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.
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.
Mpowa Finance offers small, short-term loans for 5 days to 30 days. Amounts vary.
Mpowa is very transparent when it comes to their fees.
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.
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.
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:
To qualify for an Mpowa Finance loan, you will need to meet the following criteria:
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.
The application process is fast and easy, taking about 8 minutes to create your profile and upload the necessary documents before being approved.
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.
Unfortunately, Mpowa has not created a social footprint. The only hint of their social presence is an incomplete, unclaimed LinkedIn profile.
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.
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.
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