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 16.5% plus VAT for 1st R1000. 10% thereafter - Service Fee of R60 plus VAT per calendar month plus VAT and a pro-rata amount if concluded in a prior 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.
Loan Amount R1000 taken out on 25 January repayable on 25 February Initiation Fee: R188.10 Service Fee: R79.80 Interest: R59.40 (1st loan) subsequent loan R35.64 Interest rate: 5%pm 60%pa for first loan in a calendar year. 3% thereafter for any loan taken out in that same calendar year. Credit Cost Multiple incl VAT 1.32 and 1.292 for a subsequent loan in same calendar year. Outstanding Loan Amount: R1327.30
Illustrative 348.63% APR
- 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.