Compare the best options on the market and choose the one which best adapts to your day to day needs.
Further Below: Our Guide To Loans in Ghana, Everything you need to know.
- Maximum amount of GHS 350,000
- Interest rates of 11.49% p.a
- Flexible payment period of 60 months
- Loan protection insurance
- Smart scheme loans
- Smart credit
- 24/7 access to your account
- Friendly terms
- Maximum loan amount of GHS 350,000
- Long repayment period of up to 72 months
- Fixed interest rates of between 3%-20%
- Loan insurance cover
- No collateral/security needed
- Flexible repayment options
- Quick approval
- Loan amounts of up to GHS 300,000
- Offers a loan tenure of up to 72 months
- Competitive interest rates
- Credit life insurance against disability and death
- Top-up option available
- Fast and simple application process
- Fast payout
- Loan repayments not more than 50% of monthly income
Loans in Ghana, All You Need To Know:
Find out how to get money fast in 15 minutes with this type of credit. We help you to easily find out how they work, the best current offers of mini-credits, and what to take into account to hire them.
- Online mini loans have fast applications and concessions
- Loans come in handy during an economic emergency
- Loans are only good when their conditions are favorable
- Loan conditions vary with the lender
- Online mini loans are given out at high interest rates and repaid after one month
- Online mini loans are small on the first application. They may offer between GHS 2,000 to GHS 100,000
- Loans are only beneficial if they’ll be used to make our financial situation better and reimbursed without straining
What are loans and how do they work?
A loan is an amount of money that you borrow intending to repay it in the future. Depending on the type of loan and the lender, you will repay the principal plus the accrued interest. Different loans have different interest rates. For instance, a student loan may have lower interest rates than personal loans.
Most student loans are reimbursed after the period of studies while personal loans are repaid after one month. Failure to repay loans will attract problems with the lender and may extend to authorities, especially for huge loans. This will earn you a negative score in your credit history and prevent you from getting loans in the future.
Inspite of poor corporate governance, Ghana has above-average banking and financial systems. However, due to the adverse effects of the pandemic, interest rates are rising continuously throughout the year. They are at 22% as of November 2022.
Nevertheless, the current rates are somewhat favorable in many other countries within Africa as they are regulated by the Central Bank of Ghana. This makes Ghana a preferable place to take out a loan.
Unlike in many countries, Ghana does not have credit assessing bureaus. Instead, the credit assessment is done at the bank level. Meaning, based on your relationship with the bank, you’ll be ranked as either “Yes,” “No,” or “Maybe” which will be used to determine whether or not you qualify for a loan.
What we should know about mini-credits
- They come in handy during financial emergencies
- You’re likely to get between GHS 2,000 and 100,000 on the first application
- Repayment is mostly done after 30 days
- You’ll get the cash in the first 15 minutes after the application
- Online mini loans are higher in interest rates than other credit types
When is it advisable to apply for loans?
An online loan can bail you out of a financial emergency faster than any other type of loan. This type of credit makes it easier and faster to get funds than other types of credit, especially because applications are done online and require no paperwork.
As appealing as they may seem, it’s prudent to get a clear idea of how these loans work and when you need them.
Mini-credits are recommended if only:
- It’s the only option you have to get funded
- In a financial fix that needs money urgently
- You’re able to reimburse comfortably without straining
- You know the exact amount you’ll have to pay back
- You’re faced with a one-time expense
- You have a clear idea of how they operate
Mini-credits are not advisable if:
- You have a recurring expense
- You have no idea of how they work
- You’re not able to return the funds within the set terms
- You can’t afford the funds you’re expected to reimburse
- You have another option to get funds
- You’re not handling any urgent need
Use the above information to assess your financial situation. A thorough assessment of the loan’s terms and conditions viz-a-viz your current financial situation should help you determine whether they are the types of loans you’d want to sign up for.
How much money can I get with mini-credits?
As aforementioned, online mini-credits will grant us small loan amounts to help us in financial emergencies that are not cost-effective. This type of loan gives the least amount of money compared to other loan types. Your loyalty level with the entity will also determine the amount of money you’re lent.
Up to GHS 2,000
Up to GHS 100,000
Many entities will start by granting us small loan amounts and then watch our repayment habits. If we can make on-time repayments, the entity will develop some confidence to provide bigger loans and in some cases reduce the interest rates.
Requirements to access loans
Ideally, the requirements for getting online mini loans in Ghana are fewer than in other loan types. However, regardless of how few they are, failure to meet all the requirements may have your application discarded.
- Many entities providing credit will require the borrower to have a monthly income to demonstrate that he/she can repay the loan
- Be of legal age. While the legal age is 18, some entities will only grant loans to applicants above the age of 21
- Be a Ghanaian resident. Mini loan lenders and other types of lenders will automatically discard applications from abroad
- Your creditworthiness will also affect your loan application.
To analyze if we comply with these requirements and thus be granted the mini-loan, we must fill out an online form so that the lenders know our profile.
Documents to be submitted when requesting a loan
The documents that these companies will request are simple and can usually be sent by uploading directly to the online form or by e-mail by scanning them or sending a photo. These are the documents that we must have ready to ask for a mini loan:
Have a national identity card or any other valid form of identity
Last two or three paychecks
How to take out loans online step by step?
Steps to contract a mini loan
- Choose the amount and term
- Fill in the form
- Send the documentation
- Read and sign the contract
Online mini-credit companies make money quickly for their customers, with a process that can take less than fifteen minutes. Thanks to your complete online application and automatic data analysis, we can get mini-credits without payroll without any problem and in only four steps:
- Request the amount and the deadline for repayment. We will specify what amount of money we want and how long we plan to return it.
- Fill out the application form. On the next screen we will have to fill in the blank fields with our data: name and surname, ID, date of birth, mobile, and address, among others.
- Verification. Through Instantor or another online verification system, the lender will verify that our data corresponds to our bank account and will evaluate our financial profile based on the movements that appear. If everything is correct, they will approve our application and we will move on to the final stage.
- Read and sign the contract. They will send us the contract by email and, after verifying that our data is correct and making all the pertinent checks, we will sign electronically through a code that will be sent to our cell phone.
Once the entity has the signed contract, the contract will be formalized and they will give the order to transfer the money requested to the account number we have detailed.
About this page, our methodology
What is this page for? Our main purpose is to help you maneuver through your financial challenges. We explain to you the different types of credit available and give different options that you can compare.
Source: This information about personal loans had been sourced from The Bank of Ghana, the different credit reference bureaus in Ghana, Ghanaian laws on credits, and the different loan provider websites.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.
About FUNDGEKO: We are a website that provides credit borrowers with information about personal finance in terms of loan offers available to them. Furthermore, we give you data to support your quest for a dependable credit moneylender.Note: the services we offer are free for the user, as FUNDGECKO obtains its income from advertising and its featured products.