We all have times when money is tight, when we need extra cash when we need money fast. This is when you can consider getting a payday loan! A payday loan in South Africa refers to a short term loan that you take out and will pay back in instalments after payday. In the past, the process of getting a payday loan was slow. However, thanks to technology, online payday loans make the process fast and efficient.
Are Online Payday Loans Quick?
Back in the old days, you would need to catch a taxi or a bus or drive to a lender. You would then have to find supporting documents like proof of address, bank statements, payslips and ID. You would need to print and submit these documents to the lender so they can verify and access your loan request. This process would usually take a few days before you got your money.
However, with quick online payday loans South Africa, the process is much easier and faster. With lenders like Fasta Loans and Mpowa Loans offering same day pay out, you can now apply and receive your money in the same day. And better yet, all your documents can be submitted online.
Can You Get a Online Payday Loan with Bad Credit?
Sometimes we make mistakes, sometimes we forget to pay, other times we can’t afford to pay. While talking to your creditors is the best solution, all these cases can affect your credit score. This score is used by lenders to see if you are to high risk to lend money to.
Lenders in South Africa have to follow strict regulations set out by the National Credit Regulator (NCR). These lenders will access users on both affordability and risk to make sure they are giving loans responsibly.
So, apply with your financials and credit score to see if you qualify. If you credit score is standing in your way, work on ways to increase your credit score. Ooba has an article that lists six easy steps to improve your credit score. Follow these steps, and you will improve your credit score in no time!
Costs in a Online Payday Loan
There are a few costs assisted with online payday loans. These costs are very similar to those your would find in traditional payday loans. These costs include:
- Interest – Interest is charged on the amount you owe.
- Initiation Fees – These are once off fees paid at the start of your loan period.
- Service Fees – These are ongoing fees while you still have the loan facility.
- VAT – VAT is charged on the fees.
Where to Get a Online Payday Loan in South Africa?
Online Payday Loans in South Africa are not incredibly hard to come by. There are many lenders out there who will be able to assist you with getting a short term loan online. But which lenders offer premium service to their customers? We have reviewed some of the lenders and have found the following lenders to offer great service:
- Mpowa Loans – This lender has a easy to use online service and offer same day loans. This allows you to get fast cash when you need it.
- Fasta Loans – Fasta Loans is an innovative system that allows users to get loans Fasta, as they need it. They also have a virtual credit card!
All About Mpowa Payday Loans
Mpowa Finance is an online short term loan provider based in South Africa. They offer their users many different loan options that make them a preferred provider for short term loans. They have an ultra fast processing system that allows its customers to apply and get your loans extremely quickly!
Besides loans, Mpowa has many articles trying to educate their customers on the dangers of illegal loan providers. They provide insight into what to look out for and how to avoid these scams. This shows their dedication to serving their customers.
|Registered with NCR||Yes|
|When do you get your money?||Same Day|
|Max Loan Amount||R5000|
|Interest Per Month||3%|
|Initiation Fees Based on R1000||R190|
|Documents Needed||ID, Proof Of Income, Bank Account|
About Test Loan
Mpowa is a Fintech business that offers users a new and unique way to pay for online and in store purchases. They have hugely reduced the speed in which it takes to process loans. No longer do you have to wait in long ques, fill out paperwork and wait a number of days for an answer. At Mpowa, you can do it all online and can get your loan paid to your bank account on the very same day.
Mpowa has a self-service application that is easy to use and allows customers to take out loans of up to R5 000.
Mpowa has redefined the speed and service you get from loan providers. They not only give you fast and effiicent service for their customers, they also focus on educating South Africans of the latest scams to be weary of. This shows the teams dedication to ensuring the financial safety of all South Africans. They are really embracing Ubuntu.
Where Can You Spend Your Money?
|Online Stores||You can use your own bank account|
|Physical Stores||You can use your own bank account|
Mpowa is a popular online loan provider in South Africa and it is easy to see why. From their easy to use and simple to navigate platform to their ultra fast turnaround time, they are a great provider. Some reviews have said that the support team is very attentive and helpful, this is great to see in the online loan industry.
If you are wanting to take out and online loan, or are interested into how much it will cost. Check out the link below to check out and use the Mpowa Platform.
Are Mpowa Payday Loans Fast?
In the past, you had to take a taxi, a bus, or drive to a lender. The next step is to locate supporting documents such as proof of address, bank statements and payslips. These documents will need to be printed and submitted to the lender to verify and access your loan request. The process could take several days before you get your money.
The process of applying for quick online payday loans South Africa is faster and easier. You can apply online and get your money the next day from lenders such as Fasta Loans or Mpowa Loans. You can even submit all of your documents online.
Are you able to get an Mpowa payday loan even if your credit is not perfect?
Sometimes mistakes are made, sometimes we forget about paying, and other times, we simply can’t afford it. Talking to creditors can be the best way to resolve these issues. However, credit scores can be affected by all of these situations. Lenders use this score to determine if you are too high-risk to lend money.
South African lenders, including Mpowa, must adhere to strict regulations established by the National Credit Regulator. To ensure responsible lending, these lenders will assess the affordability and risk of each borrower.
Apply with your financials to determine if you are eligible. You can improve your credit score by working on ways to raise it. Ooba offers six simple steps to increase your credit score. These steps will help you improve your credit score quickly.
The costs of an online payday loan
Online payday loans come with a few fees. These costs are similar to traditional payday loans. These costs include:
- Interest – Interest will be charged on the amount owed.
- Initiation fees – These are one-time fees that you pay at the beginning of your loan term.
- Service Fees – These are ongoing fees that you pay while the loan is still available.
- VAT – The fees are subject to VAT
What is the easiest payday loan to get online?
Mpowa Loans offers a fast and efficient way to get a loan. Click here to apply!
Where can I borrow money instantly?
While you cannot borrow money instantly, Fasta Loans has a quick approval system! Apply Now!
Where can I get a loan same day?
What apps let you borrow money?
While Mpowa Loans does not have a mobile app, users can apply through their mobile browsers.