Mpowa Finance is offering Payday Loans by using their reliable online system, to apply for a Mpowa Finance Payday Loan you must first be registered on the system before you apply for a Mpowa Finance Payday Loan.
Mpowa Finance Loans Interest and Fees
The interest and fees that are charged by Mpowa Finance are in terms of chapter 5 of Credit Act no.34 of 2005:
- Initiation Fee of 15% of loan amount up to R1000, thereafter 10% plus VAT.
- Service Fee of R50 per month plus VAT.
- Interest of 5% per month/ 0.17% per day. 60%pa
Mpowa Finance Non – Payment Procedure
If a monthly payment is missed then Mpowa Finance with charge 5% per month will accrue on all outstanding balances and
- Costs incurred to recover the debt such as failed debit order fees will be charged to the client
- All attempts will be made to contact the client to agree repayment terms, where after legal proceedings will be enforced.
- Non – payment will result in a client’s credit profile being negatively impacted.
How Mpowa Finance Charge
This is an example from Mpowa Finance on how they charge you for a loan:
Loan Amount: R1000 for 30 days
Initiation Fee: R171
Service Fee: R57
Interest rate: 5%pm 60%pa (fixed)
Outstanding Loan Amount: R1286.55.
For more information visit mpowafin.co.za
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