Direct savings and loans is a financial institution in Ghana that majors in giving loans to individuals. Financial obligations normally require funds and individuals need funds to meet their financial obligations. Also, this situation doesn’t consider whether an individual is financially buoyant. All it demands is rapt attention to whoever is at its receiving end. But as an individual who needs funds to get things done. What else could you do when you don’t have any other means of getting funds immediately? In this situation, many people get a personal loan, business loan, travel loan from a notable financial institution. Also, Direct Savings and Loans are at the forefront of providing loan offers to their customers. In the rest of this article, you’ll see all about Direct Savings and Loans, products and services they offer, etc.
About Direct Savings and Loans
Direct Savings and Loans Ltd is a banking institution in Ghana. Bank of Ghana licensed them to operate in Ghana. They operated as Express Capital Microfinance Ltd until 6th June 2017. Thereafter, on 19th June 2012, they incorporated it and they have been operating since July 2012. Their major duty is to provide banking services to micro, small and medium enterprises (MSMEs). Besides that, traders, market women, salaried workers and the self-employed have access to their banking services.
What are the products and services of Direct Savings and Loans?
Direct Savings and Loans offer various products and services to their customers. This offers loan options and other services to a distinct individual’s financial capability.
The following products and they offer their customers:
- Savings Accounts
They provide an interest earning account for savings and limited transactions.
- Target Client are all customers
- Minimum Amount of loan is GHS 20
- You have an initial deposit of GHS 50
- The interest rate is 5% per annum
- The loan maturity is N/A
- Withdrawal frequency is a maximum of 4 times a month
- They calculate your interest, payment daily and pay you monthly.
- Susu Account
This account helps customers to earn interests. It helps customers to save regularly for personal or business purposes. Besides that, it has the benefit of taking Susu loans.
- Their target client is all customers
- The minimum loan amount is GHS 20
- It has an initial deposit of GHS 20
- With an interest rate of 5% per annum
- It has the maturity of N/A
- The account has a withdrawal frequency maximum of 1 withdrawal per month
- They have other features such as; using deposit balances as cash collateral. You can also use it to qualify for a loan of up to 2 times the value of cash collateral.
- Current Account
They offer both personal and business current accounts for their customers.
- Personal current account: It is a current account for personal transactions, and it has zero maintenance fees.
- It is for all customers
- Minimum amount–N/A
- Initial Balance–N/A
- Interest Rate–N/A
- Withdrawal frequency–N/A
- Maintenance/service fees–N/A
- Business current account: This is a current account for business and operational transactions.
- The target client is all customers
- Minimum amount–N/A
- Initial Balance–N/A
- Interest Rate–N/A
- Withdrawal frequency–N/A
- It has a maintenance or service fee of GHS 12 per month.
Direct Savings and Loans offer various forms of loans to borrowers. And they include individuals and Small and Medium Enterprises (SMEs). Under this loan product, they have:
Direct SME Loan
They designed SME business loans to meet the needs of businesses. Also, businesses are growing and need working capital to support development. They process their loans quickly (usually in three days) once the documentation is right.
- The loan tenor is a maximum of 12 months
- Repayments take place usually weekly, bi–weekly and monthly.
- The minimum loan amount is GHS 20,000.
Direct Anidasoo Plus Loan
This is a hybrid of their SME and Anidasoo Loan products. They designed it for customers who may require some mixability.
- The loan tenure exists to a maximum of 6 months.
- Repayments of the loan occur bi–weekly or monthly.
- The minimum loan amount is GHS 10,000.
- The maximum loan amount is GHS 30,000.
Direct Anidasoo Business Loan
They designed this loan product for micro and small business to meet their credit needs. Especially for stock, expansion of business, etc.
- It has a loan tenure maximum of 3 months
- The repayments are strictly 12 weekly instalments
- Its minimum loan amount is GHS 1,000
- Its maximum loan amount is GHS 20,000.
Direct nkabiom Business Loan
This is a loan product they designed for micro and small businesses customers. Typically, for those who may not meet the requirement of independent guarantors for their loan applications. It allows group members to operate in the same geographic location and trade in similar or the same products.
- The group should comprise 3 to 5 members.
- The members of the group serve as guarantors for each other. There is a share of risk over the group.
- Repayments for the loan are strictly 12 weekly instalments. The group appoints a leader and an assistant. And they should be responsible for the weekly mobilization of the loan payments for the group.
- The loan tenure is 3 months.
- It has a minimum loan amount of GHS 1,000 per group member.
- The maximum loan amount is GHS 5,000 per group member.
Direct Bullet Loan
They designed their bullet loan to cater to emergencies or quick turnaround situations. However, this loan product is more suitable for business customers with seasonal activities and it shows irregular inflows. Therefore, this product allows flexibility.
- It has a loan tenure of 6 months maximum. After which you repay the loan amount they gave you with interest.
- The minimum loan amount is GHS 1,000.
They designed this loan product to support the short term working capital gaps in the operations of their customers.
- The loan tenure is a maximum of 6 months
- The minimum loan amount is GHS 5,000
- It has a maximum loan amount of GHS 100,000.
Direct Personal/ Salary loan
They designed this loan product to support the short term financial needs of their customers.
- The loan tenure is a maximum of 12 months
- It has a minimum loan amount of GHS 5,000
- It has a maximum loan amount of GHS 20,000
Direct Service Loan
This is a scheme loan facility they designed for National Service Personnel (NSP) in the public sector.
- It has a minimum loan amount of GHS 100
- With maturity of 1 to 10 months
- Its repayment frequency is usually on monthly installments
- The interest rate is 6.50% pm
- Fees – NIL
They offer two major investment products to their customers. They are:
Direct Fixed Deposit
This investment account is lucrative, starting from GHS 1,000. It also has fixed maturities customers can choose from and they can top-up at maturity only.
- Their target client are all their customers
- Its minimum amount is GHS 1,000
- It has maturity of 3 months, 6 months & 12 months
- With interest rate depending on your amount and duration
- You can only pay your interest in maturity and they also have rollover options.
Direct Invest Account
This is a short to medium term savings booster with higher interest rates for balances. You can start this investment account with GHS 100 and they allow regular deposits.
- Their target client is all their customers
- It has a minimum amount of GHS 100
- With an interest rate of up to 10% per annum. And it depends on your savings balance.
- They calculate your interest payment daily, and they pay you monthly
- They also allow another feature, such as periodic deposits.
Direct Savings and Loans have financial advisory services they offer their customers. This service comes in two ways namely; investment and lending.
They have a team of financial advisors whose mission is to spend time with their clients. Also, they ensure that they clearly understand various savings and investment products they offer. They encourage their customers to understand their products before deciding on their investment path.
They also help organize the financials of their clients. They do this without proper accounting documents. And this is to aid in granting loans that would only set their clients to succeed and grow.
You can also read up on Fido Lending Services.
With this remittance service, you can receive money easily from any part of the world.
What are the features and benefits of Direct Savings and Loans remittance service?
There are some benefits you can get through the remittance service of Direct Savings and Loans. They are:
- It is a reliable, fast and convenient way to receive funds from overseas.
- It is available at all Direct Savings and Loans branches.
- Direct Savings and Loans customers and non-customers can use it too.
- The service is fast.
- Their environment is serene and safe.
You can also read more about Multi Credit savings and Loans.
What are the requirements for Direct Savings and Loans remittance service?
- Have money transfer reference number.
- A national ID such as; passport, voters ID, driver’s license that is valid.
- Provide your mobile phone number.
- They would require you to answer test questions (where applicable).
What are the contact details of Direct savings and loans Ghana?
If you need further inquiries on Direct Savings Savings and Loans Ghana. You can use any of the following details:
- Address: 42A, Asafoanye A. OpekuAvenue, North Dzorwulu, Accra. Off the Fiesta Royal Hotel and GIMPA Road.
- Phone number: +233 303 969 550
- Email address: firstname.lastname@example.org
Most times, uncertainties could make you seek cash flow or funds in personal or business situations. And getting a loan can be a reliable financial backup you could use to pull yourself out of such terrible situations. However, Direct Savings and Loans understand the need to financially advising their customers about their products. Also, this helps the customers to make the best financial decisions for themselves. Besides that, they help advise their customers to invest their money wisely. However, repayment of the loan after getting it improves your credit score. This is because avoiding to repay your loans will ultimately reduce your chances of getting a loan in the future.