There are so many ways to get money to solve your needs. Loan sharks are a terrible option to get money. Since they do not operate legally, it is possible for you to land yourself in a worse financial situation than you were earlier. There are credible lenders, like Fido money lending, which offers loans to borrowers even within one business day. It would be very nice to try it out, especially when you need cash urgently in Ghana. About Fido money lending, reasons to get a loan from them, how to apply, etc are all-inclusive in this article.
About Fido Money Lending Limited (FIDO)
Fido Money Lending Limited is a financial institution that exists in Accra. Bank of Ghana gave Fido Money Lending Limited the license to operate in Ghana. They offer short-term loans that are fast and convenient for Ghanaians, which they call FIDO Loans. They operate mainly through their robust digital online platform. And to apply, borrowers can do that through their mobile phones and get the loan decision within a few minutes. Salary earners, contracted and self-employed professionals have access to the loans.
With one time verification of your ID and your mobile money account will be enough to get you the loan.
They also do not require collateral or guarantors before you can get the loan. Making the loan application process quite easier and enabling quick decisions. And because of this, borrowers can get their loans within one business day.
Fido money lending limited offer these loans to borrowers to assist them with urgent cash needs, and not for long-term purposes.
Fido money lending app download
The FIDO money lending app has over 23,000 users and with 4.2 rating on Google play store.
They created the FIDO money lending app to make it easier for Ghanaians to apply for loans. This helps them to apply for loans from any place.
What are the requirements for Fido money lending limited?
Lenders typically require certain information on you in order to approve loans you apply for. They will need this information in order to evaluate your application. Additionally, these requirements are essential for document and reference purposes.
The following are the requirements for the FIDO loans:
- Get your valid ID (voter’s ID and biometric passport)
- Bring a mobile money account that is at least 2 months old
- Be a Ghanaian or a resident in Ghana over 18 years of age.
What is their minimum and maximum loan amount I can borrow ?
You must consider where you can get the amount of loan you need whenever you need one. The minimum amount of loan you can get from FIDO money lending limited loans is GHS 200. Whereas their maximum loan amount is GHS.
How can I apply for the FIDO money lending limited loan?
Ways to apply for loans differ across financial institutions. And because of this, you must follow through with the instructions they give you for the loan application. Just like mortgage loans, travel loans, etc have their application processes.
How do I borrow money from Fido?
- You can visit any of the FIDO loan branches nearby to request for the loan.
- Download the app, then fill in your details. You just need to do this only once. Thereafter, for subsequent applications, you just need to confirm your details only.
- Apply for the loan.
- You would receive an immediate loan decision from them. If they approve your loan application, then you will receive the money instantly into your mobile money account.
Note: They might ask some customers to visit their branch if they can’t verify them appropriately online.
What is their interest rate?
The interest rates of loans could encourage or discourage a borrower while assessing loan lenders. The interest rates of FIDO loans are usually 14% for 30 days. You’ll see it in the app before applying. But returning customers who have an excellent credit history of paying their loans will get better interest rates. However, the lowest interest rate for FIDO loans is 8% for 30 days.
How fast can I get the Fido loans?
Before applying for any type of loan, always know how fast you can get the loan. This will help you make right decisions as regards the timeframe you are trying to meet up. And also to know whether you’d look for another lender.
What are the repayment terms for FIDO loans?
FIDO loans have flexible repayment terms, and the applicants are free to choose the one they prefer. The repayment terms of FIDO loans is usually between 10 and 90 days. And you can repay it in one or multiple installments. But this specially depends on your eligibility.
Why should I try out FIDO loans?
When assessing the options of loan lenders around. The most important thing for you is to make the right decision. Especially the one that will in all ramifications relieve you of stress and drama.
The following are the reasons you should try out FIDO loans:
- You can apply from any place, be it your home, office or market.
- You can get a loan request decision within minutes.
- There are no hidden fees. The app will display to you all the costs the loan attracts.
- You no longer need to wait in bank queues and there are no paperworks.
- They do not require collateral and guarantors.
- They disburse the money instantly upon approval.
Conclusions
No longer can people only get loans from traditional banks. People used to queue up for a loan all day in banks. But unfortunately, most people go home disappointed. It is no longer the case these days. There are online platforms where you can easily get a loan. And FIDO money lending limited offers one of the few online platforms that disburse funds within a few minutes. However, note that prompt repayment of loans will most likely improve your chances of getting another loan in the future.