Application time remaining to get cash today.
15 26 46
Up to
R2500
in your account today!
Sign 100%
online
- no printing! - 24/7/365
Free
credit check with your first loan
Apply Now!
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 16.5% of loan amount up to R1000, thereafter 10%
- Service Fee of R60 per month.
- Interest of 5% per month (.17% per day. 60%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.
Illustrative example:
Loan Amount R1000 taken out on 1st of the month repayable on 31st of the month.
Initiation Fee: R188.10 incl VAT
Service Fee: R68.40 incl VAT
Interest: R59.40 (1st loan) subsequent loan R35.64
Interest rate: 5%pm 60%pa 1st loan in a calendar year. 3%pm 36%pa for subsequent loan taken out in that same calendar year.
Credit Cost Multiple incl VAT 1.36 1st loan & 1.292 for a subsequent loan in same calendar year.
Outstanding Loan Amount: R1315.90 1st loan R1292.14 subsequent loan.
Illustrative 379% APR 1st loan 350% APR subsequent loan.
- Interest of 3% per month will accrue on all outstanding balances
- A Service Fee of R68.40 will be charged for all accounts 30 days in arrears.
- All attempts will be made to contact the client to agree repayment terms, where after legal proceedings will be enforced.
- Non - payment will result in a client’s credit profile being negatively impacted.
- 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.
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%
- Service Fee of R60 per month.
- Interest of 5% per month (.17% per day. 60%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.
Illustrative example:
Loan Amount R1000 taken out on 1st of the month repayable on 31st of the month.
Initiation Fee: R188.10 incl VAT
Service Fee: R68.40 incl VAT
Interest: R59.40 (1st loan) subsequent loan R35.64
Interest rate: 5%pm 60%pa 1st loan in a calendar year. 3%pm 36%pa for subsequent loan taken out in that same calendar year.
Credit Cost Multiple incl VAT 1.36 1st loan & 1.292 for a subsequent loan in same calendar year.
Outstanding Loan Amount: R1315.90 1st loan R1292.14 subsequent loan.
Illustrative 379% APR 1st loan 350% APR subsequent loan.
Non-payment procedures
- Interest of 3% per month will accrue on all outstanding balances
- A Service Fee of R68.40 will be charged for all accounts 30 days in arrears.
- All attempts will be made to contact the client to agree repayment terms, where after legal proceedings will be enforced.
- Non - payment will result in a client’s credit profile being negatively impacted.
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.