Top 10 Best Loan Apps in Ghana Without Collateral (2024)

Running out of cash is not uncommon, and you may need quick cash to fix your immediate financial need. In situations like this when all means of getting money are exhausted, the best alternative is to consider getting a quick and easily affordable loan online.

However, the process of accessing quick loans in Ghanaian banks is quite lengthy, tedious and time-consuming for any individual that is looking to get a small amount of loan to fix their immediate needs.

Fortunately, the Fintech revolution in Ghana and online lending startups are making it easy for businesses and individuals to access quick loans when the need arises. As such, we have compiled the list of the top 10 mobile loan apps in Ghana without collateral and low interest rate.

Top 10 Best Loan Apps in Ghana 2024

Accessing a quick loan in Ghana is getting easier by the day, Below is a list of loan apps you can download from the Google play store with your smartphone.

1. Fido Loan App

The Fido loan app is one of the best loan apps in Ghana. With the Fido loan app, you can apply for quick loans without collateral. The company is licensed by the Bank of Ghana. The Fido loan app does not require collateral, guarantor, or application fees.

With the Fido loan app, first-time borrowers are eligible for a maximum of 200 GHC. Paying your loan on time can get you a higher amount.

Also, the interest rate is set to 0.266% per day and decreases with good repayment behaviour. The interest amount is displayed in the app before applying.

Requirements for Borrowing

To qualify for a Fido Loan, you need a valid ID and Mobile Money.

• ID Type: Driver’s License, NHIA Membership, Voter ID, National ID or Passport
• Mobile Money account: MTN Mobile Money or AirtelTigo Money registered in your name for at least two months.
  

You must be a resident in Ghana over 18 years of age.

How to Borrow from Fido Loan App

1. Download the free app from the Google Play store.
2. Set up your Fido account by filling your personal information in the app.
3. Select your loan terms and conditions.
4. Approval is in real time. Once approved the funds will be disbursed to yourMobile Money account.

2. Carbon Loan App

Carbon is one of the leading loan apps in Ghana that gives you quick loans in Ghana. The lending app is easy to use and has many features. Loans from Carbon attract interest rates starting from as low as 5% on the first loan.

Also, first-time borrowers are eligible for a maximum of 5 GHC. Paying your loan on time can get you a higher amount. The loan duration is between 15 to 30 days.

How to Borrow from Carbon Loan App

You can get a Carbon loan by:

1. Download the Carbon mobile app from the play store.
2. Fill out our brief application form with some basic personal information.
3. Upload valid credentials like National ID, bank statements, and passport photograph.
4. Once approved, funds are typically received within 5 minutes.
5. Repay your loan on or before the due date to increase your chances of receiving a higher loan amount and lower interest rate for your next loan.

3. LendingPapa Loan App

The LendinPapa loan App is one of the top loan apps in Ghana. First-time lenders can access as much as 100 GHC while loyal customers can access loans in the excess of 5,000 GHC. The interest rate starts from 8% to 22% per annum.

How to Borrow from LendingPapa Loan App

1. Download the LendingPapa mobile app from the play store.
2. Fill out our brief application form with some basic personal information.
3. Upload valid credentials like National ID, bank statements, and passport photograph.
4. Once approved, funds are typically received within 5 minutes.
5. Repay your loan on or before the due date to increase your chances of receiving a higher loan amount and lower interest rate for your next loan.

5. Zidisha Loan App

The Zidsha loan app is one of the top mobile lending apps in Ghana. With the Zidisha loan app, you can borrow as high as 4,153,730 GHC without collateral. Interestingly, borrowers pay no interest charges on Zidisha loans, however, you will have to pay a service fee of 5% of the loan amount to cover the cost of transferring and administering the loan.

Additionally, members who do not have an invitation from an existing Zidisha member usually pay a one-time membership payment of 3,000 GHC. This is usually to cover the cost of a credit bureau and background check.

6. Bloomkash Loan App

With the Bloomkash loan app you can access as much as 1,000 GHC without collateral. First-time lenders can access as much as 65 GHC. The company also offers a daily interest rate between 0.1% to 1%.

How to Borrow from BloomKash Loan App

1. Download the Bloomkash mobile app from the play store.
2. Fill out our brief application form with some basic personal information.
3. Upload valid credentials like National ID, bank statements, and passport photograph.
4. Once approved, funds are typically received within 5 minutes.
5. Repay your loan on or before the due date to increase your chances of receiving a higher loan amount and lower interest rate for your next loan.

7. SikaPurse Loan App

One of the leading loan apps in Ghana is SkiaPurse. The loan app offers lenders as much as 5,000 GHC. First-time borrowers can access as much as 1,000 GHC. The loan interest rate also ranged between 8% to 25% per annum.

How to Borrow from SikaPurse Loan App

1. Download and install the SikaPurse app on your smartphone.
   2. Register an account.
   3. Fill out basic information and submit.
   4. Apply for a loan online.
   5. Receive your loan straight into your bank account.

Repay your loans in time or complete Increase Limit tasks to build your credit limit and reduce the interest rate.

8. OZE SME

The OZE SME is one of the best loan apps in Ghana. It offers affordable interest rates for business owners to finance their businesses. The company operates in partnership with other fintech companies to provide loans to business owners. Their interest rate is as low as 3% for qualified periods.

How to Borrow from OZE SMA Loan App

1. Download and install the OZE SMA business app on your smartphone.
   2. Register an account.
2. Fill out basic information and submit
3. Link your bank account
4. Apply for a loan online.
   5. Receive your loan straight into your bank account.

9. MTN QwikLoan

With the MTN Qwikloan, you can access loans for as high as 1,000 GHS. The minimum loan is GHS 50 with the maximum being GHC 1000. Customers can have one loan at a time and can only apply for a new one after paying the existing loan. The loan has an interest rate of 6.9%.

10. Pezesha Loan App

Pezesha loan app is one of the best app services in Ghana for business people. You can access a credit facility for as high as 6,000 GHC for your business. They also offer affordable interest rates at 5%-8% monthly.

How to Borrow from Pezesha Loan App

1. Download and install the Pezesha business app on your smartphone.
   2. Register an account.
2. Fill out basic information and submit
3. Link your bank account
4. Apply for a loan online.
5. Digital loan offer presented to you if you qualify based on your credit risk
6. If Accepted requested to submit additional data (if need be) to complete the on boarding process
7. Once on boarded the SME is then matched to investors on Pezesha marketplace within seconds.

Conclusion

Getting access to quick loans in Ghana is getting seamless thanks to the many fintech companies springing up in Ghana. Importantly, if you do not have any intention of repaying back these loans, do not in any circumstance apply for them.

Furthermore, we are not in any way or form affiliated with any of these loan apps. This article is intended to serve only informational purpose.