What you’ll need
Up to R 8000 for new customers
Your latest payslip, 3 months bank statements, a copy of your ID, Bank account details, Most recent proof of income
About Power loans
Power Loans, also known as Power financial services, is a South African based micro-lending company specializing in payday loans. Power Loans allow customers to borrow an amount as low as R 500 up to a maximum of R 8,000.
Duration and interest rate of pay day loan
Power Loans loan can be paid at your next payday or up to a maximum of 6 months. The interest rate to be charged on the loan will vary from 36% per annum up to 60 % per annum all calculated daily. This will be reliant on your risk profile. So, if you have a clean credit record, you will have a lower interest rate closer to 36%. If you have a bad credit record, you can still apply but this means your interest rate will be closer to 60%.
Online or face to face
All Power Loans loan applications can be done online. This means that all you need is an internet connection. Power Loans are able to assess your application and give you an answer within 24 hours. Power Loans also have an extensive branch network across South Africa and if you would like to go and visit one of their branches you can do your application in person.
How to apply for the loan
Applying for a Power Loans is easy and straight forward. You can assess how much you can borrow and at what interest rate with the sliders on their website. This system is straightforward. Once you see what you qualify for you can then fill out the application that is available online or fill in an application at a Power Loans branch.
Documents required for a Power loan
You will need to submit a copy of your latest payslip showing that you are employed permanently, 3 months bank statement and a copy of your ID.
Power Loans works quickly to verify your information
After application, the experienced staff of Power Loans will begin the process of doing all necessary credit checks, as well as other relevant checks to satisfy themselves that the information you have given them is correct.
Once this is all verified, they will communicate this to you and at the same time set up a debit order with your bank to collect the repayments required from you at agreed upon periods. Your funds will be loaded onto your Power Cash card which is issued by Power Loans and you can begin spending.
We help to get a loan
Power Loans make sure that you get an affordable loan. Admin fees are fair and standard practice within the industry. Power Loans make sure they accommodate everyone, even those who are not too technically savvy and would rather visit a branch. This can be done by using the branch locator which can be found on the Power loans website. Alternatively, one can also have the application done on the telephone by calling 087 702 1371.
And as alternative lending, you can consider other lenders on our website, for example, Unionloans, Express Finance and others.