Standard Repayment via Debit Order
Genfin supports two debit-order frequencies:
| Frequency | Best For |
|---|---|
| Monthly debit order | Businesses with predictable monthly cash flow |
| Weekly debit order | Businesses with strong weekly sales cycles (e.g., retail, hospitality) |
The repayment date and frequency are agreed upon at loan inception and detailed in the loan agreement. Genfin does not charge a fee for either option.
Early Repayment — Settle Faster, Pay Less
One of Genfin's most borrower-friendly features is free early settlement. You can:
- Make additional capital deposits at any time to reduce your outstanding balance
- Shorten the effective loan term by paying more than the minimum instalment
- Fully settle the loan at any stage without any prepayment penalty
Because interest is calculated on the reducing balance, every extra rand you put towards the principal immediately reduces future interest charges. This is a meaningful financial advantage for businesses experiencing a strong trading period.
How to initiate early settlement:
- Contact your Business Funding Analyst at 0800 436 346 or email info@genfin.co.za
- Request a settlement letter showing the outstanding balance and accrued interest
- Transfer the settlement amount via EFT to Genfin's banking details provided in the settlement letter
- Receive written confirmation of settlement within 2–3 business days
Refinancing After 50% Repayment
Once your business has repaid 50% of the original loan capital, Genfin offers a refinancing facility: you can access additional funding without completing a full new application. This "top-up" or refinance option is particularly useful for businesses in a growth cycle that need recurring access to working capital.
What Happens if You Miss a Payment?
If a debit order is returned (NSF — insufficient funds):
- Genfin will attempt to contact you on the same day
- You may incur a returned debit order fee from your bank (not from Genfin)
- Late payment may trigger penalty interest under the terms of your loan agreement, in accordance with the National Credit Act
- Persistent non-payment can result in the loan being handed to a collections department, adverse credit bureau listings, and potential legal action
- Directors who signed personal surety may be held liable for the outstanding balance
Best practice: Set up a dedicated operating account buffer equivalent to at least one monthly instalment to ensure debit orders are never returned.
Repayment Tips
- Automate your cash reserves — keep a buffer of at least one instalment in your account at all times
- Communicate early — if you anticipate a cash-flow shortfall, contact Genfin before the due date, not after the bounced debit
- Use slow periods to pay extra — strong trading months are the ideal time to make additional capital deposits
- Request a statement regularly — knowing your exact balance helps you make informed decisions about refinancing or early settlement