Miloans

LEGACY FOR CHRIST

About this app

MiLoans is a fast and convenient loan application designed to help you access funds for any purpose. We operate in full compliance with South African regulations.

How it works:
Download and install the app on your smartphone;
Register quickly by providing the required information;
Select your desired loan amount;
Submit your application and wait for approval.
Requirements:
Valid South African ID (ID card only);
Age between 23 and 62 years;
Must have formal employment with verifiable income.
MiLoans Product Details:
Loan Amount: ZAR 500 – ZAR 4,000
Loan Term: Minimum 62 days – Maximum 365 days
Maximum APR: Up to 116.06% per annum
Fees:
Initiation Fee:
The initiation fee depends on the principal loan amount and is charged once the loan is activated.

Service Fee:
Calculated as:
(Number of remaining days in the current month) × (ZAR 60 ÷ total days in the disbursement month)

Example Calculation:
If you take a loan of ZAR 2,000 for 90 days at a daily interest rate of 0.167%, the total cost will include:

Principal: ZAR 2,000
Interest: ZAR 300.60
Initiation Fee
Initiation Fee Structure:
1. For loans ≤ ZAR 1,300

First-time loan: 15% of principal
Repeat loan: 15% of principal
Example:
Principal = ZAR 900
Initiation fee = 15% × 900 = ZAR 135

2. For loans between ZAR 1,300 and ZAR 4,000

First-time and repeat loans:
ZAR 165 + 10% × (principal − ZAR 1,000)
Example:
Principal = ZAR 2,000
Initiation fee = 165 + 10% × (2,000 − 1,000) = ZAR 265

Service Fee Example:
If the loan is issued on 15 September (30 days in the month), there are 15 days remaining:

Service fee = 15 × (60 ÷ 30) = ZAR 30

ZAR 60 + ZAR 60
Total Repayment Example:
ZAR 2,715.60

Contact Us:
Phone: [phone]
Email: [e-mail]