For more information about applying for a Genfin business loan, read through our FAQ’s.
Find out exactly how a Genfin business loan works, by going through the FAQ’s listed in this section.
Our loans are initially structured over a 12-month period to help keep your instalment, as a percentage of your revenue, as low as possible. We can also structure this over a shorter period. In addition, you are welcome to deposit additional capital at any point to reduce your interest charge and shorten the repayment period of your business loan.
You can also access funds by withdrawing additional repaid capital at any time or refinance your facility once 50% of your capital is repaid, effectively extending the term of the loan.
You are welcome to deposit additional capital at any point to reduce your interest charge and shorten the repayment period of your business loan.
You can also access funds by redrawing additional repaid capital at any time or refinance your facility once 50% of your capital is repaid, effectively extending the term of the loan.
You can access funds by redrawing excess repaid capital at any time or refinance your facility once 50% of your capital is repaid.
We submit a weekly or monthly debit order to your bank account.
We charge no initiation or paper work fees.
We apply an annual interest rate from 35% (2.92% per month) on the outstanding balance of your business loan.
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You can either:
Apply online using our simple three step application process or,
Call Genfin where a consultant will help you complete your application telephonically.
Once the application process has been completed, your dedicated consultant will request you to submit certain documents for evaluation. Once approved, pay-out into your bank account is immediate.
When you apply, we will allocate a dedicated Genfin consultant to work with your application. Your consultant will address any queries you may have during the lifetime of your loan and assist with any further lending request you may have.
For all approved loans, funds will be available within 3 days from the date Genfin receives the required supporting documentation.
We take a number of factors into account when structuring your funding solution and determining the interest charge. There is no simple formula, but we work in 4 categories to determine an overall score.
Security (only if insufficient score in other categories)
To provide you with a preliminary assessment and an offer in principle, we will need the latest 6 months of your online/internet bank statements. In order to finalise our analysis, we will need:
- 12 months of bank statements (including the 6 noted above)
- Copy of lease agreement
- Copy of ID documents of directors
Depending on the loan value, we may also require:
- Latest management accounts
- Latest annual financial statements
We require at least one year of trading history and a turnover of more than R1m. As a start-up business, these criteria would not be met. Where a business already meets these requirements, however, and wishes to pursue a new idea within the business, the expansion programme would be eligible for assistance from Genfin.