What is FinYou?
FinYou is a purpose-based finance solution. This means that you can apply for a specific amount of money for a specific purpose.
Example: You’d like to buy an embroidery machine which costs R26,500. You apply for financing on that specific amount.
Can I apply?
Individuals, businesses and students are welcome to apply for a loan, provided that:
- You are over 18 years and under pensioner age.
- You have a specific product in mind that you’d like to purchase (you’ll need to submit an invoice for that product).
What's the maximum amount of finance I can get?
- For private individuals you can finance up to R250,000
- There is no limit for businesses.
What documentation do I need to provide?
If 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:
- Ceritified colour copy of your green bar-coded South African ID book/Smart ID Card back and front
- Proof of residence not older than 3 months
- 3 months bank statements up-to-date. No internet bank statements permitted and all bank statements must have a bank stamp
- Latest 3 months pay slips
You will also receive an email that indicates all relevant methods of providing the supported documentation.
How long does it take to approve a loan?
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.
Will I be granted a 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)
What interest rate will I pay?
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.
What other charges will I pay?
Charges such as service and initiation fees are levied by finance providers. The terms and conditions is subject to a credit application and full credit assessment in terms of the National Credit Act (http://www.ncr.org.za/).
What happens if I cancel my purchase?
The entire loan application will be cancelled. Where the loan has been approved and FinYou has already settled you as per your invoice, the transaction will be reversed provided that the goods or services haven’t been released. It is important that customers are aware of your return policy.
Private Financing: Up to R250,000
Business Financing: Unlimited
FinYou offers a Point of Sale loan application solution that will benefit the customer and the retailer or service provider.
It does not matter where you are or when and how you trade or make your purchases, we are there at the touch of a button.
We enable retailers or service providers to offer a seamless one stop, easy to use application for their customers thus adding value to their purchase experience while we take care of their finance needs.