MobiCred Buy Now Pay Later offers individuals a credit limit of up to R50,000.00, repayable over 12 months at an interest rate of up to 21.25%. To be eligible for this credit, applicants must have a minimum monthly income of R5,500.00.
MobiCred Buy Now Pay Later loan system is one of South Africa’s most innovative checkout services, making borrowing much simpler. The MobiCred Buy Now, Pay Later lending system allows customers to get credit at the point of sale, with goods being paid in full when using the MobiCred credit line.
MobiCred Buy Now, Pay Later lending system is an intriguing system, and it is described in more depth below. Let’s take a closer look at the MobiCred Buy Now, Pay Later lending system and how it works to gain a better understanding of it.
MobiCred is a well-known lending service that offers credit for both in-store and online purchases, accepted at over 1800 stores across various platforms.
To start using MobiCred Buy Now, Pay Later, applicants must first apply for credit and meet a minimum monthly salary requirement of R5,500.00. Once approved, MobiCred determines an appropriate credit limit based on the applicant’s credit profile.
The credit provided by MobiCred can be utilized for purchases both online and in-store by selecting MobiCred as the payment method. This credit can be used at any store that accepts MobiCred, including popular online retailers like Takealot.
It’s important to note that purchases made using MobiCred must be repaid on a monthly basis. Additionally, MobiCred applies interest on any unused credit, with an interest rate of 17.5% for all credit purchases.
Repayments of the borrowed amount must be made along with the applicable interest, which is calculated based on the number of months taken to repay the borrowed funds. For instance, if R1000.00 is borrowed and repaid within one month, the interest owed would be one-twelfth of the interest rate applied to the total amount owed.
MobiCred operates as a revolving loan facility, meaning account holders do not need to reapply for credit each time they wish to use their MobiCred funds, providing a seamless borrowing experience.
Borrowers can use the MobiCred Buy, Now Pay Later method to borrow money online and access over 1000 different merchants in South Africa. Unlike its competitors, the MobiCred Buy Now, Pay Later approach allows account holders to spread their payments out over a longer period of time rather than just 6 weeks. Although the product’s interest rate is high, it motivates borrowers to pay off their debts sooner.
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