The National Credit Regulator’s stance on responsible lending is one that MPOWA Finance (Pty) Ltd is committed to upholding. The low amount of bad debt that we have is evidence that our lending standards are conservative in comparison to industry norms.
We evaluate your application for a loan based on a number of criteria, including your Gross Salary, your Net Salary after deductions, the length of your employment, the type of employment you have, and a comprehensive credit check from a credit bureau. The credit bureau uses information that is readily available to the public to evaluate your credit history and account payment habits. In addition to this, the credit bureau will provide an indication of any fraudulent activity associated with your identification number.
On the page detailing the loan offer, each and every cost will be shown in plain detail. Because our loans are for relatively modest sums and are meant to bridge the gap between now and your next payment, our system will give you the highest feasible amount. You are free to choose a lesser amount at any moment before signing and accepting the loan offer. Keeping in mind that the quantities of our loans range from R500 to R8000, you have the option to reject the offer in favor of a lower amount at any time.
MPOWA Finance loan conditions
Agreements for Credit on a Short Term are Available Here (term less than 6 months and amounts not exceeding R8000).
Initiation fees for each loan arrangement are calculated as follows: 16.5 percent of the capital amount on the first R1000, then 10 percent on each amount beyond R1000, plus VAT. A monthly service cost of R60, in addition to the applicable VAT. A monthly interest rate of 5%, with a rate of 3% applied to any extra loans taken out during the same calendar year.
On the page that details the quote for each loan contract offer, any and all costs are listed.
MPOWA Finance contact details
Address: Postnet Suite 462, Private Bag X9, Benmore, 2010
Tel: 0861 228 228
SMS: 083 736 0165