What is Power Loans?
Power Financial Services is a registered credit provider in South Africa. They offer Power Loans which is a short-term, personal loan that anyone can get in a flash.
The company understands the struggle of keeping finances afloat, especially with the everyday pressure that living expenses bring. With this, Power Financial Services structured a lending service that provides the maximum level of comfort to South Africans.
Getting Your Loan
Applying for Power Loans is easy. There are two ways to apply for Power Loans: one is by using their online portal and the other is by visiting one of their branches. Although the methods differ in terms of convenience and practice, they both undergo the same process for getting your loan approved.
When you visit their website, you’ll see the loan calculator right away. Start from there by entering the desired loan terms you want to apply for.
Power Loans allows you to borrow as little as R500 to as much as R8 000. The repayment period varies from 2 months to 6 months, which is enough to repay whatever amount you’ve borrowed.
Next is you have to provide personal information including your income, living expenses, and any other debt you may have. You also have to enter your employer details as well as your bank details before you can proceed with your application.
Once submitted, you’ll be required to submit copies of documents that will prove your capability and eligibility to handle the loan request.
Loan applications don’t take more than a day to get approved. You’ll receive your money within the day after getting approved.
Interest & Fees
Power Loans asks for a service fee of R50 every month, exclusive of VAT.
The initiation fee varies depending on the amount you’re borrowing. For the first R1 000, you’ll be charged with 15% of that amount as part of the initiation fee. Any amount in excess of the first thousand will be charged at a rate of 10%. The maximum amount of initiation fee Power Financial Services can charge is R1 000. Both computations are VAT exclusive.
Credit life fee which is needed to maintain the loan costs 1.1% of the total borrowed amount.
The interest rate on the loan is at 0.17% per day.
Repayment is debited automatically from your bank account on the agreed payment date. Ensure you have enough funds available in your account to avoid getting penalty fees for not paying on time.
During the application process, you’ll be asked to provide information and submit copies of documents that will be used by Power Financial Services for assessing your creditworthiness.
- Bank statement containing transactions for the last 3 months
- Your ID statement
- Your latest payslips
Power Financial Services will conduct their own credit check to make sure you have the capability to repay the loan you’re applying for.
Power Loans allow you to do the loan application online or have your actual papers submitted to their nearest branch.
For concerns that can be discussed over the phone, here’s their office number.
- Phone: 087 702 1371
If you want them to call you back, you can leave your name and your phone number or email address on the website. They’ll call or message you right away once an agent becomes available to attend to your needs.
Power Financial Services is located across 3 different provinces in South Africa. If you want to visit their offices personally, you can use the branch locator found on the website.