The System In Ghana has been immensely hot recently, and Acquiring Bank Loan to quench the fire or to Start a Small Business is a bit complicated.
Nevertheless, Technology has come to ease our quest of getting a loan to solve some unexpected Situations which requires Money Urgently.
With how people have loss trust in people, it will be difficult for a friend or a family member to lend you money to commence your projects or solve outstanding monetary issues.
So, in this Article, We shall walk you through a list of four Lending Companies to get Loans within 1-5 Minutes In Ghana.
Table of Contents
Fido Money Lending
Fido Money Lending Is Licensed By The Bank of Ghana To Give Loans and I must say, Fido is one of the Easiest way to Acquire Loans In Ghana.
Fido Gives New Users Loan of Ghc200 on first Application, Depending on how soon ones pays the Outstanding loan, they can qualify for loan of the sum of Ghc 1,000.
The Ghc 200 is to be paid within 10 to 33 days – Paying your loan on time can get you a higher amount and reduced interest as you climb the ladder up to a maximum of Ghc1,000
Take Note: The Longer the days of payment, the higher the interest rate.
How Do I Apply For Fido Loan
To apply For Fido Loan You must Download their Mobile Application:- Click Here to Download
After The App Is Installed, Lunch The App, Click on GET A LOAN and Fill in the forms
Please refer to the screenshots below to guide you fill the forms accurately.
After Filling the forms, Click I Agree and Finish
Your Application is Approved now, but before the money will be disburse to you, there’s one more thing required of you.
You need to take a Selfie.
After selfie is Successfully submitted, the money should hit your account in less than 2 minutes.
So that is how simple Acquiring a Fido loan is.
Fido Loan FAQ
Q. What Are Fido Eligibility Requirements?
- 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 reserve the right to reject some applications. The decision cannot be reversed and we can only recommend 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 my FIDO Loan be Paid?
- After fully completing the process, the loan is paid out instantly for MTN /Tigo Cash and 1 business day for all other methods. We will notify you by SMS of the transfer.
LendingPapa
The Second Money Lending App on our List is LendingPapa, LendingPapa can give loans up to Ghc 5,000 but for new borrowers, You get a minimum of Ghc100 which must be paid within 14 days.
However, Increase your loan limit each time you repay your loan.
How To Apply For LendingPapa Loan?
- Install the lendingpapa from Play Store or Click here to Download
- Register an account;
- Fill out your basic information and submit;
- Apply in seconds;
- Receive your loan straight into your bank account;
- Increase your loan limit each time you repay your loan.
Please refer to the screenshots below to guide you fill the form accurately.
After Registration is done, click on GO to get the loan
Take the Selfie and Submit, Your Loan should be in in no time.
After Selfie Is Successfully Submitted, Your Ghc 100 LendingPapa Loan should hit your Momo Account.
Vodafone Ready Loan
Ready Loan is an initiative of Vodafone Ghana which offers short-term micro-loans to it eligible customers – Vodafone Ready Loan’s Qualification is solely based on their network behaviour.
How Do I Apply For Vodafone Ready Loan?
To apply for Vodafone Ready Cash loan:- Kindly follow the steps below.
- Dial *110# to access the Vodafone Cash menu
- Choose option 5 (financial services)
- Choose option 3 (loans)
- Select ‘Ready Loan’
- Select ‘Ready Loan request’
- Select ‘Opt In’
Vodafone Ready Loan FAQ
Q. What is Vodafone Ready Loan?
Ans: Vodafone Ready Cash Loan offers short-term micro-loans to active and loyal Vodafone customers who are eligible and qualify based on their network behaviour.
Q. Am I Eligible For Vodafone Ready Loan?
Ans: You must have an active Vodafone Cash account and be active on our GSM network
Q. How do I apply for Vodafone Ready Loan?
Ans: By dialling *110# and navigating to option 5 (Financial Services)
Q. Who Qualifies For Vodafone Ready Loan?
Ans: You must be at least 18 years to apply and being with Vodafone for at least 6 months and active on Vodafone cash for at least 3 months
Q. Are there any charges to applying for Vodafone Ready Cash?
Ans: Yes, the Loan service attracts a fixed monthly interest. This fee is added to the loan amount to give the customer the value to pay back, before or on the due date. When the due date elapses, a penalty fee of 12.5% is applied for defaulting.
Q. How will I receive the loan fund?
Ans: Your loan is paid directly into your Vodafone Cash wallet
Q. How much is the Vodafone Ready Loan interest rate?
Ans: The interest is fixed and applied monthly, and will be displayed to you when making your request
Q. When can I repay my loan?
Ans: Due-date for repayment is fixed on the 30thday after disbursement, but you can repay any time before the due date
Q12.What happens if I can’t repay my Vodafone Ready Cash loan on time?
Ans: You will be charged an additional rate of 12.5% as a penalty until full repayment is made.
MTN Qwik Loan And Xpress Loan
Qwik Loan has been helping lots of people out of unexpected predicaments, it has also helped in the commencement of small businesses in Ghana.
With the ease and the flexibility of the MTN Qwik Loan, is one of the mobile loaners almost every Ghanaian loanee prefers – Simply puts, is their favorite.
What Is MTN Qwik Loan?
Qwik Loan is an innovative financial solution by afb Ghana and MTN MoMo that provides quick and convenient loan to subscribers of MTN MoMo.
It’s a short term, unsecured, cash loan paid into your MTN Mobile Money wallet. The loan is simple and accessible, with no previous savings required. If you pay your loan on time, every time, then you will continue to have access to a loan whenever you need it.
What are the Requirements of MTN Qwik Loan?
• The applicant must be 18 years and above.
• You must own an MTN Ghana sim card
• There is a need to be an MTN service user for at least 90 days.
• Also, you must be an active user of MTN Mobile Money services.
• Prospective applicants must have an active e-wallet.
• If you are a constant user of MTN QwikLoan services, you must have a good credit score and history.
How to apply For MTN Qwik Loan
To apply for MTN Qwik Loan, – Kindly Follow the Steps below:-
Dial *170#
Select option 5 -financial services
Select option 3 – loans
Select option 1 to register for free or option 2 to view terms and conditions
Click on Terms and Conditions for more details.
How to cash out your MoMo wallet from an ATM?
After The MTN Qwik Loan is been disbursed into your MOMO wallet, you will have to cash out – In a situation where you prefer cashing out from an ATM Machine or you simply don’t have any of your IDs with you, MTN MoMo allows you to cash out at the ATM.
Dial *170#
Enter 5 for Financial Services
Enter 1 for Bank Service
Select 3 for ATM Cash Out
Select 1 to Generate Token
Enter Four-digit Secret Code
Enter Amount
Enter MM PIN
You will receive notification for a successful transaction
MTN Xpress Loan
What is MTN Xpress Loan?
Xpress Loan Is a new lending service lunched by MTN Ghana, which is quite quick and Affordable compared to the Qwik Loan.
MTN Xpress loan can help you meet your financial needs within 1-5 minutes upon requesting.
The Minimum amount Xpress Loan gives is Ghc50 with the Maximum being Ghc1,000 – The initial amount a customer gets solely depends on how they uses the MTN momo and Their credit score.
What are MTN Xpress Loan Requirements?
- Applicant must be 18 years and above.
- Applicant must be an active MTN Ghana subscriber for not less than 90 days.
- You must be registered on the MTN Mobile Money Service and actively use the Wallet for transactions.
- If already owe a loan, you need to repay in order to qualify for another loan.
- You may not qualify to apply for Xpress loan if your MTN Mobile Money wallet activity is too low.
How to apply For MTN Xpress Loan?
To apply for MTN Xpress Loan, Please follow the guide below to get your Loan in few minutes.
- Dial *170#
- Select Option 5 for Financial Services
- Select 3 for Loans to choose your preferences
- Select Option 2 for XpressLoan
- Select Option 1 to get a Loan
- Enter Your Pin to Confirm
- Select Option 1 to view Offers
- Enter your preferred amount between 50GH to 1000
- An SMS will be sent to indicating you that the loan has been credited to your MTN Mobile money Account
How To Repay MTN Xpress Loan?
To repay Your Outstanding MTN Xpress Loan? Please dial *170# and follow the steps below:-
- Select Option 5 for Financial Services
- Select 3 for Loans to choose your preferences
- Select Option 2 for XpressLoan
- Select Option 2 to repay your loan
- Enter Your Pin to Confirm
- After entering your MOMO Pin, the loan amount would automatically be deducted from one’s account by MTN on a monthly basis plus interest.
- You shall receive an SMS to notify you that the loan has been deducted from Mobile money wallet.
Conclusion
So, that is how Simple one can get an instant loan in Ghana. Please let me know how helpful this Guide is in the comments section below.
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Source: Techflaver.com
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