How to apply for a temporary loan at Capitec Bank

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There are no hard and fast rules when it comes to personal finance. Sometimes, finances add up, and sometimes there are temporary gaps in your budget that require you to take out a loan. That's where a Capitec temporary loan comes in. 

Fortunately, one of South Africa's biggest banks recognizes that the general public is trying to make ends meet. So, they have made it quite simple to receive a temporary loan from them. 

When you need money right away, getting a temporary loan at Capitec provides a financial boost.

What Are Capitec Bank Temporary Loans

Capitec Temporary Loans are short term loans offered by Capitec Bank to many South Africans. A temporary loan from Capitec Bank is a credit facility that is loaded into your account. You can get this money whenever you need it. 

It's fast and easy to apply for a loan at Capitec. However, you must be 18 years old to meet the requirements. After your temporary loan application is approved, Capitec will ensure the funds are transferred to your bank account as soon as possible.

How Does A Temporary Loan At Capitec Work?

Capitec Bank is a South African bank that provides short term loans and other popular financial products. A short term loan is designed for emergency use when you need cash quickly. 

Let's imagine you're in a circumstance where you urgently require funds. Perhaps you'd like to raise funds for a hospital bill, repair your vehicle, or your rent is overdue. 

Whatever the circumstances, that means you can't afford to wait too long while your application is processed or be overburdened with paperwork. In any event, if you find yourself in this situation, requesting an instant payday will provide you with security. 

Without the requirement for documentation, Capitec offers the best online loans in South Africa. A Capitec temporary loan of up to R4000 rands is available. 

The money will be deposited into your account soon after approval. A temporary loan at Capitec has a repayment term of one month, after which you can reapply for another temporary loan. Keep in mind you will be reviewed every 12 months, and if you have been paying back your temporary loan on time, you may be recommended for a higher temporary loan amount.

How to Apply for a Temporary Loan at Capitec?

Temporary loans are short-term loans that are used to cover unexpected needs. These loans can get you through until your next payday. Temporary loans will assist you in meeting your financial obligations. Capitec understands that everyone's financial needs are different, so they provide a variety of financing solutions.

If you're wondering how to apply for a temporary loan at Capitec? Well, it's simple to apply for a loan at Capitec. You must meet the bank's eligibility criteria as well as provide the required documents. Here is what you need to apply for a loan at Capitec.

  • Be an existing customer of Capitec Bank
  • Have a good credit history 
  • Must be 18 years old. 
  • Have a stable and reliable income

There is no need to supply your documents, such as ID, proof of residency, payslips, etc., to apply for a loan because you are a Capitec Bank customer and Capitec already has your documents in their system. 

Capitec uses the following criteria to approve applications for their Temporary Loans: 

  • Your credit history (If you are blacklisted, you will struggle to qualify for a loan at Capitec Bank) 
  • Your income and expenses 
  • The loan amount you want  
  • Your overall financial background 

Start Your Application For A Temporary Loan At Capitec

A temporary loan is accessible to Capitec customers and allows you to borrow small sums of money for a short period of time for anyone who meets the requirements. This ensures you have the cash you need when you need it. You can apply for a Capitec Bank Temporary loan in a number of ways. 

  • Visit any Capitec Branch
  • Apply Online. 
  • Apply over the phone 

Online application

You must supply the same information in the online temporary loan application as in the call-in application at Capitec Bank. Before submitting your application online, you may need to download an application form. 

Once you have started the online application, you have 14 days to complete the application. So, after you've filled out the form and added your information, remember to submit it. 

A valid email address is required when applying online. This allows the bank to issue you a salary redirection application form and account number. You can also use the Capitec banking app to submit your application.

Phone Application

For phone applications, all you have to do is call the bank. One of their friendly staff members will help you fill out the application form.

Branch Application

Let's say you want to apply for a loan at a Capitec Bank branch. You can pick up an application form at any branch near you. Complete the form and submit it, then wait for your application to get approved. Capitec does not charge any registration or application fees for a temporary loan.

This means there are no fees associated with submitting an application to Capitec Bank. The only difference between applying for a Capitec temporary loan online and applying by phone is that when you apply by phone, you must instantly supply your monthly income and employment information.

How to Repay a Temporary Loan at Capitec

You can pay back your Capitec temporary loan in the following ways:

Salary Deduction 

If you choose this method, your employer will deduct the monthly amount from your payslip and submit it to the bank on your behalf. 

You can't put off or skip any payments since you'll be charged a service fee on the temporary loan balance for the term of the loan. The best aspect is that you can switch payment options once during the loan term. This can be done in person at a bank branch, over the phone, or online.

ATM card

The ATM card is primarily used to settle a Capitec short-term loan. It is accepted everywhere in South Africa that accepts VISA cards. You can deposit money into your bank account, withdraw money, and check your balance with an ATM card. An ATM card number, as well as a personal identification code, are required to use this service (PIN).

Direct Deposit

If you choose direct deposit, the bank will deduct the monthly sum from your account directly. There's no way you'll forget to make payments or mistakenly go over your Capitec debit limit if you use direct deposit. This is due to the fact that everything is automated.

Can You Apply For More Than One Temporary Loan From Capitec At A Time?

You might be asking if you can apply for more than one Capitec temporary loan. With this lender, this is not possible. You have to wait for your current loan to expire before you can apply for a new one. 

There is no limit to how many times you can borrow money from Capitec on a temporary basis. 

These loans have terms ranging from R1,000 to R6,000. This is dependent on the amount of money required by the consumer. When you qualify for these types of short-term financing choices, it's typically advisable to only borrow what you can afford.

Benefits of Taking a Temporary Loan At Capitec

  • When you apply for the loan at Capitec, it provides you with quick access to the funds you require. This type of loan is typically useful if you have an unforeseen bill that needs to be paid straight away. 
  • You don't have to put up your house, car, or other assets as collateral to acquire a short-term personal loan in the majority of circumstances. You can obtain the funds you require without putting valuable assets on the line. 
  • You don't have to commit to a short-term personal loan for years—you may receive the money you need now, pay it off fast, and move on.
  • You have the option of selecting the loan amount you need. 
  • You get approved only for monthly repayments within your affordability. 

In conclusion, The Capitec Temporary Loan facility may be just what you need if you require a short-term financial solution. It's available both online and offline, and repayment is as easy as paying off your monthly instalments throughout the course of the agreed-upon term. 

It's worth noting, however, that you should carefully explore all of your options before applying. With MyLoan, you can have access to several short term loans simply by submitting one application,

When you receive offers from our lender partners, compare them and consider factors such as loan amount, repayment period, interest rate, and loan fees. This will help you make an informed decision, so you can get a personal loan that fully meets your short term financial needs.

How much do you need?

Get a Loan up to  R350,000

Representative example: Estimated repayments of a loan of r30,000 over 36 months at a maximum interest rate of 29.25% apr would be r1,381 per month including fees. Repayment terms can range from 2 - 72 months. Myloan is an online loan broker and not a lender. Our service is free, and we only work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 19.25% apr, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant's credit score and other factors at the lender's discretion.