Minimum and maximum loan periods vary between 1 months and 6 months. Percentage Rates vary between 5% per month and 38% p.a. Total interest and fee repayments vary over the life of the loan. All rates quoted are 30 days. For more information regarding fees, visit or contact the provider.
Mulah Loans – Get quick and easy cash loans in South Africa
Do you need a fast loan as soon as possible, but only until payday? If a small loan amount taken over a short period can solve your problems, then Mulah is here for you. Mulah loans are easily and quickly available to employed individuals who want to cash in a salary advance.
Emergencies and daily needs are a part of life, and so is borrowing. CompareLoans breaks down Mulah Finance so you can make an informed decision as a responsible borrower.
Benefits of Mulah loans
Mulah Finance specialises in short term loans that not only help you when you’re in a tight spot but also come with many benefits:
- Registration and application is quick and easy;
- No middlemen and no paperwork;
- Borrow up to R5000 or R8000;
- Advanced software that allows you to get a fast response after you apply;
- As you apply for more online loans the application process becomes faster and easier;
- Simple terms and conditions for your loan contract – no confusing clauses;
- You always know the full cost of your loan before you apply;
- Mulah is a responsible lender. That means they follow the laws prescribed by the National Credit Act by only letting you borrow what you can afford;
- 30 day repayment period so there’s enough time until your salary gets in;
- Moolah is fully registered with the National Credit Regulator, so their services are legit.
Mulah Finance: How does the process work?
The endgame is to get money in your bank account even if it’s not payday. The following steps will get you there:
- If you’re a new user, fill in the registration form with your employment details and ID number first. However, existing users can simply enter their username and password to sign in after clicking “My Account.”
- Click the “Apply” button.
- Email or fax your bank statements for the last 3 months so Mulah can carry out an affordability assessment;
- Once Mulah has verified your information and performed a credit check, you’ll get a reply via SMS.
- If the loan is approved, you’ll get a quotation which you accept by signing (if you’re happy with the terms and conditions).
- You get Mulah straight into your bank account.
What are the main features of Mulah finance?
- How much can you borrow? – For first-time borrowers, the limit is R2500. However, if you keep applying, this limit is lifted as you get more trust points. With enough trust points, you can even borrow up to R5000 or R8000. The minimum loan amount is R500.
- How long can you borrow the money? – Until your next payday or within 30 days.
- What is the interest rate? – The rate is fixed and set at 0.17% per day. It’s also calculated according to the limits set by the National Credit Act 34 of 2005.
- What are the fees and charges? – All interest, fees, and charges are specified in your quotation. Fees also include a monthly service fee of R60. An initiation fee of 15% is charged for loans below R1000. If the loan is over R1000, 10% is charged plus an additional R165.
- How long does it take to get the Mulah? – Mulah business hours are between Monday and Friday from 08:30 to 16:00. If your Mulah loan is approved before 15:00, the cash is transferred into your account instantly. If the loan approval happens after that, then you wait until the next day.
What you need to apply
- Be a South African citizen ;
- Regular, monthly income;
- Be over 21 years old;
- Valid email address and cell phone number; and
- A bank account in your name where you receive your salary. To get approved you must bank with Absa, FNB, Standard Bank, Nedbank, or Capitec.
Mulah payday loan calculator
You can easily calculate the cost of your payday loan with the Mulah loan calculator. Move the sliders back and forth to enter the required amounts. Next, click calculate to see how much will be deducted from your bank account on your next payday. Using this online calculator helps you decide if the loan can fit into your monthly budget with your other expenses. Therefore, you avoid getting further into debt by taking out a loan you can’t afford.
How to apply
After you’re through with the Mulah loan calculator and have decided on an affordable amount, you can start the online application right here by clicking the “Go to Site” button which you’ll find in the comparison tables. Once you get to the Mulah website, follow the instructions to complete and submit your application form. Mulah will contact you through email or calls to get your loan processed.
How to pay back your Mulah loan
Your Mulah loan is paid back on your next payday in one instalment via automatic payment or debit order collection. If you’re still paying back your loan and decide you want to top-up, you can contact Mulah, but the top-up comes with additional charges. If you wish to renew your loan after you pay it off, you have to restart the application process.
What do you do if you can’t pay back your loan?
As long as it’s within 32 days, Mulah allows you to choose your repayment period. Paying off your loan quickly is a good way to save money but make sure you choose a repayment period that you can work with. That’s because if you miss your repayment due date, Mulah will charge you an extra R60 service fee plus 5% interest fee that is added every month. If you don’t repay your loan for over 90 days, Mulah might hand your account over to debt collectors.
The best thing to do when you can’t pay back your loan is to contact Mulah as soon as possible. Usually, you’ll be able to get extra days with additional charges.
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