repaid in fixed monthly instalments over an agreed-upon period. Borrowers could apply for the personal loan through Capitec Bank’s digital channels, such as the Mobile App or Internet Banking, making the application process convenient and accessible.
2. Capitec Consolidation Loan
The Capitec Consolidation Loan is designed to help customers consolidate multiple existing debts into a single loan.
It allows borrowers to combine various debts, such as credit card balances, store accounts, or other loans, into one loan with a potentially lower interest rate and more manageable monthly repayments.
By consolidating debts, customers could simplify their financial management and potentially reduce the overall cost of borrowing. The loan amount and terms are tailored to the customer’s creditworthiness and ability to repay the consolidated loan.
3. Capitec Payday Loan
A Capitec Payday Loan is a short-term, small-amount loan designed to cover immediate expenses and be repaid on the borrower’s next payday.
It provides quick access to funds for emergencies or unexpected financial needs that can’t wait until the next regular paycheck. Payday loans have a simplified application process and quick approval times, making them suitable for urgent situations.
Capitec Loan Requirements
The requirements for a Capitec loan in South Africa are:
- South African citizenship or permanent resident.
- 18 years old and above
- Being a Capitec Bank customer with an active transactional account.
- A reliable source of income.
- Good credit score
- Proof of residence
- Bank statements and pay slips of 3 months.
Capfin Loan in a Nutshell
Capitec temporary loan is a short-term credit product offered by Capitec Bank to provide quick access to smaller amounts of credit for urgent financial needs. It is designed to assist customers in emergencies or unexpected situations, bridging the gap until their next payday.
The loan can be used for various purposes, such as covering medical expenses, home repairs, or any other immediate financial requirements.
Applying for a Capitec temporary loan is convenient and accessible, as customers have multiple options, including online applications through the bank’s website or using the Capitec Bank app.
Additionally, customers can apply via USSD by dialling a specific code on their mobile phones or by visiting a Capitec Bank branch to complete an application in person.
The bank follows responsible lending practices, assessing applicants’ creditworthiness and affordability to ensure they can comfortably manage the loan repayments. Once approved, the loan funds are disbursed quickly into the borrower’s Capitec transactional account.