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Mpowa Finance loans are a quick and convenient short term financing option for South Africans who need extra cash in a hurry.
Could a loan from Mpowafin be right for you? This in-depth Mpowa Finance loans review will cover all the details you need to know before you apply for a loan with this lender.
✅ How Much Do You Need?
WHO IS MPOWA FINANCE?
Mpowa Finance is a financial services company and registered credit provider. The company was established in 2008 and is one of the first players to offer short term online loans via its innovative fintech platform. The online microfinance company provides services to borrowers all across South Africa.
KEY FEATURES
- Loan amounts. Up to R8000
- Loan term. Payment is due on the next pay date
- Interest rates. 0.1%–0.17% per day or 3%–5% per month or 36%p.a–60%p.a
- Loan type. Same day loans/ Payday loans/ Short term loans
ILLUSTRATIVE EXAMPLE
When you take out a Mpowa Finance loan, total costs include a monthly service fee of R60 and an initiation fee of R165, plus VAT on the first R1000, and 10% thereafter. Interest is charged at 0.17% per day on the first loan and 0.1% thereafter in the same calendar year.
PROS
✔️ Straightforward online application
✔️ Fast funding (same day)
✔️ Bad credit borrowers may qualify
CONS
❌ Short repayment periods
WHY WE LIKE IT
The lender offers a well-refined niche product: flexible, accessible, and relatively affordable short term loans. These quick cash loans are disbursed via an instant decision, same day payout process. This makes MpowaFin one of the leading short term loan companies in South Africa.
SUMMARY
This is a solid option for borrowers looking for a traditional payday loan. Loan amounts are similar to other payday lenders, with shorter repayment terms and quick funding.
MPOWA FINANCE LOANS ARE BEST FOR YOU IF YOU:
- Need a same day loan
- Can afford to pay off the loan in full on your next payday
- Are looking for a lender with flexible credit score requirements
Full Mpowa Finance Payday Loans Review
Get a more detailed look at this credit provider: the advantages, disadvantages, and other need-to-know details.
Pros Explained
Easy, simple online application
Mpowa Finance has a clean and user-friendly platform for online loans application. You can complete the three-step application process within minutes and get an instant decision. The seamless loan application process is 100% online and paperless. You can easily upload the required documents and sign your loan contract without printing anything.
Fast cash loans
MpowaFin has one motto that sets it apart from other lenders – “Cash in your account by 5PM today!” If you find that banks and other lenders are too slow at processing your loan application, you may appreciate the lender’s instant decision cash loans, which are paid out on the same day.
Keep in mind that same-day loans can only be disbursed if you complete the loan application by 3PM. If you have been approved, you can log in to your online account to check the status of your application.
Flexible credit requirements
Mpowa Finance is an alternative lender with flexible credit requirements. If you have bad credit, you may be able to get a payday loan from this lender. Payday loans are often easier to get approved for than traditional loans. The important thing is that you are able to provide sufficient proof of income to show you can afford to pay back your debt.
Cons Explained
You have to repay the loan in full on the next pay date
The credit provider offers traditional payday loans where you must repay the debt in full as soon as your salary comes in. Thus, borrowers may be frustrated with the limited repayment options, compared to other payday lenders that offer loan terms of up to 6 months.
With Mpowa, you have to renew the loan each month, and this can be more expensive if you’re charged an initiation fee for every renewal. Consider an instalment or personal loan if you’re looking for long term credit with smaller repayments.
How Does Mpowa Finance Loans Work?
Features of Mpowa Finance loans include:
- Short terms. The lender only offers 1 month loans, designed for short term financial emergencies and unexpected expenses like a medical bill or car repairs. You should only take out a Mpowa loan if you need temporary financial assistance until your next paycheck arrives.
- Renewal Policy. Once you repay the loan amount in full, you can reapply for a new loan each month. However, renewal doesn’t mean automatic approval. You still have to pass the lender’s credit check, affordability assessment, and employment confirmation with each application.
- Loan increase. The lender offers loans of up to R8 000, but new customers will have limited borrowing power. The good news is that you can qualify for a loan increase once you have successfully paid off 3 loans.
- Non-payment Procedures. The company has strict non-payment procedures. For example, failure to make payments incurs an extra interest of 3% monthly. Continued non-compliance means your account will be eventually handed off to debt collectors. In addition, missed payments may end up showing on your credit profile, thus affecting future credit applications.
Is Mpowa Finance a Safe and Trusted Option?
Mpowa Finance is a registered credit provider that operates according to the guidelines set by the National Credit Act. The lender practices responsible lending by making sure that all borrowers meet the credit rating, employment and affordability criteria.
The lender also has a safe and secure platform for online loan applications. It’s essential to do your own homework and check Mpowa Finance loans reviews to see if other customers have had a positive experience with this lender.
How to Apply for a Mpowa Finance Loan
Here’s what you need to know about applying online with this lender.
What You Need to Qualify
- Minimum age of 18 years
- Valid bank account
- Reliable source of income
- You need to have worked at your current job for at least 3 months
- Latest 3 months bank statements or payslips as proof of income
Mpowa Finance Loan Application Process
» Step 1: Complete the loan application form. If you’re applying for the first time, you’ll first need to create your account. Once you sign in, fill out the form with the necessary details, such as how much you need, your personal details, and employment information.
» Step 2: Upload the required documents. To complete the application, you’ll have to upload recent payslips or bank statements. You may also be asked to provide additional documents, such as a copy of your ID and proof of address.
» Step 3: Get cash in your account. The lender will verify the information you have supplied to determine if you qualify for a loan. If approved, you’ll receive a loan contract with all the crucial details, such as loan amount, interest rate, repayment terms, and fees and charges. If you agree to the loan offer, Mpowa will transfer money into your bank account within the specified timeframes (usually on the same day at 5PM).
Mpowa Finance Contact Details
📌Contact number: 0861 228 228
📌Email address: support@mpowafin.co.za OR loans4u@mpowafin.co.za
📌Physical address. Postnet Suite 462, Private Bag X9, Benmore 2010 OR 410 Jan Smuts Avenue, Craighall Park, Randburg, Unit 6 Burnside Island Office Park, Johannesburg, Gauteng 2196, ZA
Other Loans Like Mpowa Finance
There are several options for 100% online short-term loans.
- Lime Loans. Lime24 provides loans between R 500 – R 8 000 with a repayment period of up to 37 days.
- Finance 27. You can get R 500 up to R 7 200 with repayment periods from 61 to 65 days.
- Sunshine Loans. Sunshine Loans offer loans of up to R4000 over up to 49 days.
Frequently Asked Questions
Mpowa Finance is a registered credit provider operating legally in South Africa. You’re encouraged to check Mpowa Finance loans reviews online to see if the lender is right for you.
Mpowa Finance offers same day cash payouts as long you complete your online loan application by 3PM. You’ll receive money in your bank account at 5 PM.
You can phone 0861 228 228
Our Research Expert
Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.