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Interest and fees
Non-payment procedures
Renewal policy
Fees and interest charges by MPOWA Finance (Pty) Ltd in terms of chapter 5 of Credit Act no.34 of 2005:
- Initiation Fee of R165+VAT on loan amount up to R1000, thereafter 10%.
- Service Fee of R60 per month.
- Interest of 4.5% per month (.15% per day. 54%p.a) for the first loan in a Calendar year. 3% (0.1% per day. 36%p.a) for any loan thereafter in that calendar year.
- Interest of 3% per month will accrue on all outstanding balances
- All attempts will be made to contact the client to agree repayment terms, whereafter the account will be handed over to an external Debtor Collector who will add on their collection fees.
- Non - payment will result in a client’s National Credit Profile showing an unpaid account in arrears. Other credit providers assess these credit profiles when making lending decisions. Non-payment will impact your Credit Rating negatively and will affect future credit applications.
- Renewal is not automatic and is subject to credit rating, employment and affordability criteria.
- Based on the above criteria MPOWA Finance (Pty) Ltd will re-adjust your loan offer if your circumstances have changed significantly since your previous application.
- You may apply for a loan increase after 3 successful payments.
Interest and fees
Fees and interest charges by MPOWA Finance (Pty) Ltd in terms of chapter 5 of Credit Act no.34 of 2005:
- Initiation Fee of 16.5% of loan amount up to R1000, thereafter 10%. Limited to 15% plus VAT
- Service Fee of R60 per month.
- Interest of 4.5% per month (.15% per day. 54%p.a) for the first loan in a Calendar year. 3% (0.1% per day. 36%p.a) for any loan thereafter in that calendar year.
Non-payment procedures
- Interest of 3% per month will accrue on all outstanding balances
- All attempts will be made to contact the client to agree repayment terms, whereafter the account will be handed over to an external Debtor Collector who will add on their collection fees.
- Non - payment will result in a client’s National Credit Profile showing an unpaid account in arrears. Other credit providers assess these credit profiles when making lending decisions. Non-payment will impact your Credit Rating negatively and will affect future credit applications.
Renewal policy
- Renewal is not automatic and is subject to employment and affordability criteria.
- From time to time MPOWA Finance(Pty)Ltd reserve the right to do a new enquiry on your credit profile and readjust your loan offer if your circumstances have changes since first approval.
- Upon reapplication you will qualify for the same amount until you have successfully repaid 3 consecutive loans. Thereafter, if you feel your employment or credit circumstances have improved, you may apply for an increase through your assigned loan officer.
- No fees are charged to renew/ reapply for loans.
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