MobiCred buy now, pay later review 2022

The 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 offers a service that is both practical and affordable. Furthermore, the loan platform provides a longer repayment period, allowing for 12-month repayments.

The 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 Buy Now, Pay Later Work

Before being awarded credit through the MobiCred Buy Now, Pay Later financing scheme, one must first apply for and be accepted. The credit can be applied for online at the MobiCred website or at any merchant checkout that accepts MobiCred as a payment method.

MobiCred will deposit money into your MobiCred account once you’ve been approved, which you can use at any merchant that accepts MobiCred as a form of payment. Takealot, Hifi company, Incredible connection, and others are among the merchants that accept the payment system.

An initiation fee must be paid before any purchase can be made with MobiCred credit. The account holder is notified of the Initiation charge, which must be paid in order to begin making transactions.

MobiCred gives account holders up to R35,000.00 in credit. To apply for a MobiCred credit, a minimum salary of R5,500.00 is required, and credit will be allocated depending on an individual’s credit profile.

MobiCred is not linked to any credit card or bank account, so all that is required to make purchases is to sign in to your MobiCred account and begin shopping. MobiCred is the largest digital lender in South Africa, with over a thousand businesses on its platform.

How the MobiCred Buy Now, Pay Later Works

MobiCred Buy Now, Pay Later is a popular lending service that gives credit for in-store or online purchases, with over 1800 shops accepting it.

To begin using MobiCred Buy Now, Pay Later, you must first apply for credit. Applicants must have a minimum salary of R5,500.00. MobiCred will provide a customer with a credit amount that is appropriate for their credit profile once they have been approved.

The money that is allocated by MobiCred can be used both online or in-store by choosing to pay with MobiCred. The credit granted can be used at any store that accepts MobiCred as a form of payment including online stores such as Takealot. 

Purchases made with credit will have to be reimbursed on a monthly basis. It’s important to note that MobiCred charges interest on credit that has been used. All credit purchases are subject to a 17.5 percent interest rate.

Repayments of the amount borrowed must be made repaid with interest. Interest is calculated based on the number of months it takes to repay the borrowed funds. For example, if R1000.00 was borrowed and repaid within one month, the interest owed would be one-twelfth of 17.5 percent of the total amount outstanding.

Repayments of the amount owed will help open more credit. This is because MobiCred Buy Now, Pay Later is a revolving loan facility and account holders do not have to reapply for credit every time they want to access funds from MobiCred. 

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.
  • Because installments 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 R35,000.00.
  • 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 Buy Now, Pay Later 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 six weeks. Although the product’s interest rate is high, it motivates borrowers to pay off their debts sooner.

Staff Writer

Scroll to top
%d bloggers like this: