The increase in the demand for loans by the South African general public has prompted some micro-lending finance institutions to take some of the roles played by banks. Banks have of late been faced with so much pressure such that people get delayed to access the funds that they require; apart from that, the public find the procedures required by banks when applying for a loan being too demanding let alone boring thus they end up resorting to institutions which request less paper work.
Getting a loan can be difficult but it doesn’t have to be an impossible task. Atlas Finance, a South African micro-lending company offering protected loans of up to R8000 to South Africans, has broken loan boundaries by approving loan applications to its consumers in 60 minutes or less compared to some creditors who take more than two weeks to consent instant cash loans.
Mpowa Finance only offer loans to persons who can manage to repay them. To ensure a smooth relationship with the creditor, a client should be responsible with his borrowing. Atlas finance is registered with the National Credit Regulator thus the company takes its responsibility in lending seriously.
To qualify for an instant cash loan at this famed firm, Mpowa Finance conducts the following three in depth credit checks:
The credit conducts an electronic scorecard check Based on information from all the credit bureaus.
Documents such as the client’s payslip, bank statement are analysed; this helps the creditor to determine the amount of cash to allocate a particular client. Information from credit bureaus is also used to confirm a client’s income and expenses.
A face to face interview is done to determine the reason for applying a loan and to make the client be aware of all the terms of the loan.
How much does it cost to repay an Atlas Finance loan?
Being a proud member of Micro-Finance South Africa (MFSA), Atlas Finance’s cost of credit is prescribed by the National Credit Regulator. The interest is calculated at 5% per/month for short term loans of up to R8000.
Worth noting is that a lender should consider interest and fees that are normally calculated upfront thus enabling them to know how much they needs to pay back per month.
Atlas Finance was established in 1994 by Jack Halfon, an entrepreneur, avid photographer, who has for the past 20 years shaped his business into a model of ethics and responsibility in the microfinance sector.
“We believe in constant growth and expansion without compromising the quality and ethical service our clients have come to expect,” reads the Atlas Finance website whose company has so for the past 20 years provided over 2 million loans to clients nationwide.
Do you wish to contact Mpowa Finance regarding an instant cash loan? You can contact the lender on 0800 204 679