Thinking about how to get a quick and instant loan in Accra or Kumasi or any other city in Ghana? Online and offline loans in Ghana are now easier to access.
In the past, banks were the only entities that would give loans. However, it would take ages to approve the loans an there had o be collateral. Without assists, the bank would disagree to give any loans and even with the assets the bank takes almost a month to approve the loan. By then, the problem increases rather than decreasing.
However, luckily there are now online lending platforms in addition to some very flexible offline platforms that can help Ghanaians get a quick loan in Accra or anyone who wants to borrow money online in Ghana.
Yes, we are talking about access to a 24hrs loan in no time.
Points to consider before taking a loan
Public over Private
Consider taking a loan from a public institution instead of a private institution. Public banks often have lower interest rates as compared to private banks. This is because private banks seek to maximize their profits and also they are privately sponsored. These kinds of banks are an investment unlike the public banks that are much less strict when it comes to the interests.
Prioritise Personal Loans
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.
Monthly Interest Option
Go for a bank whose interest is calculated on a monthly basis. Some banks only offer interest rates annually. The interest, therefore, accumulates allot 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.
Have a good repayment plan
Always take the time to revise the options that you have. In some cases, people fail to realize that a loan should be taken when someone has a good plan to pay it back. A loan 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.
Investigate Loan Benefits
Looks out for benefits. Some banks give loans and also benefits like insurance. When you take a loan for a home, some banks give insurance such that in case of any damages such as fire and floods, the bank can cover it. Going for such loans is therefore very beneficial. The problem comes in when people fail to revise their options.
Loans should be worth it
Never take a loan for personal leisure. A loan as noted earlier 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.
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.
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 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 per cent 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 per cent 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
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 website.
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
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.