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GENFIN

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GENFIN
Introduction

Genfin is a South African funder that provides fast, unsecured business loans to established small and medium businesses. It is aimed at trading companies that need a meaningful amount of capital quickly, without pledging assets as security.

Who it suits

Genfin suits an established SME with a track record of turnover that needs growth or working capital and wants a quick decision. Because the loans are unsecured, you are not putting up property to qualify.

What you get

  • Unsecured business loans, so no assets pledged as security.
  • Decisions in as little as 48 hours for qualifying businesses.
  • Meaningful loan sizes for growth, expansion or working capital.
  • Funding without giving up equity in your business.

How the cost works

Loan terms and cost are quoted based on your business and the amount, with the full cost set out before you accept. Qualifying generally means an established business with a solid trading history.

Our take

Genfin is a strong option for an established business that needs a larger, unsecured amount fast, rather than a small top-up. Getting your numbers in order first helps: see what makes a business bankable. You can start a funding application with us and we will route qualifying businesses to the right lender through our Funding Desk.

Related: Working capital loans  ·  What makes a business bankable  ·  Apply through the Funding Desk

Main Features
  • Qualifying criteria – They take several factors into account when structuring each funding solution. The three main categories that determine the overall score are, your business stability, financial metrics and credit history. 
  • Minimum requirements are:
    – Business must be a registered entity (CC or Pty)
    – Trading history of more than one year
    – Currently have an annual turnover of over R1 000 000
  • Repayment Terms – The repayment period for their loans start from six months up to 12 months. According to GENFIN, this is to help keep instalments as low as possible. However, it is possible to structure your loan over a shorter period or increase your instalment to reduce your interest charge and the repayment period. Business owners can also refinance your facility once 50% of your capital is repaid. Repayments are done on a weekly or monthly via debit order.
  • Application process – You can either apply online or submit your applications over the phone with the help of a consultant.  Once your application is complete you requested to submit the most recent 12-month bank statements for your business. Depending on the loan value, they may also require:
    – Latest management accounts
    – Latest annual financial statements
    – SARS statement of account (VAT & PAYE as applicable)Once approved and your loan agreement has been signed, pay-out into your bank can be done that same day.
Pricing

GENFIN charges interest on the outstanding balance of the loan over the life of the loan. There are no initiation, paperwork or administration fees. They have an online calculator where you can see the cost and repayment terms of your required loan amount.

Pros and Cons

Pros

Fast and Efficient Process
Flexible Repayment
Dedicated Service

Cons

You need to have a turnover greater than R1 million over the past 12 months.
They require 12-month bank statements.
FAQs

GENFIN offers funding solutions for a wide range of businesses, but they may have specific industries they focus on.

The application and approval process can vary depending on the complexity of your loan request and your business financials.

Depending on the loan type and amount, GENFIN may require collateral to secure the loan. This could be business assets, real estate, or a personal guarantee from the business owner.

When you apply for any loan, the lender will typically perform a credit check. This can cause a temporary dip in your credit score.

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