The micro lending sector forms a huge part of the huge and strong South African economy. Since the dawn of the democratic governance dispensation, this key sector has recorded tremendous growth with many new lending firms being established. One micro lending institution which continues to positively impact the local economic landscape is Mpowa finance. Mpowa finance is an online micro finance company which is providing payday loans.
Using a flexible application process, Mpowa offers clients credit of up to R2500. With Mpowa, clients simply have to complete the online application and create an account, Mpowa then emails a loan contract to the applicant. A client is then required to upload the latest 3 months bank statements and the signed contract or alternatively fax them to the designated loan consultant. A designated consultant will then call the applicant to ensure that voice recording is undertaken.
Mpowa finance charges certain fees on credit provided such as initiation fee of 15% of loan amount up to R1000, thereafter 10% plus VAT. Service fee of R50 per month plus VAT and interest of 5% per month. Mpowa loans are also not automatically renewed because renewal is subject to employment and affordability criteria.
Mpowa finance can be contacted on 0861228228.