Inasmuch as Technology has numerous Disadvantages, its advantages have come a long way and it can’t be overlooked.
Technology has contributed immensely to the development of the World, which Africa, Ghana is no exception. One Aspect of humans’ live Technology has helped is The Financial or Banking Sectors – From Automated Teller Machines(ATMs), Mobile Banking, and so forth.
Since the inception of Financial Technology, Usually Termed as Fintech, has improved and Automate the delivery and use of Financial Services. One interesting advantage of Fintech that this article opts to address is Mobile loans.
Knowing how tedious it is to Acquire a Bank loan to settle emergencies or, to start a Small business, Mobile Loan Companies have come to eliminate the difficulties involved in getting a Bank loan.
We have Witness lots of Mobile Loan Companies Emerging in Ghana, and Africa at Large. – One Fast Rising Mobile Loan In Ghana is Fido Micro Credit.
What Is Fido Loan?
Fido Micro Credit/Fido Mobile Loan is a Licensed Financial Institution in Ghana that seeks to provide fast and easy short-term loans.
Fido Gives a Minimum of Gh¢ 200 and a Maximum of Gh¢ 1,000 Loans to New Loanees and Loyal Borrowers Respectively.
As the title of this post suggests, We Shall guide you through the process of applying for Fido’s mobile loan to get the loan almost instantly via your Mobile Money Wallet.
So, Without Further ado, Let’s Get Started!
How To Apply For a Fido Loan?
To Apply for Fido Loan, Download the Fido Loan App From Google Play Store/App Store (Click Here)
After the App is Successfully Installed, Lunch the App and Click on Get a Loan.
As shown in the Screenshot Below, Enter Your Main Mobile Number and Click On SEND CODE
You Shall Receive a Code Similarly to the one in the above image, kindly copy and paste into the space provided in the Fido App.
How To Fill Fido Loan Forms.
PS: Because I’ve applied for Fido Loan Before, they skipped most of the Information I was supposed to provide( I Applied for it and used it for this article “You Make Hot? – Get An Instant Ghc1,000 Loan From These 4 Lenders” You can check it out) – However, I’ve added Screenshots of the steps and how to Accurately fill the forms to enable you successfully get Fido Loan disbursed to you in a jiffy.
Kindly Review the Screenshots below to have a clue about how to fill the Fido loan application form Correctly.
After Successfully filling out the forms with the help of the above Screenshots, Select the amount as shown in the image Below;
“How Much Do You Want To Borrow?” Now, Select the amount you wish to borrow, the minimum loan is Ghc50 and Ghc200 maximum for new Borrowers.
How Many Days do you need to pay back the loan? Kindly select the days you need to pay it.
NB: the longer the days, the higher the interest rate and fees.
“Why do you need the Loan?” Kindly Select your purpose of applying for the Fido Loan. You can select anything, but for the seek of this GUIde, I choose Business.
“Can You give more details?” Well, that is not required, so I leave it hanging and click on “SUBMIT“
After Clicking on “SUBMIT” Your application should start processing, as shown in the image below:
You Have Been Approved for a loan of xxx Ghc Should Appear in Next Screen
Once the notice “You Have Been Approved for a loan of xxx Ghc Should Appears” – You should click on “I AGREE” or You can Click On “Cancel Loan” if you no long need the loan.
It’s Selfie Time!, Now You will have to Snap and Submit a Selfie Photo of yourself before the money is disbursed to you.
Once a Selfie Photo of yourself is submitted successfully, Your fido loan should arrive in your mobile money wallet in less than 1 minute.
So, That’s how painless Fido Mobile Loan Application is. In Our Next tutorial, we shall look at how to repay the Fido loan with MTN Mobile Money, and Vodafone Cash.
Below are answers to some Frequently Asked Questions
Q. Am I Eligible For Fido Loan?
- To qualify for a FIDO Loan, you need a valid ID and Mobile Money or Bank Account.
- ID Type: Driver’s License, NHIA Membership, Voter ID, National ID or Passport
- Mobile Money account: MTN Mobile Money or AirtelTigo Money registered in your name for at least two months.
- You must be a resident in Ghana over 18 years of age.
Q. How Much is Fido Loan Interest Rate?
- The interest rates for new customers start at 14% for 30 days, the interest amount is displayed in the app before applying. Returning customers having a good history of paying your loans with Fido on time get better interest rate on future loans, the lowest interest rate is 8% for 30 days.
Q. How Long does it take Approve Fido loan Request?
- Within one minute after submission, a credit decision will be shown on the screen.
- FIDO app evaluates each loan application and reserves the right to reject some applications. The decision cannot be reversed and is advisable for you to apply again after 2 weeks.
Q. What Is the Minimum/Maximum Amount Fido Can lend?
- First time borrowers are eligible for a maximum of 200 GHC to be paid within 10 to 33 days. The loan term must be selected in the app when applying.
- Paying your loan on time can get you a higher amount and reduced interest as you climb the ladder up to a maximum of 1000 GHS.
Q. What Will happen if you can’t pay your Fido Loan On-Time
- You will have to contact them with any issues related to the repayment of your FIDO Loan. Although You will be charged additional penalties for late repayments. Fido reserves the right to take any legal action to recover outstanding debts and report delinquent borrowers to the appropriate agencies and/or authorities.
Q. Where and When will I receive my FIDO Loan?
- After fully completing the process, the loan is paid out instantly for MTN /Tigo Cash and 1 business day for all other methods. Fido will notify you by SMS of the transfer.
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