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How do you decide whether a Small Personal Loan for business purposes is appropriate? Most small businesses will never require a loan, but they may require one in order to stay afloat. Small personal loans will keep your business going until you can obtain finance elsewhere if your business is struggling and it’s the only route out of debt.

What is a Business Loan?

A business loan is a loan issued for the purpose of running or growing a company. It’s an unsecured loan that small firms utilize to cover their day-to-day expenses. This can be challenging because many banks are hesitant to lend to small firms. Using a company loan, on the other hand, can be advantageous because they typically have lower interest rates and better conditions than personal loans. You must, however, be able to establish a legitimate need for this form of loans, such as a lack of working capital or a pressing need to purchase equipment.

What are Personal Loans?

A personal loan is possibly the most adaptable financial product available. If you need money to start a business, remodel your house, pay for college, or consolidate debt, personal loans are a terrific option.

In the same way that mortgages, vehicle loans, and credit card debt all require monthly payments, personal loans do as well. Personal loan interest rates, on the other hand, are often greater than mortgage interest rates and lower than auto and credit card interest rates. Personal loans are best suited to those who have great credit.

Pros and Cons of a personal loan

Pros

1. It is quite simple to apply for.
2. Small personal loans with a 24-hour payback deadline.
3. There is no collateral included.
4. Its application saves time, energy, and resources.
5. It is simple to find lenders in Ghana who provide such loans.

Cons

1. High-Interest Charges are included. If you default, you will be charged fees and penalties.
2. Failure to pay results in credit damage.
3. It is determined by your credit history.
4. Because it is so simple to obtain, it may lead to unnecessary debt.

5 Considerations Small Personal Loans can be used for business purposes

A small personal loan is a flexible loan that can be utilized for nearly any purpose. A personal loan, often known as an unsecured loan, does not necessitate the use of collateral to secure the loan. The following are some of the factors to consider if you want to use it for business:

1. When you need a small loan

There are a few things to keep in mind if you’re a young entrepreneur in need of a small loan. When your credit is bad, it’s difficult to secure a small business loan. If you have bad credit, you will find it difficult to obtain a loan from a bank. This is why, if you want to get the funds you require for your firm, you must take these procedures.

So you take out a Small Personal Loan when you need a small loan to cover the cost of an item while you wait to make enough money to pay it back.

2. When you need a small personal loan per time and prepayment

Focus on the speedier and shorter-term loans when you need a modest personal loan. They’ve been specially designed to fit your requirements, and they’re also easy to purchase. In other circumstances, you won’t have to waste time with the lengthy loan application process. For others, not being able to receive one due to numerous causes may be an issue, but that is no longer the case. The latter are loans that are simple and quick to arrange for people who require a small amount of cash for things like paying bills, medical expenditures, and so on.

Read also: Guarantor loans – Meaning and what you should know about them

3. When they ask you to bring collateral for a business loan

A small personal loan is a short-term contract with a 14-day repayment period and no collateral. As a result, the loan arrangement is completed in less than two weeks. It’s one of the quickest ways for debtors to get aid with their financial troubles.

At the same time, it is not only simpler but also quicker than traditional loans, which can take months to process and require numerous extra procedures and collateral.

4. Time of an urgent need

Have you ever pondered what to do if you need a modest personal loan in a pinch? What does it mean to take out a small personal loan for a pressing need? A personal loan is a money borrowed from a bank or other financial organization without the use of any collateral. You can borrow anywhere between GH₵350,000 and GH₵500,000. Make sure you only use them in an urgent situations.

5. No other alternative

Have you been turned down by every other lender and given up hope of ever getting a business loan?

It’s not always easy to get a loan for a small business.

Indeed, many startups and small firms struggle to obtain bank financing because they do not meet typical lending criteria.

Understanding Small Personal Loans for Business Use

You don’t need a lot of money to start a business while you’re just getting started. Small personal loans are a smart approach to getting business money without jeopardizing your cash flow or incurring big debt. Smaller personal loans in Ghana differ depending on the type of business and your credit score.

You can apply for these loans online and then submit proof of income and bank account details so lenders can verify that you’ll be able to make monthly payments.

Small Personal Loans for Business Use in Ghana

Small personal loans are a smart way to receive money quickly without having to take out a lot of paperwork or wait weeks for your bank account to be credited. They’re also rather simple to get authorized for, presuming you’ve been in business for a long time and have a good credit score. However, there are various reasons why a small business owner should consider personal loans before deciding they are the best option.

When do I get small business personal loans?

There are several compelling reasons to obtain a small business personal loan, including:

1. Time and resources are saved.
2. When a business requires an immediate fix
3. Combining high-cost credit card charges and financing the company

Why can’t businesses use small personal loans?

Businesses can use small personal loans, but they might have a severe impact on your personal finances. Although you are using the loan to repair your firm, the debt remains in your name.

If you appear to have a lot of debt, most lenders will not grant you a loan.

Is it bad to take small loans for my business?

Taking out a small personal loan for your business is not a bad idea. Furthermore, when used to achieve a financial goal, a personal loan might be a wonderful option. Goals such as:

1. Debt repayment
2. Increasing the company’s profitability
3. For a variety of reasons, including the purchase of company equipment.

What should I do with my small personal loans for business?

When you meet with the lender and he agrees that a personal loan for your business is a good idea, you can utilize the money to:

1. Buy equipment and pay off other inventory.
2. Start your marketing campaigns off adequately.
3. Put the money toward additional expenses you’ll face in your firm.

Is it practicable to put a small personal loan through business?

Yes, most lenders will lend you money in a decent length of time. Furthermore, certain minor personal loans may be used to:

1. For you, fund a new or current business.
2. Purchase resources for your business as well as a variety of other items.

Before applying for a small personal loan, do some research and make sure the lender doesn’t have any limits on commercial use.

Note: Reading over the loan’s conditions to identify what is and is not authorized will save you time and money in the future.

Do business loans use personal credit?

You can use personal credit for business loans. When establishing your eligibility for a company loan, most lenders will look at your personal credit history before making an offer. Some lenders, on the other hand, will not consider your personal background, so it varies.

Can a business loan pay off personal debt?

Using business loans to pay off personal debt is generally not a good idea. As a result, the issue arises: Can I pay off personal debt with a small business loan? True, you can’t. However, it is more practical to employ a business loan just for business purposes.

Conclusion

Before you take out a small personal loan for your business, keep in mind that making money takes time. This is not something you should rush, and if you do, you will be taking a huge risk.

You risk defaulting on your loan if the firm does not make money within the allocated time. In conclusion, the best time to take out a small personal loan for business is when you are in desperate need of cash and have exhausted all other options.

Other related articles:

How to get loans in Ghana without collateral

Type of loans in Ghana you should know

Travel loans – Meaning, types and how to get it

Every working-class person is concerned about retirement, especially when it is approaching. People in this circumstance usually have a lot of questions about their finances and how they would get money when they retire. You may want to know if a retired person can get a payday loan. This page contains a direct response to that and other inquiries regarding applying for a retirement loan.

Can a Retired Person Get a Payday Loan?

This query has a simple answer: sure, a retired individual can get a payday loan. Loans in retirement are possible, whether you’re looking for a personal loan, supporting the purchase of a new car, or even re-mortgaging your home.

What do lenders consider when I apply for a loan in retirement?

If you’re thinking about how to secure a loan when you retire, there are a few things to remember. Before you plan, keep in mind that retirement entails making financial adjustments that you would not have considered before retirement.

Essentially, because you’ve lost your steady source of income, lenders will be wary of your financial situation. Furthermore, because you are not earning a regular income, you will become a higher danger. This is because you can only get a loan if you have a steady source of income.

However, if the lender examines your pension and determines that it suffices to repay the loan, you have cleared one big hurdle on your way to getting a loan. Lenders also evaluate the following factors:

1. Your assets

If you take out a secured loan, they will certainly use your assets as collateral. Basically, it’s critical to think about the financial consequences before taking out a secured loan. Lenders will take possession of your property if you cannot repay the loan. As a result, you must consider these risks before entering this type of loan agreement.

2. Your age

Most lenders impose a maximum age limit on their loans. If you’ve reached their set age restriction, you’re no longer eligible for the loan. While some lenders have a 75-year-old cut-off point, others may opt to set it lower or higher.

Why might you get a loan in retirement?

For a variety of reasons, many retirees take out loans. They may realize that they wish to accomplish activities that they previously didn’t have time to do. Vacations, house upgrades, purchasing a case, and even lending money to family members are all common examples of high-cost activities. 

Basically, getting a loan allows you to fund your objectives without having to take money out of your long-term investment portfolio. Borrowing money at a low-interest rate allows you to borrow money for a shorter period without affecting your longer-term investments. To achieve full retirement projections, these investments must be left alone.

Furthermore, taking out a loan allows you to cover unexpected expenses, especially if your pension is not yet available.

Conclusion 

“Can a Retired Person Get a Payday Loan?” is a straightforward yes or no question. In general, if you meet specific criteria, you can take out a loan while you are retired. These standards, which have already been mentioned, will set the bar for you to meet in order to be considered for a loan. Essentially, if you get past this stumbling block, your loan application is likely to be approved.

Other related articles:

How to apply for an Access Bank PayDay loan

Type of loans in Ghana you should know

How to apply for a student loan in Ghana

How to get a loan from Stanbic IBTC bank in Ghana should not bother you at all. Stanbic IBTC bank offers a wide range of loan options that cater to both individuals, large-scale businesses, and SMEs looking to grow. However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Therefore, we would discuss this and every other thing you need to know about Stanbic IBTC bank loans in this article.

What are the requirements for opening an account in Stanbic Bank in Ghana?

There are some requirements you must provide in order to open an account with Stanbic IBTC bank in Ghana. They include:

1. A valid form of identification, such as a passport.
2. Proof of residence.
3. Tax Identification Number.
4. Passport Pictures.
5. Work and residence permit.
6. Get a letter of introduction from your banking institution in your home country.

How can I open a Stanbic IBTC account?

In order to open a Stanbic IBTC bank account, you can just dial *565*0# on your registered phone to get it. Besides that, you can open an online account with Stanbic IBTC today and enjoy their products and services on the go.

Note: You must meet their requirements before you can open an account with them.

What are the loan products of Stanbic IBTC Bank?

Just as most banks have various loan products. Typically, Stanbic IBTC Bank’s case is not different. They offer some loan products to their customers. These loan products include:

1. Personal Loan

They understand that you have lifestyle goals and that you may want additional funding to achieve them. Therefore, their unsecured personal loans are flexible. Besides that, it is short- to medium-term loans designed to suit your personal finance needs. And these needs include the purchase of household or electronic products, education expenses, home modifications, car maintenance, rent advance, and other personal expenses.

There are sub-division of this personal loan and they include:

1. Fixed Term Loans (FTL): If you make a monthly net wage of GH₵400, a short-term personal loan is ideal.
2. Revolving Term Loan (RTL): If you earn a minimum net wage of GH₵700 per month, you can apply for a short- to medium-term revolving personal loan.
3. Employer Managed Scheme Loan (EMS): A short- to medium-term personal loan with negotiated concessionary rates for salaried employees on our Workplace Banking Group Scheme who earn a minimum net salary of GH₵300 per month.

What are the features of the personal loan?

1. Flexible repayments through a Stanbic salary account or direct payroll deduction
2. Minimum loan amount:

• Revolving Term Loan: GH₵2,000
• Fixed Term and Employer Managed Scheme loans: GH₵500.

3. Maximum loan amount: depends on income

• Fixed Term Loan: GH₵10,000
• Revolving Term and Employer Managed Scheme Loans: GH₵50,000

4. Minimum loan term of 12 months
5. They tie maximum loan repayment term to retirement age

• There is up to 60 months Revolving Term and Employer Managed Scheme Loans.
• It also has Fixed Term Loan which is up to 48 months

6. Loan repayments should not be over 45% of your net monthly income
7. Competitive interest rates and facility fees
8. Credit life insurance that covers death and permanent disability.
9. After persistent repayment, a top-up option is available for current loans.

What are the requirements for the Stanbic IBTC bank personal loan?

The following are the requirements for the Stanbic IBTC bank personal loans:

1. You must work for an organisation they have profiled.
2. Be in employment for at least six months and have it confirmed in your current job role.
3. For salaried account holders, must have been banking with them for at least one month.
4. They would not need you to have an account with them for direct payroll deductions.
5. You should be 21 years and not over 60 years by facility expiry.
6. It is for citizens of Ghana or legal residents in Ghana (expatriates).
7. Fill out the Unsecured Personal Loan application and attach the documents below.
8. Your last three months’ payslips proof of income.
9. Your proof of identity in; passport, driver’s licence, Voters’ Identity Card.
10. Get a proof of your address with a utility bill less than three months old.
11. Letter of Undertaking from your employer.
12. For new customers, provide six months’ bank statements.
13. Passport photo (Direct payroll deduction customers only).
14. They will approve your loan depending on a positive credit bureau report.

2. Home Loans

Take the first step toward house ownership with a personal mortgage that you may repay over time. There are subdivisions of the home loans. They include:

1. Home purchase

For the purchase of complete properties for use as primary residences.

2. Developer Construction

You can get residential property purchases from their preferred developers when the property you want to buy is still being built. They pay in installments to allow the builder to finish your dream home.

3. Refinancing

Refinancing includes; internal, external and aspects.

1. Internal Refinancing: Allows you to arrange new financing terms for your existing Stanbic Home Loan, such as currency, amount, and term.
2. External Refinancing: this provides financing to takeover existing home loans from other financial institutions.
3. Cash-Out Refinancing:this helps to refinance current house loans from other financial institutions.

4. Equity Release

Allows you to borrow against the value of your existing property and use the funds for a variety of personal needs, such as the purchase of a new home or prime land, business expansion, or education funding.

5. Home Improvement

With this finance, you can expand, remodel or renovate your existing property.

6. Employer Group Mortgage Scheme

Home construction by a developer on property purchased through an organization’s block lands concept.

Note: You can easily visit their website for more details on these home loan subdivisions.

3. Salary Advance

If you earn a salary, a Stanbic Salary Advance is a personal overdraft customised to match your cash flow needs. It’s a short-term cash advance secured against your next pay cheque or salary credit. It’s intended to cover tiny yet unexpected expenses in the interim between paychecks.

What are the features of the Salary Advance?

This Salary Advance has the following features:

1. You’ll get an advance of up to 60% of your monthly disposable net salary. This occurs after you have paid all monthly loan deductions and commitments.
2. Minimum overdraft limit of GH₵100.
3. Renewal of the facility limit is contingent on acceptable account performance.
4. Payment of the used limit on a monthly basis or a 30-day clean-up cycle.
5. Facility fee of 2% (minimum GH₵50) charged on approved limit and at each renewal.
6. No maximum overdraft limit.
7. Credit Life insurance premium of 0.84% on approved limit against death and permanent disability.4
8. Interest applies only on the portion of overdraft used each month.

What are the requirements for the Salary Advance?

The requirements for the Salary Advance include:

1. Work for any Stanbic profiled organization
2. Earn a minimum salary of GH₵400 a month
3. Minimum salaried account relationship of:
4. – Workplace Banking Scheme companies/organizations (one month)
5. – Non-Workplace Banking Scheme companies/organizations (three months)
6. Customers with salaried Stanbic Current Account
7. Fill out an application for a personal overdraft/salary advance and attach the necessary documents:
8. Account statement from the previous bank (new to bank applicants only)
9. Pay slips from the past three months
10. They will approve overdraft, subject to a positive reference from the credit bureau.

4. Consumer Finance Loan

You can use this unsecured personal loan product to finance consumer appliances and products on a short-term basis through their partner vendors or dealers. Customers earning a minimum net salary of GH₵400 a month can get this loan.

What are the features of Consumer Finance Loan?

Consumer Finance Loans come with the following features:

1. Loans range from GH₵500 to GH₵10,000.
2. Loan terms from 6 to 12 months.
3. It ties a maximum loan term to your retirement age.
4. The term of your loan has a fixed competitive interest rate.
5. Facility fee of 2% of loan amount
6. It has credit life insurance, which covers death and permanent incapacity.
7. You can take it as a second unsecured term loan with them.
8. It comes with flexible repayment options through a salary account with them or direct payroll deduction by your employer.

What are the requirements for a Consumer Finance Loan?

You would need to meet the following requirements in order to get a Consumer Finance Loan:

1. Be a salaried employee that is permanently employed with confirmation of employment.
2. Be a salaried income earner working for any of their Workplace Banking Scheme companies.
3. Earn a minimum salary of GH₵400 a month.
4. Be over 21 years and not over 60 years on expiry of the term of your loan.
5. Choose product/s from the vendor’s shop or catalogue.
6. Attach the following supporting documents while filling in a loan application:
7. Letter of Undertaking from employer
8. Pro-forma invoice from vendor/dealer
9. For new customers, get a statement of account from the previous bank.
10. Confirmation of current salary or pay slip.
11. Suit the application form you filled to a consultant at a branch/Executive Banker or PSC or vendor’s sales officer.
12. They will approve your loan depending on a positive credit bureau report and then pay the amount to the vendor.
13. You plan for the product the vendor finances or delivers.

5. Vehicle Loan

They designed this Vehicle and Asset Finance (VAF) for salaried and non-salaried customers. This will help them to purchase mobile and immovable assets for personal use, such as cars and generators.

What are the features of the Vehicle Loan?

The Vehicle Loan has the following features:

1. You’ll get an advance of up to 60% of your monthly disposable net salary. This occurs after you have paid all monthly loan deductions and commitments.
2. Minimum overdraft limit of GH₵100
3. Renewal of the facility limit is contingent on acceptable account performance.
4. It has a monthly pay back of the limit you used or a clean-up cycle of 30 days.
5. Facility fee of 2% (minimum GH₵50) charged on approved limit and at each renewal.
6. No maximum overdraft limit
7. Credit Life insurance premium of 0.84% on approved limit against death and permanent disability
8. Interest applies only on the portion of overdraft used each month.

What are the requirements for the Vehicle Loan?

In order to get the Vehicle Loan, you must provide the following requirements:

1. Work for any Stanbic profiled organization
2. Earn a minimum salary of GH₵400 a month
3. Minimum salaried account relationship of:
4. – Workplace Banking Scheme companies/organizations (one month)
5. – Non-Workplace Banking Scheme companies/organizations (three months)
6. Customers with salaried Stanbic Current Account
7. Fill out an application for a personal overdraft/salary advance and attach the necessary documents:
8. Account statement from the previous bank (new to bank applicants only)
9. Pay slips from the past three months
10. They will approve overdraft, subject to a positive reference from the credit bureau.

Read also: Car loans in Ghana: Everything you need to know

Other loan products of Stanbic IBTC bank

Stanbic IBTC bank has several loan products. Besides the loan products seen above, other loan products they offer are:

1. SME Loan
2. AgriBusiness Finance
3. Distributor Finance
4. Invoice Discounting
5. Purchase Order Discounting
6. Trade Finance
7. Overdraft

What are the contact details of Stanbic IBTC bank Ghana?

For more enquiries you can contact Stanbic IBTC bank through their:

1. Address: Old Suame, Plot 18, Blk XIV, Old Suame, Kumasi Fidelity Building next to Procredit.
2. Phone Number : +233 3220 83740.
3. Email Id : customercare@stanbic.com.gh
4. Website : www.stanbic.com.gh

Conclusion

Stanbic IBTC bank loans remain a top choice for citizens all around the nation because of their varieties and excellent customer service. You can easily get a loan from any Stanbic IBTC bank today by visiting any of their branches or opting for the mobile option. Remember to always repay your loan promptly because credit bureaus are always watching your financial behaviour. Besides that, with right repayment attitude, you will stand a better chance of getting another loan in the future. This is because prompt loan repayment will always improve your credit score.

How to get a loan from Ecobank in Ghana 2022 should not bother you at all. Ecobank is one of the Ghana banks that provides a diverse range of loans to help people meet their immediate financial needs. Note that with an Ecobank loan, you may get up to 90% of your money. There’s no need for collateral as you can pay it back over 10 years. Besides that, you can get long- and short-term loans.

You can apply for this Ecobank Loan by visiting any of their branches or using the Ecobank Loan USSD code. However, before we go over how, let’s go over the secret of getting Ecobank loans. In the rest of the article, you will know the requirements and types of loans Ecobank offers their customers.

What are the requirements for getting a loan from Ecobank?

You can get a loan quickly, but for those who don’t know how, it’s simple once you know what you need.

Below are the requirements for Ecobank loan:

1. Applicants must have already been banking with Ecobank for up to six months
2. Applicants must provide either a National ID card, international passport, driving License
3. Provide a utility bill

How can I apply for an Ecobank loan?

You can apply for an Ecobank loan in a variety of methods, but to get begin, you must first:

1. Request a loan at any of their locations near you. You can also use the Ecobank branch locator to discover the closest Ecobank branch to your location.
2. You can access Ecobank’s banking system by dialing *326#, which is the Ecobank’s immediate rapid loan code. For other banks, you can check the USSD loan codes in Ghana.

What types of Ecobank Loans can I apply for?

You can apply for a variety of Ecobank loans to help you meet your financial obligations. They are:

1. The Ecobank Auto Loan

Ecobank plc offers an Auto Loan or Asset Acquisition program to their customers. This loan will help you achieve your ambition of owning a new vehicle or generator. They organized this loan to finance up to 90% of the total cost of the asset.

2. The Ecobank Advance Facility Loan

Ecobank can assist you if you find yourself with unforeseen financial needs. This Ecobank Advance Facility loan would allow you to borrow up to 50% of your net monthly pay in a matter of days.

3. Ecobank Cash Backed Loan

Ecobank’s Cash Backed Loan is a pre-approved, low-interest loan that will enable you to access cash without depleting your assets if you have an existing deposit or investments with them.

4. The Ecobank Mortgage Loan 

Whether you’re buying a new house, renovating an existing one, or refinancing your current one. This Ecobank Mortgage Loan is a great way to get started.

5. Ecobank Personal Loan 

The Ecobank Personal Loan is a multi-purpose loan with various repayment options and the ability to access additional cash once you repay the loan.

6. The Ecobank Salary Advance Loan 

This is one of the most popular loans because it allows you to get money quickly in an emergency. Employees of an approved company can borrow up to 40% of their net monthly salary with this loan type. Consequently, as it is a 30-day overdraft loan.

7. The Ecobank Travel Loan 

The Ecobank plc Travel Loan makes it easier to budget for your holiday by providing discounts on airline tickets and hotel accommodations.

What are the contact details of Ecobank?

You can contact Ecobank for more enquiries or report on any problem through:

1. Twitter: @groupecobank.
2. Facebook: drop comments or messages to the Ecobank page.
3. WhatsApp: +234808760 3717.
4. For email complaints: engcontactcentre@ecobank
5. Phone numbers: +2347005000000, +2348003262265.

Read also: How to get an Access Bank PayDay loan in Ghana

Conclusion

Ecobank offers a variety of loan products for individuals and small businesses seeking to grow. However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Because of this, you can apply for the loan of your choice at any of their locations near you. Having seen the details in this article, how to get a loan from Ecobank in Ghana 2021 should not bother you anymore. However, remember that repayment of your loan is essential to improve your credit score. With that being said, it will also keep you in the good books of credit bureaus in Ghana. Ultimately, it will keep you in a better position to access a loan in the future.

You may wonder how to get a loan from UBA bank in Ghana. UBA bank loans are available across a wide range of options that cater to both individuals, large-scale businesses, and SMEs looking to grow. However, there are several features, benefits, and eligibility requirements you need to meet, depending on the type of loan in question. Therefore, we would discuss this and every other thing you need to know about UBA bank loans in this article.

What are the loan products of UBA in Ghana?

The loan products of UBA bank in Ghana include:

1. Flexi Loan

This is a consumer loan they created to provide all civil servants. Especially for those who receive their wages through the Controller and Accountant General’s Department with simple access to credit (CAGD).

Target Market:

All civil servants under the age of 55 who receive salaries by the Controller and Accountant General’s Department.

Features

1. Account holders and non-account holders can use it.
2. Customers without a provident fund have a maximum of up to USD 25,000 equivalent in Cedis, and customers with a provident fund have a limit of up to USD 50,000 equivalent in Cedis.
3. There is no need for collateral.
4. Interest rates that are competitive
5. Repayment term for a loan (36 months for customers who do not have Provident fund and 60 months for customers with Provident fund)
6. There is a loan top-up option available.
7. Customers who already have a loan with the Bank can quickly top up to boost their liquidity.
8. Once you apply for a top-up, they are ready to take over your loans with other institutions.

Benefits

1. You can easily finance emergency needs hassle-free
2. They do not require collateral

2. Revolving Overdraft

This is a consumer credit product designed to help employees of well-known companies whose salaries they receive through UBA fulfill personal demands like bill payments, vacations, and school fees, among others.

Benefits

The benefits of UBA revolving overdraft include:

1. You can access funds which you can use to resolve unlimited financial challenges. 
2. It doesn’t require equity.

3. No Wahala Loan

The No Wahala Loan is a mass market product that provides salaried clients with loan options to help them satisfy their financial needs.

Features

1. Tenure: Up to 24 months
2. Maximum amount: GH₵5,000

Benefits

1. You can easily finance emergency needs with little hassle
2. It requires no collateral

How to Apply?

1. Just fill out a UBA Consumer Loan Application Form. You may find the form online or at any of their locations.
2. Send your application to your branch’s Customer Service Officer.
3. Select to apply for U-Advance Letter of Awareness.

Read also: How to get an Access Bank PayDay loan in Ghana

4. UBA Medical

This is a consumer credit product they designed to fund government-registered medical centers. They designed it to aid doctors and their clinics in enhancing the quality of accessible drugs, getting facilities, purchasing equipment, and extending their structures.

Benefits

You can get funds which you can use to resolve financial challenges.

5. Executive Loan

This is a consumer credit program they designed to help middle/top executives of well-known companies UBA PLC fulfill their personal demands, such as bill payments, vacations, school fees, and so on.

Benefits

You can access this fund in order to Access to resolve unlimited financial challenges. Besides that, they do not require equity.

6. UBA Divine

They designed this consumer credit product to provide financing to churches they registered who are customers of the bank.

Benefits

They can use this fund to resolve financial challenges.

7. UBA Schools

They created this consumer credit product to provide financing to private nursery/primary, secondary and tertiary institutions

Benefits

Just like other products, you can use it to resolve financial challenges.

8. UBA Mortgage

UBA designed this Mortgage Loan to part-finance the acquisition of residential real estate by salary earners. Especially those whose employers are on the Bank’s counterparty list.

High Net Worth Individuals (HNIs) with predictable and sustainable income are the target market for the product.

Home Financing and Equity Release are the two variations of the offering.

Benefits

The goal of the product is to allow clients to purchase fully finished homes by providing financing for the purchase of completed properties in high-end locations with high property values.

Detached and semi-detached duplexes, detached and semi-detached bungalows, single flats/apartments, including maisonettes, penthouses, and luxury apartments housed in blocks of flats or high-rise structures, as well as entire blocks of flats, are all eligible for financing.

What are other financial products UBA bank offers its customers?

Besides the loan products above, UBA bank offers other financial products to its customers. They include:

1. Short-term loans

A set sum with a pre-determined repayment period of up to 12 months.

2. Medium-Term loans

Customers can take advantage of a term commitment that lasts longer than a year but not over 5 years.

3. Overdraft

An overdraft is a revolving credit line that you must pay back on demand. This is a type of short-term financing you could use to cover working capital shortages. They usually give you this loan on current accounts.

Read also: Dalex finance loan review- What you should know

4. Drawings against uncleared effects

They draw the funds on the customer’s account for cheques they do not value, which were deposited in the customer’s account. They will clear the cheques automatically, and repayment will be automatic. Because this is direct credit exposure, they must cover it by an overdraft limit or a particular limit.

5. Distributor Financing

UBA Ghana will establish a line of credit with a twelve-month duration and limits for all distributors to handle the financial needs of corporate clients’ dealers/distributors. The operations and size of the distributors will determine this restriction. The following are the dynamics:

1. Each important distributor/dealer and facility amount will be subject to recommendations from the corporate customer.
2. Each of the important distributors/dealers will have a non-checking account opened by the Bank.
3. The bank will move funds from the key distributor/account dealer’s to the corporate client’s account on the corporate client’s advice. And this goes with the key distributor/approval dealer’s to effect payment for the invoiced items.
4. To lessen their debt, the main distributor/dealer will start paying in cash or checks.
5. A new cycle will begin with debit entry into the key distributor/dealer account to pay for invoiced items as soon as the account is funded enough to absorb new invoices.

6. Structured Finance

UBA can design and tailor the correct structured solutions for your company’s needs, boosting shareholder wealth and increasing market competitiveness. It includes; Financing structures that maximize investment returns while lowering effective funding costs, lease financing with a structure, finance for oil and gas projects and finance for infrastructure development.

What are the contact details of UBA bank Ghana?

For more enquiries on how to get a loan from UBA bank in Ghana or other issues. You can reach out to UBA bank in Ghana through:

1. Address: Heritage Tower Ambassadorial Enclave Off Liberia Road Ridge Accra P.M.B 29, Ministries Accra, Ghana.
2. Phone number: +233 (0) 302 634 060
3. Toll-free number: 0800833833
4. Email: cfcghana@ubagroup.com

Conclusion

Having seen the loan products UBA bank offers its customers, therefore how to get a loan from UBA bank in Ghana should not be a big deal. This is because you can easily visit any of their branches or reach out to them through their contact details above. UBA bank loans remain a top choice for citizens all around the nation because of their varieties and excellent customer service. Therefore, you can easily get a loan today by visiting any of their branches or opting for the mobile option. However, remember that prompt repayment of loans will improve your credit score.

You might think of how to get a payday loan from Access bank. The good thing is that it is not as difficult as you might have expected. Access 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, Access Bank loans surely have you covered.

What is an Access Bank PayDay loan?

Customers can get a payday loan in as little as 24 hours (both salary and non-salary earners). You can borrow money at a low interest rate with a Payday Loan and they will not require documentation or collateral. You may be short on cash if an emergency arises before payday. PayDay Loan comes in handy in this situation.

What are the features of Access Bank PayDay loan?

The Access bank payday loan has some features which include:

1. With their 24/7 service, which does not require visits to the bank. You can conveniently apply via *901*11*1# QuickBucks App, Internet Banking, Mobile App.
2. No documentation required.
3. No collateral required.
4. Up to thirty-one (31) days tenor.

How can I apply for an Access Bank PayDay loan?

You can apply for a PayDay Loan through any of the following ways:

1. For former Diamond users, dial the USSD code *901*11*1#
2. QuickBucks is a free app available on Google Play and Apple App Store.
3. Select Loans & Investments from the Access Mobile App.
4. You can also apply through Access Bank Internet Banking and WhatsApp Banking channels.

Once you do any of the above, they’ll reach out to you and guide you through the loan process.

What can affect my eligibility for an Access Bank PayDay loan?

Any of the following will most likely affect your eligibility to get an Access Bank PayDay loan:

1. Having any outstanding loan(s) in Access Bank or other banks.
2. If the phone you’re using is not linked to your BVN.
3. If there is no proof that your employer paid your wage the prior month.
4. Having exceeded your eligible amount because you have taken previous digital loans.
5. If you have an existing loan with a monthly payment, that is greater than the amount you are qualified for.

When is the PayDay Loan due for repayment?

Every loan type and agreement always has when they expect the borrower to repay. They expect you to repay your Access Bank PayDay Loan by your next salary payment. However, it’s also cool to repay it in 30 days from the day you took the loan (whichever comes first). They will automatically deduct the loan amount from your salary account.

Can I pre-liquidate my PayDay loan? 

There is an option for customers to pre liquidate their PayDay loan. Customers have the freedom to pay off their loan at their convenience. Customers who want to do so should contact Access Bank at +234 1 271 2005. Besides that, they can email contactcenter@accessbankplc.com or visit any Access Bank branch to liquidate their loans.

What happens if I have no funds in my account for repayment on the due date?

There could be a situation whereby you may not have funds in your account for repayment. Access Bank will just deduct the money from any inflow into your settlement account. However, if the loan is past due, they will make the deduction from any account linked to your BVN.

Is there any Access Bank penalty for not repaying the loan on time?

There are some penalties banks or financial institutions impose on defaulting customers. In this situation, Access Bank will take 1% penal charge per month for defaulting on the loan from 31 days past due.

What are other instant digital loans with longer repayment plans?

There are other instant digital loan alternatives with longer repayment plans that Access Bank offers. They include:

1. PayDay loans
2. Lending Against Turnover (LATO/ILAT)
3. LATO Premium (PLAT)
4. LATO Mart (MLAT)
5. Salary Advance (SADV)
6. Small Ticket Personal Loan (STPL)
7. Device Finance (DFPS)

How can I get the funds after opening a new Access Bank account?

After opening a new bank account, you can do the following to access your funds. 

1. To get a debit card and submit paperwork for a new account, go to your nearest Access Bank branch.
2. They’ll require:

• Valid regulatory identification card, such as an international passport, a driver’s license, or a national identification card
• A recent utility bill
• A passport photograph

However, you can also start transfers using our USSD platform *901#.

How do I repay the PayDay loan?

They will deduct the loan amount at source from your next salary payment. And this means that they will debit the funds from your paycheck before it reaches your bank account. Consequently, the loan duration is 30 days or your next salary payment, whichever comes first.

Conclusion

With many decades of operation, Access Bank has been meeting the needs of its customers for a long time. Their services are among the best in the country, so stop by at any moment to apply for a loan. However, ensure you get the loan you can easily relay with less hassle.

There are loans in Ghana without collateral you can get to fulfil your financial commitments. Recently, financial institutions have made access to loans hassel-free. Majority of these loan application procedures are now stress free from financial institutions. One of the major challenges Ghanaians encounter via a loan is collateral. Once financial institutions involve collateral, the loans become difficult to access. This is because most lenders/financial institutions require vehicles or landed properties as collateral. Hence, making it very difficult for people who can’t afford that. This article contains a list of a few financial institutions that offer loans in Ghana without collateral.

What is a collateral?

Collateral is any asset that a financial institution or lenders require from a borrower as repayment if the borrower defaults. Loan collateral includes a car, any landed property, and even a home. Basically, financial institutions use collateral to measure security against the risk that you won’t be able to repay the loan. This is the reason we know any loan with collateral as a secured loan. Whereas loans without collateral or measure against risk, we call it unsecured loan. It is unsecured not because they can’t get anything from you when you default. But in the sense that you don’t submit any tangible asset before you get a loan. You guarantee yourself of your trustworthiness.

List of loans in Ghana without collateral

You can now get a loan in Ghana, attaching no tangible asset as collateral when applying for a loan. The list of some loans in Ghana without collateral include:

1. Carbon Ghana

This is an online loan in Ghana. The application, processing and disbursement of money is with a smartphone. The requirement involves bio-data of applicant, employment details, passport and the amount you wish to borrow. Their loan disbursement is quick once approved. The loan amount ranges from GH₵5 to GH₵1,000. One important thing to note with Carbon Ghana is that there is no extra charge on delayed repayment.

2. Fido loans

This is also an online loan application in Ghana, which allows you to access loans through your mobile wallet. The only thing Fido loans require is employment history, valid identity card and residential details. They review this immediately when you submit your application. If you qualify for the loan after review, then you will get your money in a few minutes.

Meanwhile, for you to borrow a vast amount of money from Fido loans, you need to build credit history with them for some time. You start this by borrowing small amounts and pay back in due time, over and over.

3. MTN Qwikloan 

This loan is very popular in Ghana with over 70% mtn users. It is also mobile money for mtn mobile money wallet users and only requires you to be an active mtn mobile money user. It does not require collateral. You get your money on the go as soon as you complete your application via USSD code.

4. Zidisha loans

This is one of most popular loans in Ghana without collateral. Zidisha is an online loan company that leverages on raising capital for projects and businesses for their customers. Zidisha requirements include business plan, aim, target market and repayment strategy. Also, additional fees of GH₵40 for loan processing.

Pros of loans without collateral in Ghana

Some benefits of loans without collateral are:

1. No collateral involvement
2. Faster applications and processing
3. You have a large potential borrowing amount

Cons of loans in Ghana without collateral

The downsides of loans without collateral irrespective of the benefits are:

1. It has high interest rates
2. Most loans without collateral are short terms
3. It involves personal guarantee

Related: Loans in Ghana – Meaning and types of loans you can get

Conclusion

Seeking financial help has really been a dominant strategy in curbing depression and frustration. Loans in Ghana without collateral make access to loans easier for borrowers. Because of this, they would not need to provide a collateral before getting the loans they need. Besides that, borrowers can now face emergency situations (even without getting emergency loans for the same purpose) with this type of loan. Loans without collateral have given them the lifeline to quick cash flow to get things done. However, repayment of the loan you get is essential in order to improve your credit score. So that you can access another loan in the future.

This article contains a list of Commercial Banks in Ghana 2022. There are various competent banks in Ghana from which you can carry out your financial transactions. Besides that, in your financial downtimes, you can seek financial support as loans from these banks. And some of these loans could be guarantor loans, SME loans, or even a startup loan to start a business. 

In the rest of this article, you’ll see the list of commercial banks in Ghana 2022 and learn a lot more about them.

How many banks are in Ghana in 2022?

There are 28 private banks in Ghana’s banking and financial business. The Bank of Ghana is Ghana’s central monetary authority.

As of March 2020, Ghana had 23 commercial banks, four banks with merely representative offices, and one additional bank.

What is the biggest bank in Ghana?

With 14.2 percent of total industry deposits. They used to know GCB Bank Limited as Ghana Commercial Bank. It is the largest bank in Ghana in terms of total operating assets and share of industry deposits.

Which bank has the lowest loan interest rate in Ghana?

Among all the banks in Ghana, you could wonder if there are any of them that have the lowest interest rate. Your thought is not bad because GCB Bank Limited base rate is the lowest amongst banks in Ghana.

Which bank in Ghana is good for savings?

Several banks in Ghana are good for savings. However, determining which is best for you could depend on the criteria that are unique to you. Zenith Bank is one of Ghana’s top banks. Also, it does practically all of its business in the country, making it one of the safest places to put your money.

Is there a bank that gives the highest interest for agriculture in Ghana?

NIB and Republic Bank gave the highest interest rates for agriculture, at 34.8 percent and 33.5–34.2 percent, respectively. In the agriculture and industry sectors, NIB and CAL Bank supplied the most expensive loans at rates of 29.5–34.3 percent and 29 percent, respectively.

Which bank gives the highest interest based on fixed account comparison?

Every customer would prefer a bank that offers a higher interest rate than others. Capitec has the best interest-earning potential at 9.25% based on the fixed account comparison. Absa closely follows them with an interest rate of 9%. Nedbank’s rate of 8.16 percent, and FNB’s rate of 8.70%.

The List of Commercial Banks in Ghana 2022

The list of commercial banks in Ghana include:

1. Absa Bank Ghana Limited
2. Access Bank Ghana Plc
3. Agricultural Development Bank of Ghana
4. Bank of Africa Ghana Limited
5. CalBank Limited
6. Consolidated Bank Ghana Limited
7. Ecobank (Ghana) Limited
8. FBN Bank Ghana Limited
9. Fidelity Bank Ghana Limited
10. First Atlantic Bank Limited
11. First National Bank Ghana
12. GCB Bank Limited
13. Guaranty Trust Bank Ghana Limited
14. National Investment Bank Limited
15. OmniBSIC Bank Ghana Limited
16. Prudential Bank
17. Republic Bank Ghana Limited
18. Société Générale Ghana Limited
19. Stanbic Bank Ghana Limited
20. Standard Chartered Bank Ghana Limited
21. United Bank for Africa Ghana Limited
22. Universal Merchant Bank Limited
23. Zenith Bank (Ghana) Limited.

Related: Complete list of mortgage companies in Ghana

Banks with Representative Offices Only

The following banks only have representative offices here in Ghana:

1. Bank of Beirut
2. Citibank N.A. Ghana
3. Exim Bank of Korea
4. Ghana International Bank Plc

Conclusion

You will have the idea or probably decide on the bank you could try out for yourself from the above list of commercial banks in Ghana and information about some of them. This list of banks in Ghana is a helpful guide on where to start. Because of this, you could benefit from the interest rate you have always wanted. Alternatively, you could try out Loans in Ghana without collateral and see which works best for you.

Borrowing money in Ghana with collateral is strenuous, and the process, most times, can be frustrating. Regarding these challenges, MTN provides quick, easier and convenient means of borrowing called mtn QwikLoan. With MTN QwikLoan, indigenes of Ghana now have quicker access to funds. Information on mtn QwikLoan, the requirements, how to apply, and repayment options are all in this article.

About MTN QwikLoans in Ghana

Mtn QwikLoan is a financial solution in Ghana that provides quick and convenient loans to mtn subscribers. MTN Qwikloan is a short-term cash loan that requires no collateral paid into one’s MTN Mobile Money wallet. The loan does not require previous savings and is accessible. Consistent access to MTN Qwikloan depends on paying your loan on time.

What are the requirements for MTN Qwikloan?

MTN QwikLoan in Ghana has guidelines regarding eligibility for their loan. Eligibility test and confirmation is easier since it’s virtual.

The ability to meet the below requirements gives you an edge for a successful MTN Qwikloan application as a prospective applicant. The requirements for MTN Qwikloan in Ghana include:

1. The applicant must be 18 years and above.
2. You must own an MTN Ghana sim card
3. There is a need to be an MTN service user for at least 90 days.
4. Also, you must be an active user of MTN Mobile Money services.
5.  Prospective applicants must have an active e-wallet.
6. If you are a constant user of MTN QwikLoan services, you must have a good credit score and history.

Note: If you are not eligible for the loan, it might be because you have a pending loan. It is always advisable to pay off an outstanding loan before requesting for a new loan. Also, ensure that your MTN Mobile Money wallet is active.

How can I apply for MTN Qwikloan in Ghana?

Having found out whether you are eligible for MTN Qwikloan, the next question is how I can apply. The application for MTN Qwikloan depends on your details during your MTN registration.

Hence, to borrow money in Ghana using MTN Qwikloan, your mobile must be under your name.

You can apply using the following steps:

1. Dial *170# on your mobile phone.
2. Select number 5 options and click ‘Financial Service’.
3. Choose number 3 and select “Qwikloan”.
4. Select the option “Get a Loan” and choose the loan amount.
5. Then, select the “repayment plan.”
6. Input your Mobile Money PIN

Note: After a successful submission of application, MTN will process your request. If your application is successful, you will get a notification via SMS. The notification is a confirmation of the loan amount and the repayment duration. 

What is the interest rate for MTN Qwikloan?

MTN Qwikloan has a competitive interest rate when compared to other loan facilities. The interest rate is 6.9% for a loan of 30days duration.

Note: Interest rate on MTNQwikloan can increase to 12% when you did not repay within the agreed period. Also, if you default after the new extended period, MTN will ban you for 90 days. Meanwhile, you can avoid these penalties with part payment.

What is the amount I can borrow from MTN Qwikloan?

Borrowing from MTN QwikLoan for the first time has limited options. If you are new, you can only borrow GH₵ 20 or GH₵ 50. 

However, if you are a subsequent borrower and your credit score is good enough. You will have more chances of borrowing GH₵ 1000 limit.

How can I repay MTN QwikLoan?

The repayment of MTN Qwikloan is within 30days from the set day of loan application and approval. Meanwhile, the repayment processes for MTN Qwikloan are straightforward.

The repayment process includes:

1. Manual repayment

This allows you to repay the loan in instalments over the 30 days. You can make this payment by having money in your MTN Mobile Money account. Then you dial *170# and follow the repayment options.

2. Automatic repayments

This type of repayment option does not require payment by installment. You can exhaust the  30 days and pay the loan using the automatic option. Also, automatic repayment does not require any process. However, you must have the loan amount and the interest in your MTN Mobile Money.

Can you apply for MTN Qwikloan on the same day you repaid the one you borrowed before?

Having paid your loan, it takes a few days to approve another loan. Meanwhile, repaying your loan early enough is the key to raising your loan limits. It can raise your loan limit to GH₵ 1000.

Note: Failure to pay your loan on time will affect your MTN QwikLoan credit score. You regain your credit score by constantly using the MTN mobile money savings and loans for at least three months.

How can I check my MTN Qwikloan limit?

MTN Qwikloan limit usually changes after repayment of the loan.

You can check your MTN Qwikloan limit by:

1. You first dial *170# on your mobile phone.
2. Choose number 5, which is “Financial Service”.
3. Then you click option 3, that is ‘Qwikloan’.
4. Click “Loan Limit”.
5. Finally, enter your Mobile Money PIN.

How can I increase my loan limit on the MTN QwikLoan?

If you are new to MTN QwikLoan, your limit is usually low. Hence, to increase your limits.

First, consistently use MTN mobile money savings and loan facilities. The more you use MTN mobile money, the more your limit increases. For example, keep sending money using MTN Mobile money and encourage people to send your payment through MTN.

Second, you must make timely payments to MTN QwikLoan to increase your limits. Redeeming debt obligations is the best way to increase your borrowing capacity. If you make timely repayments within twelve months, you might reach the GH₵ 1000 limit.

Conclusion

MTN QwikLoan is that favourite quick and convenient loan that does not require collateral in Ghana. It makes banking less frustrating and cool because of the less process it involves. It is that soft loan you can apply today in Ghana with few requirements and your mobile phone. Thinking of an easy and quicker loan with no collateral in Ghana, you can try MTN Qwikloan.

Read also:

MTN Xtratime in Ghana- How it works

Vodafone Cash Loan in Ghana – How to apply and what you should know

USSD loan codes in Ghana – What you should know

Unforeseen occurrences with unexpected expenditures happen occasionally, and we understand that. Emergency loans help individuals to manage their emergency cash needs. However, it is also another way some financial institutions in Ghana help individuals with such emergencies. Also, an emergency cash loan helps customers deal with their short-term cash problems. In this article, we will look at the definition of emergency loans and how to get one. 

What is an Emergency Loan?

An emergency loan is a short-term loan you can use to cover unexpected expenses. You need to know how much you need to cover the cost of your vacation. Usually deposits occur within a few days after loan approval. Many emergency fund lenders provide loans on the same day you apply. Most of them are not secure, they do not require collateral.

Meanwhile, some lenders offer secured personal loans that require collateral. Such assets include mortgages, cars, funds and other assets. Credit card advances, payday loans, and cash advances are other options for emergency loans.

Types of Emergency Loans

Emergency loans comprise various types, which include:

1. Personal loans

 A number of financial institutions offer secured personal loans which are secured by collateral. Among the collateral includes cars, investment properties, and property. Loans for personal use may also be available with no collateral, such as business loans.

2. Credit card advances

Cash advances on credit cards have higher interest rates compared to regular purchases, as well as fees. Money accrues interest as soon as you take it out. No grace period. However, this increases the amount you will have to pay back.

3. Payday loans

A payday loan is a relatively small, high-interest loan that typically doesn’t rarely require collateral but which you can repay fast. You will need to use your next paycheck to pay back the loan. 

4. Title loans

You can take out a title loan if the title to a vehicle you own is worth more than the loan amount. Defaulting on the loan means the lender can have your car.

Uses of emergency loans in Ghana

There are many uses for emergency loans in Ghana, including

1. Emergency loans can help you pay for utilities. You won’t have to go without lights and your phone is on more often with an emergency loan. Avoiding late fees will keep you from falling behind on expenditures and keep your credit score steady.
2. Medical bills or emergency-room expenses may require an emergency loan to be reimbursed.
3. In the death event of a loved one who failed to provide for funeral expenses, you may need an emergency loan. Additional expenses could arise after a person’s passing.
4. The only way to survive between paychecks sometimes is to get an emergency loan. A person may face this when unable to pay rent or their mortgage.
5. With a home equity line of credit, you can get better interest rates and terms than you would with a personal loan for immediate home repairs. The most inconvenient times are when home or auto repairs occur. If you need to get an auto repair or a home repair, you can’t afford to wait.

When applying for a personal loan, inquire about the terms and any limitations of the potential lender. Several lenders in Ghana prohibit the use of emergency loans for secondary education.

How do I choose an Emergency Loan in Ghana?

It is important not to just choose the first emergency loan lender that appears when conducting your search. It is important to look for the right lender by considering:

1. Financing time

Ideally, one to two days is the perfect time frame. While some lenders take several days to deposit funds, other lenders can do so the same day.

2. Fees

 Find out the exact costs that each lender charges by reviewing the fine print. For instance, origination fees and late payment penalties are common emergency loan costs.

3. Requirements for credit scores

Your credit score affects your interest rate and how much you can borrow from the lender. Most lenders have a credit score threshold you need to meet in order to apply for a loan.

4. Interest rates

You may qualify for the lowest interest rate if you have excellent credit. But keep in mind what lenders charge for credit that is less than perfect. Then compare lenders accordingly for the loan you need.

5. Terms of repayment

Do you want to pay your loan back sooner with larger monthly payments? Or do you need smaller payments so you can pay it off? Emergency loan terms differ by lender, although some require repayment of at least a minimum amount each month. Therefore, if you borrow ₵500, you could have a loan for up to a few months.

Where can I access an Emergency Loan?

We can arrange an emergency loan through a credit card store or a payday lending company. The best option for funding a personal loan is a traditional unsecured loan through a credit union, a bank or online lender.

1. Credit Unions

Credit unions offer emergency loans to members who have credit union accounts instead of bank accounts. They are more friendly toward borrowers with fair credit and poor credit.

You may also want to consult other options because some credit unions lend only to members. Also to those that have been members for a certain amount of time. If you don’t meet those criteria or if you are seeking a higher amount of borrowing, then look to other options. Keep in mind, however, that some credit unions will only lend to their own members. In case you cannot meet those requirements, or if you need to borrow more, there may be other options available to you.

2. Banks

A brick and mortar institution may assist you in obtaining a personal loan while you have a traditional bank account.

Banks usually have different processing methods when compared to other lenders. Most banks, for instance, have higher credit scores or income requirements before you qualify for a personal loan. It could take longer than you think to get funds deposited into your account. Therefore, it is important you check the time it typically takes before applying.

3. Online Lenders

Several online lenders offer a wide variety of emergency loans. While most don’t require members or members with a current account to apply. Many offer the option of pre-qualification. This they do to see if you’re eligible for a loan before you actually apply. This way, you can avoid a hard credit check that may hurt your credit.

Many traditional banks also offer online applications and processing if you do not feel comfortable with an online lender. All you need to do is to make sure that it’s a reputable online lender with a secure website.

Note that each lender has different standards and requirements. Therefore, there is a need to review as many as you can before applying for an emergency loan.

Alternatives to Emergency loans in Ghana

There are other options besides emergency loans for borrowing money fast. You may consider these before applying for an emergency loan:

1. Getting rid of your high interest credit cards, consolidating your credit cards, or applying for a zero percent balance transfer credit card.
2. Repaying a medical bill. Talk to the hospital about setting up a repayment plan that works for you. Some hospitals have interest-free repayment plans, so you can schedule. Several hospitals will settle your bill if you will pay a portion of it up front. By doing this, they will collect payments and keep the rest.
3. Accessing your home’s equity through a home loan. They secured these with collateral in your home. HELOC interest rates are typically lower than unsecured loans, while repayment terms are usually long enough to allow you to afford low monthly payments.

Conclusion 

In times of real difficulty, encourage your friends and family to lend you a hand. But when this fails or is not available, there are many nonprofits that can help you out financially. Emergency loans are the number one answer. Don’t be afraid to explore all your options before taking out an emergency loan. In an emergency, emergency loans may be a more affordable choice than payday loans, title loans, and credit card advances. By weighing your options, decide on the best course of action.