Well help you get money today!
Interest Rate (p.a.)
61 - 180 days
Up to 7 working days
Min. monthly income
Power Loans - your Short term cash today
Power Loans is a registered short term financial services provider that offer customers up to R8000 over a period that is much longer than most other payday loan companies in South Africa. The company is a direct lender and not a broker, which means the company will directly pay money to a customer’s account once their application has been approved.
It is important to take note that Power Loans does work a little different from other financial providers in South Africa that offer their customers access to payday loan services. The company recently became part of Atlas Finance and now offer customers access to their payday loan services through a Power Cash Card. This is a custom debit card that Power Loans will issue to all new customers. Customers who already own one of these cards are able to reapply for a loan after their existing payday loan has been paid off – the money will then be paid into the Power Cash card that the customer was sent during their first loan with the company.
How To Apply For A Loan?
Customers are given three different options when it comes to applying for a payday loan at Power Loans. The easiest option for most customers looking to take out a short term loan is to visit the company’s website and to submit an application online. The system features a quick process – the customer chooses how much they want and specify how many days they want to borrow the money. A short application form is then completed, and the system will then process the loan application. Upon approval, money is paid to the customer’s debit card – a custom Power Cash Card issued by Power Loans once the customer’s first loan with the company has been approved.
Apart from allowing customers to complete an entire application on the internet, the company also allows the customer to fill out a callback request form. Only a name and contact number are needed – a consultant will then give the customer a call in order to process their payday loan application.
The third option is to visit one of the local offices that the company owns. They currently serve three provinces in South Africa and are planning to expand their reach soon. Customers can get a full overview of office locations on the official Power Loans website.
What Power Loans Offer Their Customers
While Power Loans is considered a payday loan provider, customers who are rather looking for short term loans can also utilize the services of this financial services provider. While it is possible to lend money to the company over a short period of time, the system also allows customers to choose a loan period of up to 180 days.
It should be noted, however, that the interest rate and fees added to loans are quite high when a customer chooses an extended period of time for their loan term. For example, borrowing R8000 over a period of 180 days will incur fees that calculate to R4087.02.