Updated 28.01.2023

Capitec Temporary Loan: Things You Should Know

Established in 1990, Capitec is a South African financial institution with extensive products and services. It provides banking services for both personal and business customers. The bank offers low-cost loans, easy credit plans, savings accounts, and more to help you get the cash you need when you need it most. This article offers all you need to know about the Capitec Bank temporary loan including how to apply for a temporary loan at Capitec.

how to apply for a temporary loan at capitec
Image Source:, @Capitec

Capitec provides an online banking service. This means that you can conduct all your banking transactions from home or on the go with their app. Their loan option rates are competitive, and they provide interest-free days. So, there is no risk of paying unnecessary fees if you don’t use up all your borrowing limits before the end of the month. If you need some extra money but have had trouble getting approved for a loan elsewhere, then Capitec could be what you’re looking for. Here are seven things you should know about Capitec’s temporary loans.

How to Apply for a Temporary Loan at Capitec

Capitec Bank allows you to make applications for a temporary loan at any Capitec branch. But you may also submit an online or call-in application. The requirements of these two methods are different. Online loan applications need the below minimum requirements:

  • Employment by an employer registered with SARS (South African Revenue Service) and has been on this job for at least two months to show source of income
  • 18+ years old
  • South African citizenship
  • A bank account
  • Someone who will act as your guarantor in case you cannot repay the temporary loan

The only difference between applying for the capitec temporary loan online or via call-in is that you will need to submit your monthly income and employment details immediately when you apply via phone.

Online application

Capitec Bank’s temporary loan online application requires that you provide the same information as required in the call-in application. You may also need to download an application form before applying online. Online applications are valid for 14 days. So, don’t forget to submit them after filling them in and including your information. If you apply online, you will need a valid email address. This enables the bank to send you an application form and an account number for the salary redirection option. You can also apply via the Capitec banking app. 

Click here to apply for Capitec temporary loan online.

Phone Application

For phone applications, you can call the bank on 0861 42 54 55. One of their friendly staff members will help you by filling out the application form.

Branch Application

Suppose you wish to visit Capitec Bank branch for applications. You can visit any nearest branch and ask for an application form. Fill out the form – Submit it – Wait for 30 days or less to receive your money. Note that Capitec does not charge any registration or application fees for a temporary loan. This means that there are NO charges for applying to Capitec Bank.

Repayment Process is Straightforward

You make repayments by redirecting your salary into the account of the bank’s selected repayment agent. This takes place within seven days of payday. The bank uses the money into this account to pay off the outstanding balance on your temporary loan. The repayment period lasts along as until you’ve paid off the loan. If you would like to learn how to set up salary deductions, you can visit one of the bank branches or call them on 0861 42 54 55.

How to Repay a Temporary Loan at Capitec

Capitec Bank offers various repayment terms. They include:

Salary Redirection

If you opt for salary redirection repayment term, your employer will deduct your monthly repayment amount from your salary slip and send it to the bank. You may not defer or stop paying any of the installments, as this could cause service fees to become charged on the temporary loan balance during the loan term. But the best part is that you can change your repayment option once during the loan term. This happens by applying at one of the bank’s branches, via phone, or online.

ATM Card

The ATM card is mainly used to repay a temporary loan with Capitec. You can use it anywhere that accepts VISA cards throughout South Africa. With an ATM card, you can deposit money into your bank account, make cash withdrawals and check your balance. You will need an ATM card number and a personal identification code (PIN) to take up this option.

Direct Deposit

If you opt for direct deposit, the bank deducts your monthly repayment amount directly from your bank account. With direct deposit, there’s no chance that you can forget to make payments or accidentally exceed the overdraft limit with Capitec. This is because everything happens automatically.

Can I get a Capitec Loan without Payslip?

Unfortunately it does not look like it is currently possible to get a capitec loan without payslip. This clearly leaves out a lot of potential people that may be self-employed or those that do work but do not receive a regular payslip.  It is suggested that if you do not have a payslip that you can use for your application you should look at alternatives cash loans.

You Can’t Apply to More Than One Capitec Temporary Loan at a Time

As a South African, you might wonder if you can apply for more than one Capitec temporary loan. This is not possible with this lender. That means you will need to reapply for another loan should your existing one expire.

There is no maximum limit on how many times you can get a temporary cash loan from Capitec. The bank does not keep track of how many times a customer takes out such a product.

The length of these loans may vary between R1000 and R6000. This depends on how much money the customer needs. It’s probably best to borrow the lowest amount possible when qualifying for this type of short-term finance option.

Reasons You Cannot Apply for More Than One Capitec Temporary Loan at a Time

The South African Reserve Bank has restricted borrowers from applying for over one temporary loan at a time. This is because of the high levels of default in our country and how this affects other areas.

Temporary loans target borrowers who do not qualify for a normal loan or perhaps even credit cards. So, borrowers pay their monthly installments once every two months. The borrower must also have proof of income and an active bank account to qualify for a Capitec temporary loan.

The main problem with regularizing your finances by getting multiple loans is that it makes life difficult when you come to on-time repayment. If you are already struggling to keep up with your other obligations, how will you be able to pay back multiple loans simultaneously?

So, the bank has put this restriction on because it would not help you if a loan repayment went into default. It may not directly affect the reserve bank. But it could lead to further deterioration of the economy. However, defaulting on a Capitec temporary loan can have severe consequences for you as an individual. It can earn you bad credit ratings, getting blocked by some banks. Your trustworthiness will also take a massive hit, leading to future loans becoming even more difficult to gain.

Another reason is how the bank system works. When you get your first Capitec temporary loan, they will ask you whether you would like another. If you say yes, then the bank turns down your application.

The Amount of Your Temporary Loan Reduces Your Total Credit Limit

In 2015, the Reserve Bank of South Africa (SARB) introduced new regulations on banks’ reserve requirements and lending limits. One of these requirements was that lenders had to implement stricter measures when determining a customer’s monthly financial obligations. To ensure that consumers do not strain over 30% of their monthly income, the SARB demanded that banks calculate how many customers can borrow based on how much they spend in a month.

The rule depends on how you receive your salary. If the money gets deposited into the bank account once every month, how much can lenders lend to you? Service fees + groceries + rent/mortgage + debt repayments = maximum loan amount for the month? Using this formula, Capitec Bank’s regulators influence how much its clients can borrow. So, if somebody gets paid R12 000 per month and has a service fee of R50 and spends about R600 on food per week (R300 for groceries + R300 for eating out), they can borrow about R16 000 per month from Capitec Bank. If the person already has a loan with that bank, their temporary loans get deducted from how much the bank will lend to them in a month.

If you earn an hourly salary, as most casual workers’ salaries are, you must take how much you earn each day and multiply it by 30. This will allow you to determine how much interest you can pay back per month. Here’s how it works: Suppose somebody earns R90 per hour working three days a week and spends R30/day on food (R10/meal). Then they spend about 25 hours of every month earning money at work and another 5 hours each month (20 hours per week x 3 weeks) earning money at work. So how much can they borrow? Service fees + groceries + rent/mortgage + debt repayments = maximum loan amount for the month. Using this formula, Capitec Bank’s regulators influence how much its clients can borrow. So if somebody earns R3 600 per month and has a service fee of R50 and spends about R600 on food per week (R300 for groceries + R300 for eating out), they can only borrow up to about R1 800 per month from Capitec Bank [4]. The bank does this by deducting how much money an average person spends on food from how much they earn per month.

The policies have affected how much money Capitec Bank lends to new customers. The bank has a higher proportion of clients who only use temporary loans than its many before the introduced regulations.

The Minimum Amount is R1500

Capitec Bank offers a minimum of R1500 for temporary loans. This is to help South Africans who need a little cash to get them through the month.

They’re one bank in South Africa that offers such “temporary” funds as a credit facility, so how do you apply? Before we go further, you must know how the bank will assess your application. Capitec uses ‘soft information’ as part of its assessment process. This means the bank does not consider how much you earn. Unlike other banks, salary records are the main means of assessing how much you can get.

This opens up the offer to everyone, including those who might not have a permanent job or are between jobs. It also keeps Capitec’s processes very simple as they don’t need to go through credit checks to assess how much you can borrow. This is because they use soft information. Instead, all Capitec looks at (as part of their assessment) are how hardworking and efficient you are in repaying your loans. It also focuses on how trustworthy you appear based on how many times you’ve applied for financing in the past.

Another critical factor that will help increase approval is that it doesn’t matter if other people also want money from the same lender. All you need to do is apply it from a different account because Capitec uses soft information. How does this work? The lender doesn’t look at how much money you earn but they instead look at your credit history (or credit profile) how efficiently and trustworthy with credit and meeting the monthly payments.

Why would they offer such a loan if you have no permanent job? Or how do they know how hardworking or efficient they are in paying back the loan borrowed by customers? The answer to this question is very simple. They will use the available soft information about how long you have been working with them. Whether you previously applied for financing from other service providers, and how often they returned. How quickly their bank pays on time without delay. This makes sense why Capitec Bank offers a minimum of R1500 for temporary loans.

The Bank Boasts Favorable Interest Rates for Temporary Loans

When the South African economy tanked in 2015, Capitec Bank was there to help its clients. Thousands of South Africans who had taken out loans from other banks at high interest rates struggled to pay back their debt due to high-interest rates. These people turned to temporary loan companies like Capitec Bank. They ended up paying much less for their money because of how low the interest rates are on these small personal loans.

Temporary Cash Loan from Capitec Bank

One good example is how someone could take out an R5000 loan on a four month repayment term with an annual interest rate of 27%. That same person could get a similar loan from Capitec Bank with no fees or admin costs and an interest rate of 27%. However, how the person would pay back the loan is very different. The total amount due on the Capitec Bank loan would be R5579 over four months. While someone who borrowed from another bank at a higher interest rate of 36% would have to pay back a whopping R6674. This means someone who borrows from Capitec Bank will only have to pay half of how much they originally borrowed to settle their debt with their second bank. In comparison, the lowest interest rate for a Capitec personal loan starts at around 9.50%.

How Does this Work?

The bank offers low-interest rates because of how easy it is for business owners and people with regular income to get loans through Capitec Bank. If you’re sick and need some money urgently, how do you pay for your medication? If you need to fix your car, how can you afford the cost of fixing it? A big bank might turn down your requests for a short-term loan. But Capitec bank will give you the money as quickly as possible.

As well as wanting to make sure that you can pay back your money on time, Capitec bank won’t ask you for any collateral. This is because they trust that you’ll pay on the stipulated time.

The Bank Offers a Variety of Temporary Loans

There are three types of loans available to individual Capitec customers (not including Capitec Business Loans):

A personal Loan

Capitec Personal loans focus on individuals who have a previous relationship with Capitec Bank. If you need money urgently, and you still want to pay it back easily, this type of loan might be the one that could come in handy for you while having very flexible terms on how you will pay off your debt.

You can use this type of loan if you are already a resident in South Africa, and you may not have any other outstanding amounts with Capitec bank. This means that once you get this type of loan, you will first go to your local branch, where they will register and verify your identity information on their system before providing you with your loan amount.

If you pass the credit assessment and they approve you for a loan, the company will then deposit the money into your bank account, which is how it gets its name. However, there is no mention of how long this process takes and how much you can ask to avoid overspending.

An Overdraft Facility Loan

A Capitec overdraft facility loan is one of the many forms of short-term loans available at a South African bank. The bank offers this type of loan to customers who need fast cash for various reasons, including payment for special events such as weddings and renovations and business purposes like stock purchases or start-up capital. The amount you can borrow using the overdraft facility will depend on your banking history.

Capitec isn’t just another retail bank – it’s more than that! It’s a real financial hub that does everything from offering credit facilities to insurance packages so that you can live life how you see fit without worrying about how you’ll pay your bills.

Instant Cash Loan

Capitec Instant Money

Capitec instant loan is a type of payday loan / emergency cash help that the lenders make instantly to their customers. The lender will only check the applicant’s details before giving them money.

You can make the loan application online, using internet banking, or from the office of Capitec bank, depending on how comfortable you are making it in your office when you have an urgent need for a cash injection to see you through until payday comes around. This kind of loan could be a good option for any person making a living through honesty and hard work. The interest rates Capitec instant loans carry are quite convenient, especially if you know how to manage your business well enough not to get stuck between paying off late interests and the loan itself. It may turn out cheaper than some credit facilities available at the moment.

The application process of how to apply for a Capitec instant loan is simple; here are some of what you might need as a requirement before making an application:

  • Proof of residence, such as a utility bill or a bank statement. All these documents will help them confirm your identity and that you live at that said address. This will also serve as collateral if you cannot pay your dues on time. They issue these kinds of loans with no credit check, like how other payday loans work. But Capitec instant cash lenders still take precautions and verify if the real applicant can afford the repayment, or else they may deny giving any loan to the applicant at all. It is advisable to make sure you settle your debts before you apply to ensure no trace of any outstanding late payment with other institutions.
  • Employment – It would help if you can show you have been working for at least three months in the same company. Ideally with 3 consecutive salary deposits. This will give them surety how well they can trust you to pay on time if approved. Salary slips would also help prove this.
  • Your ID card, driver’s license, or your original identification document that proves you are a South African citizen.

If you’re looking for a short-term financial solution, the Capitec Temporary Loan facility may be just what you need. It’s available both online and offline, with repayment as simple as paying off your monthly installments during your approved term.  However, it is important to note that you can’t apply for more than one temporary loan at once. So, consider all of your options carefully before taking out this type of loan. The interest rates are favorable and will not negatively affect your credit score if repaid on time every month. Additionally, the amount you get next time depends on how fast you pay your temporary loan. In case you are unable to repay on time, you can reach out to the bank to sign up for a new agreement.

Capitec Contact Details

You can email Capitec at their email address:

Or call via their 24-hour Client Care Centre on 0860 10 20 43


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Job is a seasoned writer with a good understanding of the emerging markets, Africa to be specific.