Pow Wow Loans

Short-term loans are a quick and affordable solution if you’re looking for a way to deal with the pesky little financial emergencies that don’t fit into your budget.

With Pow Wow Loans, you can apply quickly and safely online and have your loan paid out in minutes.

How short-term loans work and what they’re used for

Loans in this category allow you to borrow smaller amounts for shorter repayment periods. While these products restrict how much you can borrow, they also pay out far more quickly and with much less paperwork than other types of personal loans.

One of the advantages to this is that you don’t have to go into significant debt just to pay for an unexpected doctor's visit and the resulting medications. There’s no limit to what these loans can be used for, and they can be adjusted to fit into any budget.

How you benefit from Pow Wow Loans

Traditional lenders are well-established and have the resources to offer fantastic deals on financing products. However, they lack the flexibility that alternative lenders can bring to the table.

Pow Wow Loans allow you to skip the red tape and get money in your account within 24 hours of application. As an online credit provider, they offer the convenience of applying from anywhere at any time using a secure site. No queues, no cool down periods, and no collateral needed.

Pow Wow Loans is an NCR-accredited lender

The National Credit Regulator is a government-run organisation that upholds the NCA. They do this by enforcing consumer protection laws and regulating the fees, interest, and lending criteria of accredited credit providers.

As an accredited lender, Pow Wow Loans will be transparent about the costs of its products. While you don’t need to have a pristine credit record for loan approval, they’re required to do both a credit and affordability check before offering you a loan agreement.

Your credit profile plays a significant role in a lender's decision to approve your loan application.

However, because of the nature of short-term loans, the main focus will be whether you can afford the repayments.

How the affordability check works

During the application process, you’ll be asked to agree to a credit check. The lender will review your repayment history to see whether you have a habit of repaying debts in full and on time.

Your credit score also reflects how dependent you are on debt, which may affect how much interest you’ll be charged.

For the affordability check, you’ll need to provide your financial documents so that Pow Wow Loans can assess your income, outstanding debt, and other obligations. This is done to ensure they never extend a loan you can’t afford.

Borrow up to R4,000

First-time borrowers are offered between R500 and R4,000 to be repaid over a 60-day term. After you’ve successfully repaid at least 5 loans in a specified period, Pow Wow Loans will offer you Up to R8,000 with longer loan terms.

To ensure loan approval while keeping the costs to a minimum, it’s best to borrow only what you need at the time.

The lower the loan amount, the more likely it is to pass the affordability check. Additionally, it’ll decrease the fees attached to your repayments.

An overview of the costs involved

Interest on these loans generally falls between 3% and 6%. As a first-time customer, you may be charged up to 5%, depending on your credit score. By building up a positive credit relationship with a lender, you gain access to lower interest rates.

Loans over R1,000 will require an initiation fee of R165 plus 10% of the loan amount. This is a once-off fee that can be distributed over the course of your agreement. Finally, you’ll be charged a fixed R60 per month service fee.