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You’d go for a long-term personal loan in Ghana when the amount of money you need is enormous. Getting a personal loan from a financial institution will help you meet your financial commitments. Although you can use personal loans for multi-purposes as they could come in short term and long-term loans. In Ghana, most financial institutions offer long-term personal loans. The major difference in these loans include; terms, conditions, interest, and agreement. The meaning of long-term loans, features, requirements, pros and cons are in this article.

What is a long-term personal loan?

A long-term personal loan is an amount of money an individual borrows from a lender to solve personal needs. It becomes long term when the repayment options range from 5years to 15years. The term “long-term personal loans” is the period the borrower will pay back the loan. Long-term personal loans have a competitive interest. One interesting thing about long-term personal loans is that you can use it for any purpose. 

Features of long-term personal loan in Ghana

Long-term personal loans have characteristics that are affordable. This motivates most people that engage with it. Few features of long-term personal loan in Ghana are:

1. Loan amount is between GH¢500 to GH¢100,000.
2. The duration of the loan is twelve to thirty-six months.
3. Fixed monthly loan repayments.
4. Quick and convenient loan processing.
5. Immediate disbursement of the fund after successful application.

Requirements for long-term personal loan in Ghana

There are always criteria attached to each loan application. When applying for a loan is the last resort to your financial need. The requirements below make you eligible to get a long-term personal loan in Ghana. This serves as a solution to your financial need. Some requirements for long-term personal loan in Ghana are:

1. Mandatory form.
2. Two passport-sized photographs.
3. Valid national identity card.
4. A guarantor.
5. They require evidence of permanent employment.
6. Guarantor’s one passport size photograph.
7. Valid national ID of guarantor.

Read also: How to apply for Long term loans in Ghana

What are the pros of long-term personal loan?

Long-term personal loan is beneficial in several ways. It can solve that long-term need while you pay back gradually for a longer time.

Some advantages of long-term loans are:

1. A personal loan is very easy to process.
2. It is a multi-purpose loan.
3. Flexible repayment option.
4. No collateral requirement in most cases. 
5. It satisfies various needs.
6. Lower monthly payments.
7. It has a lower interest rate.
8. They can improve your credit.
9. Long-term personal loan allows you to borrow more and merge more debts.
10. You can use it for a major purchase.

What are the cons of taking a long-term personal loan?

The downsides that come with long-term personal loan in Ghana, include:

1. High interest rates.
2. Change in finance because of the long-term repayment.
3. It requires collateral.

When can one get a long-term personal loan?

A long-term personal loan will make more sense for people who have good credit. You can get a long-term personal loan when you need to use the loan for expensive, but valuable, financial moves. Examples of these financial moves are: merging debt to save money, home improvement, hosting an event and so on.. When your credit score is low, the cost of the loan may become so expensive. 

A long-term loan is also ideal when you are borrowing a large sum of money and need a longer period to pay back. 

How possible is it to get a long-term personal loan with bad credit?

Having a good credit rating helps you get better terms for a long-term personal loan. While prospective applicants for a personal loan should compare lender rates and terms. Having bad credit as a borrower can limit your eligibility. Bad credit can prevent one from qualifying for the low-interest that comes with long-term personal loan. 

However, many financial institutions have specific credit score requirements. This makes borrowers with bad credit to find it difficult to find a financial institution or lender who will approve them.

Note: it is always advisable to go through the pre-approval process. This helps the borrower determine who will lend him/her and the cost, without affecting the credit score negatively.

Where to get a long-term personal loan

Many financial institutions in Ghana offer long-term personal loans. You can get long-term personal loans from Credit Union, Banks, Savings and Loan companies and alternative lenders in Ghana. 

Related: How to apply for personal loans in Ghana

Conclusion

It is not wise to apply for a long-term personal loan with an unstable financial status. This is because your credit will suffer, but adequate and timely repayment of your loan will improve your credit score.

Before settling on a long-term personal loan, never forget that debt is a burden in your financial life. Any loan you get requires constant attention and constant payments until you complete it. However, a long-term loan will be more conducive than a short-term loan, because they stretch the repayment out. Alternatively, you can get a long-term business loan to expand your business.

There are banks that give student loan in Ghana. Education is the bedrock of a wonderful future for everyone, as it helps build ideas, skills, and character. But financial challenges can hinder you from achieving this goal. In addition, lack of funds can pose a huge hinderance to many students who want to study. 

There are a lot of banks that give student loan in Ghana to relieve this burden. You can get your first-degree certificate, masters, diploma or even PhD, money should not be an excuse. A list of trusted lending institutions in Ghana with low payment interest rates is all-inclusive in this article.

What you should know about Student Loans in Ghana 

They have made loans for students in Ghana available. This is to help curb the financial challenges you face as a student. It is a commitment that you should think wisely before taking, because terms and conditions vary with financial/lending institutions in Ghana. 

Getting a lending institution that offers student loans with no interest rate is almost impossible. Most student lending institutions offer a comfortable repayment period. Also lower interests, and deferred payments options.

List of bank/financial institution that offer student loan in Ghana

1. HFC Bank loan for students

HFC student loan is among the student lending institutions. They offer loans for undergraduate and postgraduate students in Ghana. Many Ghanaian graduates that are working already and students have benefited from HFC educational loans.

Therefore, achieving their goal to further their studies. They have low interest rates. Their financial support has helped many students in Ghana, considering the high cost of academics in Ghana recently. 

Requirements for HFC loan for students

For every loan, there are minimum requirements that make you eligible. HFC loan for students are no different from this. The minimum requirements for HFC loan for students include:

1. Applicants must have and maintain a current account with the HFC Bank.
2. You must have been in their employment for not less than 12 months.
3. In case you cannot open accounts with the Bank, you will set up a standing order arrangement for the loan repayment.
4. You must ensure your employers remit entitlements to the Bank in the event of disengagement.
5. Salaries must be a route through an HFC Bank account.
6. Applicants must present current school bills to the bank as indebtedness evidence.
7. They may make payment through direct transfer to the school or bank draft.

Note: There is always a commission charged for every transfer made. Application is open anytime. You can apply today.

2. Bank of Africa Ghana–Educational Loan

We know the Bank of Africa Ghana student loan as an educational loan. This loan is for employed students of Ghana. These students must have a dream to further their studies, but face financial limitations. It is one of the Ghanaian lending institutions that offers loans for students in Ghana. They finance the student’s loan 100% with a low interest rate.

Requirements for Bank of Africa Ghana-Educational loan

The list below shows the minimum requirements for student loan for Bank of Africa Ghana. This enables you to know whether you qualify for the loan.

1. You must be above 21 years, but below 58 years of age.
2. The loan is open to both customers and non-customer.
3. You need to have an outstanding record with them and not blacklisted.
4. Gainfully employed for at least 6 months.

You can always visit them today to make that dream a reality.

3. Societe Generale Ghana student loan

Societe Generale Ghana provides student loans. This loan helps you pay your ward’s tuition fees. It is also helpful for you to cater to your child’s education expenses. It is one of Ghana’s institutions that provides fast and convenient loans for student emergency fees. Their repayment period is up to 10 months. Societe Generale Ghana offers 150% financial bill.

Requirements for Societe Generale student loan

Below are the minimum requirements you need for Societe Generale student loan.

1. Open an account with the Societe Generale.
2. Receive at least a month’s salary with the account.
3. Proof of employment.
4. Provide 3 payslips that are consecutive.

They can relieve financial school stress today with Societe Generale student loans. You can visit any of their branches here in Ghana to apply.

4. Trust Fund student loan

This is a loan for students in Ghana who are undergoing a degree programme in an accredited institution. It is basically for undergraduates who cannot afford their financial needs regarding academics. This loan covers tuition fees, accommodation, textbooks, equipment and other major needs of the student.

Requirements for Trust Fund student loan

Eligibility for Trust fund student loans majorly depends on both the institution and programmes the prospective applicant offers. To access student loan Trust fund, the following must be under consideration:

1. Applicant’s school must be a tertiary institution accredited by Ghana National Accreditation Board.
2. For Ghanaian citizens only.
3. Applicants must live and school in Ghana.
4. Only needy applicants will be under consideration.
5. NAB must accredit applicant programmes. 

Why consider a student loan?

A student loan is a short or long term financial aid to enable students complete their education. Also, it offers students the privilege to pay back later with very low interest. This helps to reduce the level of frustration and depression among students. Reason you should consider students’ loan includes:

1. Low interest rate

The interest rate on student educational loans differs from other loan services. The reason for students’ loans is to help students with financial problems complete their schooling. This helps the students not to go into depression and frustration.

2. Affordable repayment 

Student loan repayment is easy and affordable. Many financial institutions that offer students loans have various repayment strategies. Repayment depends on the financial institutions you applied to. Repayment ranges from 10 months to 24 months.

3. Peace of mind

Applying for a student loan gives you peace of mind. It reduces the worry about the payment of tuition fees. Student loan provides long-term support. Also, it helps you concentrate on your studies.

Note: Always consider the interest rate of different student loans lending institutions before applying. Also, repayment option to avoid future complications.

Read also: How to apply for a student loan in Ghana

Conclusion

Banks that give student loan in Ghana offer these loans to students with financial limitations. The enticing part of it is that it comes with low interest and loan repayment period. As a student in need of this loan, it is advisable to choose wisely. Having considered the interest rate and repayment duration. Choose not only based on your eligibility but on the interest rate and repayment term you can afford. Alternatively, there are international student loan you can leverage on to further your studies abroad.

Many people struggle with house rent when they lose their jobs. Some are unemployed while others are working. Yet, not all of that money goes around that way. Because of this, you could need a rent loan, personal loan, consolidation loan, or a business loan to fund your expenses. No worries; there are tons of rent loans available in Ghana. This article will provide details about a rent loan and what it entails. In addition, it will provide information about how to apply for a rent loan, as well as a list of financial institutions that provide rent loans.

What you should know about rent loan in Ghana

A rent loan is a personal loan in Ghana that helps individuals both employed and unemployed meet your funding needs for rent payments. You can now get a rent money loan directly from some financial institution in Ghana. They take the financial stress on you by doing the one-off payment while you pay them back later in installments.

 A rent loan can be a short term or long term, depending on your needs. It can also be for salary workers in both government and private institutions in Ghana. Rent loans in Ghana have a competitive interest in a long repayment period. The repayment of the rent loan can be by monthly installment. There are many financial institutions in Ghana that offer rent loans. You are just expected to fill out the forms carefully online or download the forms, complete it and submit offline. Renting a house in Koforidua, Tema, Takoradi, Kumasi and even Accra may require a rental deposit of 12-36 months. You can rent a house in these areas with less worry about a rent loan. Renting loans in Ghana is very affordable. Most rent loans in Ghana go to the landlord directly and not the borrower or applicant.

Learn more about rent loans in Ghana

Who can apply for a rent loan in Ghana?

Rent loans in Ghana are open to all salaried workers. They can be a salaried worker in the private sector, government employee or self employed. Also, business workers can apply for a rent loan.

Requirements for rent loan in Ghana

There is no loan application that does not come with requirements. These requirements show you qualify for the rent loan in Ghana. You need to meet the criteria in order to qualify. Rent loan requirements vary with financial institutions/lenders in Ghana, but they have some things in common. 

Some common requirements for rent loan in Ghana include:

1. Application form (you can either download form or apply online or complete and submit offline).
2. National Identity card.
3. Pay slip of three months (only for salaried employees).
4. Certified bank statements for six months.
5. Age bracket between 21 and 55 years.
6. An assessment of affordability
7. Two sized passport photographs.
8. Post-dated cheques for the duration of loan
9. Employment letter/contract (for salaried employees only)
10. Guarantor (where applicable).

What is the interest rate for rent loans in Ghana?

There is always the need to verify the interest rate for a loan before applying. This helps you know whether you will repay the loan as at when due. Interest rate for loans in Ghana ranges from 3%-10% depending on the lender/financial institution.

What is the minimum amount you can borrow for a rent loan?

Rent amount in Ghana varies with area and nature of the house. Many people have a highly expensive rent, whereas others have less or moderately expensive rent. Whichever the case, various financial institutions are available to tend to your rent, not minding the amount. The minimum amount you can borrow ranges from GH₵500-GH₵1,000,000.

How to apply for rent loan in Ghana

Rent loan is one of the easiest loans to apply as long as you meet the requirements. Having met the requirements, the next thing that comes to mind is, how can I apply?

Below are the steps to apply for rent loan:

Step1: Fill online rent loan application form carefully and submit it to get started.

Step2: After application, they will process your submitted documents to approve them.

Step3: After documentation, they will pay your money directly to the landlord or your account depending within 24hours.

Lists of financial institutions that offer rent loan in Ghana

Various banks/financial institutions offer rent loans in Ghana to help reduce the burden of rent on individuals. The terms and conditions for this loan vary with each institution. Some financial institutions that offer rent loans include:

1. Access Bank Ghana
2. Direct savings and loan
3. Fidelity Bank
4. Jireh microfinance Ltd.
5. Rent masters loan
6. Republic Bank Ghana
7. Sikadan Home Loans
8. Sikamaster loan
9. Societe Generale savings and loan
10. Stanbic Bank Ghana
11. Westlake capital microfinance
12. UBA Ghana

Another option for a rent loan is to get yourself a mortgage or home loan in Ghana

Pros of rent loans Ghana

Applying for rent loan offers in Ghana is free and non-binding until you accept an offer. It has many benefits that encourage people to apply. Some advantages of rent loan in Ghana include:

1. Approval is always fast
2. You can choose your repayment scheme
3. Long repayment period by monthly installment

Cons of rent loan Ghana

Renting loans is very beneficial, though it has some downsides. These downsides sometimes discourage many from applying. Some few disadvantages of rent loans include:

1. They require employer approval
2. You need a guarantor
3. They restrict it to some geographical areas

Conclusion

Saving up for an annual rent payment is an enormous challenge for many people in Ghana. Most people depend on close friends, relations and family to provide a loan to cover their rent. The house rent loan in Accra, Kumasi, and some other places in Ghana can be a significant amount of money. You can avoid rental loans with high interest rates and select the best loan offer for you. Save your time and get the best loan offers through Ghana rent loans with your preferred financial institution.

However, beware of loan sharks who could offer instant loans, emergency loans, or quick loans with hidden charges. Besides that, ensure that you repay the loans you get to improve your credit score.

There are loans for the unemployed in Ghana. Unemployed people have financial obligations they must meet just like employed people. Some people opt to take personal loans to cater to some of their personal needs. Or even get a business loan to expand their businesses and so on. However, there are other types of loans for various needs that you can access from financial institutions. Unemployment could make people have low self-esteem, which could sometimes lead to depression. 

As you read along this article, you’ll know the requirements for unemployed loans, how to apply, interest rates and so on.

About loans for unemployed in Ghana

They designed loans for the unemployed to give people who are not employed funds to carry out their financial obligations. Before lenders give out the loans for the unemployed, they ensure that borrowers have a way to repay.

Because of unemployment, the unemployed people usually have difficulty affording their basic needs. And some of these basic needs could sometimes require a quick loan to get things done immediately. But for them to meet their basic needs, they need money or an adequate source of income. However, there could also be payments to make, like education fees, electricity bills, telephone bills, and so on. Therefore, getting loans for the unemployed in Ghana is a good option to take.

Loans for the unemployed are usually short-term loans. This is so because the lenders want the borrowers to repay the loans easily.

What are the features of loans for the unemployed in Ghana?

Loans for unemployed in Ghana have features of which are among:

1. They are short-term loans.
2. The loans give you small funds
3. Loans for the unemployed do not require collaterals or credit checks.
4. Sometimes they come with high interest rates
5. You must pay back the loan fully to avoid penalty
6. An individual person with inadequate credit issues like; defaults, missed or late payments, bankruptcy and so on can also take loans for the unemployed.

What are the requirements for loans for the unemployed in Ghana?

It is rare, if not impossible, to see a financial institution that gives loans without requirements from the borrowers. There are requirements to meet for any form of loan. Loans for unemployed have requirements which could differ from one institution to the other.

The following are the requirements for loans for the unemployed in Ghana:

1. The applicant must be in between 21 to 60 years old
2. You must be a Ghanaian citizen or resident in Ghana (legally)
3. Must possess proof of address.
4. Provide utility bill less than three months old
5. Proofs of identification such as passport, driver’s license, Voter’s card and so on.

How can I apply for loans for the unemployed?

Getting a loan as an unemployed was difficult. But today, you can get loans for unemployed by doing:

1. Visit the office of a financial institution (lender) that offers loans for the unemployed.
2. Choose an online lender and visit their website with your smartphone, tablet or personal computer. Then apply for the loans for the unemployed after filling an online application form. Fill in some details like; your name, bank account, address, email address etc and then submit.

What are the things lenders test in my loan application?

Lenders test some factors while evaluating your loan. This is because they want to be sure that you will repay the loan after giving it to you.

The following are what lenders test in your loan application:

1. They know you do not have a job at the moment. Therefore, sometimes they might want to know the income of your closest relation (maybe your spouse).
2. The capital money or gains from your investments may be in real estate
3. Your retirement benefits
4. They test your debt-to-income ratio
5. They put your credit score into consideration

How fast can I get the loans for the unemployed?

When in need of a loan, you actually want to be sure of when to expect it. This is because you have needs that require urgent attention. However, you get loans for the unemployed once your application is successful.

How important is my credit score if I want to get loans for the unemployed?

Your credit score is very important for you to get loans for the unemployed. Your credit score becomes very important when you are unemployed. Better are your chances of getting loans for the unemployed when you have a higher credit score. There are lenders in Ghana who offer loans, even if you have a low credit score.

However, in some of these cases, the minimum credit score you may have to maintain is around 600. The credit score requirement will vary from one lender to the other.

What are the cons of borrowing while unemployed?

Loans naturally come with risks to both the lender and the borrower. These risks emanate from the inability to make repayment of the loans.

The following are the risks you are about to take while unemployed:

1. Without a job, you risk missing payments. This can harm your credit score and can worsen your already tough financial situation.
2. Some loans for the unemployed come with high interest rates.
3. You will get a shorter repayment term if the lender is not likely to believe you will become financially buoyant in a short while.

Financial institutions that can offer loans to the unemployed in Ghana

You might not get the offer of loans for the unemployed in all financial institutions in Ghana. However, there are some financial institutions in Ghana that can offer these loans to Ghanaians.

The following are the financial institutions that can offer loans for the unemployed in Ghana:

1. GCB bank
2. STANBIC BANK
3. FIDELITY BANK
4. FIRST BANK
5. FIDO MONEY LENDING LIMITED
6. FAST-TRACK MICROFINANCE BANK

Conclusion

Loans for the unemployed help people without jobs to meet their financial obligations. Besides that, the unemployed can now cater for unforeseen circumstances because they have the funds to do it. However, the unemployed should beware of the risks that come with loans. Therefore, they should ensure to pay back the loans after getting it. Ultimately, borrowers should beware of loan sharks who would normally offer too-good-to-be-true loan offers and get loans from credible lenders.

You could use a long-term business loan in Ghana to grow your business more conveniently. Growing a business and sustaining it at the same time in Ghana is not a simple task, as it requires proper funding. Notwithstanding the actual need for the business finance, paying for enormous business expenses upfront is difficult. However, if splitting out your enormous business expenses over a longer period is helping you. Then a long-term business loan will be the right choice for your business. Long-term business loans have helped many business owners in Ghana so much. In this article, you will find the meaning of long-term business loan, how it works, who is eligible. Also, interest rate, financial institutions that offer business loans and other details.

What is a long-term business loan?

A long-term business loan is a financing you can use to meet the urgent needs of your growing business. It has a very long repayment period and involves a sizable amount of money.

How does Long-Term business loans work?

It is a loan that the financial institution or lender offers a borrower for a business purposes. Those business purposes range from purchasing business equipment to real estate.  A long-term business loan has a long repayment period up to 30years, depending on the financial institution. 

Long-term loans help businesses by providing funds for financing the business. The business owners in return pay back this money in fixed amounts with interest.

What duration of a Long-Term Loan can I get?

The duration of a long-term loan varies with financial institutions, the amount involved also, the purpose of the loan. The name ‘long-term’ loan is on the repayment period. Repayment period for long-term business loans in Ghana ranges from 10 years to 20years.

What kind of interest is in a long-term business loan?

Every loan has an interest rate, long-term business loans are not an exception. Though interest rates vary with financial institutions and the amount involved.do not come with set interest rates. Interest rates for long-term business loans often depend on the credit history of the borrower. Having an excellent credit history can cause getting an interest of 5%.

Meanwhile, businesses with poor credit histories or start up business interest rates range from 20% to 30%. 

Who is eligible for long-term business loans?

Any legitimate business owner is eligible to apply. The prospective applicant must own 20% of the business if the business is a joint business. You should also make sure you register the business before you can qualify to apply for long-term business loans.

The prospective applicant must have a credit score of 600, though most financial institutions require a higher credit score. This helps the terms and interest rate to be favourable.

Also, some financial institutions require the business to exist 2years or more before applying for long-term business loans. Any business that makes an excellent annual revenue is also eligible to apply for loan.

Can a business with bad credit be eligible for this loan?

Businesses with bad credit are not eligible for long-term business loans. Reason for this is that many financial institutions in Ghana have high credit score requirements. They only offer loans to businesses with credit scores of 600 and above.

However, there are some alternative lenders in Ghana that offer long-term business loans but with high interest rates. In such cases, the credit score will not be below 400. It is always advisable to boost your credit score before applying for long-term business loans.

Can startup businesses apply for long-term business loans in Ghana?

The business you wish to apply for long-term business loans in Ghana must be 2years and above. The chances of startups getting long-term business loans is very thin in Ghana. 

What are the uses of long-term business loans?

There are many aspects of a business where we can use long-term loans for. Many business needs require a vast amount of money that only long-term loans can handle.

Some uses of this loan in Ghana include:

1. Get new employees
2. Renovation of business premises
3. Improving existing facilities
4. Purchase of real estate
5. Refinance existing business debt 
6. Purchase of business vehicle
7. Business growth
8. Purchase of expensive business equipment
9. Business expansion
10. Purchase of supplies or inventory

Note: The key thing to note is that long-term business loans are for any business purpose. 

What are the pros of long-term business loans?

The urgent need for long-term business made some not to consider the benefits and downsides before applying. Some benefits of long-term business loans are:

1. Long-term business loans have low interest rates
2. It has a very long repayment period up to 20years.
3. It involves small monthly payments.
4. You can use a long-term business loan for debt consolidation.

Cons of long-term business loans in Ghana

Despite the benefits of long-term business loans, it still has downsides. These downsides are things you think through before applying for long-term business loans. Some downsides of long-term business loans include:

1. Variable Interest Rates
2. The overall cost is very expensive.
3. It requires collateral.
4. They require high credit.
5. The approval process is always long.

List of financial institutions that offer long-term business loans in Ghana

Below are some financial institutions you can apply for business loans. They include:

1. Ecobank Ghana
2. Bank of Ghana
3. Electronic Gateway Consult
4. First Havila Investment Group limited
5. Access Bank Ghana
6. Bailey Finance
7. Broadview Consult Ltd
8. Cyberfix.pro
9. Social security and National
10. Insurance Trust
11. Mc Carthy microfinance service
12. UT Bank Ghana Ltd
13. JSH Finance Limited 
14. Kruger financial loan services
15. Standard ford Trust
16. First allied saving and loans
17. Company limited
18. Stable capital ltd
19. Express savings and loans
20. Ghana Commercial Ran
21. Johnson savings and loans ltd
22. Katamanto savings and loans co.ltd.
23. Union savings and loans Co. ltd.

Conclusion

A long-term business loan can be a sure way to fund businesses that require enormous expenses. However, to get the best out of long-term business in Ghana, you need to do thorough research. After that, you consider your credit score before applying to your preferred financial institution. Long-term business loans in Ghana also have a low interest rate that helps you grow your business to a greater level. Alternatively, you could try out business startup loans in Ghana to start-up a new business. However, you could also try out a long-term personal loan to cater to your needs and repay conveniently.

Mjara loans (even for mobile wallet) could be the loan option to consider. Financial challenges normally require you to source for fund. Sometimes mobile wallet funds could be among the options you could explore. Some financial commitments could require you to get a loan to solve them. And these commitments could require loans like; student loans for payment of school fees, business loans for business expansion, and so on. The requirements, how to apply for Mjara loans and so on are inclusive in this article.

About mjara loan

Mjara loans are a new service for the Ghanaian market. It is a service that gives users access to about 40% of their monthly salary in advance. Their loans are a mass-market mobile money based loan product. Their loans build on the company’s existing loan products. The loan is for people who appreciated the convenience the mobile money service offered . Their loans resolve the problem of long processes that people undergo in a bank while applying for loans by making sourcing for loan simple, quick and convenient loans through the mobile phone. Mjara loans remove inaccessibility and the rigorous process of applying for loans from traditional institutions.

What are the Mjara loans requirements?

There are always requirements you must meet to get any form of loan across every financial institution.

The requirements for Mjara loans are:

1. Anyone interested in their loan goes through a vetting period, on which they assign a credit limit.
2. They require mobile money users to register with GHC30 within 3 months.
3. Be a mobile network user.
4. You must be 25 or above.

What are the Mjara loans’ minimum and maximum loan amount?

It is important to know the minimum or maximum loan amount before getting it. Their loans minimum loan amount is GH₵100 and maximum of GH₵2,500.

How to apply for Mjara loans

You can access the loan online through your mobile phone, tablet or personal computers. 

You can apply for Mjara loans through the following process:

1. Visit their website on www.mjara.com
2. Fill in the form (your details) correctly and submit.
3. Dial  *565*5# on your mobile phone
4. Input the desired loan amount. 

The credit decision takes place immediately. They take this decision from the assessment they immediately make the funds available in your mobile wallet.

What are the Mjara loans interest rate?

There is usually an interest rate attached to various types of loans. Knowledge of the interest rate helps you to decide whether to take the loan or leave it. This actually depends on your financial capabilities. However, the interest rate on Mjara loans is 4%.

Do I need a collateral or guarantor for Mjara loan?

Usually, before you can get a loan from a traditional institution, you must provide a guarantor. Their loans do not require paperwork, guarantor to stand-in for you or collateral as security. Their loans can be very easy, fast and confidential.

How fast do they release their loans?

Immediately after the vetting period, they release the loan to you. The vetting period is usually from a few hours to a couple of months.

What are their repayment terms?

You can repay the loan by monthly installments of GHC. It could take monthly deductions from 2 weeks to 3 months deductions to repay the Mjara loan. 

Conclusion

Mjara is a mobile money based loan product you can access through your mobile phone. This makes all transactions to occur on the phone. Therefore, eliminating the stress of queuing in traditional institutions for a loan that you might not get. They make it available to mobile network users. It is easy, fast and convenient means of financial aid.

Student financial aid for international students is the fund they offer students in order to help them fend for their studies abroad. This financial aid comes with very little interest rate and it’s payable upon completion of education. Many students who get admission to study abroad or outside their country most times lack the finance to fund their studies. It’s always important to analyze the cost of study and how to source resources when you are about to study abroad. Meaning of student financial aid for international students, reasons for the loan and so on are all-inclusive in this article.

What is Student Financial Aid for International Students?

Student Financial Aid for International Students is the financial backup (loan) that can cover the entire cost of your college or university education. You can use the cash for tuition, books, supplies, housing and board, travel and transportation, and living expenses, etc. To learn what lenders are available to you, use our comparison tool.

Reasons For Student Loan

Many students desire to study abroad but do not have adequate financial support from their personal savings, family, and friends. But with student loan there is hope for students who want to study abroad. However, there are so many reasons an international student should go for student loan and they include:

1. Tuition fees

Because some students cannot afford the tuition fee which is usually paid annually. There is a need to apply for a student loan to accommodate such expenses.

2. Personal Needs

Apart from academic life, students face a lot of life challenges daily, which mostly are his/her personal needs, ranging from gaining other life skills while studying, medication because of ill health, and lots more. All these are so demanding on students and require financial attention, which can prompt you to go for a loan.

3. Low Interest Rate

Most government student loans have little interest rate, which they don’t even expect you to pay while in school. You are to pay back when you earn upon completion of your studies.

4. Hope to study in your choice Institution

Student loans for international students ensure students study in the institution of their choice regardless of status and family background. 

5. Standard of living as a student

Only the thought of the standard of living abroad is enough to discourage an international student from going for his/her dream career. However, with student loan, student can access funds which cover their living expenses for the duration of their studies.

Uses of International Student Loan

You can use international student loans for various purposes. And this ranges from students’ daily needs, tuition, books, research, to career investment.

Available International Student Loans include:

1. MPower Financing: This Loan is open to undergraduate students. It does not require a cosigner and the interest rate is very low and affordable.
2. Prodigy Finance: This is open to graduates and post graduates students and it requires a Co-signer.
3. Ascent Student Loans: This is open to all international students, both undergraduates and postgraduates.

Advantages of student loan for Students International Loans

1. Helps you afford your dream College.
2. It enables you to pay your tuition fee and other academic expenses.
3. It comes with a low-interest rate.
4. You can now apply for a student loan online from the comfort of your home.

Things worthy of note in other to repay student loan

1. Knowledge of the amount of the debt

This enables you to make plans of repaying the loan prior to the deadline

2. Judiciously using the loan stipulated period

This ensures you plan earlier on how to repay the loan while you make the best use of the loan duration. Meanwhile, any plan of repayment that does not work out as planned, there is always a need to re-strategize.

3. Getting a job while studying

As much as you should repay the student loan after completion of your education, you can as well get a job while studying or while in school, which is a part-time job. This will go a long way in helping you clear the loan even while in school.

Conclusion

Student loans for international students give hope to a lot of students who have an interest in studying abroad to actualize their dream. Even when they are financially unstable, student loans can assist them to attend their dream school and pay back the loan upon completion of their studies. You can give it a trial today. However, you can even learn more on how to apply for a student loan in Ghana as an alternative. Besides that, you’d need to know banks that give student loan in Ghana for it to be easier for you to apply appropriately.

Seed Fund Savings and Loans partners with business owners to grow their businesses. Sometimes you could have new business ideas and strategy, but lack the capital with which to start it and grow it. The Seed Funds is a customer-focused financial institution that partners with individuals to start and grow their businesses to the next level with loan offers. This article contains all you need to know about the Seed Fund Savings and Loans.

About Seed Funds Savings and Loans

The seed fund savings and loans company is a financial institution that delivers value adding products and services to customers. Furthermore, the company does this through the combination of people, technology, service and adequate capital. They have a vision of being the most referenced financial institution in the country by the end of 2019 and in West Africa within ten years of operation. They have a board of directors that foresee the affairs of the financial institution.

What are the minimum requirements for getting a Seed Fund loan?

Every lender typically sets out a list of requirements that every borrower must meet in order to qualify for the loan they offer. The following are the minimum requirements for Seed Fund Loans: 

1. The business owner’s credit score
2. The credit score must be 680 or higher
3. Consistency repayment history
4. Any type of business is eligible

How to apply for Seed Fund loans

If you are a business owner and you intend to apply for seed fund loans, having met the above requirement. You can either apply online or visit their office. You can use the following guidelines to apply for seed fund loans:

1. Get the application form online or from their office
2. Fill in the required field
3. Accept the terms and condition
4. Sign and submit your document for processing

How fast do Seed Fund release funds?

It is important to know when to expect the fund you need to meet your financial commitment. After successful application, documentation and processing, they usually disburse their loans within 48hours.

Products offered by The Seed Funds Savings and Loans

The Seed Funds Savings and Loans offer an array of financial services ranging from banking, loans, and investments. They offer tailor-made loan services to their customers in partnership to grow their business operations.

The following are types of loans offered by Seed Funds loans:

1. TSF Port Clearing Loans – This loan is given to avoid the cost of demurrage when clearing your goods from the port.
2. Working Capital Loans – Giving you the required capital to fund your business
3. TSF Salary Plus Facility Loans – Loans for salary earners
4. LPO financing with TSF
5. Consumer Loans – Loans designed to meet household needs
6. The TSF government sector loans.

Read also: Best Point Savings and Loans

What is the interest rate of Seed Fund Savings and Loans?

Before accepting any loan offer, ensure you know the interest rate that comes with the loan. Interest rate on the Seed Fund loans ranges from 5% to 7% annually, depending on the type of loan.

Pros of seed fund loans

No business can grow successfully without adequate funding, either through personal savings, family and friends contributions or loans. You can gain the following if you get a seed fund loan to start or grow your business: 

1. The business agreement is always flexible
2. It enables you to build relationship and network of people
3. There is usually no debt financing

Cons of seed fund loans

As much as there are things to gain from seed fund loans, there are factors that are still to be considered as a disadvantage for sourcing loan from seed fund loan. These factors include:

1. It may lead to diversion of fund
2. It may limit future profit during the first stage of the business growth.
3. There is high risk involvement

Restrictions

There are no restrictions on Seed Fund Savings and Loans.

What are their contact details?

For more enquiries, you can contact them through:

1. Physical Address: Plot 32, 6th Circular Road, Cantonments, Accra.
2. Telephone: +233-303-932153-4/0303 932 160
3. Email: info@theseedfunds.com

Conclusion

Seed fund savings and loans partners with business owners to grow their businesses. They offer loans with very low interest to enable their customers to repay with convenience. They also offer a very long repayment duration that ranges from 12 months to 6 years, depending on the contract. You can seek financial aid with seed fund savings and loans to grow and expand your business today. Speaking of growing your business, you could also consider either business loan or SME loan.

A business startup loan helps start-ups to purchase equipment, machinery, inventory, supplies, furniture and many more things for the business. Insufficient capital to start-up a business has been one of the significant challenges new businesses face. Through this type of business loans, fast-growth companies can gain up to millions of cedis that they can invest, network and grow their company. The meaning of business start-up loans, how to apply, features and many more are all-inclusive in this article.

What is a business start-up loan?

The initial growth of a new small business can not be possible without the support of a capital. 

A business startup loan is the type of loan that helps start-ups to purchase equipment, machinery, inventory, supplies, furniture and many more things for the business. However, business startup loans can either be short term or medium-term loans.

What is a short-term business start-up loan?

The short-term business start-up loan lasts for twelve (12) months and is for financing the daily working capital requirements of the customers.

What is a medium-term business start-up loan?

The period for medium-term loans ranges from twelve (12) months up to thirty-six (36) months.. This enables customers to meet their capital expenditure (capex) requirements, with repayments being made on a monthly basis.

Note: The Interest rates on both the short-term loan and the medium term loan in Ghana depend on the risk profile of the applicant.

What are the requirements for a business start-up loan?

There are requirements you have to make available for you to get a business start-up loan. The following are what they require you to provide to get a business start-up loan. Although, they might not be all-inclusive because these requirements vary from one financial institution to the other.

The following are the requirements:

1. Your business registration documents
2. Six months’ statements from one or two banks
3. Financial statements and cash flows for 3 years
4. The valid collaterals include; landed property, bank guarantee from a reputable bank, cash or investments (treasury bills)
5. Credit bureau report that is favourable
6. You may need to meet other requirements subject to specific borrower conditions.

Who is eligible for the business start-up loan?

All Ghannian entrepreneurs are eligible to support their businesses with start-up loans.

How to apply for business startup loans

Having known the eligibility for business start-up loans, you would want to know steps you can take to apply for a business start-up loan

The step-by-step method of application will help you go along way in successfully applying for the loan:

1. Choose your preferred financial institution for the loan
2. Download the application form or go to any of their office branches in Ghana.
3. Complete the field
4. Upload or attach documents
5. Submit and wait for feedback from the financial institution

What is the interest rate for business start-up loans?

Before you apply for a business start-up loan to birth and grow that business. It is advisable to know the interest rate attached. The interest rate for startup loans is very competitive. Because of this, there is no specific interest rate for a start-up loan. It varies from one lender to the other.

What are the features of business start-up loans?

Are you entrepreneur inclined? Or you have some business idea you want to develop or grow? You need finance to birth and grow the business.But There is a need for you to know the features of business start-up loans. Below are some features of business start up loan:

1. It has collateral requirement
2. The loan can be up to GH₵100,000, GH₵500,000 or even more, depending on the lender.
3. It requires a guarantee from your friend or relative
4. Loan turnaround time of 48 hours

Loan duration for business start-up loans

Knowledge of how long a business start-up loan can run helps in the loan’s repayment, which ranges from 6 to 12 months, 2 to 5 years, or even more. It depends on the repayment terms that the lender and borrower have.

What are the government loans for businesses in Ghana? 

The government of Ghana established some loan initiatives for the businesses of Ghanians. This is in order to help them establish and grow their businesses.

The following are government loans for businesses in Ghana:

1. CAP-BuSS Initiative

This scheme bears The Corona Virus Alleviation Programme – Business Support Scheme (CAP-BuSS). The Ghanaian government established it in order to help micro, small and medium-sized enterprises (MSMEs) in Ghana. 

Also through this scheme, the government, through National Board for Small-Scale Industries (NBSSI) collaborated with financial institutions. To roll out a soft loan scheme with a one-year moratorium and two-year repayment period for MSMEs.

Consequently, to provide emergency relief funds for MSMEs and entrepreneurs in Ghana. Besides that, they aim to establish a comprehensive and financially sustainable emergency relief fund package for MSMEs.

2. Covid-19 Alleviation and Revitalization of Enterprises Support (CARES) programme

The Ghanaian government established this programme to help businesses bounce back from the adverse effects of Covid-19 in Ghana.

3. MASLOC Ghana

Microfinance and Small Loans Centre (MASLOC) is a microfinance top body in Ghana. It has the responsibility to implement the Government of Ghana’s (GoG) microfinance programmes targeted at reducing poverty. Consequently, start-ups and small businesses can have micro and small loans through MASLOC. And this comes with accessible microcredit and small loans. In order to grow and expand their businesses in order to enhance job and wealth creation.

4. NBSSI Ghana

They are a non-profit public sector organisation that is under the Ministry of Trade, Industry and Presidential Special Initiatives. 

The Government believed in the sector’s potential to contribute immensely in reducing the high unemployment rate in Ghana. Besides that, they have to develop the human resource and the structures. And also to give MSEs the access to high-quality business development services which promote their growth and competitiveness.

What are loans for small scale business in Ghana?

There are some loan options that small-scale businesses in Ghana can try out.

The following are the loan types for small-scale businesses:

1. Capital Markets and Equity Loans (Facilities)

2. Personal Savings as Start-Up Loans

3. Bank Loans (Debts)

4. Home Mortgage Finance and Loans

5. Hire Purchase Finance and Loans

6. Leasing Finance and Loans

7. Informal and Formal Supplier Credit Loans

What are the pros of a business start up loan?

Although there are benefits of receiving a startup business loan in Ghana. There are also some disadvantages to consider when applying for business start-up loans. Always remember that your business is new. It takes time to determine what your business’ needs are.

The pros include:

1. The start-up business loan helps to separate your business’ finances from your personal finance.
2. It helps you to have enough funds to start-up your business. You may need more than you can borrow from friends, savings, family, or credit cards to grow the business.
3. The business start-up loan helps you to keep ownership of your business. Besides that, it helps start-up business shun investors who might want to control your business. 

What are the cons of business startup loans?

Business start-up loans have downsides too. But the advantages can overshadow the downsides. 

The cons include:

1. It can restrict cash flow in your business when you have monthly payment obligations
2. Your personal credit score may be at risk if the business defaults to make the loan payments
3. You might not know how to use the loan yet as a new business owner. 

Conclusion

There’s no doubt that business start-up loans encourage the dreams of starting a business. This is because it by far reduces the financial problems for business owners. Therefore, it enables them to hold their heads high and face whatever situation could come their way (financially) as they enter the market.

Rightly said, business startup loans help provide the capital for the purchase of equipment, inventory and payment of workers’ salaries. The business start-up loans are the hope for the new businesses. And for this, new businesses should not worry about finances anymore.

Car loans in Ghana are typically for salaried individuals who have a steady source of income to repay the loan. Owning a car has always been a major necessity in today’s society. However, lack of cash flow has become an impediment for many people from getting such loans. Therefore, as a salary earner, it is good to know the ways you can buy a car and repay later. Obviously, you can achieve that by getting a car loan from a credible lender or bank, you know. The banks that offer car loans in Ghana, requirements, and how to apply are all-inclusive in this article. 

What you should know about a car loan in Ghana

Vehicle and Asset Finance (VAF) is a medium-term facility for salaried and non-salaried customers. They help these customers to purchase assets, such as vehicles of various types and power generators.

Car loan is a type of loan or financial aid for majorly salaried individuals, who intend to own a car. However, insufficient fund limits the type of car the borrower can actually get. In Ghana, some people make a lot of car savings. And there are loan companies available to meet the needs of these people.

What are the requirements for car loans in Ghana?

Before you apply for any loan, car loan inclusive. What first comes to your mind is what and what do I need for the loan. The knowledge of the basic requirement is the first step that confirms your eligibility for the loan. Below are the requirements for car loans in Ghana:

1. Applicants must be employees who earn a salary worker.
2. Maximum amount of GH₵‌150,000.00
3. Maximum facility tenor is 48 months
4. Vehicle must be brand new
5. A complete loan application form
6. Signed customer’s request letter
7. Copies of most recent pay slips of 6 months
8. National identification
9. One passport photograph

Note: For the first bank car loan, download the first bank car loan form. Fill the form correctly, upload the required documents and submit at the nearest first bank branch.

What is the minimum amount for Car loans in Ghana?

It is important to know the minimum amount of loan obtainable for a car loan in Ghana. This will help you make plans on how you’ll manage the fund. For Car loans in Ghana, there is no actual minimum loan amount. Probably you can borrow all you need to buy the car.

Meanwhile, some savings and loan companies have limitations to the maximum amount you can borrow. This is regarding your salary scale or credit score. But there is no limitation to the minimum amount.

If you want to buy a car on credit in Ghana with a loan, this is what you should know about the process;

1. Approach a credible financial institution

There are credible financial institutions that offer affordable car loans. Once you apply for the loan, the banks will assess your eligibility and they will decide on whether you qualify for the loan you are asking for.

2. Some car dealers will allow you to buy a car now and pay later in Ghana

They will require you to have a minimum percentage of the total price of the car. For instance, a car dealer may decide that you should pay 50% of the total price of the car first. So if the car you want to buy costs 1 million cedis, you will pay five hundred thousand cedis at the time of purchase.

3. You need a written agreement on the time limit for the repayment

Some dealers give the buyer an option of negotiating the time that is convenient for them. While some others fixed a time of repayment for the buyer. Go for the dealer whose terms you are comfortable with.

List of banks in Ghana that offer car loans

There are loan companies and banks that offer car loans in Ghana. They include: 

1. Universal microfinance
2.  Izwe savings and loan Kotobabi
3. Advance Ghana saving and loan, Newtown branch 
4. Societe Generale 
5. Stanbic Bank Ghana 
6. First bank Ghana 
7. Republic bank Ghana 
8. Calbank 
9. Microfinance and small loan centre (MASLOC)
10. AIDEZ small project international and so on.

Things to expect for car loans in Ghana

You need to note what you will get from the car loans before applying. This helps you to know the things to expect from the loan company. Though this varies regarding loan companies, but applies to most of them.

Things to expect includes:

1. GH₵‌100 as the minimum overdraft limit
2. There is no limit to maximum overdraft
3. Monthly repayment of used limit or 30 days of a clean-up cycle
4. 60% advance of your disposable net monthly salary
5. Life insurance credit premium of 0.84% on approved limit against permanent disability and death
6. Interest depends by overdraft used each month
7. Facility fee of 2% charged on agreed limit and at each renewal

How to get Stanbic car loan

If you want to apply for a car loan with Stanbic Bank Ghana, it’ll be a lot easier if you have an account with them or work for them.

The following are the steps below for the application:

1. Work for Stanbic profiled organization
2. You must earn a minimum salary of GH₵‌400 per month
3. Minimum salaried account relationship of:

• One month – Workplace Banking Scheme companies/organizations
• Three months–non-Workplace Banking Scheme companies/organizations
• Customers with salaried Stanbic Current Account

You need to fill in a Personal Salary Advance application form and attach the documents below:

1. Previous statement of account
2. Pay slips from the past three months
3. They will approve overdrafts subject to a positive reference from the credit bureau.

CalBank Auto loans

They make car loans available to individuals, consultants, and workers who earn salary with recognized working institutions to get a car for personal or company use.

The following are the features of CalBank Auto loans:

1. Loan Repayment: Annuity payment Method
2. Duration: 60 months or lesser.
3. Personal Guarantee of applicant
4. Provident Fund, if any.
5. Vehicle registration and insurance in the joint names of CalBank and client.
6. Debt Burden: Not over 45% of income.
7. Pricing: CalBank Base Rate + Agreed Margin.
8. Arrangement and processing fees: 3%.
9. Maximum Loan: The Bank gives up to 80% of the worth of the vehicle.
10. Readily available credit timely.
11. Flexible terms of repayment.
12. A team of dedicated account managers shall give prompt advisory services.

Eligibility for CalBank loan

Before you can get a car loan from CalBank, there are certain requirements you must meet. They are;

1. Minimum Salary: GH₵‌500.00.
2. Age: 18 -53 years.
3. Employment Records: minimum of 6 months or at the discretion of the credit manager.
4. Account History: Bank Statement of six months from clients with account relationships with other Banks.
5. They shall notify clients on monthly loan repayment via our CalBank Alert.

Some benefits of car loan in Ghana

Applying for car loans comes with benefits. You may wonder what you could gain after getting a car loan.

The following are things you stand to gain, they include:

1. Suitable terms
2. Self-service
3. Currency Options
4. Flexible repayment duration
5. Competitive interest rate

Conclusion

It’s essential to know whether you can repay a loan even before getting it. This is because, if you cannot repay your loan, you’ll find yourself in a worse financial situation than you were. Besides that, you might end up being blacklisted by credit bureaus in Ghana. There’s need to be a salaried worker as the repayment for the loan is by monthly installment from your salary. However, there are also loan options for the unemployed to fulfill their financial commitments. That aside, but beware of loan sharks who would offer you loans without revealing hidden charges that come with those loans.