What is fast credit….? You may ask! Fast credit refers to a type of loan or line of credit that can be obtained quickly and with less documentation or credit history requirements than traditional loans.
Fast credit products are typically designed for consumers with urgent financial needs and can include payday loans, cash advances, and some types of personal loans.
They often come with high interest rates and fees and can have stricter repayment terms. Due to their high cost and potential risks, you should always use them with caution and only as a last resort.
In this article, we shall talk about MOMOLoan Fast credit. How too apply for MOMOLoan Fast Credit, MOMOLoan Fast Credit requirements, their interest rate, where/how to download the MOMOLoan Fast Credit app and more.
Without further ado, let’s get down to business.
What Is MOMO Loan?
MomoLoan is an online secured lending app. Personal user can get cash loans from MomoLoan, fast and safely, without any complicated process.
MomoLoan offers the best service 24/7 at range GHS 100 to GHS 5,000, and 91 – 181 days loan products.
What do you need to get a loan from MOMOLoan?
Before you can apply for the MOMOLoan Fast Credit, you’d need the following basic information.
- A valid Ghana National ID.
- A mobile money account in your own name.
- Be a resident of Ghana.
- Be 18 years of age and above.
How to apply for MOMOLoan Fast Credit?
Applying for this fast credit is very simple and straightforwarded. Follow the steps below to commence your loan application process.
- Install the MOMOLoan app from Google play store
- Register with your mobile money phone number and fill in the necessary information.
- Submit the application and get the loans straight to your mobile money account once approved.
MomoLoan Product Details
- MomoLoan Amount: GHS 100 – GHS 5,000
- MOMOLoan Term: 91 – 181 days
- MOMOLoan Interest rate: 0.07% per day (1.8% equivalent monthly interest rate only)
- MomoLoan Service Fee: 10% – 32% (Deductible)
- MomoLoan APR：35% – 56%
- If you apply a loan of GHS 500 with a total repayment period of 91days (45 days 1st installment & 46 days 2nd installment) on Oct 1, 2022.
- You will get the loan amount GHS 500 on Oct 1, 2022.
- The 1st installment due date is Nov 15, 2022 with amount GHS 250, Interest GHS 7 and origination fees GHS 5, due repayment is 250+7+5= GHS 262
- The 2nd installment due date is Dec 30, 2022 with amount KSh 250, Interest GHS 3.5 and origination fees GHS 2.5, due repayment is 250+3.5+2.5=GHS 256
- The total repayment should be 1st installment due repayment GHS 262 + 2nd installment due repayment GHS 256 = GHS 518.
Contact MOMOLoan Fast Credit.
Reach out to the administrators of MOMOLoan via: E-mail: [email protected]
Address: Liberation Road, Accra, Ghana
Fast Credits are good but it has it own Advantages and Disadvantages. Below are the highlights of the two.
- Quick and easy access to funds: Fast credit typically requires minimal documentation and can be approved within a short period of time, providing immediate access to funds when needed.
- Flexibility: Many fast credit options are unsecured, meaning they do not require collateral and can be used for a variety of purposes.
- Convenience: Fast credit can be applied for and approved online, making it a convenient option for those who cannot or do not want to visit a physical lender.
- Higher interest rates: Fast credit options often come with higher interest rates and fees, making them more expensive in the long run.
- Short repayment terms: Fast credit typically has short repayment terms, which can make it difficult to repay the loan in full on time.
- Risk of overspending: Fast credit can make it easy to overspend and take on more debt than can be comfortably repaid.
- Low creditworthiness may lead to denial: Many fast credit options may require high creditworthiness and may deny loan to those with low credit score.
NB: Use these fast credit apps with caution and yous shouldn’t borrow more than you can repay.