INTEREST AND FEES MPOWA Finance
- Initiation Fee of R165+VAT on loan amount up to R1000, thereafter 10%.
- Service Fee of R60 per month.
- Interest of 5% per month (.17% per day. 60%p.a) for the first loan in a Calendar year. 3% (0.1% per day. 36%p.a) for any loan thereafter in that calendar year.
- INTEREST AND FEES MPOWA Finance
Illustrative example INTEREST AND FEES MPOWA Finance :
- Loan Amount R1000 taken out on 1st of the month repayable on 31st of the month.
- Initiation Fee: R171 incl VAT
- Service Fee: R68.40 incl VAT
- Interest: R50 (1st loan) subsequent loan R30
- Interest rate: 5%pm 60%pa 1st loan in a calendar year. 3%pm 36%pa for subsequent loan taken out in that same calendar year.
- Credit Cost Multiple incl VAT 1.29 1st loan & 1.27 for a subsequent loan in same calendar year.
- Outstanding Loan Amount: R1289.40 1st loan R1269.40 subsequent loan.
- Illustrative 347% APR 1st loan 323% APR subsequent loan.
NON-PAYMENT PROCEDURES
- Interest of 3% per month will accrue on all outstanding balances
- All attempts will be made to contact the client to agree repayment terms, whereafter the account will be handed over to an external Debtor Collector who will add on their collection fees.
- Non - payment will result in a client’s National Credit Profile showing an unpaid account in arrears. Other credit providers assess these credit profiles when making lending decisions. Non-payment will impact your Credit Rating negatively and will affect future credit applications.
RENEWAL POLICY
- Renewal is not automatic and is subject to credit rating, employment and affordability criteria.
- Based on the above criteria MPOWA Finance(Pty)Ltd will readjust your loan offer if your circumstances have changed significantly since your previous application.
- You may apply for a loan increase after 3 successful payments.
0 comments
Post a Comment