Getting an instant loan in Ghana now is getting much easier. Whether you are in Accra, Kumasi or any other city in Ghana, the process of obtaining a loan in Ghana is now very easy. They have been a surge in the number of micro-finance firms offering loans to small businesses in Ghana.
Gone are the days when banks were the only entities that would give loans. Even with that, it will take a while before getting approval and you must have collateral. Fortunately, there are now a number of online lending platform in addition to some offline flexible offline platforms that can help Ghanaians get access to a quick loan.
- 1 What is A Loan?
- 2 Things to Consider Before Getting a Loan
- 3 Tips for Finding Quick Loan Services in Ghana
- 4 Instant Loan Lending Companies in Ghana
What is A Loan?
A loan can simply be defined as a thing either money or properties that is borrowed or lend, mostly a sum of money that is expected or ought to be paid back with interest.
In terms of finance, a loan is a debt provided by one entity (organization or individual) to another entity at an interest rate, and a signed evidenced or document by both parties which specifies, most require information’s such as: the principal (the amount of money been borrowed), interest rates e.g. 10%, and repayment date.
A Loan also entails the reallocation of the subject asset(s) for a period of time, between the two parties i.e. a lender and the borrower.
Things to Consider Before Getting a Loan
Before you get a loan, they are somethings you need to consider. We recommend you take a closer look at some of these points before you commit yourself to a loan.
Have a Good Repayment Plan
Before you take a loan, always take time to look at your repayment plan. Some people fail to realize that a loan should be taken when someone has a good repayment plan. A loan at first is a debt that must be paid back. Consider if the loan is necessary and take a loan that you can comfortably repay. Unfortunately, if you fail to pay back, the interest keeps accumulating. Instant loan companies in Ghana also require interest over a loan.
Consider Public over Private Institution
When getting a loan, you should always consider a public institution instead of a private institution. This is because public institutions often have lower interested rates as compared to a private institution. Also, private banks seek to maximize their profits and also are privately sponsored. These kinds of banks are an investment unlike the public banks that are much less strict when it comes to their interests.
Opt for Monthly Interest Option
It is advisable to go for a bank whose interest rate is calculated on a monthly basis. Some banks only offer interest rates annually. The interest, therefore, accumulates and this results to a large burden to the customer. Go for monthly pay-ups to avoid this kind of problems. Always inquire about the pay-up so that you can prepare yourself adequately for the payment.
Prioritise Personal Loans
You should also consider personal loans instead of communal. Personal loans have lower interests. They help an individual to move from debt and to move from it fast enough. Personal loans are also more efficient if you have a pressing loan from another place. They are also relatively easier to refund.
In addition to loans, some banks give loan benefits such as insurance, look out for these benefits. When you take a loan for a car, some banks give insurance such that in case of any damages such as fire and crash, the bank can cover it. Going for such loans is therefore very beneficial. The problem comes in when people fail to revise their options.
Avoid Ban Loans
What we mean by the bad loan is taking a loan for personal leisure. First of all, a loan is a debt. And large loans always hold collateral in case you fail to pay up. Some people, however, take loans to travel or do shopping. These kinds of individuals do have ways of paying back the loan. It is therefore very important to ensure that paying back of the loan is prioritized. Taking a loan to start a business is more sensible because by then, the business will be in a position to help pay back.
Ask Questions When Necessary
At all times, always ask the personnel at the bank all the questions that you need about the various loans. You need to be well equipped with the information especially if you want an emergency loan with no job.
Tips for Finding Quick Loan Services in Ghana
I know that desperate times call for desperate measures. When people are in dire need of a quick loan, their first point of call is the popular lender in town. Although the popularity of the lender might be a swaying factor. it is advisable to scrutinize all the lending firms before getting a loan from them.
Take a look at their reputation. Assesses the quality of their services; customer care, discretion and leniency status for late payment. Go only for firms that offer the best services and have an exquisite track record of performance to show for it.
Traditional lenders such banks and the credit union may have been in the industry for long enough to have attained adequate experience. However, their requirements are usually stricter compared to the modern online lending counterparts. For, example, when in need of a quick loan to uplift your business which is slightly financially slipping, it ought to have been operational at least two years before they consider your loan request.
That is not all, you as the owner must have a perfect credit score rendering you reliable. This is not to mention the tedious paperwork involved such as business plans, analyses of the market competition and the legal documents like accreditation certificates.
Even after your loan request has been approved, you will again have to wait for weeks or months before finally getting your funds. That is why the traditional lending firms are not for the faint-hearted and those really in need of urgent cash.
Fortunately, the online lending firms emerged to fill the gap. In as much as they were mainly propelled by the advancement of technology and spread of internet, they were still committed to providing quick loan services in Ghana. This was so as to serve the ever-growing demand, especially from startup businesses.
Instant Loan Lending Companies in Ghana
Fido Money Lending Limited
It’s one of the well-known financial institutions in Ghana that is not only secure and easy to use but also processes your requests in minutes. It is based in Accra but you can still access their services through your phone conveniently, without having to go to their offices. It has a special app that assesses the loan applications and sends feedback after a short while. There are no guarantors or application fee required whatsoever.
In addition, there is no paperwork for verification, instead, you are only asked to provide your Identification details and a mobile money account. The identification details may be your driver’s license, NHIA membership, Voter ID, passport or even your national identification card. In order to access the loan service, you must be eighteen years of age and a resident of Ghana.
The interest rate for beginners is usually sixteen percent for one month. This is usually clearly displayed on the app screen. Returning customers who have been consistent, honest and loyal, with a positive history of prompt repayment are usually rewarded by a lower interest rate on their future loans. Nonetheless, the lowest interest rate is ten percent for one month.
In addition, first-time borrowers are only eligible for two hundred cedis which are to be paid within ten to thirty-three days. After which, they can climb up the ladder and borrow as much as six hundred cedis and at a lower interest rate.
Failure to pay the loan on time calls for penalties in your loan that will be accumulating as each day passes. The company also has the right to take any legal action to get their money back and report you to the relevant authority.
The institution is licensed by the Bank of Ghana and so legitimate and certified to provide loans. With its remarkable reputation, it has also earned the public trust that it is reliable and efficient.
Contact Fido Money Lending
You can contact FIDO using the contacts provided below:
No. 48 Blohum Road
Dzorwulu, Accra, Ghana
Near Sid Theatre and Medlab
From Perez Chapel junction, continue down the road to Dzorwulu (inside) until you reach the T-junction.
Customers: 0307 08 2134
Corporate Services: 0302 76 4805
Monday-Friday: 8:00 – 17:30
In addition to this, you can reach FIDO via their social media platforms, i.e., facebook – fidocredit, and twitter – @fidocredit or on their http://www.fidocredit.com/
Advans Ghana Savings and Loans
Advans Ghana was founded in 2007 by a network of microfinance institutions. Currently, it has 18 branches which have very limited access to formal banking. Advans offices are located in Accra. The main role of this financial instituting is to provide loans and support entrepreneurship.
For an individual who wants to start a business, and wants a substantial amount for his capital, Advans Ghana is the place to be. This institution also offers a wide variety of services including saving through electronic payment. It partnered with Oiko credit and right now this institution has grown and has encouraged the growth of businesses in Ghana.
The good thing about Advans, is that when it loans you money to open your business, it walks with you throughout your career. The personnel give you advice and this will help in the expansion of your business. Advans is not a spontaneous microfinance institution. Once you become their client, they do their best to improve it significantly.
Advans has helped many businesses to thrive in Ghana and generally, it has contributed to the growth of the economy. A large percentage of youths in Ghana complain that they do not have jobs but all they need is a business idea and Advans.
At advans, there is something for everyone in all lines of business. Advans is no ordinary financial institutions. It does not only have good customer care services, but also has amazing packages well suited for each individual who seeks to save or borrow loans for this financial institution.
This is one of the most reliable lending institutions that can provide instant loan for government workers in Ghana at a reasonable interest rate. It has been operational for more than ten years with branches across various states. It’s a non-banking financial institution and well registered by the Bank of Ghana and thus rendered legitimate.
It usually targets the informally employed as well as those who are on government payroll. Its main goal is enriching the lives of people by offering them financial solutions to their various needs. With its experience in the industry and financial stability, it’s certainly worth giving it a try.
In conclusion, when you need a quick loan in Ghana, you need not worry as there are quite a number of companies that you can get a quick loan in Ghana. The industry is filled with so many companies that seek prospective borrowers. Nevertheless, you should always be careful in your selection. Stick to the experienced and reputable firms that are registered by the Bank of Ghana. A legitimate lending firm is always a reliable service provider.
Contact Izwe Loans
You can reach Izwe loans ghana through the following contacts:
Izwe Loans – Ghana
Offices: 1st Floor, Maestro Plaza, Kotobabi, High Street, Accra, Ghana
Phone: +233 (0) 302 251 042
Email: [email protected]
This bank offers very amazing loans in Ghana. All you need to have is an active payroll and you are good to go. AFB offers flexible loans of up to GHC 2000 and also loans for starting businesses.
You can never go wrong with AFB. Also, the AFB customer care services are always open to all people who want the loans. AFB is well organised and ready to serve you at any time of the day during working hours.
Emergency loans are generally very beneficial to all individuals. It is through these loans that people get to discover the value of belonging in a certain bank. Also, technology has improved significantly and now people can easily access loans without collateral.
It is very important to know the kind of institution to work with and do a detailed analysis of the terms of payments. In some cases, the institutions increase the interest rates, especially if the loan will take a very long time to pay back. Loans are supposed to help and not to worsen the situation.
Cash Ghana Limited
If you are still wondering where to get instant loan in Ghana, then this is the institution to go for. It offers both payday and pawn loans. The reviews and comments from customers are enough to eliminate all doubts that may be circulating in your mind.
It provides quick cash to either boost your business, pays rent, provides school fees, medical expenses as well as urgent money to get you through the month. They are usually ideal for people who may want to sell idle assets in exchange for cash. Their offices are in Accra and open for any borrower.
Contact Cash Ghana Limited
Below are contacts that you can use when reaching Cash Ghana Limited:
Get in Touch: