Fixed Interest Rate:
Your loan comes with a fixed interest rate, which means it won’t change over time, no surprises down the road! 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)
APR reflects the total yearly cost of your loan. It includes your interest rate plus fees like the origination fee, 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 over time, including all monthly interest payments and the origination fee.
Origination Fee:
MPOWER charges a one-time origination fee of 6.5%, which is added to your disbursed loan amount. But don’t worry, instead of paying this fee upfront, we add it to your loan, so you won’t have to pay anything out of pocket. You pay this off over the life of the loan. This makes the process easier and more convenient for you.
Example:
If your interest rate is 14.24% and your approved loan amount is $50,000, the origination fee would be $3,250 (6.5%), making your APR approximately 15.59%. This reflects the full cost of borrowing, both the loan principal and fees.
Additional details:
1. Payments are updated with each loan disbursement. You pay interest only on the amount disbursed, not the full approved amount.
2. MPOWER does not charge extra fees like insurance, foreign exchange, or processing fees, which some other lenders may include.
Curious about your monthly payments? See how the MPOWER Loan Calculator can help you estimate what you might pay each month!
