Urgent on mpower financing

[bemi]

Anybody know anything about mpower financing and the interest rate?

Please help is needed

[ruchi857]

Hi. I can give you a perspective.

Albeit a bit late so wonder if you need it. 

Mpower financing will give you a loan at 11.99% fixed. This loan finally comes down to a discounted price of 10.49%. This is a fintech company and will offer nothing more than $50000 but also this amount shall include the interest payments to be made during the in school payment schedule. So kind of budget the in school payments 

The loan gets directly into the bursary accounts so you will have to knock at different doors in uni also if you wanted this money to be allocated for living expenses and claim refunds after Mpower sends over money to the University 

 

I see the logic of fixed rates and how a slight libor increase can also put a flexible interest rate on par if not worse footing with fixed interest rate. 

 

Yet it's not the best funding option out there. Hope this info is suffice..