Finance sofa

f you just need a tentative answer, you don’t need to submit any documentation with your application. After we processed your initial credit data to a financial provider you will receive an SMS stating the outcome of your credit approval. The credit approval is based on the financial service provider’s credit policy and NCA affordability requirements.

Once you have the answer, you need to submit the following documents:

1. Ceritified colour copy of your green bar-coded South African ID book/Smart ID Card back and front
2. Proof of residence not older than 3 months
3. 3 months bank statements up-to-date. No internet bank statements permitted and all bank statements must have a bank stamp
4. Latest 3 months pay slips

You will also receive an email that indicates all relevant methods of providing the supported documentation.

For the initial credit approval feedback you will receive a notification within 3 business hours. The duration of the final approval is subject to you providing us with all the correct supported documentation. After receiving all the requested supported documents, it takes approximately 48 business hours. The process is also subject to the total loan amount that you are financing, lower product value items could be completed the same day, subject to the financial provider facilitating the loan.

You could qualify for credit if:

• You are 18 years or older
• You have a bank account and can supply 3 month’s bank transactions with 3 month’s salary drops & salary payslips
• Are you employed (not self employed)
• You are with your current employer for longer than 3 months
• Your salary (not just commission) is paid into your bank account
• You haven’t been handed over, sequestered or placed under debt review/administration
• You are a South African citizen with a Green Barcoded ID
• You work on a permanent contract base (not ongoing)
• You get paid wages (weekly) and fortnightly (every second week)

Your payment terms and interest rate payable is subject to your credit profile and the offer from the financial provider to you. We do not determine the term or interest rate that is offered to you by the financial provider. The outcome is also not affected by applying through FinYou.

Loan repayments will be according to the arrangements between the finance provider and yourself and will run over the period as agreed. Your monthly instalments will be deducted from your bank account, depending on the agreement with the finance provider.