Individuals Who Give Loans In Ghana – Unsecured & Quick Mobile Loans

If you need to borrow money in Ghana, there are a few options available to you in form of secured and unsecured loans. Secured loans are loans backed by collateral. This form of loans is only available to individuals who can provide documents of ownership of particular properties which can be used as collateral for loans. Secured loans are mostly provided by banks ( Individuals Who Give Loans In Ghana ).

Unsecured loans are quick loans provided by individuals, institutions and high street banks that are not backed by collateral. Most unsecured loans are gotten without the need of presenting any documents of ownership of a property. An example of an unsecured loan is personal loans. Unlike secured loans, you do not have to prove what you intend to use the loan for before getting it.

Individuals Who Give Loans In Ghana

In this post, we will be considering the advantages and disadvantages of personal loans from individuals who give loans in Ghana and how to obtain personal loans in Ghana.

Advantages Of Quick Personal Loans From Individuals Who Give Loans In Ghana

1. It does not require collateral;
   This is a major advantage of getting quick loans. You do not have to provide any documentation of ownership of your property. You can easily obtain loans without much hassle.
2. Very easy to access
   Most banks in Ghana offers quick loans that you can easily obtain. You can even apply for quick loans online.

Disadvantages Of quick loans

1. Interest rates are higher than secured loans
   The interest rate on most unsecured quick loans is way higher than loans backed up by collateral.
2. You will need to prove your ability to repay
   You will need strong documentation on your ability to repay back the loan since you are not backing the loan with any collateral.

Providers of quick loans in Ghana

There are many providers of quick loans in Ghana but they can be broadly divided into two groups

1. Banks
2. Private Lenders { Include: Individuals Who Give Loans In Ghana }

• Private Lenders

There are lots of private lenders in Ghana who can give you access to quick loans. Here are the top providers

• 1. Izwe loans

Izwe Loans are quick personal loans providers in Ghana. Izwe Africa Holdings is a specialist Financial Solutions Group targeting both the formally and informally employed markets with the primary offering of unsecured loans to the under-banked. The Group has grown into a dynamic, rapidly developing pan-African micro-financier and insurer with operations in South Africa, Mauritius, Zambia, Ghana, and Kenya.

To obtain loans from Izwe you’ll need to provide the following

• Government employee number.
• A passport sized photo of yourself.
• Your most recent payslip.
• A valid national Identification.
  If you have all these documents then visit any of their branches to obtain the loan.

 

• 2. Fido Money Lending Limited (FIDO)

FIDO is a financial loan institution headquartered in Accra, Ghana and licensed by Bank of Ghana. FIDO provides fast and easy short-term loans, called FIDO Loans. The loan is available to salary, contracted and self-employed professionals. You do not need any collateral or guarantors to apply for FIDO loan- just a one-time verification of ID and bank account is necessary before disbursement. The office is located in Dzorwulu.

Requirements and application process

• To apply for FIDO loan, simply install the FIDO app from play store [link to app https://play.google.com/store/apps/details?id=com.fidocredit ]
• Apply for a loan
• Bring your ID and bank statement
  Not required for Airtel Money, Tigo Cash or returning customers.
• Get your money

Cash will be transferred to your account as soon as possible. Airtel Money and Tigo Cash accounts are credited immediately while banks require 1-3 business days.

• 3. Bayport Financial Services

Bayport Financial Services Ghana opened for business in 2003. It was the second Bayport Financial Services operation. Measured by the number of loans, Bayport Ghana is the biggest BML operation. Bayport provides both long-term and short-term loans to individuals and institutions.

How to apply

• To apply for loan from Bayport simply visit their website [website link http://www.bayportfinance.com/bayport-group/ghana/#product-form157 ] and
• Click on apply
• Then supply your name, email, and phone number.

 

• 4. CashGhana

If you are considering quick loans then you might want to consider CashGhana. They offer very flexible loans. They have three loans packages.

• The pawn which requires collateral,
• The consignment which allows them to sell your idle assets
• Another interesting loan package is the salaried option.
  This allows you to apply for short-term loans which you can repay from your next salary.
  To apply for the salaried option, you will need
  • A valid ID
  • A letter from your company’s account office indicating that your company/employer guarantees to give the lenders, a post-dated cheque bearing the total of the loaned amount and the interest charged.
  • Fill out the application forms

Once approved, your funds are deposited into your account. Funds will be available to you the same day or the next day, depending on your bank and where you live.

• 5. Students Loan Trust Fund

Student loans trust funds give loans to Ghana tertiary students who are pursuing accredited programmes in accredited tertiary institutions. These students must have gained admission to pursue undergraduate programmes only.

What are the application requirements?

In order to apply you must:

• You must have a social security number by registering at any SSNIT office.
• An email address.
• Guarantor.
• Register for an e-zwich card.

You may use your social security reference number to apply for the loan

• 6. GUARANTORS AND GUARANTEE

To apply for student loans you will need to provide a guarantor- someone who will back up the loan and assist the Trust Fund to trace the borrower when repayment is due. In the event of death or incapacitation of the borrower, the guarantor is absolved from loan repayment. The guarantor will be asked to pay back the loan if the individual disappears or default and cannot be traced.

The loan may be guaranteed by one of the following types of guarantors

• SSNIT Contributor
• Recognized Religious Body
• Metropolitan, Municipal and District Assembly
• Corporate Body

There are lots of other quick loan providers and Individual who give loans in Ghana. Feel free to check them out and choose the one that best suits your needs.

That’s all on Individuals Who Give Loans In Ghana – Unsecured & Quick Mobile Loans.

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