Best 5 Loan Apps in Ghana Without Collateral.

Best 5 Loan Apps in Ghana Without Collateral.

It's usual to run out of money, and you could require quick cash to meet an urgent financial need. The greatest option in cases like these, when all traditional methods of borrowing money have been used up, is to think about applying for a fast, simple, and reasonable loan, online.

However, for anybody trying to secure a quick loan to meet their urgent needs, the procedure of acquiring fast loans in Ghanaian banks is rather drawn out, tiresome, and time-consuming.

Thankfully, Ghana's Fintech boom and online lending firms are making it simple for people and businesses to get speedy loans when they're needed. As a result, we have produced a list of the best 5 no-collateral, low-interest mobile loan apps in Ghana.

The ability to get a fast loan in Ghana is becoming more and more accessible, and the list of loan apps, that you can download on your smartphone from Google Play store is provided below.

1. Fido Loan App

One of the top loan apps in Ghana is the Fido app. You may apply for fast loans without collateral with the Fido lending app. The Bank of Ghana has granted the business a license. There are no application fees, guarantors, or collateral requirements with the Fido lending app.

First-time borrowers may only qualify for GHc200 using the Fido loan app. You may get a bigger amount if you repay your loan on time.

Additionally, the interest rate, which is fixed at 0.266% each day, drops with excellent repayment habits. Before applying, the interest rate is shown in the application.

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

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

2. Carbon Loan App

Another of the top loan apps in Ghana that provides rapid loans is called Carbon. The loan app is feature-rich and simple to use. Interest rates for loans from Carbon start as low as 5% on the first loan. Additionally, first-time borrowers are only permitted to borrow up to 5 GHC. You may get a bigger amount if you repay your loan on time. The loan is available for 15 to 30 days.

How to Borrow from Carbon Loan App

You can get a Carbon loan by:

• Download the Carbon mobile app from the play store.
• Fill out the application form with some basic personal information.
• Upload valid credentials like National ID, bank statements, and passport photograph.
• Once approved, funds are typically received within 5 minutes.
• 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

LendinPapa app is one of the most popular loan apps in Ghana. Loyal clients may get loans beyond GHC5,000, while first-time lenders can access up to GHC100. The annual interest rate ranges from 8% to 22%.

How to Borrow from LendingPapa Loan App

• Download the LendingPapa mobile app from the play store.
• Fill out our brief application form with some basic personal information.
• Upload valid credentials like National ID, bank statements, and passport photograph.
• Once approved, funds are typically received within 5 minutes.
• 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.

4. MTNQwikLoan

You may get loans with the MTN Qwikloan up to GHc1,000. The smallest loan amount is Ghc50, and the highest is GHc1000. Customers are limited to one loan at a time, and they may only apply for another one after they have paid off the first. The interest rate on the loan is 6.9%.

Getting a loan from MTN Mobile Money is a simple procedure. Simply adhere to the steps listed below to get a loan.

• Dial *170# on your MTN Handset
• Select option 5 (Financial Services)
• Select option 3 (Loans)
• Proceed to select option 1 to access the Qwikloan feature.
• If your application is approved, you would receive an SMS to confirm:
• the Loan Amount;
• the Repayment Amount;
• the Interest Rate;
• the Due Date.

5. Zidisha Loan App

Zidsha Loan App is another excellent and trustworthy mobile lending app in Ghana. You may borrow up to GHc4,153,730 using the Zidisha lending app without putting up any security. It's interesting to note that Zidisha loans have no interest charges; nonetheless, you will be required to pay a service fee equal to 5% of the loan amount to cover the costs of transferring and managing the loan.

Also Read: An Overview of e-levy charges in Ghana.

Members who do not already belong to Zidisha must also pay a one-time membership fee of GHc3,000 in order to join. Usually, this goes towards paying for a credit bureau and background check.

As a result of the many fintech businesses that are establishing themselves in Ghana, obtaining rapid loans is becoming easier. Importantly, under never circumstances apply for these loans if you have no intention of repaying them.

Furthermore, we have no connection whatsoever to any of these loan apps in Ghana. This page is simply meant to provide information.

Also Read: Full list of postal codes in Nigeria for all 36 states.

Source: HR Forum News