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, Everything you need to know.
BCIG bank Gabon
- Borrow up to 20,000,000 FCFA
- Maximum repayment period of 48 months
- Disbursed within 7 days
- Interest rate (13%)
- Hedging commission applied
- Administrative fees
- Quick application process
Ora bank Gabon
- Get a loan of up to 25 million CFA
- Maximum repayment period of 96 months
- Competitive interest rate of 9%
- Disability and death insurance required
- Refinance possibility
- No deposits required
- Fast and flexible online banking available
United Gabonese Bank
- Offer loans of up to 20 million CFA
- Accommodative interest rates of 15 %p.a
- Favorable repayment period of up to 48 months
- Flexible monthly installments
- No early repayment penalties
- No hidden charges
- Top-up options available
- Fast payout
Personal loans in Gabon, All you Need to Know:
Instantly compare the best personal loans online for free. At FUNDGECKO, we detail each loan available, explain what you should know before signing a contract, and show you how to get the best deal from our list of available loans.
The current market for personal loans
- During the 3rd quarter of 2022, the overall envelope of new loans granted by the Gabonese banking system increased during the last quarter of 2021, standing at 364.9 billion against 349.3 billion in the 2nd quarter of 2022, an increase of 4.45%.
- The majority of new loans granted during the fourth quarter of 2021 benefited private companies in the productive sector, whose overall share amounts to CFAF 237.5 billion, or 65.09% of the overall budget. Loans to individuals represent only 18.69% of the total value of new loans or 68.2 billion CFA francs.
- For the financial institution, the average lending rates to individuals were the highest during the period at 34.74%, followed by the rates paid to SMEs which stand at 19.50%, and those too large companies at 16 .90%.
How to compare online loan offers
The proliferation of banks, other private lenders, and loan providers in the Gabon market has led to a wide range of financial products and intense competition between lenders. Therefore, we recommend evaluating all available options before choosing the most affordable loan.
However, you cannot compare options effectively if you do not know what parameters to consider. Consider the following points in the comparison: loan amounts, interest rates, repayment terms, fees, other payments, collateral requirements, and many other aspects.
By running different simulations based on the project being financed and the offers made by each entity and its conditions, you can be more sure of the loan proposal you want to proceed with. You can decide which financing option is best by evaluating the total cost of the loan
How to use FUNDGECKO to get personal loans
Our aim at FUNDGECKO is to educate our clients on all aspects of credit including credit characteristics, proper execution, and terms. Knowing this makes it much easier for potential customers to choose a financial product. Here are the steps required on our website:
- Compare different financial options to deal with. There is no cost for this procedure.
- Please take the time to read and fully understand the terms and conditions.
- FUNDGECKO wants to clear your doubts and help you choose consumer finance with confidence. Click “Contract” to visit the company website and our experts will guide you through the application process.
- To give other users the confidence to work with us, our website has a comments section where users can leave reviews, opinions, and suggestions.
Why do you look for personal loans?
The ideal approach to fund a significant purchase or project that you can’t afford upfront occasionally involves taking out a personal loan, even though it’s always crucial to thoroughly assess your financial circumstances before doing so. Some of the reasons for taking a personal loan are;
- Consolidation of debt
- Start a partnership
- Pay overdue bills
- Raise funds to buy your dream home
- Advance your education
- Special events such as graduations
- Large purchases
- Home Remodeling
- Moving costs
How to apply for a personal loan
You can apply for a personal loan in Gabon online or through a lender. Whichever option you choose, you proceed as follows:
1. Compare offers and negotiate better terms. We recommend that you consider at least three different personal loan offers.
2. Fill in the application form with the personal loan data and terms (purpose, amount, duration) and hand it over (in person or online) to the lender.
3. Pre-approval is required. It happens almost instantly in online mode. This process can take several days in physical mode.
4. Submit requested documents. Depending on the entity, this can be done by email or by visiting the entity.
5. If your application is approved, please read the pre-contract information provided. There you will see all the terms of a potential loan in terms of amount, interest, duration, and other applicable fees.
6. If you accept the offer in person or electronically, sign the contract.
7. Get the money. Depending on the lender, payments are made instantly or take up to
Requirements for personal loans in Gabon
Personal loans can give you quick access to the money you need to pay an unexpected bill, pay off high-interest debt, or nearly any other requirement. However, to be eligible, you must fulfill certain standards.
Although personal loan requirements differ from lender to lender, most are looking for the same signs that you’ll repay your loan following the terms. You can boost your chances of getting approved for a personal loan by knowing the following conditions and preparing for the application procedure.
1. Age – Must be between 21 and 60 years old.
2. Be a resident of Gabon. To do this, you must present your ID card, passport, voter card, or driver’s license to the lender.
3. Creditworthiness – You must have an excellent credit score for the lender to trust you with the loan you want to take out.
4. Employed or earning income – This is proof that the income from your employment can pay off your loan.
5. The amount and purpose of the loan must match the lender’s criteria.
6. Lenders measure your ability to repay loans using the so-called debt-to-income ratio (DTI). Your DTI compares your monthly debt payments to your monthly gross income. Many banks use their metrics to determine acceptable DTI, but lower DTI gives better results.
Documentation for applying for a personal loan
You must give your lender specific documentation for your loan to be approved. These records assist in proving your financial and personal details.
While every lender has a different application process and qualifying standards, many of them search for the same types of supporting documents. Knowing what kinds of documentation you could require will help you get ready for the application process and improve your chances of getting accepted.
You might need to give your lender a few documents for the initial application and the verification process. The majority of the paperwork can be electronically submitted.
- Loan application form- The applications can typically be completed in person or online if you borrow from a traditional bank or credit union. This initial step often asks for personal information, such as your name, address, phone number, and date of birth
- Proof of identity- Aside from obvious reasons like identity theft, lenders must be able to verify your identity to determine if you’re a citizen of Gabon or a permanent resident and if you’re at least 18 years of age. You’ll typically need to present two forms of identification, such as a Certificate of citizenship, driver’s license, passport, and National ID
- Employer and income verification- personal loans are unsecured hence increasing lenders’ risk which makes it even more important to verify that you have a steady source of income to repay the loan. If you are traditionally employed, you can verify your income with the following documents: last 3 months payslips, bank statements, or employer’s contact information.
- Proof of address-Proof of your living situation can help a lender determine how stable your lifestyle is. You can usually use one of the following: utility bill, lease or rental agreement, or your voter registration card.
Who grants personal loans in Gabon?
The demand for short-term loans has increased significantly over the last few years. In particular, this has been catalyzed by low income levels, rapid application and approval processes, the fact that personal loans do not require collateral, and most importantly the development of technology. Some of the platforms that offer personal loans in Gabon are;
Financing through banking institutions
- Fast payout
- Low Interest Rates
- FlexibilityFixed interest rates
- Complicated and time consuming
- Collateral required
- Most difficult loan to obtain
Financing through Credit Financial Institutions (CFE)
- Establishes a credit score
- Great for emergencies
- Takes advantage of sale
- Overuse might lead to a poor credit record
- Susceptible to overspending
- Extra fees add to the total cost
Financing from private companies
- Fewer requirements than banks and credit lending
- Favors borrowers with low credit scores
- Fast loan approval and disbursement
- Higher interest rates
- Repayment terms are not flexible
Financing through P2P platforms
- Online based
- They don’t affect your credit score
- Quick application process
- Available for borrowers with low credit rating
- Some loan fees might apply
- Higher interest rate
FAQ: Frequently Asked Questions
What is a personal loan?
A personal loan allows you to borrow an agreed amount from a moneylender. There are fixed monthly payments, fixed interest rates, and fixed periods. If you need more money, personal loans can be a useful tool as they tend to be cheaper compared to other forms of credit. Additionally, the fact that personal loans can be used for anything doesn’t mean they should be. When taking out a personal loan, it’s important to remember that you are going into debt. Therefore, you should only do this if you have a good reason. Personal loans may not be taken out to finance luxury purchases or unscheduled vacations.
Why don’t you give me personal loans?
Reasons for loan denial of personal credit may include:
- Bad credit.
- You do not meet the eligibility criteria.
- Discrepancies between the information provided and the documentation provided by you.
- The purpose of the loan did not meet the lender’s criteria.
- Having an inconsistent source of income.
What is the INE Form for a loan?
When a lender offers a personal loan, it must provide a form detailing all the terms of the loan, including the amount, term, interest rate, applicable fees, and installment amount. This form is called an INE form.
What is the binding offer of personal credit?
A binding offer is a document you receive from a lender when you sign a loan. It is about 5 pages long and contains all the features and conditions of the loan. Since the loan is final, the obligations of each party can be communicated.
Can personal loans be paid in advance?
Yes. You may have received a large amount of money and decided to use it to pay off a loan. Confirm the total amount owed to the lender and pay all or part of it. Your credit score will likely benefit. However, some lenders may penalize you for early repayment. The amount of interest payable is also likely to reduce significantly.
What if I take a loan and later regret it?
You may regret taking out a loan later. For example, if the interest rate is too high compared to that of other lenders. To avoid such regrets, we recommend weighing the different options before deciding on one. You can also seek professional advice before taking out a personal loan.
.What happens if I don’t pay back a personal loan?
In most cases, personal loans are unsecured. That means you don’t have to post collateral if you don’t repay the loan. If you take out an unsecured loan and don’t pay it back, the creditor can’t seize anything, but there are still consequences such as a lower credit score.
When to apply for a personal loan?
Personal loans should be taken when planning. Should be used for emergencies, property financing, or other productive purposes. Avoid borrowing money for leisure.
When to apply for a fast loan?
Personal loans are also called instant loans or quick loans offered online by lenders to borrowers. In most cases, the process is paperless, requires less paperwork, and approvals and payments are quick. Apply for a personal loan only for emergencies when you need urgent funding.
Personal loans are intended to be used to meet an individual’s needs, and in most cases, the lender will ask you to state what the funds will be used for. Some lenders may have restrictions on how you can use your loan, but it’s unlikely that the reasons you’ve listed will prevent you from getting a loan.
However, lenders will review your credit history, employment information, and other information to determine if you qualify for a loan.
On the other hand, you should carefully research your desired loan product to ensure an affordable deal and not miss any details regarding the loan terms.
Loans can be long-term debt, so it’s important to review interest rates, collateral requirements, repayment methods, and other details before accepting a loan.
If used properly, personal loans can be a tool that helps you get closer to your financial goals. Therefore, it is advisable to use loans to acquire assets or create an additional source of income.
About this page, our methodology
What this page is for: Our goal is to help our clients find the most suitable financing. That’s why we want to show you what personal loans are, how to compare them, how to get you the most cost-effective offers today, and how to choose the best one from the many offers available.
Source: information in this document is derived from the BCEAO website, the respective banks’ websites, government portals, and other online sources.
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 website that works to help our clients find the most suitable financing. We aim to teach you about consumer credit, and how to choose the best options.Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products