myPOS assists you to get a business loan from a partner*, tailored specifically to your card turnover
Still not a myPOS merchant? Open a free account with myPOS - become eligible for the myPOS Loans program.
myPOS Loans program features a simple flat fee - no complex ongoing interests. Interested?
With myPOS, you don't even need to look for loan offers. Once you meet our pre-selection criteria, our partners will automatically make you an offer.
If interested, you will be able to customise the loan parameters to best fit your needs.
Once you sign the loan agreement you will have the money in your account instantly.
Repaying your loan is as easy as getting it
A percentage of your daily card and online payment transactions will be automatically deducted from your myPOS account.
On days when nothing has come in your account, nothing goes out - no repayment amount is deducted.
It’s hard for SMEs to qualify for a loan. Either the lending standards are unattainable, or the processes are intricate. Often, it’s both.
As your trusted payments platform, we know your struggles - as we know your success.
This is why we set on a mission to take our help further and act as a mediator between you and our partner credit institutions.
Invest in new capabilities
Meet financial emergencies
Hire people
Renew your equipment
Advertise
What is myPOS Loans and is the service available to all myPOS merchants?
How do I apply for myPOS Loans?
Once you are selected as eligible for the myPOS Loans program, you receive a notification throughout various channels. If you’re interested, our partner credit institution sends you tailor-made offers. Once you approve an offer, you get your digital agreement to sign online.
How quick does the loan amount enter my myPOS account?
As soon as the contract is signed and sent to the service provider, the loan amount goes instantly into your myPOS account.
Where do I receive the amount, lent to me under the myPOS Loans program?
The amount provided to you with the myPOS Loans program goes straight to a myPOS account specified by you.
What is the interest rate?
No classical interest rate is applied to this product. The amount you receive is your principal amount and the amount you have to repay is your total repayment. For the regular loan reimbursement, а repayment percentage of each POS and online acquiring transaction amount in your myPOS account is deducted automatically, until you have completed your Total repayment.
What is the maximum I can borrow?
There is no maximum limit set. It depends predominantly on the size of the business of the merchant (the registered turnover). But there might be other factors, too, which depend on the assessment of the service provider.
What is the maximum repay period?
The maximum period of the reimbursement is defined by our partner credit institutions and is between 12 and 15 months. It will be included in your tailor-made offer.
Can I control how much I will repay on each sale?
Yes, merchants can choose the desired repayment percentage. However, you make your choice only at the stage of offer approval, in case there are offers with different repayment percentage. Once you have accepted an offer, you won’t be able to modify the percentage later. It will be fixed for the loan lifecycle.
Can I make an early repayment and no longer pay interest?
Early repayments are possible by using the functionality of manual repayment (using the “Repay” button under Loans in your myPOS profile). If the loan is fully repaid, then it will be closed and no more repayments will be taken out from the turnover. However, if the loan is repaid partially, then automated repayments will continue until the loan’s full repayment.
Can I receive an amount with the myPOS Loans program, if I am already repaying a loan with another credit institution?
Yes, you can. The assessment whether you will receive an amount with the myPOS Loans program or not, is based on your eligibility with myPOS. If the performed checks are showing such possibility, then yes - the myPOS Loans program can provide you with a loan amount.
Can I use the myPOS Loans money for any type of purchase?
The myPOS Loans program aims at helping your business grow. This loan amount should be spent on reinvestment, like buying new machinery, repairing existing equipment, hiring workforce, advertising, etc.
Where can I get more information about the myPOS Loans specifics?
The entire information is within the myPOS account of the merchants who are eligible for the program.
*Business loans are provided by partner companies that are fully licensed financial or credit institutions.
