Reviews

SME loans in Ghana help businesses have enough cash flow in their business. Are you in need of a business loan? With various types of loans available, how can you easily pick the right loan for your business?

The various forms of small business loans in Ghana are ideal for businesses of different sizes. Understanding some popular options makes it easier for you to pick the best for your business. Business owners in Ghana have many financing options available. Ranging from traditional installment loans to lines of credit to micro loans.

However, just as every business is unique, so also are the needs for capital. Whether you are brand new in business, your personal or business credit scores are low. Also, you’re aiming for specific rates and terms. You will get information on these as you read on.

What you should know about SME loans in Ghana?

SME means Small Medium Enterprises. SME loans in Ghana are business loans available to medium-sized enterprises in Ghana.

They are tailor-made to fit into the needs and requirements of small and medium enterprises. Also, it is the funding of small and medium-sized enterprises, and represents a major role of the general business finance market. Especially in which they gain, supply, capital and price from different firms. 

However, SME loans are usually for those who are planning to start their own business to make a progressive impact on the industry and society. 

What is the use of an SME loan in Ghana?

The purpose or use of the loan must be to meet business requirements and growth. They include purchasing raw materials or machinery, availing working capital, marketing products/services. Also, expanding the employee product line or base, entering a new geographic location, and so on.

How to apply for an SME loan in Ghana?

When you choose the lender you want to apply your SME loan with, you either apply online or go to any of their branch offices. Get the form fill and submit.

Is there any required experience and proof?

You must have a minimum of three years business experience and past years business return.

What are the requirements for SME loan in Ghana?

Every loan comes with requirements you must meet in order to access the fund you need. You will need the following to qualify for SME loan application :

1. You must be between 25 years and 55 years.
2. Your personal/business bank account details
3. Existing loan details
4. Parent business/company/associates/group entity details
5. Annual accounting report of your business 
6. Personal guarantee letters from directors/partners/promoters
7. Business registration certificate/documents
8. Registration certificate of business as SME
9. A copy of sales tax returns filing documents
10. A copy of income tax returns filing documents
11. Any sector-specific licenses, such as drug license with a pharmaceutical enterprise

Types of SME loans in Ghana

1. Line of Credit

A Line of credit is a type of business loan whereby the lender will approve a credit limit for your business. You can take a loan up to the maximum limit as per your requirements. They will require you to repay the amount you used while repaying the loan. It is very essential for micro-businesses that have seasonal demands. 

2. Unsecured business loan

In this type of loan, you pledge nothing against the loan amount. The lender is to carry a higher level of risk with such loans. Also, they are more expensive than secured loans.

An unsecured business loan can be very helpful to small enterprises operating from a rented property. 

3. Secured business loan

This is the type of SME loan where you offer an asset against the loan amount. These are big-ticket loans, which come with flexible loan terms and repayment options.

4. Working capital loan

These are short-term loans used for managing expenses of day-to-day business operations. From paying rent of your commercial property to the purchase of monthly business supplies, we can use a working capital loan in different ways. Every size of SME can consider this loan for a regular flow of money for business growth.

5. Business Term Loan

This is a term loan, often called an installment loan. It is a traditional type of business loan in which the borrower receives a specific amount of money to pay back on a set schedule.

Typically, you repay loan term payments each month, but the pay schedule usually varies depending on the policies of the lender. They will apply for each payment toward the principal, or the balance of the loan. Also, to the interest charged by the lender.

What is the interest rate on SME loan Ghana?

Different lenders in Ghana offer SME loans for different interest rates. Interest. The interest rate may vary depending on the loan scheme you want and the financial institution involved. The lender usually considers factors like tenure, collateral provision, repayment option, loan amount, tenure, and the applicant’s creditworthiness.

What are the benefits of an SME loan in Ghana?

You stand to gain the following from SME loan in Ghana

1. SME loans include flexible repayment tenures ranging from one year to five months.
2. Most times, they do not require collateral to avail SME loans.
3. Quick and easy online application process with shorter approval time.
4. Documentation requirements are minimal.

Conclusion

Running a small business can be expensive most times and seasonal increases, unforeseen emergencies, unpaid invoices. Also, the need for expansion can all lead a business owner to pursue financing options. While there are many affordable loans available, it’s important to test all lending options. Also, the total cost of the loan, and the return on investment from taking the loan.

However, to decide, you can always get in touch with a top business funding provider and discuss your requirements. Preferably a reputed lender that offers different business loans so that you can select one that perfectly matches your financial needs.

Other related article:

• Loans in Ghana
• SME loans in Ghana – How to get a business loan in Ghana

Startup loan in Ghana has become a veritable option individuals who need to start-up a business could use. One of the toughest tasks new businesses or existing businesses face is funds to run the business efficiently. You would need more than a well-written business plan and a wonderful idea to get a startup loan. Stress while applying for a startup loan in banks is a norm. Apart from expanding your existing business, you could also use your startup loan to venture into other businesses. What startup loan is, businesses you can venture into, etc are all-inclusive in this article.

What is a startup loan?

A startup loan is the personal loan that you can use to start a new business or grow an existing business. They designed the startup loan for businesses that have been trading for less than 24 months.

What are the businesses I can venture into with my start-up loan in Ghana?

The start-up loan obviously helps to get you up and running a business. 

The following are some businesses you can venture into with your start-up loan:

1. Taxi business
2. Poultry farming
3. Fish farming
4. Frozen food shop
5. Snail farming
6. Make-up business

Where can I get a startup loan in Ghana?

Generate some funds before you can startup a business. Without these funds, your dream of having a startup business would just be a fluke.

The following are where you can get a startup loan:

1. From your bank
2. Crowdfunding
3. Small business grants and loans
4. Business plan or entrepreneurship competition
5. Partnerships
6. Angel investors
7. Personal savings
8. Family and friends

What are the reasons banks could deny me a startup loan?

With the current economic situation all over the world, it’s nearly impossible to run your startup business with your money. Therefore, this is the major reason startup business owners need startup loans for their businesses.

The following are few reasons a bank can deny you a startup loan:

1. Insufficient collateral

They can deny you a startup loan if your startup business has a little or no collateral to secure the loan

2. Lack of a management team

Banks can deny you a startup loan if your startup business doesn’t have a strong

management team that has experience.

3. Bad credit score

If your startup business has a good credit rating, you could stand a better chance to get the loan. Although, it doesn’t mean you can get a business loan immediately with a good credit loan. Instead, it means that it’ll place you on a higher ground to contest for the loan. Because of this, they will not reject your loan request quickly.

Other reasons banks can deny you a start up loan are:

1. Debt-to-income ratio
2. Lack of consistent cash flow
3. Customer concentrations
4. Personal guarantees

Would a bad credit score affect my chances of getting a start up loan?

You might wonder if your startup business can get a loan with a bad credit score. Bad credit score of your business would toughen your chances of borrowing money from any bank. Because of this, a bad credit loan they designed for businesses would be the best alternative to a startup loan. This is because many lenders look to offer loans to startups who could struggle to access loans because of a bad credit score. They only offer that type of startup loan to businesses that have good valuable assets. Therefore, it is good to know how to improve your credit score beforehand.

Conclusion

Capital is essential to start-up a business. You would most times find it very stressful to get a loan from banks. And once you get the loan, you can now spend it on equipment, stock, marketing, etc. Startup businesses no longer have so much to worry about finances with the presence of startup loans in Ghana. All startups must ensure they repay all the loans they owe. Because of this, they will get such loans in the future against unforeseen circumstances.

Other Related articles

• Types of loans in Ghana – Meaning and advantages.
• Business Startup Loans – What you should know
• Best loan apps in Ghana 2021
• Mobile loans in Ghana – Meaning and where you can get it
• Loans in Ghana – Meaning and types of loans you can get

Quick loans in Ghana have redefined banking in a more innovative way. You would no longer need a guarantor or stand in a long queue to apply for a loan. Besides that, you will no longer dabble in long procedures of loan application in banks. Quick loans make loan applications seamless. What quick loan means, mobile money lending apps, and so on are all-inclusive in this article.

What is a quick loan?

A quick loan is the loan that offers both approval and funding within a few days of application. It could be as fast as the same day, depending on the lender’s operation. There are main types of loans that fall under this category. They include; personal loans, payday loans, auto title loans, and pawn shop loans. However, the major goal of quick loan is to provide fast solutions for cash emergencies. Hence, they also call quick loans emergency loans.

Also check out MTN qwik loan

What are the mobile money lending apps that can help me get a quick loan in Ghana?

There are mobile money lending apps that can help you access quick loans in Ghana. With these apps, you can be one click away from getting a loan from a lender.

Read also: mobile money loans in Ghana

The following are the mobile money lending apps that can help you get quick loans in Ghana:

1. Branch Loans App

Without collateral, the Branch loan app works 24/7. You can rely on it to get quick loans in Ghana. Besides that, you can access the quick loan directly into your account comfortably and with no stress.

2. Aella credit loan app

They created Aella credit loan platform to cater for company employees in their interest to access cash anywhere at the most affordable rates. It has now become one of Ghana’s finest mobile money lending apps. Today, you may turn to Aella Credit to seek quick loans to meet your emergency needs.

3. KiaKia Loan App

KiaKia is the recent mobile money lending app in Ghana. This mobile money lending app has a quick application process that helps you to know your status within minutes. Moreso, in Ghana, you can get short term loans to cover your unforeseen expenditures. Besides that, they do not require collateral before disbursing the loan.

4. FairMoney Loan App

The Fairmoney loan app provides quick loans for personal finance, health emergencies, vehicle maintenance, etc. Small business owners can also get quick loans from the Fairmoney loan app. As a small business owner, you can get a quick loan to expand your business. With the FairMoney loan app, you can request the loan in 5 minutes and get it in your bank account.

5. Carbon Loan App

The Carbon loan app (formerly known as Paylater loan app) comes with many cool and easy-to-use features. Besides giving you quick loans in minutes, you can unlock higher loan amounts and lower interest rates when you repay on time.

Note: They do not determine the above quick loans (from mobile money loan apps) by your equity. But they determine it by your creditworthiness.

Check out other loan apps in Ghana

What are the mobile money loan companies that can offer me a quick loan in Ghana?

The procedures for obtaining loans from banks in Ghana can be lengthy. Even though most banks will give you loans. And you might not have a guarantee that you will get the loan. Without savings or access to a bank account, an emergency can discourage your spending habits. Fortunately, mobile money loans in Ghana save the day.

The following are mobile money companies that can offer you quick loans in Ghana:

1. Fido Money Lending Limited
2. BloomKash
3. CashGhana Limited
4. First National Bank
5. GTBank QuickCredit
6. Izwe Savings & Loans
7. MTN Qwik Loan
8. Blue Financial Services Ghana Limited
9. Access Bank PayDay Loan
10. Ecobank Personal Loan
11. Direct Savings & Loans
12. Blue Horizon Microcredit
13. UMB SpeedApp
14. SRF Micro Credit
15. Stanbic Bank USSD Mobile Banking

When would I use quick loans?

Quick loans can often help you manage short term financial problems. Most times, these financial problems are unforeseen.

The financial problems include:

1. Home repairs
2. Donating to the cost of a loved one’s funeral
3. Vehicle breakdown
4. Payment of medical bills

When should I not use a quick loan?

Of course, quick loan products can be suitable for emergency situations. However, there are some situations when a quick loan option isn’t cool.

The following are situations you should not consider using a quick loan:

1. Repaying other forms of loans
2. Payment of bills such as gas, rent, etc
3. Company demanding payments
4. Entertainment
5. Luxury or non-essential purchases

What are the benefits of quick loans?

Quick loans come with so many benefits. Besides saving the stress and rigorous procedures of requesting a loan from banks. We will look at a few other benefits of quick loans.

The following are the benefits of quick loans:

1. In most cases, they transfer the fund on the same day
2. Most lenders encourage early repayment with no fees
3. There is online ‘e-signature’ process (in most cases)
4. Fast online application
5. There are quick loan approval decisions

Conclusion

It can tempt you to use some mobile money lending apps at once to get fast loans. But you need to know that an emergency can occur which could hamper a timely repayment of your loans. Because of this, ensure you can repay a loan before taking it. Most of the mobile money companies in Ghana also help to assess your affordability of the loan you request. They check your credit score to know whether you can repay the loan.

While it is cool to remain out of debt. It is also possible to use debt as leverage to meet your financial goals. Especially if you know what you are doing.

Other Related articles

• Mobile Money loans in Ghana – Everything you should know
• Best loan apps in Ghana 2021
• Mobile loans in Ghana – Meaning and where you can get it
• Loans in Ghana – Meaning and types of loans you can get
• Type of loans in Ghana you should know

There are several government programmes for agric loans in Ghana. They created these initiatives to help farmers in the country. The International Fund for Agricultural Development (IFAD) loans support is one programme the government of Ghana uses. They use it to reduce poverty in line with the government’s economic development strategy.

Besides that, the Government of Ghana gives out loans to farmers to help them with growing and sustaining agricultural products in the country. Also, the IFAD projects help build sustainable and inclusive institutions supported by relevant learning and innovation.

Read on to find out some government’s programme for agriculture in Ghana.

What you should know about government programme for agric loan in Ghana?

This is a programme the government of Ghana uses to help farmers in Ghana. Hence reducing poverty, food scarcity, risk and damages of growing crops. 

The government of Ghana has availed many programmes for Ghanaian farmers. Some of these programmes are:

1. Food and Agriculture Organization (FAO)

One of the government’s programme is the Food and Agriculture Organization (FAO). Ever since its Representation in Ghana, the programme is liaising with the government of Ghana. They do this through advice, technical help, implementing projects and programmes in food and agriculture. Also, natural resource management and nutrition. They enhance the organization’s response to challenges the country faces in its mandate.

2. International Fund for Agricultural Development (IFAD)

IFAD supports Ghana’s Shared Growth and Development Agenda by the government of Ghana. This initiative aims to speed up agricultural modernization. Besides that, it helps to improve private-sector competitiveness, and enhance sustainable natural resource management. They also align with the efforts of Ghana’s Medium Term Agriculture Sector Investment Plan to raise incomes. Also to enhance food security and reduce rural poverty.

They also help entrepreneurial poor people get local opportunities that the government provides to improve their means of livelihood. Targeting farmers, young people in rural areas, and women, also investing in them to improve their off-farm and farm activities.

3. Ghana Agricultural Sector Investment Programme (GASIP)

The programme is a programme by the government of Ghana in partnership with IFAD. It aims to provide a framework for a long-term financing for agricultural value chain development in Ghana. Their major aim is to contribute to sustainable poverty reduction in rural areas in Ghana. The programme is national in scope, providing a basis for investment for agricultural value chain development. They aim to make farmers more competitive by increasing their capacity to respond to market demand.

4. E-Agriculture programme by the Ministry of Food and Agriculture

This programme covers all aspects of Agriculture in Ghana, focusing on crops, vegetable production, livestock, and so on. They also provide prompt, affordable, and efficient agricultural service delivery through internet services.

This gives Ghana’s agriculture value chain actors access comprehensive and current market price information. Also, Crop and Animal Production, Farm Management Techniques and Traceability in the Ghanaian Agriculture. The E-Agriculture Programme improves the learning process and communication of the actors in the value chain of agriculture. This helps in bridging the gap between knowledge users and generators. They use technology to improve Agriculture, Rural Development and Food Security. This programme helps the youth to manufacture farm produce cost-effectively. As it creates a strong relationship between technology companies and farmers.

5. Youth in Agriculture Programme (YIAP)

The Youth in Agriculture Programme (YIAP) is an initiative by the government of Ghana’s agricultural sector. This programme motivates the youth to accept and appreciate farming/animal husbandry as a commercial venture. Hence, making farming in Ghana a lifetime vocation and making youth accept farming as a commercial business venture. YIAP is improving the standard of living for youth via steady income.

Conclusion

Agriculture is one of the economic pillars within the developing agenda of Ghana. Therefore, there is a link between Ghana’s ability to achieve its food and nutrition security goals and agricultural development in Ghana. Agriculture plays a major role in developing any country or nation, and Ghana is no exception. Development in Ghana must include the youth; therefore, the Ministry of Food and Agriculture encourages youth participation in the agricultural sector. This effort changes the negative notion the Ghanaian youth has towards agriculture. Most youths see agriculture as unskilled, physical labourers with extremely low economic returns.

Modern agriculture is beyond tilling the soil and animals. Today’s agricultural sector offers career opportunities in engineering, research, financial management, environment, engineering and other technical areas. Anybody can be part of it, especially the youth in Ghana.

Other related articles:

• How to get a loan from Agricultural Development bank
• Sme loan in Ghana
• Business Startup Loans

Debt consolidation in Ghana can help you merge your debts, especially if you have many debts that you are paying off. These payments you make could be every month and it might not have been easy on you considering your income. Merging your debt might be an ideal option for you, as it can help you with all your bills, regardless of the type. This type of loan usually takes out all of your credit cards and uses them as security or collateral. Upon making your first payment, you will definitely get a loan for this amount and the card companies will get their full payment. When you make the next payment, they will also get their full payment.

There are a good number of companies that offer debt consolidation loans in Ghana. Therefore, continue reading to find out the right company to merge your debt with.

What is a Debt Consolidation Loan?

This is simply a way to put all of your debts, no matter the amount, into one payment and make it easier for you to pay them off. Debt consolidation loans save you a lot of time because all your payments go towards one large payment. It does not spread across several creditors, making it difficult for payment.

In addition, we can regard debt consolidation loans as taking out a new loan. Hence, to repay several consumer debts, liabilities, especially unsecured ones. Meanwhile, they join multiple debts into a single but larger piece of debt. They do this in a pay-off terms that the customer can afford with a lower interest rate or lower monthly payment. Consumers usually use debt consolidation as an ideal tool for credit card debt, car loan debt, student loan debt, and other types of debt.

• Personal Loans – How to apply for personal loans in Ghana
• Long term personal loan in Ghana – Everything you should know
• Mobile loans in Ghana – Meaning and where you can get it
• Type of loans in Ghana you should know
• Bad Debts: all you need to know

What is the interest in debt consolidation loans?

Debt consolidation loans usually come with very low interest rates. Hence, the reason many Ghanaians merge their debts. With the money that you make, you can always merge this loan and get lower interest rates. If you have a cosigner, they can also use the influence to lower their rates.

Things to consider before going for debt consolidation loan

When considering a debt consolidation loan in Ghana, you need to shop around and get several quotes. It is important that you note the best option for you and not just choose because of the lowest rate. This is because rates could change along the line and it could make no difference at all in the end.

A good debt consolidation company should be the first consideration when looking for the best way to merge your debt. As this makes it easier for you to pay your debt off. You can find companies that offer this service in Ghana online, also by calling several of them to make enquiries.

Also, note that consolidation loans usually help you pay off your current debt while finding a new debt. Hence, the more times you pay off your credit cards, the more money you will have left over for other needs. So, it can be a great way you can start over until you get back on track financially.

Requirements for applying for debt consolidation

Just like every loan, debt consolidation loans have some requirements that make you eligible for debt consolidation loans in Ghana. These include:

1. Three months stamped bank statements
2. Three months’ pay slips 
3. Copy of green bar-coded identity book
4. Proof of residency
5. Details of your next of kin. Settlement letter of your latest existing loan accounts you will settle.

What happens when you apply?

There are things that occur in the background when you apply for a debt consolidation loan. When you apply for a debt consolidation loan in Ghana, the following happens:

1. A financial adviser will process the documentation for accuracy.
2. They will run a credit check on your account.
3. They usually calculate your repayments according to your monthly income. Hence, is a guide to what you can afford to repay.
4. They will require you to sign documentation, and they will pay the money out immediately.

Note: Don’t let debt control you. Get a loan that’s best suited for your budget.

Uses of Debt Consolidation loan

When looking for debt consolidation loans, always remember that this is something you do on your own.however, a debt consolidation loan can help you pay all your bills while you move on with your life. There are several ways that you can merge your debt, but it is always best to check with a professional first to find out which is the best one for you.

You can use debt consolidation loans for two major reasons

There are some reasons you should try out a debt consolidation loan. They include:

1. To make an individual’s collective debt less costly

A debt consolidation loan can only help you save money if you are using it to cover more expensive loans. Especially loans which will become very costly if you don’t pay off quickly. Hence, the debt consolidation loan in this case will save your money if you do not pay off as quickly as possible.

2. To break down or bring down monthly instalments 

This is the major reason that people take out debt consolidation loans. They usually want to make minimum payments. However, they have to restructure their debts with a consolidation loan to stretch out the payments to make it easier. This reduces monthly instalments while increasing the overall cost of the debt.

Is debt consolidation loan an excellent choice?

If you are keen to live a debt-free life soon, then applying for debt consolidation in Ghana is a brilliant choice. However, you can only do this if they commit you to living debt-free.

Note: Your debt repayment will be high and always ensure that you can afford it before applying for it. A financial adviser will guide you in making the correct choice that’s perfect for you.

Important things to note before applying for debt consolidation loan

Before you decide to apply for debt consolidation, it is important to note:

Credit score: This usually affects the outcome of your debt consolidation application. It also decides whether you can afford the newly proposed repayments by the consolidation company. Having a good credit score can reduce the interest rate on your consolidation loan. Meanwhile, a bad credit score can cause you to pay higher interest rates, as the lender will take you as a high-risk customer. Also, it can affect your score negatively and positively depending on how you manage your repayments.

Note: Paying all your accounts in full will give you a positive credit record. Whereas, missing a payment can negatively affect your credit score.

Conditions for debt consolidation

There are things that qualify you for a debt consolidation loan. They include a clear credit record and no arrears on your repayments.

Getting a debt consolidation that suits you

There are several types of loans that you can consider. But when you are trying to merge your debt, there are a few of the most common types that you will run into. The ones that you can get on your own are secured or unsecured loans.

Secured loans require that the loan have a security of something valuable, like a home or car. They have lower interest rates than unsecured loans and do not have to pay it back immediately. Usually, if you have to pay off a loan within the first few months, it will have a higher interest rate.

Unsecured loans differ from other loans. They usually have lower interest rates than secured loans. This is because they do not need immediate pay back and will have a lower monthly payment.

Read also: What is the difference between loans and debts

Conclusion 

In debt, there are many options that you can apply and they will all work differently for you. So, it is necessary to always talk to a professional to find out what is best for you before applying. Also, the options may vary regarding which loan you are considering.

You could come across loan sharks in Ghana, you should try as much as possible to avoid them when sourcing for a loan. Wrong decisions with a lender or financial institution can be detrimental when applying for a loan. Making thorough research on lenders or financial institutions is very important, as this helps you to avoid getting into the wrong hand amidst financial problems. If you are struggling with financial issues today, a loan shark is not a good idea for your financial challenges. Read on to see what you need to know about loan sharks in Ghana.

What are loan sharks?

Loan sharks are illegal lenders who usually target desperate families and loan income individuals. Usually, they are always friendly at first, but borrowing from them can be detrimental. Also, a loan shark is an illegal money-lender whose business is to profit from lending money to people. They do not have a licence and have no regulation from any authorities. A loan shark might be a friend of yours or acquaintance. They might even be someone around your area lending money to people. They always deal in cash and rarely provide any paperwork, but always demand very high interest rates. 

Read also: Who is a lender? Everything you should know

Why should you not consider loan sharks?

Loan sharks charge a very high interest rate on loans, they can charge as high as 100% interest on the principal amount. They always give loans at a very high price, which is very risky regarding loan repayment. One bad thing about loan sharks is that they can harass and threaten you on repayment. Mounting pressure on you to borrow more loans to pay for outstanding loans. This may lead you into spiral debt you can never repay.

How to identify a loan shark

When a lender/financial institution offers little or no paperwork, like a credit agreement or repayment record or option. Then know that the loan is from a loan shark, as it means you need to sign a credit agreement before getting your loan. Also, when they refuse to give information on the interest rate or how much you need to repay. However, also note that when a lender collects documents like passport, driving licence and bank cards as security.  Loan sharks increase charges because there is no credit agreement during application of loan. Watch it when a lender refuses to allow you to settle your debt when due. They also threatened and intimidated their customers.

How to know whether a lender is legitimate

In Ghana, the Financial Conduct Authority (FCA) keeps records of all allowed lenders. Therefore, if a lender is not on the list as having a current authorisation to lend money. This is a sign for you not to borrow money from such a lender. Always check a lender on FCA before applying for a loan with any lender in Ghana. Although many loan sharks always engage in intimidation and even violence with their customers. However, they are not beyond the law in Ghana, so note that any lender harassing you is against the law.

Note: Some loan sharks will threaten you with prosecution and even send you to prison if you don’t pay up. But know that an unauthorised lender like a loan shark has no legal right to recover a debt with prosecution. This is because the loan shark is illegal.

How to report a loan shark in Ghana

You might wonder how you could report a loan shark when you see one. Whenever someone you think is a loan shark approaches you, report them to the police right away.

What are the alternatives to loan sharks in Ghana?

Faced with financial challenges, you may probably have a poor credit. Maybe you just need a small amount of money for a short while. Rather than go to a loan shark, check out some instant loans in Ghana. Also, there are reputable lenders in Ghana you can turn to. Some lenders include:

1. Credit unions

You should borrow from a credit union, though they may tell you to become a member. Also, they may request you to save a specific amount of money before you can borrow.

2. Help from the government

If you are seriously in need of cash in Ghana, ensure you are getting all the entitlement due to you. However, not just anyhow entitlement, but the right entitlement.

3. Budgeting Loan from the Social Fund

Whenever you desperately need to borrow, you can apply for an interest-free budgeting loan from the Social Fund.

Note: Loan sharking is illegal, but when you borrow from a loan shark, you have not broken the law, but they have.

Check out the following related links:

• Loans in Ghana – Meaning and types of loans you can get
• Best loan apps in Ghana 2021
• Personal Loans – How to apply for personal loans in Ghana
• Type of loans in Ghana you should know

Conclusion

Loan sharks in Ghana currently are making a killing in this current economic climate. However, according to sources within the banking industry, most banks have rather cut down interest on lending.

This means that the government must do much more to help the local economy. The government has to consider setting up a financial strategy that would help people from the low income group to have access to cheap credit. Although some of these funds are already in existence. But sadly, they lack proper management and disbursement. Meanwhile, those who have tried through funds set up previously complain of bureaucracy and excessive paperwork. 

However, if you cannot make repayments, loan sharks often threaten violence or request valuable items as an alternative to a repayment. Sometimes, they force you to do favours for them, which may lead you into criminal activity. Instead of borrowing with loan sharks, you can always source loans from a legit financial institution.

How to get a loan from FBN Bank Ghana Limited should not bother you at all. This article will put you through what you should know about how to get the loan you need. FBN Ghana Limited offers some loan products to its customers. This is because people usually have financial obligations they would need to solve. Therefore, these loan products offer a way of serving the best interest of its customers.

As you read along, you’ll learn more about the loan products they offer, features and requirements.

About FBN Ghana

FBN Bank Ghana Limited is a subsidiary of First Bank of Nigeria Limited, the largest bank in West Africa and Nigeria. International Commercial Bank (ICB), which began operations in Ghana in November 1996, was the predecessor of FBN Bank Ghana Limited. Following First Bank of Nigeria Limited’s acquisition of a 100 percent equity position in ICB’s West Africa operations in 2013, and with the consent of the Bank of Ghana, the bank’s name was changed to FBN Bank Ghana Limited.

What are the loan products FBN Ghana offers her customers?

FBN Ghana offers a variety of products to its consumers, including loan options that are interesting to try out. Naturally, the first thing you must note on how to get a loan from FBN Bank Ghana Limited is the loan products they offer. Whether you want to buy or build a house, get a new automobile, or realize any of your other aspirations, their diverse lending options will help you achieve your goals.

 They include:

1. Personal Loan Against Salary (PLAS)

This product should help salaried employees achieve their own financial obligations. Only confirmed salaried workers who must meet their financial commitments are eligible to apply.

Features of this loan

1. Applicants must have full-time employment not below 6 months.
2. Applicants shouldn’t be over 55 years.

The benefits

1. Competitive rates
2. Flexible repayment structure

The documentation they require

1. 2 Passport size photographs
2. Valid photo ID such as; Voter’s ID, Driver’s License, Passport, National Identification card
3. Proof of your address (utility bill)
4. Your complete FBN Bank Account opening form

2. Salary Overdraft (SODA)

The FBN Bank Salary Overdraft (SODA) product is a cash-based credit facility designed to help employees of stable and respected firms access a portion of their monthly salary to meet personal obligations without having to wait for payday. It’s straightforward, and straightforward. Only confirmed salaried employees with immediate financial requirements are eligible to apply.

Features of the loan

The features of this loan are:

1. It has a maximum amount of GH₵15,000.00 which is subject to 40% of applicant’s Net Salary.
2. A maximum facility tenor of 90 days.
3. The employer must confirm that the bank will receive the applicant’s salary in that month.

Benefits of the loan

1. With it, the employees can access some part of their monthly salary to cater to their personal commitments in the shortest time.
2. It has a competitive interest rate.

What are the documents they require for FBN Ghana Salary Overdraft?

The following are the documents they require for the salary overdraft:

1. Application letter
2. Payslip; the applicant’s net monthly income should be a minimum of GH₵800.
3. When applying, you must have full-time employment not below 6 months.
4. You should not be over 55 years.
5. You must have an FBN Bank salary account with at least 6 months of salary domiciliation.
6. As a new applicant, you must shift your salary account to FBN Bank. And it has to be at least 2 months’ salary domiciliation. This is besides 6 months’ current bank account statement from your previous bankers.
7. You should submit a copy of your Social Security National Insurance Trust fund (SSNIT) card.

3. Auto Loan

The FBN Bank Auto Loan is a product that allows the bank to partially fund the purchase of a vehicle for qualifying candidates who are employed. Only confirmed salaried employees are eligible to apply.

Features of FBN Ghana Auto loan

The following are the features of FBN Ghana Auto loan:

1. It has a maximum amount of GH₵150,000.00.
2. Also, a maximum facility tenor of 48 months.
3. They must confirm that you’re a salaried worker.
4. The vehicle they will finance must be brand new.

The Benefit of the loan

1. Competitive interest rate

What are the documents they require for FBN Ghana Auto loan?

The following are the documents they require for FBN Ghana Auto loan:

1. Provide a completed loan application form.
2. Get a customer letter of request duly that is signed and dated.
3. Provide copies of your most recent 6 months’ pay slips.
4. Get one passport picture and copy of a national identification.

Note: These loan products above are some products they have within the personal banking niche. However, they offer other loan products in other niches just like their business banking.

Therefore, they designed these loan products to help customers to meet their financial obligations. But if you would like to know more about all other loan products and other enquiries. You can visit their website below this article to learn more about their services.

Related: Car Loan in Ghana Explained

What are FBN Bank Ghana online banking services?

FBN Bank Ghana’s online banking solution ensures that you are never far from your money, regardless of the time or location. Manage your account, make onetime or bulk transactions, request services, and even get a new ATM card. Because we understand that internet security is a concern, we’ve included security and anti-fraud tools, so you don’t have to. When you bank online with them, your funds are secure. With FBN Bank’s online banking service, you may additionally take use of the following services.

Individuals and corporations can both use online banking services. Individual and corporate customers of FBN Bank are eligible to apply. They can sign up for FBN Ghana Limited’s Online Banking services.

What are the features of FBN Ghana online banking?

FBN Ghana Limited online banking services have the following features:

For individual:

1. Individual
2. View account balances
3. View and print statement of account
4. You can transfer funds between your accounts
5. Offers the platform to transfer funds to 3rd party accounts within FBN Bank.
6. Multiple Transfers
7. Standing Order set-up

For Corporate:

1. View account balances
2. View and print statement of account
3. You can transfer funds between your accounts.
4. Offers the platform to transfer funds to 3rd party accounts within FBN Bank.
5. You can carry out bulk payment upload
6. Workflow for approval management

The Benefits

The following are the benefits of FBN Ghana Limited online banking services:

1. Convenient
2. Fast
3. Safe
4. Accessible

What are the contact details of FBN Ghana?

For more information on their loan products or banking issues, you can reach out to them with:

1. Address: Meridian House, Ring Road Central (Head office)
2. Postal Address: PMB No. 16, Accra-North
3. Tel: +233 302 235819/236136
4. Fax: +233 302 238228
5. Website: https://www.fbnbankghana.com/

Read also: How to get a loan from CalBank

Conclusion

Having seen the loan products that FBN Ghana Limited offers its clients. Besides that, you have seen their loan features and requirements. Therefore, how to get a loan from FBN Bank Ghana Limited should not be what to worry about. This is because you can now choose the loan product that will best suit your financial needs. However, after getting the loans, ensure you repay them promptly. This is because when you comply with the terms of these loans, your lender would be eager to lend you more in the future. Just because you respected your initial agreement with him. Besides that, prompt repayment of loans normally improves your credit score and makes credit bureaus in Ghana not to blacklist you.

You might think of how to get a loan from First Atlantic Bank Ghana. The good news is that it isn’t nearly as difficult as you might think. Customers can choose from a variety of options at First Atlantic Bank to help them realize their dreams and goals. From entrepreneurs to salaried workers to retirees, there is something for everyone. In recent years, loans have been a popular option, particularly when looking to invest or simply meet responsibilities. Therefore, for whatever reason it is, First Atlantic Bank loans surely have you covered.

As you read along, you’ll learn more about how to get a loan from First Atlantic Bank, their mobile banking services, etc.

About First Atlantic Bank Ghana

First Atlantic Bank is a full-service commercial bank in Ghana with over 20 years of expertise. The bank began as a merchant bank, but in 2011, it transitioned to a universal bank with a broader product offering.

They’ve won a slew of honors for their outstanding work in customer service, trade finance, and corporate banking. Retail, corporate, and institutional banking, as well as private banking and electronic banking, are all areas where the bank excels. Each category has a variety of unique services aimed at making our customers’ lives easier.

What are the loan products of First Atlantic Bank Ghana?

First Atlantic Bank Ghana offers some loan products to its customers. They include:

1. Atlantic Salary Advance

This is a salary advance loan they designed to provide credit to employees of blue chip firms the Bank approved who have regular paychecks. Besides that, they also need financial help to satisfy urgent obligations before their next paycheck.

The features of Atlantic Salary Advance

The following are the features of Atlantic Salary Advance:

1. Up to 70% of an employee’s one month’s salary net of taxes and all deductions.
2. Has a global limit of GH₵1,000,000 (One million Ghana Cedis)
3. It has a 2% flat on facility amount payable upfront.

2. Atlantic HiLife

This is an interest-free loan that allows salaried employees to purchase personal household assets, such as appliances or furniture, on flexible payback terms.

The features/ benefits of Atlantic HiLife

1. It has an individual limit of up to GH₵40,000.00 for household items and GH₵100,000 for vehicles.
2. Interest free loan repayable in up to 12 equal monthly instalments.
3. Available for employees of reputable companies and public sector organizations.
4. You can purchase high value brands from reputable vendor partners with guarantees on quality.
5. As a customer, you can get assets without pre-financing the purchase of these assets.

3. Atlantic Personal Loan

The product provides credit to permanently paid employees for personal purposes. They aim this product program for all government permanent paid employees, such as doctors, judges, lecturers, instructors, and nurses, as well as Tier 1 clients who meet the Bank’s recruitment standards.

The features of Atlantic Personal Loan

The following are the features of Atlantic Personal Loan:

1. It supports their customers who need short-term needs.
2. There is an insurance fee of 1% flat on facility amount payable upfront.
3. It comes with a tenor of a maximum of 48 months.

4. Atlantic Auto Loan

This offer allows employees of reputable businesses and government agencies to purchase new or slightly used vehicles at low loan rates.

The features/ benefits of Atlantic Auto Loan

The following are the features of Atlantic Auto Loan:

1. Individual limit of up to GH₵100,000.00 (for new cars) and GH₵80,000.00 (for used cars) based on debt service ratio.
2. Long repayment periods of 60 months for new cars and 48 months for used cars.
3. It has a competitive interest rate based on current base rate plus risk premium.

5. CAGD Deductible Loans

They designed this product to offer credits to Public Service Staff. Typically, staff who receive their salaries through the Controller and Accountant General’s Department. This loan will help them finance their Personal Obligation or gain Household Assets.

The features of CAGD Deductible Loans:

1. This product supports their customers who receive their salaries through the Controller and Accountant General Department. Just for those who need support for short-term needs.
2. It grows retail assets on the consumer lending space

How can I apply for First Atlantic Bank Loans?

Your financial obligations will always motivate you to source for funds. Although you might not have wanted to get a loan from a lender. But the pressing need you have may not give you all the time you might need to scale through times you lack funds. Therefore, getting a loan to solve those pressing needs could be the only thing that makes sense to you.

However, in order to apply for First Atlantic Bank loans you should:

1. Visit any of their branches in Ghana and request the loan product that best suits your needs.
2. Visit their website and apply for the loan you want. Their website is in the contact details below.
3. Use their bank short codes to request for the loan you need or perform other financial transactions.

First Atlantic Bank Short Code

First Atlantic Bank released their short code in February 2020 to make banking more convenient. You can check your bank balance without going to the bank with the short code. Some carriers have already added a mobile money short code option to their mobile money short codes to supplement the bank.

What Is The Short Code of First Atlantic Bank (FAB)?

*442# is the official FAB short code. Other choices on your mobile money include depositing money into your bank account and withdrawing money from your associated bank account. However, they are limited.

Each time you use the code, FAB deducts 1% of your money when you deposit or withdraw money from your mobile money account. That is the only option for which they charge the USSD Code. Although they have brought this to the Bank’s knowledge, it has refused to consider this option.

There are no fees for making deposits at the bank.

Use the MTN Mobile Money Short code *170# to avoid the one percent deduction when making a withdrawal or deposit into your account.

Read also: USSD loan codes in Ghana – What you should know

How Can I Withdraw Money Into My Mobile Money Account Without Paying The Charges

If the charges you’ve been paying for withdrawing your money into your mobile money account bothers you. Don’t worry, there’s a way to withdraw your money without them charging you, just:

1. Buzz *170# on your phone when using MTN Network.
2. Reply With (5) Financial Service
3. Select (1) Bank Service
4. Select Either (1) or (2)
5. Choose(12) First Atlantic bank
6. Select Your Account
7. Enter Amount

6 Things You Can Do With The First Atlantic Bank Short Code?

There are some financial transactions you can carry out using the Atlantic Bank Short Code. They include:

1. Buy Airtime and Mobile Data
2. Account Services
   • Request Cheque book
   • Cancel Cheque Book
   • Stop Cheque
   • Request Card
   • Block Card
3. Transfers
4. Pay Bills
5. Invest
6. Inquiries
   • Account Balance
   • Mini Statement
   • FX Rates

What are the contact details of Atlantic Bank Ghana?

For more enquiries on their loan products, you can reach out to them through:

1. Location: Atlantic Place
2. Address: No. 1 Seventh Avenue Ridge West, Accra, Ghana.
3. Email: info@firstatlanticbank.com.gh 
4. Website: www.fistatlanticbank.com.gh
5. Telephone: +233 (0)30 268 2203, 268 0825.
6. Fax: +233 (0)30 267 9245.

Conclusion

Having seen the loan products that First Atlantic Bank Ghana offers its clients. Just select the loan products that will be commensurate to your financial capacity. However, after getting the loans, ensure you repay them promptly to improve your credit score. Besides that, when you comply with the terms of these loans, your lender would be eager to lend you more in the future. Just because you respected your initial agreement with him. Ultimately, your good financial behaviour will not let credit bureaus in Ghana blacklist you.

You might think of how to get a loan from Fidelity Bank Ghana. It’s cool to know that it is not as difficult as you might have thought. Fidelity Bank offers a wide variety of options for customers to make their visions and expectations a reality. Basically, there is something for everyone, from entrepreneurs to salaried workers to retirees. Loans have become a popular alternative in recent years, particularly when attempting to invest or simply keep up with obligations. Therefore, for whatever reason it is, Fidelity Bank loans surely have you covered.

About Fidelity Bank Ghana

In 2006, they founded Fidelity Bank Ghana. They previously knew it as Fidelity Discount House. They changed it from a discount house to a full bank after eight years of operation as a discount house.

Ghanaian individuals, other institutional investors, and senior executives control Fidelity Bank. The bank’s specialized deposit-taking institution Act of 2016 governs its operations (Act 930). They also have a license to conduct universal banking in Ghana.

What are the loan products of Fidelity Bank?

Customers can choose from a variety of products and services Fidelity Bank offers.

Personal banking, commercial banking, wholesale banking, and financial inclusion are the four key product categories.

The following are their product:

The following are the services Fidelity Personal Banking offer:

1. Opening and maintaining a current account or savings account.
2. Taking out loans.
3. Investment services.
4. Other services like money transfer or remittances.

Types of Current and Savings Account Fidelity Bank offers

Fidelity Bank offers four types of current accounts. They include:

1. Fidelity 24/7 Current Account
2. Royal Current Account
3. Paycheck Plus Account
4. Non-Resident Ghanaian Account

Now, let’s dive into a brief explanation of these current accounts.

1. Fidelity 24/7 Current Account

There is no minimum balance requirement for this account. You can withdraw or transfer the entire balance of the account without closing it.

You’ll get a checkbook and a VISA card when you open the account, as well as access to internet banking and mobile banking.

2. Royal Current Account

This is for consumers with a high net worth. The “Big Boys” and “Big Girls” are best described in this way. Owners of this type of current account will earn interest if they keep their account balance above a specified level.

You will also receive a checkbook and a visa card when you open this account. Internet banking and mobile banking are also available for this account.

 3. Paycheck Plus Account

They created this offer for salaried individuals. You can fully use this account to its best as a salary account. Besides that, they typically designed it for employees opened by a corporation. These accounts provide quick insurance coverage for accidents, death, disability, job loss, and hospitalization caused by an accident.

4. Non-Resident Ghanaian Account

Fidelity Bank allows Ghanaians working abroad to save from anywhere in the world. Ghanaians living outside the country can invest in the country by opening an account. As a result, no monthly service charges are applied to the account.

Fidelity Bank Fixed Deposit

The fidelity bank fixed deposit product is also an investment account that offers competitive interest rates, allowing customers to maximize their profits on any amount invested. On all the different fixed deposit products, the interest rates are fairly adjustable.

Fixed deposits are available for periods ranging from 30 to 365 days. This year’s fixed deposit interest rates at Fidelity Bank range from 5.50% to 15.50%

This is a one-month to one-year time period. Fidelity Bank offers you a credit facility against your fixed deposit account if you choose not to stop your investment before it matures.

How To Get A Loan From Fidelity Bank

Fidelity Bank provides low-interest personal and home loans to its customers. To check out the terms and conditions, you may need to go to the loan part of their websites. Fidelity banks might provide you with a personal loan that you must repay within four years. Employee Salary Backed Loans and Employee Scheme Loans are the two forms of personal loans available.

They also provide 20-year mortgage loans, which can be paid in Ghana Cedis or US Dollars. Home Purchase Mortgage, Home Improvement Mortgage, Home Equity Mortgage, and Home Completion Mortgage are types of mortgage loans they provide.

What are the requirements for Fidelity Mortgage?

These are the requirements for applying for a Fidelity Mortgage:

1. Fully completed application for
2. Employer certification of income form
3. For non-resident, power of attorney
4. Passport pictures
5. Insurance
6. Your personal reference form

The sort of loan you wish to take out determines the conditions and method for taking out a bank loan. However, for complete instructions on how to borrow money from the bank, you may need to contact customer service.

You can, however, take advantage of Fidelity Bank’s quick lending service by depositing your funds with the bank and receiving a loan within 24 hours. The loan has a ten percent yearly interest rate that will be waived if you repay it within twelve months.

Related: Complete list of mortgage companies in Ghana

What are other Fidelity Bank Ghana Products?

With your Fidelity bank account, you can receive money from anywhere in the world. You may do it using Xpress Money, Vigo, Ria, UnityLink, Transfast, MoneyGram, and Western Union, among other big money transfer companies. Aside from that, the bank provides electronic banking services through ATMs, Mobile Banking, and Internet Banking. You may access these with your VISA card.

How can I get the Swift Code of Fidelity Bank Ghana?

You can get the bank’s Swift Code by contacting their customer service department or filling out their online contact form. Fidelity Bank’s Swift Code is FBLIGHACXXX, with “XXX” signifying the branch code. It’s possible that you won’t even need the branch code to send or receive money.

Does Fidelity Bank protect its customers?

Fidelity Bank established the Financial Crime Unit to investigate any criminal cases that may arise. Individuals and groups inside and outside the bank who commit any type of crime against the bank will be exposed because of this.

They control the crime through transaction monitoring, fraud risk assessment, and personnel awareness training. Because of this, the Fidelity Bank crime unit has earned a reputation as one of Ghana’s most respected anti-crime units.

What are the contact details of Fidelity Bank Ghana?

To contact the bank’s customer service for more enquiries on their loan or other products. You can do that through:

1. Head office address: 1st to 4th Floor, Ridge Towers, Ambassadorial Enclave, Ridge, Accra, Ghana.
2. Phone number: +233302214490
3. WhatsApp number +233577735745

Read also: Types of loans in Ghana – Meaning and advantages.

Conclusion

As you have seen, the above details on how to get a loan from Fidelity Bank Ghana and more. It is now left for you to decide whether to access the funds they offer their customers. Besides that, you can tap-in from other products they offer you could actually benefit from. However, there are other loan alternatives you could get, especially loans from credit unions.