Close search

GENFIN

Table of Contents
GENFIN
Introduction

South African alternative funder Genfin provides fast and flexible unsecured business loans to established small to medium-sized enterprises (SMEs). It is aimed at trading companies – with a  focus on transport and logistics companies – that need a meaningful amount of capital quickly, without pledging assets as security.

Who it suits

Genfin is ideal for an established SME with a consistent turnover track record that needs growth or working capital and wants a quick decision. Because the loans are unsecured, you are not putting up collateral 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

Genfin offers funding terms up to 12-months, with no hidden fees or time-consuming admin. You are charged interest on your outstanding balance, not the original loan amount. The faster you pay, the less it costs.

Our take

Genfin is a strong option for an established business that needs a larger, unsecured amount fast, rather than a small top-up. 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: The platform considers various factors 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 with the Companies and Intellectual Property Commission (CIPC)
  • Have a trading history of up to 12-months.
  • Currently have an annual turnover of over R1 000 000 (R100k per month) over the past 12-months.
  • Business ownership of, or the management structure running the business has been in place for more than 6-months.

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 and 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. If you want to see how much it will cost, you can use the platform’s an online calculator which will show you the cost and repayment terms of your required loan amount.

Pros and Cons

Pros

Fast and efficient application process
Flexible repayment terms
Dedicated consultant service

Cons

Requires a large turnover of at least R1 million or R100k per month
Must be trading for 12-months minimum, so not suitable for new businesses
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.

Compare Quotes
LOGIN to Compare Quotes

Already a Member? Click here to access your unique redemption code

OR

Create SME Hub Account

Join the SME Hub Community in 30 seconds to qualify

Report

Harassment or bullying behavior
Contains mature or sensitive content
Contains misleading or false information
Contains abusive or derogatory content
Contains spam, fake content or potential malware

Block Member?

Please confirm you want to block this member.

You will no longer be able to:

  • See blocked member's posts
  • Mention this member in posts
  • Invite this member to groups
  • Message this member
  • Add this member as a connection

Please note: This action will also remove this member from your connections and send a report to the site admin. Please allow a few minutes for this process to complete.

Report

You have already reported this .