MPOWA Finance is an online registered credit provider. They specialise in short term loans, offering loans of up to R8000 with flexible repayment options.
MPOWA Finance has become a popular choice for those in need of quick and easy access to cash.
How to Apply for MPOWA Finance Loan
If you need a loan urgently, then MPOWA is your go to place as they offer same day service. Applications are strictly online, making the process both convenient and accessible. You will receive a loan decision in a matter of minutes, thanks to the advanced technology and algorithms used by MPOWA Finance to assess creditworthiness.
MPOWA Finance online loan application is quick, easy, and safe. Following is how it works:
Step 1: Apply and Register – If you are a first-time applicant, you will first be required to create an account. When done the loan contract will be sent to you immediately via email.
Step 2: Sign Online/ Upload Documents – Review the documents received and sign them online. You will be required to upload your latest months bank statement or payslips.
Step 3: Receive Payment – A sales agent will then call you for a voice recording of the contract details and once approved, cash will be sent to you instantly at 5pm.
Application Process
To get started, you can visit MPOWA finance website https://mpowafin.co.za/ fill in the application form with the required details, this includes your ID number and contact details.
State your net monthly salary, your monthly debit orders and expenses, lastly your payday. When done click on the green tab written “ instant decision”.
Keep an eye on your emails as your contract will be sent once your application has been reviewed.
While waiting for the response, make sure you have the following documents ready for upload:
- Copy of your Identity document
- Latest 3 months bank statement / payslips
Please note, you will have to be 18 years or older to qualify for a MPOWA Finance loan.
Advantages and Disadvantages of MPOWA Finance Loans
One of the main benefits of MPOWA Finance is its flexible repayment options. Customers are given an option to choose how if they want to repay their loan in one instalment or split it into multiple payments. Also, MPOWA Finance does not charge any early repayment fees, allowing customers to repay their loan ahead of schedule without incurring any additional charges.
However, it is important to note that the interest rates on MPOWA Finance loans can be relatively high compared to other loan providers. Customers should carefully consider the terms and conditions of the loan before applying to ensure that they can afford the repayments.
Mpowa Finanace Loan Interest and Fees
The fees and interest charged by MPOWA Finance are in line with chapter 5 of credit act no.34 of 2005.
They charge an initiation fee of R165+VAT on loans up to 1000, and 10% thereafter. Service fee is set at R60 per month and interest rate of 5% per month.
MPOWA Finance offers different interest rates depending on whether it is a customer’s first loan in a calendar year or subsequent loans within the same calendar year.
For the first loan in a calendar year, MPOWA Finance charges an interest rate of 0.17% per day, which equates to an annual percentage rate (APR) of 60%. This means that if a customer borrows R1,000 and repays it after 30 days, they will be charged R5.10 in interest.
For any loan that a customer takes out after their first loan in the same calendar year, MPOWA Finance charges an interest rate of 0.1% per day, which equates to an APR of 36%. This means that if a customer borrows R1,000 and repays it after 30 days, they will be charged R3 in interest.
Calculate Repayments
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MPOWA Loan Non-repayment Procedures
Missed payment will result in 3% interest incurred on all the outstanding balances. MPOWA makes every effort to contact their clients to agree on repayment terms. If the client does not respond or fails to make payments, the account will be referred to an external Debt Collector, who will add their collection fees to the outstanding balance.
Non-payment of the outstanding balance will result in the client’s National Credit Profile showing an unpaid account in arrears. This can negatively impact the client’s credit rating and may affect their ability to obtain credit from other providers in the future. Therefore, it is important to ensure that all payments are made on time to avoid any negative impact on one’s credit history.
MPOWA Finance offers a convenient and accessible solution for those in need of short-term loans in South Africa. With a range of loan amounts and flexible repayment options, customers can tailor their loan to suit their individual needs. However, it is important to carefully consider the terms and conditions of the loan and ensure that repayments can be made on time to avoid additional charges.
