You can use your smartphone to access over GH₵1,000 on Bloomkash. Getting a loan used to be at the financial institutions’ office. But technological advancement has made it significantly easier for borrowers to access the loans they want from their homes. There are loan companies in Ghana where you can access their loans through your smartphone.
Read through this article to learn more about how you can get over GH₵1,000 on Bloomkash.
Bloomkash is a Ghanaian loan company that offers short-term loans to Ghanaians through their smartphones. Because of this, you can access a loan of up to GH₵1,000 from Bloomkash.
What are the requirements of Bloomkash loan?
Bloomkash’s financing structure may appear to most individuals to be too good to be true. However, it is exactly what it is. However, there are some restrictions and conditions to consider, just as there are with any other financial institution.
In order to get a Bloomkash loan, you’ll need to have the following items. They include:
- A passport
- Voter’s Card
- Ssnit or Driver’s License
- A smartphone
- Ghana Resident.
- Be 20-55 years old.
- Have a monthly source of income.
How to get up to GH₵1000 Bloomkash loan
Bloomkash requires the user to have a working smartphone, especially an Android phone, in order to seek a loan. The following are procedures to take once you have an Android phone.
Steps to follow to get up to GH₵1000;
The following are the steps to follow:
- Visit the Google Play Store and Download the Bloomkash app.
- Make sure the app is fully functional before downloading and installing it on your phone.
- Select “Apply for Loan” from the drop-down menu when you open the application.
- Fill in the blanks with your Mobile Money number.
- A onetime password (1TP) will be sent to your mobile number for confirmation.
- Bloomkash will send you a message requesting permission to access your photos, contacts, camera, and other personal data.
- On the following screen, select ‘Apply for a loan.’
- Fill in your first name, surname, extra names (middle name), gender, ID details, address, employment status, monthly income, salary date, and whether you have an outstanding loan, then click next.
- Fill in the information for your emergency contact. Because the corporation is extremely likely to call that individual, it should be someone who is very close to you and can guarantee your loan. Also, keep in mind that the app will immediately send you to your contact list, where you can choose an emergency contact from there.
- Fill in the information for your second emergency contact as you did in step 9 above.
- If your information is correct, you’ll move on to the next stage, where you’ll see the loan amount you’re eligible for, the payback amount, and other information. Then click the ‘Apply now’ button.
What is the minimum and maximum loan amount of a Bloomkash loan?
It’s crucial to know how much money you can borrow. The amount of money you can borrow varies depending on the lender. This will assist you in properly weighing your lending options. The minimum Bloomkash loan amount is GH₵65, while its maximum loan amount is GH₵1,000.
What is the interest rate on Bloomkash loans?
For Bloomkash, they charge the interest rate daily and it varies from between 0.1% daily to 1% daily. It has a processing fee of 36.5% on every loan you access through the platform. Therefore, if you apply for a loan of GH₵65 for a 91 days term. Then the processing fee would be equal to GH₵23.7. However, the interest over the period would be equal to GH₵1.8. So the total repayment amount of yours would be GH₵90.5.
What is the loan term of Bloomkash loans?
Loan periods, on the other hand, can range from 15 to 90 days, depending on how quickly you paid off your previous loans.
Finally, Bloomkash loans are mostly determined on the success of prior loans. As a result, if you want to borrow large amounts, you should start with smaller loans and repay them on time so that you can qualify for larger loans later.
What are the contact details of Bloomkash?
For more inquiries, you can contact Bloomkash through:
- Customer Service Email: firstname.lastname@example.org
- Customer Service Hotline: +233 307000566.
- Address: Solis House, Adembra Road, East Cantonments, Accra, Ghana.
Loans could assist you with cash flow financially in times of emergency. However, for most people, acquiring a loan comes at a very huge cost of either processing fee or collateral, or several up and down movements. This makes it difficult for those who may need such loans to deal with urgent situations.