Online loans in Ghana without collateral
There is no denying that you will require additional funds at some point in your life, whether to support or execute a business idea or for personal reasons.
Whichever side of the divide you are on. I will show you how to raise funds in Ghana without turning to friends or family. Obtaining funds from associates is a good idea, but it is not always the best option; most of the time, it does not work out well and given the circumstances.
I strongly discourage you from pursuing such an option. what makes what I’m about to show you interesting and endearing is that you don’t need collateral to access such loans, there’s no mountain of paperwork, and loans are disbursed in the shortest time frame ever, with interest rates you can’t afford to ignore.
I’ll be telling you about online loans in Ghana without collateral, yes you read that correctly, against the backdrop of usual practice with Ghana’s deposit money banks and related financial institutions. You cannot secure a loan without collateral, but this situation has been overcome with the introduction of online loans in Ghana without collateral.
The banking/financial system, on the other hand, operates on the principle of secured and unsecured loans. Today, I’ll show you companies in Ghana where you can get a loan online with no collateral.
1. Fido loan:
Fido loan is a financial/credit institution based in Accra, Ghana, that is licensed to provide financial services by the Bank of Ghana. With Fido, you can get quick and easy short-term loans also known as Fido loans.
Customers who want to apply for the Fido loan must first download and apply through the app, then wait for a decision on their loan application.
Who can get Fido loans?
– The artisans.
– Microentrepreneurs.
– SMEs looking to expand their operations.
Requirements
Verificationof your ID and mobile money/bank account is required, after which your loan will be disbursed in full. This loan does not require any collateral or guarantor.
How to Apply for and Receive a Fido Loan
–The application and disbursement processes are simple.
-Please download and install the Fido loan app from the Google Play store for both Android and IOS.
-Sign up and apply for a loan using the app’s loan application form.
Your loan amount will be disbursed in minutes after your details (ID and mobile money account) have been verified. As a first-time user of the Fido loan app, you are entitled to a loan threshold of 200 GHS.
The following forms of identification are required: driver’s license, NHIA membership, voter card, national ID, or passport. For the mobile money account, you must have MTN mobile money or AirtelTigo Money registered in your name for at least two months.
Interest rate:
The interest rate starts at 14% for 30 days; however, for returning customers with a good credit history, a low rate of 8% may apply.
How to Repay Your Fido Loan:
You can repay your loan by cash deposit or transfer from your Mobile Money account/wallet.
To use MTN Mobile Money, follow the steps below.
-Dial *501#
–Click Pay Bill
-Savings and loans
–Loans and loan repayment
–Loan repayment
–Repay Fido loan.
-Enter the amount you wish to repay.
-Enter your Fido reference ID.
-Enter your Pin code and complete the payment.
To repay using AirtelTigo money, please follow the steps below.
-Dial *501#.
– Click Pay Bill.
– Savings and loans
-Loans and loan repayment
– Loan repayment
– Pay off Fido’s loan.
– Enter the desired amount.
– Enter your Fido reference ID.
– Enter your pin code and finish the repayment.
To make a deposit or transfer, please follow the instructions below.
-Pay into the Zenith Bank Head Office branch.
-Account name: Fido Money Lending Ltd. -Account number: 6010159660
-Please write your full name on the deposit slip and provide the teller with your Fido reference ID as well.
What is the maximum loan amount?
First-time borrowers can borrow 200 GHS to be repaid in 10 to 33 days.
However, repaying your loan on time to establish a good credit score/history can lower your interest rate and allow you to obtain a larger loan amount of 1000 GHS.
2. Skika Master loan
Skika Master is one of the online loans in Ghana without collateral that you can use to get funding quickly.
Skika currently offers three types of loans:
-Salary advance.
–Personal loans and the
–Loans to loyal repeat customers
How to Apply
Kindly visit the Skika Master website to begin your application process.
Before you begin, read the requirements and keep them handy because they do not save pending applications.
3. Absa loan
Absa Ghana loan is a no-collateral online loan in Ghana provided by Absa Group Ltd an African financial services group aiming to be the pride of the continent.
Listed on the JSE in South Africa, and one of Africa’s largest diversified financial services groups, with a presence in 12 countries across the continent and approximately 42,000 employees.
Absa provides the following loans.
Personal loans:
If you want, you can use this loan to finance a car purchase.
Scheme loans:
Absa signs a contract with your company to lend you money, which is then deducted from your salary.
Employee salary overdraft:
An overdraft allows you to cover unforeseen expenses that are usually reflected on your salaried account.
School plan:
This is a loan designed to assist parents, guardians, and individuals at various levels of education in paying school fees.
4. Oze SME loans
Thisonline loan in Ghanacollaborates with financial institutions and other fintech to provide small business loans to users who consistently use the Oze business app, have completed their loan application, and have passed the loan prep process. Oze provides loans of up to 10,000 GHS, with monthly interest rates as low as 3%. This loan can be repaid in installments over a maximum of 12 months.
Eligibility:
You must have been an active Oze app user for at least the last 30 days.
After 30 days, please contact Oze coach, submit your application form, review your Mobile Money statement, and get started.
5. MTN quick loan:
In order to increase financial inclusion in Ghana, MTN partnered with AFB Ghana to offer loans to users who have actively completed transactions in their wallets for more than 90 days.
It provides up to 1,000 GHS with an average interest rate of 6.9%.The collateral for this loan is a regular use of MTN Mobile Money and a commitment to repaying loans on time previously.
How to Obtain a Loan
-Dial *170#.
– For financial services, choose option “5”.
– For loans, choose “3.”
– Click “1” to register for free, or “2” to view the service terms and conditions.
Conclusion
There are several online loans in Ghana without collateral you can turn to for your pressing and emergency funding needs; you just need to find what suits and appeals to you.
Check their interest rates and repayment violation policy to make an informed decision in case you are unable to repay on time.
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