Each and everyone needs loan in his or her life at a time. This can be a complete guide on how to apply for loan online easily in Ghana.
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What is a loan?
A loan is when you receive money from a friend, bank or financial institution in exchange for future repayment of the principal, plus interest. The principal is the amount you borrowed, and the interest is the amount charged for receiving the loan.
In Ghana, getting a loan from financial institutions without a collateral is very difficult to access such loan facilities.
Even in some cases, after having satisfied the collateral requirement for the loan, it becomes very stressful and annoying up and downs how they delay the disbursement or the payment of the money to you.
There is an issue of processing time, processing fees, facility fees and insurance fees attach to the applicant principal.
But the introduction of technology have made individuals to access loans online without collateral security and stress free just with the use of their phones.
Fido Micro Credit (FIDO) is a financial institution based in Accra, Ghana and licensed by Bank of Ghana. FIDO provides fast and easy short-term loans, called FIDO Loans. Individuals can apply for a FIDO Loan directly from their mobile device and receive a credit decision within minutes.
The loan is available to artisans, micro entrepreneurs and SMEs to grow their businesses. Just a one-time verification of ID and mobile money account is necessary before disbursement of the money.
Requirement to apply for Fido Loans
- Applicant must have a smart phone that can access google play store.
- Must have any national ID card.
To access Fido Loans online one need to download the mobile application from google playstore first before starting the application process.
MTN Ghana’s largest telecommunication network have mobile money service where the loan out money to its subscribers who requested or apply for the loan.
The MTN Loan platform have three types of loan package they offer to subscribers, this are
- MTN Qwik Loan
- MTN Ahomka Loan
- MTN Xpress Loan
Requirement to apply for MTN Loans
- An applicant must be 18yrs and above.
- An applicant must be an active MTN Ghana subscriber for not less than 90 days.
- And lastly an applicant must register for the mobilemoney service and actively use the wallet for transactions.
Once you qualify for this, you can apply for loan in the comfort of your house by using a USSD code which can even be accessed on our ‘Yam’ phones.
There are other online companies like Carbon (formally Paylater Ghana) and Zidisha Loans who also offer loans to people.
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