Fundi loans have helped many students and professionals across South Africa to pay for their studies and education-related needs. But once you accept a Fundi loan, can you change your repayment terms if your situation changes?
The short answer is yes—you can request a change in your repayment terms after accepting a Fundi loan. However, this depends on certain conditions, and you need to follow the right steps.
Can I Change My Repayment Terms After Accepting a Fundi Loan?
Yes, you can.
Fundi understands that life is unpredictable. If your financial situation changes after you’ve accepted a loan—maybe you lost a job, faced a health issue, or your income dropped—you can request to change your repayment terms.
However, this change is not automatic. You must contact Fundi and follow their process to request a change in your repayment agreement.
What Are the Original Repayment Terms Like?
When you accept a Fundi loan, the repayment terms are clearly outlined. These often include:
- Monthly repayment amount
- Interest rate (fixed or variable)
- Repayment start date
- Repayment period (e.g., 6 months, 12 months, etc.)
- Agreement to pay through a debit order
These terms are part of a legal contract, so changing them requires a formal request and approval from Fundi.
When Can You Consider Changing Your Repayment Terms?
There are many real-life situations where you might want to change your repayment terms. Some of these include:
1. Reduced Income
You’ve started a new job or side hustle, but you’re earning less than expected. In this case, you can ask Fundi to reduce your monthly repayment or extend your payment period.
2. Job Loss
If you’ve lost your source of income entirely, Fundi may allow you to pause payments for a while or adjust your terms.
3. Family or Medical Emergencies
Unexpected expenses can make it difficult to keep up with monthly repayments.
4. Continuing Studies
If you’re returning to school for further education, you might request a delay or restructuring of your loan.
The key here is to reach out to Fundi early. Don’t wait until you’ve missed a payment. The earlier you communicate, the better your chances of getting help.
How To Apply for a Change in Fundi Loan Repayment Terms
If you feel the need to change your repayment terms, here’s how you can apply for it:
Step 1: Contact Fundi
You can reach Fundi through:
- Phone: 0860 55 55 44
- Email: support@fundi.co.za
- Website: www.fundi.co.za
Start by explaining your current financial situation. Be honest and clear.
Step 2: Request A Change
Ask for a repayment restructure, such as:
- Lower monthly payments
- A longer repayment period
- A temporary payment holiday
Step 3: Submit Required Documents
You will likely be asked to send supporting documents, such as:
- Payslips
- Bank statements
- A short letter explaining your situation
If you’re unemployed, a signed letter stating your status may be enough.
Step 4: Wait for Approval
Once your request is submitted, Fundi will review it. The review process usually takes between 5 to 14 working days.
How Long Does It Take To Change Your Repayment Terms?
If you’ve submitted everything correctly, the process is quite fast. In most cases, Fundi gives feedback within two weeks.
However, delays can happen during peak times—especially around the beginning or end of academic terms—so try to apply early.
Does Changing Repayment Terms Affect Your Credit Record?
Not necessarily. If you follow the proper process and communicate with Fundi early, your credit record will not be affected.
However, if you stop paying without contacting them, it can damage your credit score. Missed payments might be reported to credit bureaus, which can affect your ability to borrow in the future.
To stay safe:
- Apply early for repayment changes
- Always respond to Fundi’s emails or calls
- Stick to any new agreement they give you
What If Fundi Doesn’t Approve Your Request?
If your request is denied, here are some things you can try:
1. Talk to a Financial Adviser
You can speak to a debt counsellor for free advice.
2. Negotiate Again
Sometimes, a second attempt with better documentation can work.
3. Look for Temporary Solutions
If possible, borrow from a family member to stay current while you resolve the issue.
Other Options Besides Changing Repayment Terms
Changing your repayment plan is not the only solution. You can also:
- Apply for a payment break if you’re facing short-term hardship
- Find a part-time job or side income to boost your repayment ability
- Speak to your employer about salary advances or education support
- Cut down non-essential expenses to free up funds for loan payments
These small actions can help you stay on track even when things are tough.
Final Thoughts
Can you change your repayment terms after accepting a Fundi loan? Yes, you can, but it requires a proper request, supporting documents, and approval. Fundi understands that life can change, and they are open to helping borrowers who communicate early and responsibly.
If you’re struggling or expect changes in your finances, don’t keep quiet. Reach out to Fundi’s customer support and take action early. Managing your repayments wisely can protect your credit, reduce stress, and give you the financial flexibility you need.