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Frequently Asked Questions

To make things a bit easier, we've compiled the following frequently asked questions. Alternatively, contact your nearest branch or visit us in-store to have all your questions answered by one of our professional consultants.

Q. Why should I use Power Finance?

A. With our focus always being on those in need of financial assistance, we understand the everyday pressures that come with needing money. The company has been structured in such a way that the client receives the maximum level of personal service through: accessibility to local branches, a national call centre and offering cashless solutions for loans.

Q. Where are Power Finance Branches located?

A. If you would like to visit your nearest Power Financial
Service Branch use the branch locator provided or contact us on 087 702 1371.

Q. What loans do you offer?

A. Between R500 and R8000.

Q. How long does an application usually take before it gets paid out?

A. Online loans are paid out on the day of approval. It usually takes less than 24 hours to get approved.

Q. What is the repayment term?

A. From 30 days to 6 months.

Q. How can I apply for a loan?

A. You can use this website or call us on 087 702 1371.

Q. What is a Payday Loan?

A. A Payday Cash Loan is a cash advance on your next salary and is paid back within 45 days. This is also called a 30 Day Loan.

Q. Can I use my Power cash card in any ATM machine?

A. Adopting current technology and focusing on convenience for our clients, your Power Cash Card can be used at any ATM or retail outlet that uses a Mastercard platform… to answer your question Yes!

Q. How much interest will I repay?

A. The online loan and all fees, costs and charges are reflected upon application. What you see, is what you get.

Fee & Interest Breakdown Summary
  • Service fee R50.00 per month plus 14% VAT
  • Initiation fee 15% on first R1000.00, +10% on any value above R1000.00, to a max of R1000.00, plus 14% VAT
  • Credit life - 1.1% of total loan amount
  • Interest rate 0.17% per day
  • APR ranges from 36% APR to maximum 60% APR

Fees & Interest are based on regulations set out in Chapter 5 of the NCA no.34 of 2005

 

Q. What is Power Financial Services' renewal policy?

A. Power Financial Services does not allow for the renewal of loans. Each loan must be applied for in a separate application.

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