Frequently Asked Questions
What is Mulah all about?
Mulah is in the business of providing you with short-term loan finance for those days when your bank balance can do with a bit of a boost. Sometimes unforeseen events can place financial strain on even the most astute budgeters, other times you may just need a little more luxury in your life.
That is where Mulah can help. You can choose the amount you would like to loan as well as when you would like to pay it back within the 32 day repayment period. Always in time for that next pay check. We don't have fancy hidden clauses and we like to keep it simple. From the get-go we'll let you know exactly how much your Mulah loan repayment will cost you, allowing you to stay on top of your financial situation.
Mulah is a Responsible credit provider and adheres to all the laws as set out by the National Credit regulator to also help prevent our client from situations of over -indebtedness.
Mulah is a registered credit provider.
(NCR No. NCRCP 6092).
Mulah Loan? You mean money right?
Yes indeed! We mean money. Loans of up to R2500.00
deposited directly into your account upon approval through mulah.co.za. Our online short-term loan business allows us to give you competitive rates by slicing out the middleman. Taking out a loan has never been easier!
Who can apply for a Mulah loan?
Only south African citizens qualify for a Mulah loan. You must have a regular income and bank account into which your salary is deposited monthly. Oh, and you must be over the age of 21, that way we know you wont spend it at the games arcade. We're kidding about the games arcade part but the age thing still applies. You must also have a valid email address and cell phone number so that we can keep in touch while the loan is being processed.
How much Mulah can I borrow and how long can I borrow it for?
If it is the first time you are applying for a Mulah Loan
the loan limit is R2500. The more loans you make and repay, the higher your Mulah trust rating gets. The higher your trust rating becomes, the more money you qualify to borrow, up to R8000!
You can easily calculate the days. Interest and costs of the loan until your next payday when you will be required to repay the loan. Simply slide the Mulah widget to select the loan amount and the number of days till your next payday. Keep in mind that Mulah will expect the repayment by the date which you have selected, so be reasonable and realistic please. After your first loan, future loan applications are even easier and quicker to complete.
Mulah Approved Banks
That's right, we can only approve your Mulah Loan if the banking details provided by you are with one of the following banks:
• Standard Bank
If your bank is not listed above don't despair, check back at a later date, we will continue to add banks that fascilitate our business, some are just late bloomers. Watch this space!
How much will my Mulah loan set me back?
All of our loans are granted in strict accordance to the provisions of the National Credit Act. The final amount which you will be liable to pay is made up of a sum of the loan amount plus any interest it has accumulated over the loan period and our fees. Our service fee stands at R60 a month. An initiation fee of 15% applies to loans under R1000 and for loans of over R1000 there is a R165 initiation fee as well as 10%. Our interest rate is 0.17% per day.
How long does it take to get my Mulah?
Once your application is approved, your Mulah Loan could take as little as 60 seconds to be paid into your bank account. For the time being our payments are linked to bank hours so the payment period may fluctuate. We're working on making constant, instant availability possible. Watch this space.
If it is a weekday between 8:00 and 15:00 your Mulah will be paid instantly. After 15:00 on weekedays your Mulah may take until the following morning to clear, just in time for breakfast. Over weekends or public holidays your Mulah will be paid out early in the morning on the next working day.
What do I need to apply for a Mulah loan?
Seeing as Mulah is an online cash loan business, an Internet connection is essential. Any Internet connection will do and you can access the site through any web ready device. You can apply for your loan over your smart phone, a tablet, a PC or a Mac. If you can link your toaster to the web somehow, that could work too. We will also require some personal information like your banking details and your ID number, so if you are in a hurry, make sure to have them on hand.
What is the Mulah appeal process?
Don't be too disheartened if your loan does not get approved. We go to great lengths to help our customers secure short-term loan finance when they really need it. Rejected applicants have the opportunity to contact us directly and make an appeal for a loan. In our appeal process we will manually asses your situation, take a closer look at your application and do our best to get you your Mulah.
To appeal, submit the following documents, as well as your reference number, to firstname.lastname@example.org
: or Fax it to: +27 (86) 599 6280
• Latest Payslip
• Latest 3 months bank statements
• Copy of your ID Document
• A brief motivation
For further information, please contact us on +27 (87) 237 7010
or email us at email@example.com
I just can't find the answers I am looking for
We have tried to answer as many questions as possible through our comprehensive FAQ sections. If you are still feeling left in the dark, why not give us a call on +27 (87) 237 7010
or drop us an email at firstname.lastname@example.org
Is it safe to use Mulah?
which is viewable here
My Mulah Loan was approved, but I haven't received any Mulah?
Sometimes, due to different transfer periods required by different banks, your Mulah Loan may be delayed before reflecting in your account. We will keep you updated and let you know as soon as your loan has been approved and the money paid through. In the rare event that your approved Mulah Loan is experiencing a serious delay please don't hesitate to call us on +27 (87) 237 7010
or drop us an email to email@example.com
It's my repayment deadline and I can't afford to pay. Am I in trouble?
You're not in trouble just yet. Please contact us as soon as possible if you are going to default on a payment so that we can discuss your situation and work on a mutually beneficial outcome. Call +27 (87) 237 7010
or email us at firstname.lastname@example.org
Will I be charged more if I cannot repay my loan on time?
We will only charge you for the additional time that you request on top of your original loan plan. Your bank may have further charges associated with going into an overdraft without approval. It really is easier and better to repay your loan promptly. If our debit order regarding your Mulah Loan is declined due to insufficient funds, we will do our utmost to contact you to resolve the matter in an amicable way. Extra time on a loan amount does result in extra interest charges on the part of Mulah. We are not out to make anyone's life difficult and will always work with our customers to find the best solution. Should a customer continue to default on payments for a period over 90 days from the original loan, Mulah may pass the account on to an external collections partner. Bad debt can become a serious matter and may affect your credit rating for a number of years to come. Be cautious when applying for a loan and make sure that you have the ability to repay the money you loan. If you feel that you may struggle to repay a loan in the future, please do not apply.
Can I top up my loan
If you are in the process of repaying your loan and would like to loan a bit more or simply pay it back sooner, get in touch with us before the repayment date and we will make the requested adjustments. We will also inform you of any additional charges associated with the adjustment.
Will anyone be able to find out that I took a loan?
which you can view here
What is responsible lending?
Responsible lending means that we will not grant anyone a loan who will not, within reason, be able to repay it. As an authorised financial service provider registered with the NCR, Mulah is in full compliance with all relevant legislative requirements around short-term loan finance. We pride ourselves in our innovative service which offers you, the customer complete transparency when making the decision to apply for loan finance. We will only grant loans that will not affect our clients negatively over the course of their repayment.
To this ends we have made the process as easy to understand as possible. All fees associated with loan repayments are noted upfront and our documnetation is easy to access and simple to understand. Our quotations are clear and valid for five days from their delivery and we will run credit checks of all applicants with the Credit Bureu to ensure that they are capable of repaying loans granted.
All loan applicant will also receive our assesment and feedback on their loan requests.
Mulah Bank Details
BANK : First National Bank (FNB)
BRANCH : Pretoria North 100
BRANCH CODE : 251045
ACCOUNT NUMBER : 62418256344