MobiCred buy now, pay later review 2024

MobiCred Buy Now Pay Later offers individuals a credit limit of up to R50,000.00, repayable over 12 months at an […]

MobiCred Buy Now, Pay Later

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.

How the MobiCred Works

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.

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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