Author: James Holloway, Financial Analyst | Published: 2026-05-18 | Last Updated: 2026-05-18
Risk Disclaimer: Payday loans are short-term, high-cost credit. The total repayable amount includes interest, an initiation fee, and a service fee. Please read your pre-agreement statement before signing. Do not borrow more than you can afford.
Loan Parameters
| Parameter | New Clients | Existing Clients |
|---|---|---|
| Minimum loan amount | R500 | R500 |
| Maximum loan amount | R4,000 | R8,000 |
| Minimum loan term | 1 day | 1 day |
| Maximum loan term | 32 days | ~90 days (up to 3 months) |
| Daily interest rate | 0.17% per day | 0.17% per day |
| Monthly service fee | R60 | R60 |
| Initiation fee (< R1,000) | 15% of loan amount | 15% of loan amount |
| Initiation fee (≥ R1,000) | R165 + 10% of loan | R165 + 10% of loan |
| Repayment method | Single debit order | Single debit order |
| Early repayment | Allowed, no penalty | Allowed, no penalty |
Borrower Requirements
To qualify for a Mulah loan, applicants must meet all of the following criteria:
- Be a South African citizen (foreign nationals are not eligible)
- Be 18 years of age or older
- Have a regular income (employed or with a consistent income source)
- Have a South African bank account into which your salary is deposited monthly
- Hold a valid South African ID document
- Have a working South African cellphone number and email address
Required Documents
When applying, you will be asked to upload or submit:
- A copy of your South African ID document
- A selfie photograph holding your ID next to your face (for identity verification)
- Your latest three months' bank statements (showing regular income deposits)
Total Cost of Credit — Example Calculation
To illustrate the full cost of a Mulah loan, here is a worked example under NCA disclosure rules:
Scenario: R2,000 loan over 30 days
| Fee Component | Amount |
|---|---|
| Principal borrowed | R2,000.00 |
| Daily interest (0.17% × 30 days × R2,000) | R102.00 |
| Initiation fee (R165 + 10% of R2,000) | R365.00 |
| Monthly service fee | R60.00 |
| Total repayable | R2,527.00 |
The figures above are illustrative. The actual amount will be disclosed in your pre-agreement statement and quotation, which Mulah is legally required to provide before you sign.
Repayment is Collected via Debit Order
Mulah collects repayment as a single debit order on the date of your next payday. If the debit order is returned unpaid (e.g., due to insufficient funds), a dishonoured payment fee may apply, and you should contact Mulah immediately to make alternative arrangements.
Risk Warning
Payday loans are not a solution to ongoing financial difficulty. If you are regularly relying on short-term credit to cover monthly expenses, consider contacting a registered debt counsellor or the National Debt Helpline (0800 007 007). Defaulting on a loan will be reported to credit bureaus and will affect your credit score.