List Of Loans For Unemployed In Ghana 2020

A list of top financial institutions offering loans for unemployed in Ghana. There are multiple factors that lenders look out for when borrowers apply for a new loan, and the possibility of paying back is always not left out. Having a stable source of income is often a big consideration, thereby making loans almost unattainable for the unemployed. However, it is very possible for the unemployed to access loans as far as they can provide alternative sources of income.

Firstly, you should be able to provide a strong credit history that can assure lenders that you can responsibly manage your debt, and you should have an alternatively reliable source of regular income even if it is not from a paycheck. The alternative source of income could include retirement benefits, spouse’s income, alimony, social security benefits, disability income, recurring interests, etc.

Loans For Unemployed In Ghana

List of financial institutions offering loans for unemployed in Ghana

1. MTN XpressLoan

Requirements 

  • You must have an MTN number
  • You must frequently recharge your MTN number 
  • You must frequently use your mobile money account

2. Airtel Tigo Money

Requirements 

  • Your AirtelTigo number
  • Residential details
  • A valid National ID card
  • Date of birth

3. Fido Micro Credit

Requirements 

  •  Valid means of identification (National ID card/Driver’s license/Voter’s card/NHIS)
  • Residential details
  • You must be a resident in Ghana
  • You must have registered an MTN mobile money or AirtelTigo money in your name for 8 weeks

4. Izwe Savings and Loans

Requirements 

  • Valid means of identification (National ID card/Driver’s license/Voter’s card/NHIS)
  • Two original recent passport-sized photographs of yourself
  • Bank statements for the last six months
  • Residential details
  • A proof of your banking details
  • Recent payslip

5. Advans Ghana

Requirements 

  • Valid means of identification (National ID card/Driver’s license/Voter’s card/NHIS)
  • Two original passport-sized photographs of yourself
  • Evidence of tax payment

6. Blue Financial Services

Requirements 

  • Two original passport-sized photographs of yourself
  • Residential address
  • Valid means of identification (Driver’s license/Passport/Voter’s ID/National ID card/NHIS)
  • Recent payslip

How To Apply for Loan For Unemployed In Ghana

It is important to know that loans for the unemployed are actually short-term and unsecured loans. They can be acquired without the need for collateral or credit check. Obtaining this kind of loan is as simple as going to a bank, preferably the one you have an account with or picking an online lender. You will be required to completely fill their application forms and submit necessary documents. 

As mentioned above, some criteria are meant to be put in place if you are not in any paid employment and you want to obtain a loan. 

Firstly, you should be able to provide a strong credit history that can assure lenders that you can responsibly manage your debt, and you should have an alternatively reliable source of regular income even if it is not from a paycheck. 

The alternative source of income could include retirement benefits, investments, spouse’s income, child support, social security benefits, disability income, public assistance, recurring interests, etc.

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Closing

It is important to know that loans for the unemployed in Ghana are actually short-term and unsecured loans. They can be acquired without the need for collateral or credit check. Obtaining this kind of loan is as simple as going to a bank, preferably the one you have an account with or picking an online lender. You will be required to completely fill their application forms and submit necessary documents. 

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