About Capfin Loans (Closed)
Capfin had a planned UK launch of 2015, but there was a delay until 2017 when they finally got under way, operating from Milton Keynes. This brand had been trading in South Africa since April 2011. They would in time also spread out to Australia. These sites are still live, but the Aussie site wasn’t taking applications on a previous check. When visiting www.capfin.co.uk now, a notice of the closure is made dated April 2019. Learning of Capfin’s closure didn’t come as a big surprise as they never managed to gain any traction with their Alexa traffic ranks always trailing way behind the leading brands. Investment from their high profile owner was certainly necessary.
In control was Steinhoff International Holdings NV who specialise in furniture and household goods, controlling the established Bensons for Beds and Harveys Furniture brands here in the UK. They also acquired Poundland back in 2016 that they acquired for £610 million. Financial services obviously isn’t their area of expertise, but surely some investment and patience could have been set aside here. When it came to the product pitched, this was quite a restricted loan available on a 6 month term on small amounts of £200 to £500. The pricing was quite competitive at £162.30 for £300 borrowed. There were no late fees charged and they were more lenient than usual instalment lenders.
This was clear from the fact that they referenced that they were willing to consider people who had a CCJ on their record. This is usually a big no once it is picked up on credit checks taken by most firms. We can recall requesting information from this lender and their support team got back to us very quickly and so they were responsive, even though their opening hours were restricted to working days (9am to 5.30pm). This company wasn’t advertised online and they had no social media presence or reviews on external portals and so it isn’t a big shock that they were unable to attract eyes and turn these into loyal customers.
Rivals & Similar Lenders Like Capfin
Capfin’s low pricing was their standout feature. Paying £162.30 for £300 is great value when you consider that the most visited firm in this niche (that’s Lending Stream) charges £275.52. This is however such a competitive sector that even Capfin’s deal doesn’t hit the top 5 where the best subprime prices arise from Street UK, Fair Finance, Quick Loan Shop, Anico Finance and Smart-Pig. Most of these companies will be unknown to most that shows that offering excellent value isn’t the key to success when serving mid term loans. It’s more a case of attaining top search engine rankings, high visibility through advertising and collecting 1000s of Trustpilot reviews. We’d always recommend seeking out the best value that you can find.
Last Check @ www.capfin.co.uk: June 27th, 2019
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