Mobicred does not describe a cash withdrawal function, so there are no cash withdrawal requirements to meet. Under the Mobicred terms and conditions, you use your credit by buying from merchants online or in store, and Mobicred pays the merchant.
If you want a Mobicred account for purchases, you need a valid South African ID number, must be 18 or older, and need a bank account in your name plus a current email address and mobile number. This page sets out what the Mobicred terms and conditions and mobicred.co.za say.
Eligibility Requirements at a Glance
Can you withdraw money from Mobicred? The terms say you access credit by making purchases online or in store, and describe no cash option. To open an account, Mobicred publishes these requirements:
- A valid South African ID number
- Be 18 years or older
- An existing, valid bank account in your name
- A current, valid email address and mobile number
Approval is not automatic. Mobicred applies its credit approval criteria and the National Credit Act, and is not obliged to accept an application.
Identification and Account Requirements
Your ID number, bank account, email address and mobile number are the identification and account details Mobicred asks for when you apply. The bank account must be in your name.
When you buy from a merchant, Mobicred pays the merchant the amount of the transaction and you then owe Mobicred that amount plus fees. The facility may be used for purchases up to your approved credit limit, and the limit cannot be exceeded. Because Mobicred pays the merchant, not you, there is no cash leg in the transaction.
Documents and Verification Required
Once you have applied, accepted the terms and received a credit limit, Mobicred asks you to upload or email your documents. It does not publish a fixed document list, so follow the request it sends you. If you are unsure what to send, ask Mobicred before you submit anything.
Fees, Limits and Service Conditions
- Limit: purchases only, up to your approved credit limit.
- Initiation fee: a once-off fee, charged with your first account payment.
- Service fee: charged on the account, and Mobicred may change it on notice.
- Interest: shown on your pre-agreement and never above the National Credit Act maximum.
The rand amounts are set out in your pre-agreement and are not listed in the general terms. If you pay late, the terms allow default administration and collection costs, an adverse bureau listing, suspension and handover to collectors.
Do not try to turn the facility into cash by buying goods to resell, or by asking a merchant to process a purchase that is not real. You would pay interest and fees on the purchase, and doing so risks breaching your agreement. If you need cash, look at other products from a registered credit provider and compare the full cost.
How to Apply, Open or Activate
- Complete the online one-page credit application at mobicred.co.za and get an instant response.
- Accept the terms and conditions and receive your credit limit.
- Upload or email the documents Mobicred asks for.
- Start shopping with participating merchants.
For the full account requirements, see our guide to Mobicred requirements.
Frequently Asked Questions
Can you withdraw money from Mobicred?
The terms describe credit being used for purchases, with Mobicred paying the merchant. They describe no cash withdrawal. If you need to be sure for your account, contact Mobicred support through its website.
What are the Mobicred cash withdrawal requirements?
There are none, because a cash withdrawal function is not described. The requirements that exist are for opening an account: a South African ID number, age 18 or older, a bank account in your name, and an email address and mobile number.
Can I buy goods and resell them for cash?
It is a costly way to get cash. You owe Mobicred the purchase amount plus fees and interest, and resale prices are usually lower than what you paid. A purchase arranged with a merchant only to get cash risks breaching your agreement.
Does an unused Mobicred account cost me anything?
The terms say that if you do not use the facility for a period Mobicred determines, it may close the account on notice. Initiation and service fees are set out in your pre-agreement.
What if I cannot make a payment?
Contact Mobicred before the payment is due. Late payment can bring collection costs, an adverse listing with the credit bureaux, suspension and handover to collectors.
Confirm current terms with Mobicred before you apply. See account and contract requirements and browse all consumer service requirements.