How to apply for Power Finance Payday Loans?
Follow this step-by-step guide to apply for a personal loan with Power Finance, either online, by phone, or in person.
Get all the information you need to apply
Power Finance offers convenient personal loan options of up to R8,000 with flexible repayment terms ranging from 30 to 180 days. This makes it an ideal choice for individuals in need of quick financial assistance for various purposes.
Whether you prefer applying in person at physical branches or online, the application process is simple and straightforward. Power Finance ensures a swift response, with final decisions and funds disbursed within 24 hours, providing a speedy solution to urgent financial concerns.
In addition to their loan services, Power Finance also offers a dedicated credit card called Power Cash to their clients. This feature allows borrowers to access their loan amount with ease, offering a versatile solution for managing their financial needs.
Before proceeding with the application process, it’s recommended to thoroughly review the requirements to ensure a seamless experience.
Who is eligible to apply?
Power Finance follows a lenient approach similar to other payday loan providers when it comes to loan approval. They offer loans with minimal restrictions, making it accessible for a wide range of clients.
The primary eligibility criteria include being a South African citizen or a registered foreigner in the country, being over 18 or 21 years of age, and having a verifiable monthly income source.
As the company does not require collateral such as real estate, the key factor for loan approval is having a stable monthly income that can cover the loan repayment. Therefore, providing evidence of a consistent monthly income is essential.
With a few essential prerequisites, Power Finance provides borrowing possibilities to a wide range of individuals. However, it is the client’s responsibility to ensure that the loan aligns with their budget as the website transparently outlines the total loan amount, including service fees and interest rates.
How does the application process work at Power Finance Loans?
In contrast to other South African credit firms that operate exclusively online, Power Finance offers the option to apply directly at a physical branch as well.
They have multiple branches across the country, and clients can find the nearest location by accessing the website or calling the number 087 702 1371. Alternatively, clients can provide their contact number and await a call from the customer service team to initiate the process.
Another application method is through the online form available on the website. The client needs to specify the desired loan amount and repayment period, along with providing their ID number, full name, country of birth, email, gender, population group, and contact number.
In addition, the client must provide employer details as formal employment is a prerequisite for loan approval. The form also includes questions about income and expenses, which should be filled with accurate projected values.
Finally, the client needs to submit the following documents along with bank account details for loan disbursement:
- Copy of ID or Passport
- Last Payslip
- Bank Statements for the last three months
The platform then goes through a credit evaluation process, and upon approval, the funds are deposited into the same salary account within 24 hours. In terms of repayment, the bank issues a debit order to the same account, scheduled for the agreed-upon date in the contract.
Looking for another lender?
If you are interested in exploring alternative lending options in South Africa, you can consider Little Loans. They provide personal loans of up to R8,000 through a user-friendly and fast application platform. You can find further details on their website.
