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MPOWA Finance offers fast and convenient loans with the option to repay over up to 45 days.
Why MPOWA Finance?
How it works
Complete the online application by 3PM the same day and create your account. A loan contract will be emailed to you immediately.
Sign your documents Online and retrieve/ upload your latest 3 months bank statements or Payslips
MPOWA Finance will call you for a voice recording of your contract details. Cash hits your account at 5PM!
Fees and Interest
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 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.
- Interest of 3% per month will accrue on all outstanding balances
- All attempts will be made to contact the client to agree on 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 readjust your loan offer if your circumstances have changed significantly since your previous application.
- You may apply for a loan increase after 3 successful payments.
Loan Amount R1000 taken out on 1st of the month repayable on 31st of the month.
Initiation Fee: R171 incl VAT
Service Fee: R68.40 incl VAT
Interest: R50 (1st loan) subsequent loan R30
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 1.29 1st loan & 1.27 for a subsequent loan in same calendar year.
Outstanding Loan Amount: R1289.40 1st loan R1269.40 subsequent loan.
Illustrative 347% APR 1st loan 323% APR subsequent loan.
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