Mpowa Finance
- Personal Loans up to R5,000
- Low-interest starting from 36%
- Repayment up to 12 months
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[Accessed May 4, 2023]
About Mpowa Finance
Mpowa Finance is a South African payday lender offering quick and simple microfinance.
Wherever you’re located in the country, they’re able to offer you credit. This is because they operate completely online and use the latest technology and systems to improve on their delivery.
Simplicity is key to success
You’ll notice that Mpowa Finance have a simple website and a streamlined loan application system and process. This ensures that they can stick to their promise of delivering same-day loans to anyone who applies before 3 pm.
Their simple website is also easy to navigate and contains only the most relevant information and details. This works to their advantage as you’ll be able to find information, apply, and review your personal loan with ease.
Who is Mpowa Finance?
According to their LinkedIn profile, Mpowa Finance was founded in 2008. With close to 14 years in the South African credit market, they’ve delivered thousands of loans.
With hundreds of happy customers and many new ones added every day, this credit provider is sure to grow and expand its service offerings and technologies in the coming years.
A registered FSP
Mpowa Finance is a registered credit provider regulated by the National Credit Regulator. As a registered lenders, they’re required to abide by the National Credit Act. They are also required to ensure compliance with the rules, regulations, and code of conduct as published by the NCR.
Adapting to your changing needs
Mpowa Finance is mindful of your changing needs and strives to adapt its products, services, and approaches to cater to you. This means being mindful of time constraints and your changing financial needs.
While just last year you could apply for no more than R5,000, you can now get R8,000 as an existing customer. They also now use DebiCheck which is the preferred method for South Africans to verify and manage their debit orders.
Mpowa Finance Services
Mpowa Finance offers personal loans between R500 and R8,000 to all qualifying South Africans.
Since their offering is classified as a short-term loan, they are bound by the fees as set by the National Credit Regulator.
How much does a Mpowa Finance loan cost?
An initiation fee of 16.5% of your loan amount for the first R1,000 and 10% thereafter. They also charge a monthly service fee of R60. All costs are subject to VAT.
The cost is 5% interest per month for your first loan and any further loans taken out during the course of the year will then incur a fee of 3% per month.
Same-day loans guaranteed
Mpowa Finance has gained popularity over the last few years because they deliver loans FAST. In fact, they have a same-day loan policy which aims to deliver credit to your account on the same day.
You will need to make your loan application by 3 pm for your loan to be released on the same day. While many South African lenders have automated loan application processes, Mpowa still remains one of the most consistent lenders when it comes to quick delivery.
Need to top up your loan?
Once you’ve made three successful repayments, you’ll be able to top up your loan amount and therefore access more credit. If you qualify for more than you need, you are welcome to decline the loan offering and request a smaller amount.
Loans to meet your emergency needs
Mpowa Finance’s service offerings and speed of delivery make their personal loans ideal for emergency expenses. Whether you need to pay school fees or buy groceries, if you’re short on cash, they can help.
As long as you meet their minimum lending requirements and log in to your online banking to approve the debit order, you will get your loan on the same day.
Mpowa Finance – Personal Loan
- Loan Type Personal Loans
- Interest Rate 36 – 60% p/a
- Loan Amount up to R5,000
- Repayment 30 days to 12 months
Benefits of Mpowa Finance
- Loan approval on the same day
- Get a free credit check
- Quick online loan application
Personal Loan calculator
Apply for an Mpowa Finance loan in three easy steps
Mpowa loans are referred to as payday loans due to their low amounts and shorter terms of up to 6 months.
Step 1: Complete the Mpowa Finance online application form online and create an account. You’ll be asked to create an account.
Step 2: Upload the documents requested.
Step 3: You will receive a call to hear your contact details which you must agree to.
Lending requirements Mpowa Finance
- 18 years or older
- Employed for the last 3 months with the same employers
- Must have a South African Identity number
- Must demonstrate affordability
How Mpowa Finance make lending decisions
- Your net and gross salary are taken into account
- How long you have been employed with your current employer
- Your credit record
While you do not need to have a stellar credit record to be approved for a payday loan with Mpowa Finance, you must be able to demonstrate affordability. This means that you need to show that you can repay your loan when you get paid.
Authorise your Mpowa debit order
Since Mpowa Finance makes use of the DebiCheck system you will need to log into your bank account (via online banking or mobile app) and authorise the debit order.
This allows the loan repayment to be withdrawn from your bank account and is required for your loan to be released.
Documents required to apply for a loan
You will need to upload your South African ID, 3-month bank statements or payslips and proof of address.
What happens if you don’t repay your Mpowa Loan
Mpowa Finance takes every precaution to ensure that anyone who takes out a loan can afford it. This is evident in their low bad debt percentage.
This simply means that they have a low number of customers who have been unable to repay their loans entirely.
Ready to apply for your personal loan?
If you’re ready to apply for a loan of up to R8,000 you can quickly head over Mpowa Finance’s website and fill in their simple application form. This will take you a few minutes, after which you’ll have your own account and be ready to approve your debit order.
Mpowa Finance is a trusted & reliable provider of personal 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, 2010, South Africa
Opening Hours
- not available