Total Debit Orders and Monthly ExpensesPlease supply the total amount of REGULAR debit orders and Monthly Necessary Expenses that go through your account each month. These include all insurance, cell-phone, Telkom and loan / finance / credit card/ living expenses/ rent/ mortage amounts. Please be accurate as this may hamper the speed of the processing your loan application
Fees and interest charges by MPOWA Finance (Pty) Ltd in terms of chapter 5 of Credit Act no.34 of 2005:
- Initiation Fee of 15% of loan amount up to R1000, thereafter 10% plus VAT. - Service Fee of R50 per month plus VAT. - Interest of 5% per month/ 0.17% per day. 60%pa
Loan Amount: R1000 for 30 days Initiation Fee: R171 Service Fee: R57 Interest: R58.55 Interest rate: 5%pm 60%pa (fixed) Outstanding Loan Amount: R1286.55
Illustrative 348.63% APR
- Interest of 5% per month will accrue on all outstanding balances - Costs incurred to recover the debt such as failed debit order fees will be charged to the client - 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.