Online lending refers to the process of borrowing and lending money through the internet.
This can include personal loans, business loans, student loans, and other types of financial products.
Online lending platforms, such as peer-to-peer lending sites, connect borrowers and lenders directly, bypassing traditional banks and financial institutions.
These platforms use digital technology and algorithms to assess creditworthiness and determine loan terms and rates, making the process faster, more convenient, and often more
In today’s article, it’s targeted at Cedipro, an online lending app from Ghana.
How to apply for CediPro Loan?
- Download the CediPro app from Google Play Store
- Create your account and fill in your basic information
- Apply in seconds
- Receive your loan straight into your mobile money or bank account
- Build your loan limit by repaying your loan on time.
CediPro Interest Rates and Fees
CediPro Loan term: 90-365 days
CediPro Loan amount: 100 – 10,000
CediPro Interest ranges from 30% – 65%
A loan of 10,000 with a minimum repayment period of 365 days will have an interest of 3,000.
The amount repayable will be 13,000; 30% interest rate.
If you have any feedback, questions or concerns about CediPro services, please feel free to contact them.
Are you looking for a hassle-free way to get some quick cash?
Maybe it’s for that purchase you just can’t wait for, or to take advantage of a great deal before you miss the opportunity.
Or, perhaps an unexpected expense has come up and you don’t want to compromise your lifestyle.
Whatever your needs are, with CediPro it’s easy to apply online for a small cash loan from 100 to 10,000, but you should be aware of the merits and most importantly the demerits of online lending platforms which CediPro isn’t excempted.
Merits of Online Lending:
- Convenience: Online lending platforms make it easy for borrowers to apply for loans from the comfort of their own homes. They can also track their application status and make payments online.
- Speed: Online lending platforms process loan applications quickly, so borrowers can get the funds they need in a timely manner.
- Flexibility: Online lending platforms often offer a variety of loan products, such as personal loans, business loans, and line of credit. This allows borrowers to choose the loan that best suits their needs.
- Lower rates: Online lending platforms can offer lower interest rates and fees than traditional banks due to their lower overhead costs.
Demerits of Online Lending:
- Lack of personal interaction: Some borrowers may prefer to work with a loan officer in person, rather than dealing with an online application process.
- Risk of fraud: Online lending platforms may be vulnerable to fraud, so borrowers must take care to ensure they are dealing with a legitimate lender.
- Limited access: Not all borrowers may have access to online lending platforms, such as those who live in rural areas or lack internet access.
- Higher rates for high-risk borrowers: Online lending platforms may charge higher interest rates for borrowers with lower credit scores or other risk factors, which can make it more difficult for them to repay the loan.