Virgilpay Loans – Frequently Asked Questions (FAQs)
1. Who can apply for a loan with Virgilpay?
Anyone who is a South African citizen or permanent resident, 18 years or older, employed with a regular income, and has a valid South African bank account.
2. How much can I borrow as a first-time client?
First-time clients can borrow up to R500 for the first 3 months, then up to R1,000 for the next 2 months, and afterwards up to R1,500 based on good repayment history.
3. What is the loan repayment term?
All Virgilpay loans come with a 1-month repayment term. This is a short-term payday-style loan.
4. How do I apply for a loan?
You can apply online by submitting your personal and financial details. You’ll need to upload:
- A valid South African ID
- 3-month bank statements
- Latest payslip or proof of income
- Proof of address (not older than 3 months)
5. How long does approval take?
Loan applications are processed within the same day, and approved funds are disbursed within a few hours, depending on your bank.
6. Do you run credit checks?
Yes, we perform credit checks to assess your affordability and risk. However, we also consider clients with low credit scores based on their income and repayment ability.
7. How do I repay the loan?
You can repay via:
- Debit order
- EFT (Electronic Funds Transfer)
- Cash deposit at the bank
8. What happens if I miss a payment?
Late payments may attract penalty fees, impact your credit score, and limit future borrowing. It’s important to contact us immediately if you are unable to repay on time.
9. Can I take more than one loan at a time?
No. You must repay your existing loan in full before you can apply for another one.
10. Is Virgilpay a registered credit provider?
Yes, Virgilpay Loans is a division of Grandpay Financial Services, a registered and compliant credit provider in terms of South African law.
11. Do you offer loans to people with low credit scores?
Yes. We do consider applications from individuals with low credit scores, but approval depends on affordability, income stability, and recent credit behavior.
12. Can I increase my loan amount after approval?
No, once approved, the loan amount cannot be increased. You’ll need to repay it first, then reapply for a higher amount based on your repayment history.
13. Are there any upfront fees?
No. Virgilpay does not charge any upfront or application fees. Fees are only charged on approved and disbursed loans, as regulated.
14. Do you assist clients under debt review or administration?
No. Unfortunately, we are unable to offer loans to clients who are currently under debt review or under administration.