Frequently Asked Questions
General
A. Yes. PrimeLend Capital is based in Cape Town, South Africa and was established in 2010. We are regulated by the NCR for our second charge loans secured on residential property, unsecured personal loans and unsecured guarantor loans. Click on “About Us” to find out more about PrimeLend Capital.
A. PrimeLend Capital has a range of products to suit many of our clients with different circumstances. We will be able to tell you if we have a suitable product once you have completed our online application for a personal loan or go through a decision in principle process with a PrimeLend Capital customer service adviser, for one of our second mortgage loans.
A. No. PrimeLend Capital only offers loans and mortgages where you repay a portion of the capital and interest each month. This ensures the loan you take out with us is repaid at the end of the term.
A. Firstly write to us at the address below. If we cannot resolve your complaint, you may have the right to refer your complaint to the Financial Ombudsman Service. The Financial Ombudsman can only consider complaints from eligible complainants.
Unregulated product customers will not be able to escalate their complaint to the Financial Ombudsman Service.
Contact us and we can assist you with other better options.
Homeowner Loans (Mortgages Loans)
A. A mortgage loan is secured against your home in the same way as your first mortgage. Your property or home may be repossessed if you do not keep up repayments on your mortgage.
A. You can apply for a PrimeLend Capital mortgage loan if:
i. You already have a first charge mortgage on your home
ii. Hold a South Africa Bank account
iii. Are over 21 years old
iv. Are a South Africa resident with a residential property in England, Wales or Scotland
All loan applications are subject to status.
A. Yes. It takes longer to arrange a loan secured against your home because we take extra care to ensure you can meet all your commitments and we have to consider the suitability of your property as well as your personal circumstances. On average, we take 3 – 4 weeks to complete our second mortgage loans.
A. The outstanding loan balance is on your annual statement. If this is out of date or you don’t have one, please contact our loan servicing department on +27 697 967 538.
A. Some of our secured mortgage loans do have early repayment charges and you will also be required to give us 28 days’ notice if you wish to repay your loan early. This is explained in the “early repayment” section of your mortgage offer.
A. Your PrimeLend Capital second charge mortgage is not portable. It will be repaid from the proceeds of the sale of your property, but you may be eligible for a new loan on your next property. You should make an enquiry by contacting us to discuss your new loan requirements with our customer services team on +27 697 967 538.
A. Everyone’s circumstances can change, so we will assess your current situation when you call our loan servicing department on +27 697 967 538. If you are having difficulty paying your loan you should do this as soon as you can. Once we know more about your change in circumstances, we will agree the best course of action with you.
Personal Loans
A. You can apply for a PrimeLend Capital personal loan if:
i. You are a homeowner
ii. Hold a UK bank account and receive income in British pounds sterling
iii. Are over 21 years old
iv. Are a South Africa resident – (personal loans are available to customers and other African Countries)
All loan applications are subject to status.
A. Yes. You have the right to repay all or part of the outstanding balance of your PrimeLend Capital personal loan at any time. Your early settlement figure will include any compensation available.
A. You can view your loan balance when you log in to your personal loan account on our website.
A. You should contact us as soon as possible with your new address details and your loan account reference ID. You should always let us know when any of your personal details change.
A. Yes, when you are approved for a PrimeLend Capital personal loan we will advance the money direct to your bank account unless you have a guarantor.
A. Once you have completed our online application process, your loan will be sent for approval. If we require additional information we will ask for that before we approve the loan. As soon as your loan is approved we will send you a message and pay the money into your account, normally within 24 hours.
A. Our application process is all online and we communicate with you via your email address. You will not be able to proceed without one.
A. Yes, you can apply for a loan.
Guarantor Loans
A. A guarantor loan is designed to assist customers who might not otherwise qualify for a loan because of previous credit problems. A qualifying guarantor will need to agree to be responsible for paying amounts due under your loan if, for any reason, you are unable to maintain your monthly repayments.
A. Having a guarantor increases the chances of getting a loan if you have a low credit rating. In some cases, having a guarantor may improve the cost of your loan. To find out which options are available to you please apply through our website.
A. Anyone known to you can be a guarantor, but they need to be a homeowner, have a good credit history and be able to meet your loan repayments as well as their own commitments.
A. A guarantor loan and a personal loan take approximately the same time to approve, although we will not be able to advance any money until the guarantor has signed their documents.
A. Yes. You will need to speak to your guarantor before submitting an application, as we will send them details of your application and they will be asked to sign a Guarantee and Indemnity. If they refuse to act as your guarantor we may not be able to approve your loan.
A. Yes. We will do this as a part of our normal underwriting and approval process in the same way as we do for all applicants.
A. If you apply for a loan with a guarantor, we will send the money to the guarantor’s account. It is their responsibility to pay you the money. We do this to prevent fraud.