Have you been looking for the right platform to secure a Payday loan that will be easier to access and charge you lesser interest rate within 2 hours of your application? Then you may need this article. This article will focus on one of the finest lending institutions in South Africa known as Mpowa Finance.
The article will review all the activities of Mpowa Finance and provides the reader with the firsthand information needed to be known before applying for any loan from this lending institutions.
Mpowa Finance: Serving the Needs of the People.
Mpowa Finance is not a new parlance in South Africa and its environs, though it only focuses on granting loans to only South Africans. It is a South Africa limited online service providers that has registered with the appropriate body and given the license to offer loans on the regulation of the NCR, National Cash Regulator.
The lending institution was established in August, 2013 and has become one of the most fastest growing lending institution in South Africa as a result of its unending sacrifice in making sure that South Africa citizens can easily secure loans of any kind in as long as it is short term loan.
It is mostly frequented because of its transparent and lesser interest rate that it offers when it is compared with other other lending institutions that perform the same funtions.
Mpowa Finance Qualifications for Loans.
Mpowa Finance, before allowing its applicants to secure loans, there must be some criteria to be met. This will engender the fast approval as it is known for its fastest approval of loan. Averagely, it takes 2 hours to process and pays out a loan.
The following are the requirements that applicants must meet before the granting of loans:
- Applicants must be 18 years and above.
- Applicants must be a resident of South Africa.
- Applicants must have a source of income.
- There should be submission of some legal documents to prove citizenship status.
- There should be active bank account number.
- There should be active phone number.
- Applicants as well must not have a record of bad debt review.
How to Sign Up with Mpowa Finance
Though, it is possible to register for Mpowa Finance loan both offline and online, the online steps will include the following:
- Applicants should register with details that is easier for them to remember.
- Input your phone number while creating your account with Mpowa Finance.
- Insert your email address and make sure you verify your email and details that will be sent to your email address inbox.
- Agree to the Privacy Policies and Terms and Conditions.
- Click on the Instant Decision to complete the process.
Then you can now easily sign in with your details which will include your email and your password. If the password may be difficult to remember, you may put click on Remember Password for the browser to save the password.
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How to Apply for Loans from Mpowa Finance.
Before applying for a loan, applicants must ensure that he has the necessary documents needed by the platform. And after that, applicants must perform the following steps:
- Log into your dashboard.
- Click on the loan application.
- Then choose the amount that you wish to apply for.
- Submit the required documents for it.
- Be expecting your money.
Mpowa Finance offers Payday loans most especially which enable applicants to get some personal needs solved and the repayment can be as early as a month after the loan has been granted.
Some of Mpowa Finance Privacy Policies.
In order to have a good term using Mpowa, there is need to follow some terms and conditions and some privacy policies which may include among many the following:
- It has power to readjust loans terms and conditions at any time. This is done ensure that the terms and conditions tally with the finacial status of the applicants.
- Candidate that want to increase his term restrictions must ensure that he pays up his loans on time for 3 months before meeting with an account officer assigned to him for increment.
- There is no automatic renewal.
- Renewal and reapplication of loans are done free of charge.
Advantages and Disadvantages of Using Mpowa Finance.
There are many advantages that a user will derive from using Mpowa. Some of these benefits will include the following:
Fast Approval of Loans
Mpowa is known for fast approval. This means an applicant can be sure of applying and getting approval in just a day and in fact being paid the same day in as much he has met up with the requirements that the lending institution requires.
Increment of Loan
Applicants that have not defaulted in their payment for at least 3 months can have their loans increased to higher amount. This will encourage others not to default in their loan payment.
Online Application
There is option of online application which seems faster than the rest of the lending institutions. This feature has made Mpowa to stand out. Applicants can apply online at any convinient time and day.
Transparent Operation
Mpowa has a transparent way of handling it’s fee structure. The general public are given liberty for them to know how much is charged on every transaction that is done on the platform.
However this doesn’t mean that Mpowa doesn’t come with its own limitations which has really made it not to be perfect option for some people that may want to secure loan from it
Among those disadvantages include:
Limited Loans Offer.
Mpowa is known for offering payday loan only. This means there may not be option of loans for people under debt reviews, debt consolidation and even loan restructuring. Aside this, there is always limited amount of money to be granted by the Mpowa Finance.
Not Available for Everybody.
Mpowa is only available for people that are working. This means those that are unemployed of newly employed can not apply for this loan. Just like other lending institutions, it has really made it difficult for people that are newly employed or unemployed people.
Mpowa Finance Interest Rates
To ensure that its operations is transparent, Mpowa Finance has made its charge interest known to the general public. The following are how much Mpowa Finance charge on loans.
- 16.5% initial for loan on R1000 and above and 10% subsequently.
- 5% per month on the first loan and 3% subsequently.
- R60 as monthly charge.
- 3% on any applicant that defaults on his loan.
What Happens if Applicants Do not Pay?
There may be instances where applicants may decide not to pay up his loans on time or not even pay it all, Mpowa Finance has a unique way of retrieving the loan without resulting into any altercation between the defaulter and the company.
There will be several messages warning the potential defaulters and if he persists, then there may not be more alternative than to press additional charge on the loan, precisely, 3% will be added to the money every month.
The company can go further to report the defaulter to external debtor collector which will be responsible from retrieving the money from the defaulters.
How Long Does Mpowa Finance Take to Approve loans?
Mpowa Finance is regarded as the fastest loan processor as he processes the loans within 2 hours. Applicants that apply around 3PM will surely receive his loans around 5PM. However, anything other 3PM may delay the payment of the loan to the following day.
Mpowa Contact Details.
Mpowa Finance is on social media and as well physical address. The following are various means of contacting Mpowa Finance:
Social Media: Mpowa Finance is on Facebook, Instagram but not on Twitter and LinkedIn.
Phone Number: 0861228228.
Address: Mpowa Finance (pty) Ltd, PostNet Suites, 462, Private Bag X9, Benmore 2010.
Is Mpowa Finance Legit ?
With the above information, there is no gainsaying to conclude that Mpowa Finance is very legit. To prove its authenticity, the company makes sure that it does all its activities based on the laws regulated by the appropriate bodies and ensure that all there are made public for its users to see.
Conclusion
Mpowa Finance is a fast lending service that is serving the people of South Africa with the best that they deserve. However, all the information here is gotten from the official website but it doesn’t mean that applicants won’t still need help of Mpowa.
This site doesn’t have any affliate with the company and potential applicants may not substitute all the information here as the only one to rely on. Comments, suggestions and advice are welcomed in the comment box.