PEP Loans For Blacklisted: How to Apply And More

Are you looking for PEP loans for blacklisted? If your answer is yes then you have landed on the right page!

Getting a loan with a bad or poor credit history is always challenging. If you are listed on credit bureaus for having default payments or having a history of not repaying your loans or bills on time, accessing loans will be a challenge as financial institutions, such as banks will hesitate to lend to you.

This will be exceptionally tough especially when you are financially down and need cash to settle a pressing issue. In this case, looking for alternatives may bring a solution.

The good news is that, in South Africa, some financial institutions or micro-lenders offer specific loans for blacklisted individuals or high-risk borrowers, and the PEP loan is one of them.

Whether you have a poor credit history or are listed on credit bureaus for having default payments, PEP Loans For Blacklisted can serve as a solution for you.

Continue reading as this post contains important things you need to know about PEP Loans for Blacklisted, including how to apply and more.

About PEP (PEP Stores)

PEP (PEP Stores), a subsidiary of Pepkor, is one of the oldest retail brands in South Africa, located in Cape Town, the legislative capital of South Africa.

This company was established in 1965 and since then has grown to become the biggest single-brand retailer company in Africa. They are currently operating in 11 countries including Angola, Malawi, Nigeria, Mozambique, and Zambia.

PEP reportedly has over 1400 functioning stores across Africa, with about 4,000 employees.

They deal with different categories of products. This includes clothing such as menswear, ladieswear, tweens, school, babies, and kids, and other kinds of home collections such as bedroom, bathroom, kitchen, lifestyle, curtains, and cushions, among others. They also deal with cellular products like cell phones, flash, decoders, accessories, etc.

In addition to that, PEP also offers financial services. With the platform, users can pay their bills, transfer money, shop, and enjoy other monetary services.

Most interestingly, you can also apply for a loan at PEP. They made this possible to provide a solution for their customers who are financially down and need quick credit to solve their challenges. Let’s quickly take a brief overview of how their loans work.

PEP Loans

PEP loans are provided by Capfin, a fastest-growing, award-winning, independent credit provider in South Africa.

This platform offers affordable and convenient loans up to R50 000 which can be paid back for a period of 6 or 12 months.

Their loans are paid directly to the user’s preferred bank account within 48 business hours once approved.

One good thing about Capfin Loan is that they give free funeral cover to any PEP customer who applies for a loan at PEP. Below is the breakdown of the offer:

1. Offer Details:
   • Capfin provides FREE funeral cover to PEP customers applying for a loan.
   • The cover is designed to provide financial assistance in the unfortunate event of the death of:
     • The account holder (the person taking the loan)
     • The account holder’s registered spouse
     • Registered children (up to 3 children)
   • A nominated beneficiary will receive the payout in case of such an event.
2. Payout Amounts:
   • In the case of the account holder or spouse’s death, the payout is R5,000.
   • For the death of a child, the payout amount is R2,500.
   • Specific terms and conditions (Ts&Cs) are associated with these payouts.
3. Underwriting and Partner Company:
   • Abacus Life Limited, a registered life insurer, underwrites the policy providing this cover.
   • Abacus Life Limited is a partner of the PEPKOR Group of companies, which includes PEP stores.
4. Terms and Conditions:
   • Customers who qualify for the free Capfin Funeral Benefit must adhere to specific terms and conditions, which likely include eligibility criteria, claim procedures, and other regulations associated with the offer.

The Capfin/PEP loan application process is very straightforward. Whether you are new to the platform or don’t know much about how to apply, don’t be bothered as we will give you a comprehensive guide on how to do that.

PEP Loans For Blacklisted

Do you want to apply for PEP loans for blacklisted individuals? I must let you know that PEP does not provide any special way of applying for loans for blacklisted other than their normal process of loan application.

As soon as you meet up with their requirement, you are eligible to borrow money from the platform. However, you should know that getting PEP loans for blacklisted is one of the most difficult loans to get in South Africa.

This is because Capfin is a complaint of the National Credit Regulator (NCR), and lending to blacklisted has always been a challenge for loan providers who are NCR compliant.

Nevertheless, both blacklisted are welcome to apply for PEP/Capfin loans as they always do their best to make sure that users receive their loans.

Also Check: Loans For Blacklisted at Capitec: How to Apply And More

PEP Loans For Blacklisted Requirements

Below is the eligibility requirements for PEP loans for blacklisted:

1. You must have a valid SA ID.
2. You must provide at least 3 latest payslips or 3 latest bank statements.
3. You must be permanently employed and earn a monthly salary.
4. You must have a valid cell phone number.
5. You must have a valid South African bank account.
6. You must be at least 18 years old and above.

PEP Loans For Blacklisted Interest Rate

The PEP loan interest rate is 5.0% pm and 29.25% pa. For instance, if you borrow R4 000.00 for a repayment term of 6 months, your initiation Fee will be R535.00, your maximum monthly service fee will be R69.00, and your maximum monthly installment will be R957.00. Therefore, your maximum loan repayment will be R5 744.00.

How to Apply For PEP Loans For Blacklisted

To apply for PEP loans for blacklisted, follow the steps below:

1. Visit the official PEP Store website and navigate to their loan application page, or simply click here to access the page.
2. On the next view, click on the Capfin icon.
3. A page will be open for you. Click the Capfin website address located Under the contact details section to proceed. (If you are using a mobile phone, make sure you put it on the desktop site mode).
4. You will be redirected to the official Capfin loan application page where you will provide the required details and access your loan.

Round UP

Getting Pep loans for blacklisted is something challenging but we believe that if you are lucky enough, your case will be different.

To make things easy for you, make sure you clear your name from the credit bureaus and also build your credit history. With this, you will no longer be flagged as a high-risk borrower and can conveniently borrow money at any time.

Source: InstantMoni.com.