Mpowa Finance Lender Guide
Mpowa Finance has brought about changes to some amendments in South Africa as to how people get payday loansquick loans. They boast that their rates are among the lowest in the industry, and all contracts that are signed are also voice-recorded for the protection of both parties.
Mpowa has a simplified process when applying online. If your application is done by 15:00, the money will be in your account by 17:00 the same day.
- Founded: 2011
- No. of Staff: 10
- Location: Headquartered in Benmore, Johannesburg
- Valid Lending Licence: Mpowa Finance is a registered credit provider as per the national credit act requirements (NCRCP6666)
Loan Products
Mpowa Finance offers short -term loans that are aimed at helping people get through the month to payday. They do also offer short-term credit with terms less than 6 months and amounts not exceeding R8000.
Loan Amounts Available
- For first time lenders, R500 – R2500, based on the individual’s affordability. Credit rating may be a factor.
- The loan amount will only be increased once 3 loans have been successfully repaid.
Loan Terms Available
Mpowa Finance offers small, short-term loans for 5 days to 30 days. Amounts vary.
Interest
Mpowa is very transparent when it comes to their fees.
- 5% per month (0.17% per day, 60% p.a) for the first loan in a calendar year
- 3% per month (0.1% per day. 36% p.a) for any loan thereafter in the same calendar year
- Initiation Fee of R165+ VAT on loan amount up to R1000, thereafter 10%
- Maximum monthly service fee of R60
Repayments
The loan amount will be repaid in full on your payday by debit order. Repayments are structured around the individual’s regular salary date, between the 25th and the 30th or 31st of any given month.
Late Fee
In the case of a missed payment, Mpowa will make attempts to contact you to agree to new repayment terms. Interest of 3% will be charged per month and will accrue on all outstanding balances.
Should no payment be made and all attempts to reschedule payments fail, Mpowa will hand the account over to an external debt collector, who will add on their collection fees.
How To Apply For a Loan
The Mpowa website is designed to create your profile within a minute. Once the profile is created, it takes just three easy steps to complete the loan application process:
- Select your amount and time period
- A loan contract will be emailed to you within a few minutes
- Sign your documents online and upload your latest 3 months bank statements or payslips
- Mpowa will call you for a voice recording of your contract details
- If all of this is done by 15:00, the cash will be transferred by 17:00
Minimum Criteria to Take a Loan
To qualify for an Mpowa Finance loan, you will need to meet the following criteria:
- Must be 18 years and older
- Have a South African ID
- Be permanently employed
- Have a cell phone number
- A copy of your most recent payslip
- Have a valid and active South African bank account
The customer will also be required to pass an affordability assessment on the website, which considers an individual’s income and expenses, as well as their credit profile and payment behaviour.
Information Required for Application
- ID number
- Employment information
- Monthly income
- Expenses
- Bank account information
How Long Will It Take?
The application process is fast and easy, taking about 8 minutes to create your profile and upload the necessary documents before being approved.
Support Team Contact
The support team is very responsive. When you are logged into your dashboard you can chat in real time to one of the support agents.
If for any reason you are unable to access the internet to log in, you can call them directly, email, or send an sms.
- Phone: 0861228228
Available Monday to Friday, 08:00 to 17:00 and the last Saturday of each month from 8:30 to 11:30 - SMS: 083 736 0165
- General Queries: [email protected]
- Website: mpowafin.co.za
Social Media
Unfortunately, Mpowa has not created a social footprint. The only hint of their social presence is an incomplete, unclaimed LinkedIn profile.
Customer Reviews
HelloPeter
Mpowa Finance has only 25 reviews, with 19 of those being 1-star.
Recent reviews are all 1-star, with complaints being far more prominent that compliments.
The 3 5-star reviews date back to 2018 and 2016. Unfortunately, all recent feedback is of a negative nature.
Average Star Rating
Mpowa does not feature on Google, so we’ve based their star rating on the only reviews we could find – HelloPeter.
Based on 25 reviews, Mpowa Finance’s star rating is 1,6 out of 5.
