Pep is one of the most successful retail stores in South Africa.
It is also an authorized credit provider that allows customers to purchase goods on credit. On top of that, you can still apply for affordable personal loans at Pep Stores, under-written by Capfin Loans.
Capfin is a registered credit provider in South Africa.
Let me show you how it works.
How to Apply for Pep Loans?
The easiest way to apply for the loan is by visiting any of your nearest Pep stores.
Present the following documents to the cashier for your Pep loan application:
- SA ID book or Smart ID;
- 3 latest payslips or bank statements
Pep will then send your application to Capfin for processing and conducting necessary credit assessments.
Within a few minutes, Capfin will contact you with an offer based on your credit profile.
All the details and costs of the loan will be explained to you in detail. When you're happy with the offer, you'll accept the terms and conditions.
And funds will be made available to you the same day or first thing tomorrow morning.
How Much Can You Qualify For?
You could qualify for a Pep loan up to R8,000.00 at the most affordable interest rate.
You can choose to repay the loan in six (6) or twelve (12) months.
Which the 6-months term is offered at a monthly interest rate of 5%. Whereas 24.5% per annum will be charged for the longer repayment term.
So weigh your options before committing to a personal loan, only take it when it's absolutely necessary.
Here's a simple example of the Pep loan breakdown:
Pep Loans for Blacklisted?
So what if you're blacklisted or have bad credit, would you still qualify for the Pep store loans?
The quick answer is No.
And the reason for this answer is, as mentioned above, Pep loans are unsecured loans that people qualify for with their credit ratings.
Only responsible borrowers with a good credit score will qualify for the loan. And it's mainly because they wouldn't want to offer you a loan that you cannot afford to repay.
It also depends on the personal finance stage you're at, right now. With Covid19 Pandemic, a lot of people unexpectedly lost their jobs, which resulted in them not making repayments.
Sometimes, you may qualify for the Pep loan even if you have bad credit, it just depends on your credit history. if you were good with your monthly payments or working on rebuilding your credit rating, then you might have a chance of getting the loan.
For more detailed information about Pep Loans, please visit www.capfin.co.za and use the provided contact to speak to a consultant.
Alternatively, visit the Pep store near you and interact with cashiers.