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GENFIN

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GENFIN
Introduction

GENFIN is part of the Genfin Holdings Group which operates in SA and the UK.  GENFIN advertises business loans of up to R5 million and positions itself as having a quicker approval process than most traditional lending companies. 

The company states that it understands the challenges that SMEs face and want to transform the lending industry. They promise to change the way business owners access finance through the introduction of smarter and faster lending solutions.

Business owners can submit their applications online, including providing their supporting documents. What sets GENFIN apart is that it also assigns business owners a consultant to work with through the application process. The company reports a high rate of repeat customers.

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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