MobiCred buy now, pay later review 2023

MobiCred Buy Now, Pay Later

MobiCred is a Buy Now Pay Later lending system that is available to individuals aged 18 and up who earn a minimum monthly salary of R5,500.00. The MobiCred Buy Now Pay Later system offers loans of up to R50,000.00 that are repayable within 12 months of the loan’s issuance.

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.

How the MobiCred Works

MobiCred is a popular lending service that provides credit for in-store or online purchases, and it is accepted by over 1800 stores.

One must first apply for credit before you can use MobiCred Buy Now, Pay Later. Applicants must have a minimum salary of R5,500.00. Once approved, MobiCred will provide a customer with a credit amount that is appropriate for their credit profile.

MobiCred money can be used both online and in-store by selecting MobiCred as a payment method. The credit can be used at any store that accepts MobiCred as payment, including online stores like Takealot.

Purchases made on credit must be reimbursed on a monthly basis. It is important to note that MobiCred charges interest on unused credit. The interest rate on all credit purchases is 17.5 percent.

Repayments of the borrowed amount must be made with interest. Interest is calculated based on the number of months it takes to repay the borrowed funds. For example, if R1000.00 is borrowed and repaid in one month, the interest owed is one-twelfth of interest rate of the total amount owed.

MobiCred is a revolving loan facility, and account holders do not need to reapply for credit every time they want to use MobiCred funds.

Advantages of MobiCred Buy Now, Pay Later 

  • The application procedure is simple because it may be completed entirely online.
  • Over a thousand retailers use MobiCred as a payment method, giving borrowers a wide range of options when purchasing.
  • Since instalments are paid directly to MobiCred, there is no need to open numerous store credit cards if you want to shop at different stores.
  • The amount of credit that can be given is up to R50,000.00.
  • MobiCred provides a “mall” on its website where borrowers can shop at their leisure. 
  • MobiCred also allows for a longer repayment period.
  • The MobiCred credit can be used to purchase products such as technology, health care, fashion, travel, food, and more. 

Disadvantages of MobiCred Buy Now, Pay Later 

  • The lender requires a minimum salary of R5,500.00 per month from applicants which is high considering the country’s minimum wage. 
  • The interest that is charged is too high considering that other Buy Now, pay later lenders don’t charge interest. 

MobiCred Application Requirements

  • Must earn a minimum salary of R5,500.00 per month. 
  • Have a valid South African ID number. 
  • Have proof of income such as a payslip or 3 months bank statement. 
  • Be 18 years or older at the time of application. 
  • Have a valid email address and a RICA’d mobile number. 


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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