MPOWA Finance
- Payday Loans up to R5,000
- Low-interest starting from 36%
- Repayment up to 12 months
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[Accessed May 11, 2023]
About MPOWA Finance
Mpowa Finance is a South African financial institution that provides payday loans to individuals in need of short-term financing solutions.
Established in 2012, the company has since become a trusted name in the industry, offering transparent and fair terms and conditions that comply with the regulations outlined in Chapter 5 of Credit Act No. 34 of 2005.
The benefits of using Mpowa Finance
- Quick and easy application process: Mpowa Finance offers a streamlined online loan application process that allows clients to complete the process quickly and conveniently from their own homes or office.
- Fast access to funds: Once a loan is approved, clients can receive the funds within hours of approval, providing them with the financial flexibility they need to meet their immediate obligations.
- Transparent terms and conditions: Mpowa Finance provides its clients with clear and transparent terms and conditions that comply with the regulations outlined in Chapter 5 of Credit Act no.34 of 2005, ensuring that clients fully understand their obligations and responsibilities.
- Responsible lending practices: The company's commitment to responsible lending and affordability means that clients can feel confident that they will not be overburdened with debt, and that their financial well-being is a top priority.
- Flexibility: Mpowa Finance offers loan renewal and loan increases after three successful payments, giving clients the option to extend their loan term or increase the loan amount if their financial circumstances change.
- Convenient repayment options: The company offers a range of repayment options, including debit orders, manual EFT payments, and cash payments at selected retail outlets.
MPOWA Finance Services
Mpowa Finance provides payday loans with a quick and easy online application process, offering fast access to funds and transparent, responsible lending practices.
You can get up to R8,000 from Mpowa Finance after just a quick and simple online loan application.
How much do payday loans cost?
Mpowa Finance charges an initiation fee of R165+VAT on loan amounts up to R1000 and 10% on higher amounts.
Additionally, Mpowa Finance charges a service fee of R60 per month, interest rates of 5% per month (.17% per day. 60%p.a) for the first loan in a calendar year, and 3% (0.1% per day. 36%p.a) for any subsequent loans in that year. Interest of 3% per month will also accrue on all outstanding balances.
Need another loan or looking for a renewal?
Renewal of loans is not automatic and is subject to credit rating, employment, and affordability criteria.
Mpowa Finance will re-adjust a client's loan offer if their circumstances have changed significantly since their previous application. Clients may also apply for a loan increase after three successful payments.
What can you use your payday loan for?
A payday loan from Mpowa Finance can be used for a variety of purposes, including but not limited to, covering unexpected expenses, such as emergency medical bills, car repairs, or home repairs; paying for urgent bills, such as rent or utility bills; or addressing short-term cash flow problems, such as bridging the gap between paychecks.
Essentially, a payday loan from Mpowa Finance can be used to address any immediate financial obligation that requires quick access to funds.
MPOWA Finance – Payday Loan
- Loan Type Payday Loans
- Interest Rate 36 – 60% p/a
- Loan Amount up to R5,000
- Repayment 30 days to 12 months
Benefits of MPOWA Finance
- 0% interest on your first loan
- Flexible repayment terms
- Get a free credit check
Payday Loan calculator
Get fast access to funds with Mpowa Finance
To apply for a payday loan with Mpowa Finance for the first time, you need to complete an online application and create an account by 3 PM. They’ll then receive a loan contract via email, which they need to sign online and submit their latest 3 months' bank statements or payslips.
A Mpowa Finance representative will call them to record your contact details and once approved, the funds will be available in their account at 5 pm.
Funds within the shortest space of time possible
Mpowa Finance aims to provide its clients with a quick and easy loan application process, with funds being made available within hours of approval.
The company's online application process is simple and streamlined, allowing clients to complete the process from the comfort of their own homes or office.
Mpowa Finance is committed to responsible lending
With a commitment to responsible lending and affordability, Mpowa Finance strives to assist you in meeting your financial obligations without putting undue stress on your finances.
The company's focus on transparency and customer service has earned it a loyal customer base and made it one of the leading providers of payday loans in South Africa.
Eligibility requirements to ensure loan approval
- Being a South African citizen or permanent resident
- Being 18 years of age or older
- Having a valid South African ID document
- Having an active South African bank account
- Having a regular source of income or employment for at least three months
- Having a valid email address and cell phone number
- Not being under debt counselling or administration
Speed up the process when you apply
To apply for a payday loan with Mpowa Finance, applicants must provide certain documents to verify their identity, income, and bank account details.
These documents typically include a copy of a valid South African ID document, the latest three months of bank statements or payslips, proof of residence such as a utility bill or lease agreement, and a signed loan agreement.
The documents can be submitted online through the Mpowa Finance website or app, and applicants must ensure that the information provided is accurate and up-to-date to avoid delays or rejection of their loan application.
What happens when you don’t pay
The company has a non-payment procedure in place, whereby they will attempt to contact the client to agree on repayment terms. If you do not respond or fail to make payments, the account will be handed over to an external debt collector who will add their collection fees.
Failure to pay will result in the client's National Credit Profile showing an unpaid account in arrears, which will negatively impact their credit rating and future credit applications.
Need assistance? Mpowa’s support team is ready to assist
Mpowa Finance has a customer support team that is available via phone, email, or live chat to assist you with any questions or concerns you may have about your loan application or repayment.
MPOWA Finance is a trusted & reliable provider of payday loans
In our review, MPOWA Finance adheres to the compliance criteria in accordance with the National Credit Act, where the granting the loan will not cause financial distress to the consumer.
✅ MPOWA Finance is a registered credit provider in South Africa: NCRCP6666
MPOWA Finance Contact
Physical Address
- South Africa
- Get Directions
Postal Address
- Postnet Suite 462, Private Bag X9, Benmore, Johannesburg, 2010, South Africa
Opening Hours
- not available