Capfin Loan vs Wonga Loan vs Unifi Loan Compared

Introduction

With an increasing number of loan lenders emerging in this loan industry, it is always best to compare and contrast and see which one best suits your needs at each point in time. Capfin Loan vs Wonga Loan vs Unifi Loan.

We will take a closer look at the maximum and minimum amount one can borrow, at what interest rate, for how long (loan duration from lowest to the highest), and other miscellaneous charges like initiation fee, etc.

We are not here to denigrate any business but with the sole purpose to let the customer know what exactly the services these lending institutions are offering and accordingly make an informed decision.

To start with let’s look at the following subheadings: Amount (Principal)

Principal – How Much Each Institution Offers

Here we are comparing the minimum and maximum amount of money they offer. It has to be noted that, these are short-term personal loans, so the amount will need not necessarily be huge per estimation, but something the applicant can pay back within the stipulated time. The amount the applicant is given largely depends on the affordability of the applicant.

wonga loans application
wonga loans application

Capfin Loan

Capfin Loan so far has the highest amount on the offer of R50000 but starting at a minimum of R1000. It stands out as the smallest among them all. From R1000 and less than R8000 takes up to six months for repayment while those above R8000 to R50,000 have up to one year (12 months) to pay.

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Among the loans institutions under review, Capfin has the highest Principal (amount) and the longest duration for repayment.

Wonga Loans

Wonga has two modules of loan schemes for their customers, new applicants can apply up to R4000 for 3 months period and existing customers can take up to R8000 and have up to six months repayment period.

The minimum amount Wonga offers is R500, whilst the maximum depends on whether the applicant is new or old. As discussed above, new customers can take at most R4000 and existing customers can take at most R8000.

Unifi Loans

Unifi loans as a lending institution offer a minimum of R2000 per applicant and the applicant is at liberty to choose how long within six months period to pay back the loan. The maximum amount of credit offered is R8000.

If your application together with the supporting documents is intact and accurate, you can be paid the same day.

Repayment Period Plans

One of the key determinants of interest rates is the duration of the repayment of the loan. For instance, if two people take the same amount of money from a lending company but with different repayment periods, the one with a longer period of repayment will pay more compared to the one who took the loan for a short period of time.

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Capfin loan application guide
Capfin loan application guide

Capfin loans have two repayment options depending on the amount you qualify to borrow. They have up to six months and up to 12 months.

Wonga loans can take even days to a maximum of six months for repayment just as Unifi loans. One piece of advice is that you should always choose the short-term duration if that will fit your needs and financial goals at the time because it reduces the cost of interest paid.

Unifi loans have a flexible payment period where the customer can choose to pay back the loan within six months.

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Interest Rate

Another key factor when deciding to borrow money from lenders is the interest rate being charged which is in percentages. That is going to determine the amount in terms of fees (interest) you are being charged for borrowing money from the lenders.

You can always compare the interest rate if the lending companies use their websites or loan calculators. Some have other fees such as initiation fees etc which has to be considered. Any good lender should explain and make it known to their potential customers the interest rate and whether the rate quoted is daily, weekly, monthly, quarterly, or yearly. Some might not categorically state that their interest rate is this or that in percentage but will rather combine the fees and other charges together in terms of cash making it difficult to see exactly what rate of interest they are charging. For this reason, it is always advisable to probe further.

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These are typical fees you may be charged depending on where you are taking the loan from : (a) initiation fee (b) service fee

Unifi quotes a 3% interest rate and does not indicate whether it is monthly or yearly or whatever. But it is likely to be per month.

Capfin loans offer 5% interest rates per month (p.m) for six months duration loans scheme and 25.25% per annum (p.a) foe 12 months loans.

Wonga loans offer a 0.16% interest rate per day, which will be accumulated approximately 4.8%

Application Platform

Under this section, we talk about how the application process is done and by what platform either offline or in person or through the online application, or both.

Unifi loans application process is strictly online. Applicant fills the online form and submits and within minutes he or she is contacted if satisfied the application is approved and payment follows.

Capfin loans offer various avenues where applications can be made. These are online, through SMS or Call Back (where Capfin representative will call back to the applicant), and offline application centers such as PEP and Ackermans stores nationwide in South Africa.

Wonga accepts only online applications but if for one or two reasons, you cannot apply online or having difficulties applying online, then contact them directly using the information provided on their website.

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