Disclosure: The supermarket has discontinued and is no longer offering Shoprite loans to customers.
Shoprite used to offer personal short-term loans in partnership with Mfin with the mission giving people access to loans at personalized and affordable interest rates.
In fact, I went to search for Mfin from a list of registered credit providers in South Africa and it’s no longer listed.
If you wish to understand how their loan worked, you’re welcome to continue reading, otherwise, the bottom line is that Shoprite no longer offers personal loans.
How Did The Shoprite Loans Work?
Shoprite loans are authorized credit solutions, under-written by Mfin to give customers access to cash – fast.
Mfin is a registered credit provider that is National Credit Act (NCA) compliant.
Shoprite is all about lower-prices and offering affordable products. They also aim to provide cash loans that best suits your financial short term goals.
Want to know the best part?
You can pay back the loan within the flexible terms of your choice.
And qualify for customised loan amount
Mfin loans interest rate for the loan is calculated from your personal information provided during the application. In short, if you have a good credit history, there’s a good chance you stand of qualifying for an affordable amount.
Basically, your loan application will go through an affordability assessment to find out how much you qualify for. And then, you’ll get a personalized credit that best suits your needs and budget.
Getting the Shoprite Loan
There are a couple of ways you can apply for Mfin Cash Loans:
1. Online Application
- You can begin loan application online by visiting the Mfin website;
- Choose the loan amount you want to apply for;
- Complete the form with your details;
- A consultant will get in touch with you to help with the process.
2. At the branch
- Visit your closest Shoprite branch;
- At any till point, present your Identity document to the cashier;
- Tell the cashier an amount you wish to apply for;
- You will get a response within just 15 minutes via SMS
When your application is successful, funds will be given to you instantly.
You can use the money however you want – it’s all yours.
Accept the Mfin Loan Terms
When you apply for Mfin cash loan, you confirm that:
- You’re over the age of 18 years old;
- You are not currently over-indebted and that you have adequate excess funds to pay the monthly installment of the Principal Debt;
- You are not under administration, sequestration, debt review or a restructuring order and have not been declared mentally unfit by an order of the court;
- All information you give us is true and correct;
Mfin Cash Loans Settlement
You may settle this Agreement in full at any time, with or without notice, by paying the full settlement value to Mfin.
The settlement value will be the unpaid balance of the Principal Debt plus the unpaid interest and all other charges payable by you to us up to and until the settlement date. You may obtain the settlement value from Mfin at any time.
Mfin Contact Details
For more information about the Shoprite loan, please contact Mfin Customer Services on 0861 34 6346.
Or visit any of your nearest Shoprite stores for more detailed information.
Alternatively, visit www.mfin.io to read more and apply for Shoprite loans online.