Mpowa Finance - Review


Mpowa Finance, in a nutshell

Mpowa Finance is a South African international Fintech lender company founded in the year 2011. Mpowa Finance offers payday loans that range from R100 up to R5000. with charge interests of 0.17% daily, an initiation fee of 16.5%, and VAT on loans amounting to R1000.

Pros and Cons

Pros

  • Quick online application
  • Fast approval within a few minutes
  • Flexible and transparent loan terms
  • Same-day fund transfer
  • Quick funding; takes about 3 to 4 hours
  • Competitive loan rates

Cons

  • Higher fees and interest rates than average
  • Limited information on terms and rates

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Details abouts Mpowa Finance personal loans

Loan TypePersonal
Loan amount$300 to $5,400
Repayment terms5 - 37 days
Minimum Age18
Maximum AgeNo
Direct Lender or BrokerDirect Lender

Full review

Mpowa Finance offers instant loans to clients, which they are to repay on their payday. After repayment of three consecutive loans, the client is eligible for an increase in the loan amount. Mpowa does not charge any fees for reapplication or renewal for loans. Mpowa Finance offers the best solution to urgent financial problems. The online loan application process is very fast, short, and convenient. The repayment policy is also very convenient since all the fees, balances, and loan calculations are visible online.

Which Client is Mpowa Finance Best For?

  • People in need of extra money to use urgently on that same day
  • People who need small cash amounts
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The Application Process

  1. Go to Mpowa Finance website.
  2. For first-time applicants, you begin by completing the online application process and creating your account. Account creation involves the provision of the personal and contact details, which only takes about 2 minutes. You will thereafter receive an email about the loan contract.
  3. Proceed to the signing of your documents and uploading your 3-month latest pay slips or bank statements. This information helps Mpowa Finance in performing a credit check and deciding whether or not they will grant you a loan or not.
  4. After that you will receive a call for a voice recording of the contract details. The money will be in your account within the next 2 hours of the application.
  5. Note that you have to repay the loan in full using a debit order on the payday, after which you will be eligible to reapply for another loan.
Mpowa Finance is a South African fintech lender company founded in the year 2011. Mpowa Finance offers payday loans that range from R100 up to R5000. Visit Mpowa Finance

Frequently Asked Questions (FAQ) about Mpowa Finance

What is Mpowa Finance lending policy

Mpowa Finance offers its loans considering your type and length of employment, your net salary after the deductions, and gross income. The loans come in small amounts since they are only supposed to last until payday.

How do I get a loan increase?

A loan increase is only possible after you have applied for three or more loans and repaid the loans on time. Failure to abide by the policy may deprive you of the chance of getting a loan increase.

What are the interest and fees charges by Mpowa Finance?

  • An initiation fee of 16.5% on amounts up to R1,000 and a 10% origination fee for loan amounts above R1,000.
  • Monthly service fees of R60
  • 5% monthly interest on the first Mpowa loan amount. After that, a 3% monthly interest on any other loan in the same calendar year.
  • In case of any outstanding balances, monthly interest of 3% will accrue. Mpowa Finance will also ensure possible contact with the client regarding the repayment terms.

How much cash can I receive through Mpowa Finance?

The personal loans range between R500 to R2,500, which is payable within one month on the payday. Clients can also get an increase in the loan amount, upon renewal of the loan.

How long does the application process take?

As long as you have provided all your documents and the employment confirmation is complete, the process will be performed within the same day. All the successful applications take around 2 hours, during which Mpowa will send the money to your account.

What are Mpowa Finance requirements for the loan application?

  • You must be of age 18 years and above
  • Valid identification documents
  • 3-months pay slips or bank statements
  • Working for the same company for more than three months

What is the loan renewal policy of Mpowa Finance?

Before renewing another loan, Mpowa Finance assesses your affordability criteria and employment and then does credit rating. The outcome of the rating determines whether Mpowa Finance will re-adjust your offer or not. This will only be possible if there is a positive change in your circumstances since the previous application.

Does Mpowa Finance offer business loans?

No. Mpowa Finance strictly offers personal loans to its clients. For business loans, we recommend to have a look at Lulalend.


Mpowa Finance Physical address

191 Jan Smuts Avenue

Rosebank

Johannesburg 2196

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Mpowa Finance / contact details

To access Mpowa Finance customer service or for any inquiries, you can contact (086)1228228 or email loans4u@mpowafin.co.za

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