Mjara loans (even for mobile wallet) could be the loan option to consider. Financial challenges normally require you to source for fund. Sometimes mobile wallet funds could be among the options you could explore. Some financial commitments could require you to get a loan to solve them. And these commitments could require loans like; student loans for payment of school fees, business loans for business expansion, and so on. The requirements, how to apply for Mjara loans and so on are inclusive in this article.
About mjara loan
Mjara loans are a new service for the Ghanaian market. It is a service that gives users access to about 40% of their monthly salary in advance. Their loans are a mass-market mobile money based loan product. Their loans build on the company’s existing loan products. The loan is for people who appreciated the convenience the mobile money service offered . Their loans resolve the problem of long processes that people undergo in a bank while applying for loans by making sourcing for loan simple, quick and convenient loans through the mobile phone. Mjara loans remove inaccessibility and the rigorous process of applying for loans from traditional institutions.
What are the Mjara loans requirements?
There are always requirements you must meet to get any form of loan across every financial institution.
The requirements for Mjara loans are:
- Anyone interested in their loan goes through a vetting period, on which they assign a credit limit.
- They require mobile money users to register with GHC30 within 3 months.
- Be a mobile network user.
- You must be 25 or above.
What are the Mjara loans’ minimum and maximum loan amount?
It is important to know the minimum or maximum loan amount before getting it. Their loans minimum loan amount is GH₵100 and maximum of GH₵2,500.
How to apply for Mjara loans
You can access the loan online through your mobile phone, tablet or personal computers.
You can apply for Mjara loans through the following process:
- Visit their website on www.mjara.com
- Fill in the form (your details) correctly and submit.
- Dial *565*5# on your mobile phone
- Input the desired loan amount.
The credit decision takes place immediately. They take this decision from the assessment they immediately make the funds available in your mobile wallet.
What are the Mjara loans interest rate?
There is usually an interest rate attached to various types of loans. Knowledge of the interest rate helps you to decide whether to take the loan or leave it. This actually depends on your financial capabilities. However, the interest rate on Mjara loans is 4%.
Do I need a collateral or guarantor for Mjara loan?
Usually, before you can get a loan from a traditional institution, you must provide a guarantor. Their loans do not require paperwork, guarantor to stand-in for you or collateral as security. Their loans can be very easy, fast and confidential.
How fast do they release their loans?
Immediately after the vetting period, they release the loan to you. The vetting period is usually from a few hours to a couple of months.
What are their repayment terms?
You can repay the loan by monthly installments of GHC. It could take monthly deductions from 2 weeks to 3 months deductions to repay the Mjara loan.
Conclusion
Mjara is a mobile money based loan product you can access through your mobile phone. This makes all transactions to occur on the phone. Therefore, eliminating the stress of queuing in traditional institutions for a loan that you might not get. They make it available to mobile network users. It is easy, fast and convenient means of financial aid.