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 Morocco, Everything you need to know.
- Flexible loan limit depending on salary income
- Loan repayment period of up to 10 years
- Competitive interest rates of up to 7.6% p.a
- The fast online application process
- Excellent loan conditions
- Applicable to borrowers with income
- Requires collaterals for secured loans
- Offers loans for various purposes
Bank of Africa- BMCE Group
- Get a loan of up to MAD 250,000
- Offers a maximum loan tenure of 72 months
- Attractive interest rate of 4.29% p.a
- Fast online application process
- Does not allow transfer outside the country
- Simpler loan eligibility criteria
- Fast concession
- It excludes loan processing fees
Arab Bank Morocco
- Applicants incomes determine the loan limit
- Fast and digital online application process
- Competitive and fluctuating interest rates
- Long repayment period of up to 120 months
- Offers a grace period of 90 days
- Offers a loan buyout facility
- Less strict requirements
- Excellent loan conditions
- Fast concessions
Loans in Morocco, All You Need To Know:
Get to know the loan application process in Morocco. We’re here to provide you with all the knowledge you need to obtain a loan in Morocco and learn how to choose a credit that best suits your financial needs
- Online mini loans are purposed for an economic emergency
- First time applicants have a lower loan limit of MAD 2,000
- Loans are reimbursed once a month in a single payment
- The conditions of these loans may improve after several on-time loan repayments
- The processing of these loans happens online and in a matter of minutes
- They should be taken out only when we are sure of our solvency to assume the repayment
- Online loans allow you to manage your funds online without ever having to step into the entity
What you should know about the Morocco financial and banking system
- Morocco’s banking and financial systems had a significant impact on Africa’s financial systems because they were among the early pioneers of the cashless era. Due to the development of the systems, ex-pats can now obtain amiable loans that are made only for them.
- The nation’s banking system is being updated to become one of Northern Africa’s principal financial hubs. The country’s lending is more diverse and more affordable thanks to its 70% market coverage and more than 3,000 branches. In addition to establishing digital banking and enhancing traditional banking over time, Morocco was one of the first nations in Africa to embrace mobile banking.
- All banking and lending services are monitored and regulated by The Central Bank of Morocco and the Financial Services and Markets Authority.
- The National Bank of Morocco raised, the average lending rate in Morocco by 2% to cover up for inflation that is growing due to the effects of the Russian-Ukraine war crisis.
What are loans and how do they work?
Online mini loans were among the various financial innovations that emerged from the 2008 financial crisis and entered the financial market. Mini loans obtained online are a reliable source of quick funding. They work best when unexpected economic occurrences demand our immediate attention.
The fact that this sort of financing is quick and has laxer eligibility requirements is why most people use it. Financing may be obtained in a matter of minutes, and the entire application process including signing takes place online thanks to digital signatures and internet platforms.
Online mini-credits offer modest sums to new borrowers but could improve the situation with existing, devoted customers.
It should be noted that due to their quick payback terms, high interest rates, and single payment requirements, online mini loans are more expensive than other loan types.
What we should know about mini-credits
- They are designed to address specific financial needs
- New applicants can get up to MAD 2,000
- Their repayment happens once
- They have short repayment periods of 30 days
- They grant the funds in a matter of minutes
- They have higher interest rates than other types of loans
When is it advisable to apply for loans?
Online mini loans might make it quick and simple to obtain finance, but it’s crucial to consider the benefits of these loans against the drawbacks. This will enable us to obtain a loan with which we are most comfortable.
It is advisable to apply for mini-loans if/if not:
- You have a one time financial need
- Your situation needs a single financial satisfaction
- Consolidating debts
- You can comfortably afford the repayment
- You do not solicit regularly
- You know the total amount you’re required to pay back
- You know all the conditions of the loan
- The purpose is habitual or recurrent
- The need doesn’t have to be addressed urgently
- You doubt your ability to repay the loan
- You would like to request the loan regularly
- You don’t know the total amount you’ll be required to pay
- You don’t have a hang of how the loan works
When we need to obtain funding, the aforementioned criteria will enable us to do so more wisely. We can avoid gimmicky offers that burden us with pointless debt by getting a comprehensive understanding of these loans.
How much money can I get with mini-credits?
Instantaneous online small loans enable us to pay for urgent and unforeseen needs. They come in lower quantities than other loan types and can differ based on how dedicated we are to the organization.
Up to US $ 100
Up to US $ 1,000
When lending to new borrowers, entities initially offer small sums; however, as time goes on, they may increase the loan amount, lengthen the payback period, or lower the interest rate. This is evaluated by how the client handles loan repayment, particularly if they make on-time payments and adhere to all other conditions.
Requirements to access loans
Online mini loans have fewer and less strict requirements than other loan types. The application process is completely online, hence, less taxing.
- Have some form of income. Some entities may set their preferred level of income for their clients while some will just need proof of any form of income.
- Be of legal age. While some lenders still consider 18-year-olds as minors and start funding clients of age 21 and above, others will start offering loans to 18-year-olds.
- Be a resident of Morocco. This is how your loan is going to be easily approved, whether as a native or an expat. Some lenders will require you to be holding the residence permit for at least 6 months.
- Have a healthy level of debt. Many companies will assess your income to debt ratio before approving your loan application.
We confirm that we meet the above requirements by filling out an online application form before sending it back to the lender.
Documents to be submitted when requesting a loan
While online mini loans have fewer requirements, failure to meet a single requirement increases the chances of your application being canceled.
- Valid identity card or passport
- The last 2 or 3 paychecks or income received
- Bank statements
Some entities may not ask for your bank statements because they verify and analyze our records online through Instantor.
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
The steps to follow while applying for online mini-credits are simple and few because of the completely online application process:
- Specify the amount and the period you’re likely to take to repay the loan.
- You’ll receive an application form. Be sure to fill out all the blank fields with data that corresponds to your bank statements to reduce the chances of your application being dismissed.
- The lender will assess your application form details alongside your bank account details, looking out for any conflicting data. If all the information is accurate, the lender will approve the application and send you the contract documents.
- Read in between the lines of your contract to be well braced for what you’re committing to. If in full agreement, place your signature through a digital signature.
The lender will then release the funds in minutes, depending on their terms of operation.
About this page, our methodology
What this page is for: We are an informational website that focuses on giving you access to a variety of financial product information. Therefore, before applying for a loan, we coach you on how to compare several economic elements. We also give you the analytical abilities necessary to become financially solvent.
Source: The information regarding consumer credits in Morocco and how they are regulated is drawn from The Moroccan Capital Markets Authority, The Central Bank of Morocco among other reference portals.
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 FUNDGECKO: We are a team of professionals committed to helping you make straightforward financial decisions affecting your financial needs. We offer trustworthy and validated information that enables you to contrast the best financial options available. In addition, we offer simpler procedures for choosing the choice that best suits your needs and peculiarities.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.