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PEP Loans: Discover What You Need to Know

PEP Loans: Discover What You Need to Know

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Chances are, every time you go shopping or to the mall, there’s a PEP store nearby.

You can find many things at PEP, including clothing, footwear, and homeware. In addition, you can also apply for a loan at PEP.

In a nutshell, PEP loans are powered by Capfin. You can apply for a PEP loan by visiting any PEP store nationwide.

Loan amounts range from R1000 to R50,000, paid over 6 or 12 months. Bring your South African ID and three latest payslips OR bank statements. 

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Are You Interested In the Following Types of Loans?

If you’re in South Africa, you may be interested in knowing more about the following types of loans associated with PEP.

Pep Store Loans

PEP store loans are loans you apply for at any PEP store, but the main lender is Capfin. Here are the PEP loan requirements:

  • Valid South African I.D.
  • Your three latest payslips or three latest bank statements
  • A valid bank account
  • A valid cellphone number

Read More: PEP Loans for Blacklisted People – 3 Ways to Apply

PEP Loans for Blacklisted People

PEP loans for blacklisted people are actually the same as regular PEP store loans provided by Capfin. 

This provider does not have a loan product specifically designed for people who are blacklisted, but if you’re blacklisted, you may still qualify. 

That’s because Capfin considers other things like your ability to afford the loan. Therefore, you must bring your payslips or bank statements for the last three months. 

It’s important to have a regular income if you want to qualify. This ensures that you can pay your installments on time.

As long as you can do this, yes – it’s possible to qualify for PEP loans for the blacklisted.

PEP Loans for the Unemployed

It’s common for people to ask if there are PEP loans for the unemployed in South Africa. However, it’s not really a question of whether you’re employed. 

Instead, it’s a question of whether you have a reliable monthly income that enables you to pay your debt back. That’s why Capfin specifies that you must be permanently employed and earn a monthly salary. 

You also have to bring three latest payslips or bank statements to prove that you have regular money deposits in your bank account. 

In addition, you’re required to approve a DebiCheck debit order mandate so that your monthly instalments are deducted automatically from your account on each due date. 

If you’re unemployed, your bank account must have a history of regular deposits to qualify. This could be rental income, or you could be self-employed and receiving payments from clients. 

In that case, it’s possible to qualify for PEP loans for the unemployed.

PEP Capfin Loan

When we’re talking about PEP store loans, PEP loans for blacklisted people, PEP loans for the unemployed, or PEP Capfin loans, we’re talking about the same product. 

In this case, it’s called the PEP Capfin loan because the main lender behind the product is Capfin. Let’s look at the main features of this loan again:

  • You can borrow between $1000 and $50,000.
  • Repayment periods are 6 or 12 months.
  • You apply by visiting the nearest PEP store with your I.D. and payslips or bank statements for the last three months. Alternatively, you can apply online.

Besides visiting a PEP store, you can also apply for a Capfin loan. This lender has provided many different ways to apply for credit. This ensures the application process is quick, easy, and based on your preferences. 

Read More: Capfin Loan Review

PEP Kanga Loans

PEP Kanga loans are different from PEP Capfin loans. PEP Kanga loans are powered by a different lender known as Kanga Finance. 

Kanga Finance specializes in home improvement loans. This lender has partnered with hardware and building material stores, and there are two loan options:

  • Standard Building Loan. Get up to R75,000 and 36 months to pay at a fixed interest rate of 33.25%.
  • SASSA Pensioner Building Loan. Get up to R4,000 with 18 months to pay at a fixed interest rate of 26%.

Once the building loan is approved, the money is paid directly into the store’s account. You can get up to 30% of your approved loan in cash to cover labour, transport, and other associated building expenses.

What Are Pep Loans Interest Rates?

PEP loan interest rates have a maximum of 5% per month for the 6-month loan. The maximum is 28% per year for the 12-month loan. 

The interest rate will vary depending on the risk you pose. For example, people with low credit scores and high affordability usually get better interest rates because they’re more likely to repay. 

You’ll only be able to see the interest rate you get after you apply. Capfin will review your application and offer you a personalized interest rate that matches your situation. 

Here’s a look at how much a PEP loan will cost you:

6 Months12 Months
Loan AmountR4000R4000
Max Interest Rate5.0% pm28.00% pa
Initiation FeeR535R535
Max Monthly Service FeeR69R69
Max Monthly InstalmentR967R508
Max Loan RepaymentR5804R6092

Where Can You Find the PEP Loan Calculator?

There’s no specific PEP loan calculator. But you can use Randwallet’s loan comparison table to get a rough estimate of your monthly repayments. 

You’ll know the exact amount you must pay when your loan is finalized.  

All you have to do is use the sliders or + and – signs to adjust the loan amount and term. Then, you scroll down to see potential offers from different lenders. 

Capfin provides PEP loans, so check under this lender if you’re interested in this option. 

Remember, the loans range from R1000 to R50,000, and the loan terms are six or 12 months, so be sure to use the correct values.

Pep Loans Online Application: How It Works

You can apply for a PEP Capfin loan online by visiting the lender’s website, opening an account, and completing the online form. You then wait for a consultant to call you with an offer. 

If you’re applying online, you’ll also be required to upload your documents from your smart device or email them to Capfin. 

How to Apply for a Loan at PEP

You can also apply for a Capfin loan by visiting any PEP store nationwide. Here’s how to apply for a Capfin loan at PEP:

  1. Bring your S.A. I.D., three latest payslips, or three latest bank statements.
  2. The people at the store will scan your documents using FICA devices and send your application to Capfin
  3. You wait for Capfin to call you.
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Can I get a PEP Capfin cash loan?

When you go to PEP to apply for a Capfin loan, you’ll only give them the required documents. 

The store attendants will scan the documents and send your application to Capfin. 

The store will not give you cash. Instead, you have to wait for Capfin to contact you, and if your loan is approved, the lender will deposit the money in your bank account.

Are PEP quick loans available?

PEP loans may work for you if you need a quick loan. However, the process involves visiting a PEP store, submitting your documents, and waiting for Capfin to get in touch with you. 

In addition, it may take up to two business days (48 hours) for the loan to be deposited in your account upon approval. 

The quickest way to get a loan is to apply online by visiting the lender’s website. Capfin says their loans can be used to pay for unexpected expenses, so the process might be fast.

How do PEP loans work?

Capfin powers PEP loans. You can apply for a Capfin loan online by visiting the lender’s website to complete the application form and upload your documents. 

Or, you can visit the nearest PEP store. For both applications, you need your South African ID, three latest bank statements, or three latest payslips. 

What are the PEP loan contact number and details?

USSD – *120*5566#
Website –
Email –
Terms & Conditions –

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.