Fixed Interest Rate: Your MPOWER loan comes with a fixed interest rate, which means it won’t change over time, no surprises down the road! This is the cost of borrowing money, shown as a percentage added to your loan each year. Plus, you can get a 0.25% discount on your interest rate by signing up for autopay when you start repaying.
Is your MPOWER loan approved? If yes, just log in to your MPOWER Portal to review and accept your loan offer.
APR (Annual Percentage Rate) is the annual rate charged for borrowing, expressed as a single percentage. It includes the interest rate plus any fees or additional costs associated with the loan, giving you a clearer picture of the actual cost of borrowing.
Why is this important? APR helps you compare loan offers more accurately, so you can understand the true cost and choose what works best for you.
Finance Charge:
This is the total cost of borrowing from MPOWER, which includes all the monthly interest payments you will make over your full loan term and the Origination fee.
Origination Fee:
MPOWER charges a one-time origination fee starting at 5%, which is added to your disbursed loan amount.
Example: If your interest rate is 14.24% and your approved loan amount is US$50,000, the origination fee would be US$2,500 (5%), making your APR approximately 15.57%. This reflects the full cost of borrowing, both the loan principal and fees.
Additional details:
- Payments are updated with each loan disbursement. You pay interest only on the amount disbursed, not the full approved amount.
- MPOWER does not charge extra fees like insurance, foreign exchange, or processing fees, which some other lenders may include.
- Your payments are calculated on the approved amount. If funds are sent in parts (disbursements), payments are adjusted to match the actual disbursed amount.
Curious about your monthly payments? See how the MPOWER Loan Calculator can help you estimate what you might pay each month!
