Frequently Asked Questions (FAQs)| Pow Wow Loans - Low Interest Loans the best book writing service

Frequently Asked Questions

Pow Wow Loans is here to help you in
every possible way that we can.

We try to be as transparent as possible, so we’ve compiled a list of frequently asked questions, which will assist you with any questions you may have. If you’re still uncertain about something, please don’t hesitate to contact us.

1What is a micro loan?
Micro finance loans are designed to be quick, with short repayment periods and simple, no collateral agreements. Most banks or large scale lenders require surety of assets, a spotless credit record, and a considerable amount of paperwork before they’ll even consider you for a loan. Since Pow Wow Loans are unsecured, your house or car doesn’t need to be used as collateral to successfully secure the loan amount. As micro loans are smaller amounts, repayments are much more affordable.
2How is my loan approved?
Once you submit your details, a full credit check and ID verification will be done with your consent. We will then be able to determine whether or not you qualify for a cash loan with Pow Wow Loans. In order to qualify, your payment profile will need to reflect good credit behaviour, you will need to be permanently employed and have at least one account that is paid and up to date.
3How is affordability calculated?
Once the payment profile has been assessed, we will then look at your affordability, and if you are able to repay the loan instalment. Your income will be compared to the instalments included on your credit check, as well as all your monthly expenses as set out by the National Credit Regulator.
4Must I be permanently employed?
Yes, you have to be permanently employed for at least 3 months, and we will look at the contact details of the company that you are employed at on a public listing, such as Google. Pow Wow Loans will need to confirm your employment via phone or email.
5What are the reasons my loan application can be declined?
● You are not from Cape Town
● You cannot afford the loan
● You are under debt review
● You are under administration
● You are not permanently employed
● You have been working for less than 6 months at your current employer
● Your documents are fraudulent
● Bad credit history (E.g.late payments, blacklisted, etc.)
● We cannot find your company under any public listings/directories or on the web.
6Can I apply for a Pow Wow Loan if I am unemployed?
No. As Pow Wow Loans offer unsecured loans, the only way we can guarantee your repayments is if you are permanently employed.
7How long will it take for my loan to be approved?
It usually takes about 24 hours. Your application will be reviewed as soon as all your documents are made available to Pow Wow Loans.
8Can I apply for a loan on weekends and public holidays?
Yes, you can apply for a loan 365 days a year. However, your loan will be processed on the next business day.
9What do I do if my banking details change?
Inform us immediately. If your debit order does not go through, your credit record will be affected, and this will affect your ability to apply for future loans and credit.
10When can I speak to a consultant?
Monday to Friday between 8am and 5pm.
You can contact us anytime via email at
You can also call us on 0870 878 278
11How much can I borrow?
You can apply for any amount between R500 and R4000 the first time you apply to Pow Wow Loans. The amount granted to you will be subject to affordability. However, if you are an existing client at Pow Wow Loans and have built a trusted profile with us, you may apply for a bigger amount over a longer term, provided that you can afford the loan. This amount can be extended up to R8000, subject to the repayment of 5 loans within a set period of time.
12Can I have more than one loan at a time?
As a responsible lender regulated by the National Credit Regulator (NCR), you can only take out one loan at a time with Pow Wow Loans.
13What do I need to apply for a loan?
Pow Wow Loans is an online lender and, therefore, you are required to complete the online application form. Complete all the necessary fields, marked with an asterix (*)

As outlined in the National Credit Amendment Act of 2015, we require a 3 months bank statement and your latest pay slip to be sent to us to complete the verification process.
14How will I know if my loan application was approved?
Our consultants will contact you by phone / WhatsApp / email, based on how you contacted us.
15Do I need to meet with a consultant?
Yes. Once we’ve approved your loan, you will need to come to our offices in Cape Town to sign your agreement and verify your bank card by swiping, in order for us to make the deposit into your account.
16What is a Pow Wow trust level?
At Pow Wow Loans we believe in trust and transparency. When you become a customer of Pow Wow Loans, your repayment behaviour contributes to your Pow Wow trust level. This is important, especially if you experience a rainy day and need a loan later down the line again. Your Pow Wow trust level determines the amount of money and loan term that you qualify for. Over time, you will qualify for a loan of higher value in comparison to your first loan, you will be able to pay it back over a longer term and with reduced interest rates.
17How do I settle my loan?
You can request a settlement quotation by emailing us at or by calling us on 087 087 8278. Payments can be done via EFT.
18What if I'm unemployed?
At Pow Wow Loans, your financial wellbeing is our priority. In order to ensure that you are able to repay your loan, you will have to be permanently employed. If you are not permanently employed, we won’t be able to assist you with a loan.
19What is an initiation fee?
The initiation Fee is a once-off fee. You will pay a fixed fee of R165 and then 10% of the value of your loan above R1000. The fee is capped at 15% of the loan value.
20What is a service fee?
In accordance with the National Credit Act, a daily service fee is charged by Pow Wow Loans, in order for us to manage and service your loan responsibly. This includes reporting the status of your loan account to the NCR, and corresponding with you via email, SMS, and telephone. The service fee is a monthly fixed amount of R60.
21What interest rate will Pow Wow Loans charge me?
New customers will be charged interest at a fixed rate of 5% per month (or the daily equivalent thereof, that adds up to 5% per month).

Existing customers will be charged interest at a fixed rate of 3% per month (or the daily equivalent thereof, that adds up to 3% per month).
22What is the settlement value?
The settlement value is the total amount required for you to settle your loan. This includes the loan amount, interest, and all other fees, charges and/or costs payable in terms of your Loan Agreement.
23What is the Pre-Agreement Statement and quotation?
This is the documented and contractual summary of your loan. It includes your personal information, our company information, and the terms and conditions required by the National Credit Act. The Pre-Agreement will act as the quotation for your loan, and once you accept the quote, it will serve as a tax invoice.
24What is the mandate & debit order authorisation?
This is the documented and contractual summary of your debit order instruction, where you confirm that we can collect your repayment by debit order.
25When do you debit my account?
Repayments will be made monthly via direct debit order, on the specified date (the date on which the you receive your remuneration).
26What happens if I don’t pay back my loan?
In the event of default, the full balance due, together with any penalty interest and all other charges and expenses owing under this agreement to Pow Wow Loans by you, the Borrower, will become immediately due and payable, and without giving any notice to the Borrower or affecting any of the Lender’s rights under this agreement. We don’t believe in applying on-going charges, but interest and service fees will continue to mount on your balance until such time as it is settled.
Our collections department will make arrangements to resolve non-payment. However, should we not receive the money in a reasonable period, your account will be handed over to an external collections company. Continued failure to repay a loan will mean that we may be forced to take legal action against you. In addition, the credit bureaux will record the outstanding debt. This information may be provided to other organisations to perform similar checks and recover debts that you owe. Records remain on file for a number of years after they are closed, whether settled by you or not.
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