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 Personal Loans in Cameroon, Everything you need to know.
Atlantic Bank Cameroon (Banque Atlantique)
- Get a loan of up to 20 million FCFA.
- Up to 36 months repayment period for civil servants
- Low interest rate
- Loan insurance
- Monthly installments suit income
- Interest rebate for early repayments
- Fast approval
- Favorable loan terms
Societe Generale Cameroun
- Finance projects up to 20 Million FCFA
- A well designed interest rate
- Maximum repayment period of 60 months
- No personal contribution requested
- Quick application procedures
- Transparent repayment plans
- Available to any salaried citizen
Wineex Bank Cameroon
- Get financed with up to $10,000.
- Maximum loan periods of 10 years
- Early repayment allowed
- Fast concession
- Unlimited loan purpose
- Variety of consumer loans
- Fast concession
- Variety of consumer products
Personal loans in Cameroon, All you Need to Know:
Take a 360-degree perspective on our manual for individual credits in 5 minutes or less. FUNDGECKO is focused on helping you in pursuing sound monetary choices by giving you all the data you expect about the top individual credits accessible. We give you all the information you need to know before you take out a loan.
The current market for personal loans
We intend to keep you abreast of what is trending in the credit market so that you don’t miss out on anything important.
- Cameroon has important links to the Russian and Ukrainian economies. For this reason, the war in Ukraine has had several effects on the economy of Cameroon. One of the effects was inflation where prices of food, energy, fertilizer, and other commodities increased significantly. Inflation in Cameroon increased to 7.61% in September 2022 from 6.61% in August of the same year. It is expected to reach 8% by the end of the year.
- Non-performing loans in Cameroon rose in the first half of 2021 hence raising concerns of higher credit losses soon. Profitability from banks declined in the year 2021.
- The interest rate in Cameroon was at an average of 3.42% from 2009 until 2022. In November 2022, the benchmark interest rate in Cameroon was recorded at 4.50 percent. This rate is expected to remain at 4.50 percent at the end of the year.
How to compare between online loan offers
Numerous loan providers are competing in Cameroon. Likely, you won’t get what you want if you settle on just one lender without looking at the entire market. You may even end up missing out on a good loan offer for not comparing several lenders. Choosing the best loan to take out can be determined by comparing offers from various lenders.
For best results, we advise that you do the following:
- Get quotes from at least three lenders
- Get lenders that do not enquire about your crest history
- Ensure that the parameters you use to compare are the same
- Look at the total costs of the loans
- Read the fine print to know all the small details that may lead to added charges
Since some lenders offer better deals than others, it is important to compare different loan offers so that you don’t end up paying more to borrow than you need to.
How to use FUNDGECKO to get personal loans
Our mission at FUNDGECKO is to inform all our customers about all aspects of loans, including their functions, terms, and features. With this knowledge, selecting a financial product will be very smooth.
The steps you need to take at our site are as follows:
- Compare the various financial options that appeal to you. This procedure does not cost anything.
- Take the time to read their contractual terms to get a complete understanding of their terms.
- FUNDGECKO wants to dispel any doubts you may have along the way and help you confidently select a consumer credit. You can access our website by clicking “Contract,” where our experts will guide you through the application procedure.
- You can leave reviews in the comment section of our website so that other users have the confidence to work with us.
Why do you look for personal loans?
You apply for a personal loan to get you to where you intend to go at a faster rate compared to saving for it. Regardless of whether you want to finance a wedding, make a huge purchase or finance a personal project, personal loans can come through for you. Remember that taking a personal loan means getting into debt and you will be required to pay that debt in the future. Some of the reasons you may take up a personal loan include:
- Finance emergencies
- Home upgrades and remodeling
- Alternative to a payday loan
- Holiday costs
- Relocating costs
- Buying consumer products
- To consolidate your debts
- Alternative to payday loans
- Large purchases
While a personal loan is useful to finance large or unexpected expenses, do not take a personal loan when your credit score is low, when you are unable to afford the monthly installments, or when you qualify for better financing options.
How to apply for a personal loan
- At most three different loans with features that appeal to your requirements should be considered. There may be variations between the lenders in terms of applicable interest rates, repayment periods, and any associated fees. Comparing three or more loan lenders ensures you don’t miss out on a better offer.
- Inquire from the lending organization for an application form. Complete the application with all of your information, including the loan’s purpose and amount. Make sure that the information you give herein is consistent with that in your documents. This procedure can be carried out in person or online.
- You will receive email notification of the pre-approval. The pre-approval process will take significantly longer if the application was completed manually.
- Depending on your contractual terms, send the documents the lending organization has requested in person or via email.
- You receive a contractual form, read all of the loan’s terms, and then confirm that you meet all of the conditions attached. The contract should then be signed by both parties, either by hand or with digital signatures, to confirm the agreement.
- Once your eligibility for the loan has been established, the lending company will also sign.
- Your money will be given to you within the allotted time.
Requirements for personal loans in Cameroon
To be eligible for a personal loan, the lender assesses your creditworthiness to avail and repay a loan amount through a set of criteria. Eligibility is the measurement tool that lenders use to determine the amount of loan to give.
- Be salaried and have a checking account at the specific bank where the borrower’s salary is paid.
- Employment period- at least one month of service for public sector workers and at least 6 months of service for employees in the private sector.
- Be in service for at least a month for public sector employees and at least 6 months for private sector employees.
- Be the bank’s client for at least a month before you applied for public sector employees and 3 months for private sector employees.
Documentation for applying for a personal loan
For your loan lender to approve your loan application, you need to provide certain documents. These documents help to prove both your personal and your financial information. The lender will review them before he decides to offer you a loan. While all lenders have their unique eligibility and application requirements, many of them ask for the same documents. By knowing what documents will be required from you, you can prepare for the application and increase the chances of your loan application getting approved. The personal loan documents your lender may require include:
- A complete loan application form- this form highlights the desired loan amount, the purposes, and sources of repayment.
- Identification documents- Cameroon citizens will need to provide the lender with a copy of their CNI while ex-pats need to provide their passports.
- Bank statements- the borrower should give bank statements for the last three months.
- Proof of income- certificate of original presence of fewer than 3 months and recent salary pay slips. Certificate of irrevocable salary transfer for civil servants. Last 3 months’ pay slips for private sector employees
- Certificate of irrevocable transfer
- Proof of employment- working contract, working certificate, and certificate of work attendance.
- At least 3 months’ pay cheques.
- A confirmation of an AID Insurance policy subscription.
Who grants personal loans in Cameroon?
In Cameroon and throughout the world at large, when someone talks about getting a personal loan, they automatically think of banks as the best place to do so. Truth is that there are a lot of options for institutions that extend personal loans to individuals. Examples of these institutions are outlined below:
Financing through banking institutions
- Interest tax shield benefits
- Unlimited loan purposes
- Longer repayment periods
- Stringent qualification requirements
- Extra charges like insurance and processing fees
Financing through Credit Financial Institutions (CFE)
- Flexible repayment terms
- Ease of access
- Less paperwork
- Flexible payment terms
- High interest rates
- Small loan amounts
- Require collateral
Financing from private companies
- Available for newbies
- Fast approval
- Fast payout
- High interest rates
- Affects creditworthiness
Financing through P2P platforms
- Interest tax shield benefits
- No collateral required
- Risk diversification
- Instant approval
- Creditworthiness considered
- Additional fees
FAQ: Frequently Asked Questions
What is a personal loan?
Personal loans are amounts of borrowed cash that can be used for emergency expenses, debt consolidation, purchases, and for many other purposes according to one’s needs. These loans are returned in month-to-month installments over generally one to 5 years. However, it could take even longer depending on your personal needs and your level of diligence in making the payments.
Why don’t you give me personal loans?
Within 30 days, you will be informed why a lender denies you a personal loan or offers you less favorable terms. Poor credit, a high debt-to-income ratio, a shaky employment history, low income, and missing paperwork are some of the factors that could result in your loan being declined.
What is the INE Form for a loan?
When offering a loan, the lender provides the borrower with a document known as the Standard European Information. It includes the terms and conditions of the loan. The amount, repayment term, interest rates, and any other fees are included in these terms and conditions.
What is the binding offer of personal credit?
It is the document that the financial institution offers you after signing your loan. It consists of all the functions of the loan, its clauses, and its conditions. This way, you are aware of the roles you need to play under the contract. The binding offer also includes the possible course of action in case of a breach of the terms by either party.
Can personal loans be paid in advance?
Yes! You can pay off your loan before the due date. Using your amortization schedule or simply multiplying your monthly due amount by the number of months left to pay off the loan, you can determine the total amount due. Paying early increases your possibility of getting a superior credit score. The better your credit score, the higher your chances of getting another loan in the future and with better terms.
What if I take a loan and later regret it?
Cameroon’s consumer credit laws grant borrowers the right to cancel their loan applications within 14 days of receiving funds. There will be consequences for anything done after the 14 days. To avoid such instances, ensure you evaluate all your options correctly before applying for a loan.
What happens if I don’t pay back a personal loan?
Failure to repay a loan constitutes a breach of contract and it is illegal. This will hurt your credit history and put your name in the red with the credit bureaus. Additionally, you won’t be able to get loans in the future as a result of this. More serious consequences like lawsuits may follow.
When to apply for a personal loan?
Applying for a personal loan is only a good idea if you know exactly how you’ll use the money and pay it back, including the interest. Consider the advantages and disadvantages of taking out a personal loan over other forms of financing. Before deciding on a loan, make sure you get estimates from several lenders and compare the terms of the loan, including interest rates, loan terms, and any additional fees that may be involved.
When to apply for a fast loan?
A quick loan should only be applied for in dire circumstances. As the name suggests, this kind of loan has a quick screening and approval process. It is essential to keep in mind that if a lender is willing to give you a fast loan, then the repayment period is likely to be short and the interest rates high.
We all have special moments in life that may require us to source funds immediately. It is important to prepare for those moments. Personal loans work t help you achieve your financial goals and aspirations when you need them. Personal loans also give you the flexibility to choose the loan amount you need and for how long you want to borrow the amount.
About this page, our methodology
What this page is for: We are an internet based site that analyzes consumer credit data to provide you with accurate and reliable information about the same. Additionally, we offer guidance on how to obtain loans with manageable repayment terms and terms of agreement. FUNDGECKO assists you in selecting the most suitable option for your financial requirements.
Source: This information has been gotten from the Central Bank of Cameroon website, the National Institute of Statistics, individual banks’ websites, Cameroon laws, and other sources of reference.
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: FUNDGECKO is a comparison website for credit consumers that focuses on home and personal finance products. We offer comprehensive information that will work to speed up the decision-making process and help you select the best package, as well as assistance in comparing the various financial products on the market.Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.