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Are you looking for PEP loans for blacklisted people?
Being “blacklisted” means there’s some negative information on your credit record.
You may have missed/skipped a payment or have a court judgement and overdue accounts to settle. The good news is you could still qualify for PEP loans even when blacklisted.
✅ How Much Do You Need?
Pep Loans for Blacklisted People – Overview
- How much can you borrow? – Between R1000 and R50,000.
- How long do you have to pay it back? – Choose either six months or 12 months.
- What do you need to apply? – The two main requirements are a South African ID and three payslips OR bank statements.
- Interest rates and fees – 5% per month and 28% yearly. There’s also a one-off initiation fee and a monthly service fee.
- Powered by Capfin – PEP loans are Capfin loans that you can apply for by visiting the nearest PEP store.
Read More: Capfin Loan Review
Who Is PEP?
PEP is one of South Africa’s largest brand retailers, popular for selling affordable and quality clothing, footwear, and homeware.
They’re a trusted company that also provides short-term loans through a lender known as Capfin.
Are There PEP Loans in South Africa?
Yes. You can find PEP store loans in South Africa. As mentioned, PEP is a retailer – they only sell goods.
The main lender is Capfin, a South African registered credit provider. Hence, a PEP store loan is also known as a PEP Capfin loan.
What are Pep Capfin Loan Requirements?
There are four main PEP Capfin loan requirements.
1. Valid SA ID✓ |
2. Three Latest Payslips OR Bank Statements✓ |
3. Valid Bank Account✓ |
4. Valid Cell Phone Number✓ |
Other Requirements
- Be at least 18 years.
- Be permanently employed with a monthly salary.
Are There PEP Loans for Blacklisted People?
Capfin does not have a loan product specifically for blacklisted clients. However, it’s possible to qualify for PEP loans for blacklisted people.
That’s because being “blacklisted” is not as bad as it sounds. It only means that your credit history has some negative information about your borrowing behaviour.
For example, you might have been late on your bill payments in the past. Fortunately, South African credit bureaus now keep positive information on your credit file.
That means you have a better chance of qualifying for a loan, as the lender will have many factors to consider when determining your creditworthiness.
Let’s say you have been good at managing your other loan accounts and making regular payments on time.
You may still qualify for PEP loans for blacklisted people because the lender sees the whole picture. They will consider other factors besides your credit score or history to determine if you are eligible for a loan.
How to Increase Your Chances of Qualifying
When you’re blacklisted, you may worry about not qualifying for the credit you need. Luckily, there are a few ways to increase your chances of qualifying.
Correct Errors On Your Credit Report
Watch out for the following errors:
- Identity errors.
- Incorrect reporting of account status.
- Balance errors.
You’re entitled to one free credit report every 12 months from any South African credit bureau like TransUnion.
So get your credit report, go through it, and contact the relevant credit bureau to get any errors corrected.
Pay Off Your Debt On Time
Ensure your instalments on other loan accounts are consistently and fully repaid every month. Pay down as much of your debt as you can.
The goal is to prove to Capfin that you’re a reliable borrower.
Avoid Applying for Too Many Loans At Once
Every time you apply for a loan, the lender performs a hard credit check, which shows on your credit file.
If Capfin sees that you have applied for many loans around the same time, they might think you’re a reckless borrower.
This lowers your chances of qualifying. Hence, it’s better to minimise the number of applications in the same time window.
Three Ways to Apply for a PEP Capfin Loan
📌You can apply online at the Capfin website.
📌SMS 33005
📌Visit any PEP or Ackermans store nationwide.
Read More: PEP Loans – Discover What You Need to Know
PEP Capfin Loan Online Application: How Does it Work?
There are three main steps when making a PEP Capfin loan online application:
✓Step 1: Visit Capfin’s website. You must open an account by providing your full name, SA I.D. number, email, and cell phone number.
✓Step 2: Complete the online form, and a consultant will call you back.
✓Step 3: Upload your payslips or bank statements online.
How to Apply at a PEP Store
You can apply at any PEP store near you. Bring your SA I.D., three latest payslips, or three latest bank statements.
The attendant at the store will scan your documents and send your application to Capfin. A consultant will contact you to discuss your application as soon as possible.
Can You Get PEP Loans for Blacklisted People With No Credit Check?
The main lender behind PEP loans is Capfin, a registered credit provider with the National Credit Regulator (NCR).
The National Credit Regulator encourages responsible lending, so the lender must have all the relevant details when deciding whether to approve your loan qualification.
The good news is that you might still be able to get a PEP loan even if you’re blacklisted and have a record on your credit file. The important thing is to provide proof that you can pay. back the money.
In addition, you should pay your other debts on time, so this positive information goes on your credit history. It helps increase the lender’s confidence in your ability to repay the debt, so they’re more willing to approve your application.
How Much Can You Borrow At PEP If You’re Blacklisted?
According to Capfin, PEP loans should be affordable and easy to manage, with a maximum amount of R50,000.
Capfin’s affordability assessment process ensures you only get approved for what you can afford.
Therefore, the offer is unique to your situation. It mainly depends on the size of your monthly income and existing debts.
If you’re blacklisted, you might be able to only qualify for a small amount at a higher interest rate to reduce the lender’s risk.
PEP Loans Capfin Contact Details
These are the contact details you need to know:
- USSD: *120*5566#
- Website: www.capfin.co.za
- Email: info@capfin.co.za
- Terms & Conditions: www.capfin.co.za/terms-conditions
»MORE: High Risk Loans Guaranteed Approval
Frequently Asked Questions
Yes. You can apply for a Capfin loan at any PEP cell nationwide, including PEP Cell.
It’s possible to get a PEP loan if you’re blacklisted. This is especially so if your credit file also contains some positive information.
The lender will consider the good and the bad before deciding whether you qualify for a loan.
First, check that you meet the Capfin loan requirements. You need to have a valid South African ID and bank account.
You must also supply three payslips or bank statements for the last three months. The next step is to complete the online loan application.
A consultant will get back to you, letting you know if you qualify and the details of your loan offer. If your application is declined, you must wait 30 calendar days to reapply.
Capfin will send a late payment notification and give you a grace period to honour your agreement.
If you fail to pay, you’ll end up with a court order against you, further damaging your credit score.
This negative information (court judgement) will end up on your credit file for up to five years, making it difficult to get approved for new loans.
The easiest loan to get with bad credit is a payday loan or any short-term loan.
These loans are easier to get because they usually have small loan amounts and high interest rates to reduce the lender’s risk.
Sources:
BusinessTech – Why South Africans shouldn’t fear “blacklisting” anymore
TransUnion – Are you Blacklisted | What is Blacklisting
Our Research Expert
Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.