There are credible loan offers like Fido loans from Fido money lending in Ghana which offers quick loans to borrowers. They could offer you this loan even within one business day once you meet their requirements for the loan. There are so many ways to get money to solve your needs. Loan sharks who are dubious with their loan offers 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. This could make you have a terrible credit score.
In this article you will know the reasons to get a loan from them, how to apply and other things you should know about Fido loans.
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 to guarantee your loan 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.
They offer these loans to borrowers to assist them with urgent cash needs, and not for long-term purposes.
About Fido money lending app
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 their 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 to 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 are the features of Fido loans?
There are some features Fido loans have that make them unique in Ghana.
Fido loans have the following features:
- The loan is straightforward to obtain and apply for.
- The loan has a 30-day repayment period. The lowest loan amount is GH₵200, with a maximum loan amount of GH₵1000.
- They only allow customers to have one loan at a time and can only apply for another after paying off the previous one.
- You can use them at any time.
- Can be applied anywhere and anytime
- There are no collateral requirements, guarantors, or application fees.
- Pay on promptly and you’ll be able to increase your loan amount to 600 GHS.
- They’ll deliver your money to your mobile wallet immediately.
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 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.
The following is how you can apply for the FIDO loans:
- 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 especially depends on your eligibility.
How can I repay the Fido loan manually?
Fido money lending has made it easy for customers to repay their Fido loans manually. They can do this using MTN Mobile money and Airtel Mobile Money.
The following is how you can repay your Fido loan manually using MTN Mobile Money:
- Dial *170#.
- Choose Option 2 for MoMoPay & Bill Payment.
- Choose option 2 for Loans to Pay Bills.
- For General Payment, choose Option 5.
- Enter the following payment code: Fido
- Enter the Amount and Reference:
- To Confirm, Enter Your Pin.
- After entering your MOMO Pin, Fido Loan will automatically debit the loan amount plus interest from your account on a monthly basis.
- You will receive an SMS notifying you that they have debited the loan from your Mobile money account.
The following is how you can repay your Fido loan manually using Airtel Mobile Money:
- Dial *501#.
- Choose: Pay Bill.
- Choose between Savings and Loans.
- Select Loans and Loan Repayment from the drop-down menu.
- Select: Repayment of a Loan
- Choose Repay Fido Loan from the drop-down menu.
- Choose Amount:
- Enter Reference: *********
- Enter Pin Code: _ _ _ _
How can I repay the Fido loan with cash?
Having seen how you can repay the Fido loan through MTN and Airtel Mobile Money. You can also repay the Fido loan with cash through the following guide:
- Visit any Zenith Bank branch close to you.
- Request a deposit slip.
- Fill the forms with the details below:
Bank: Zenith Bank
Branch: Head Office
Account name: FIDO Money Lending Ltd
Account number: 6010159660
Note: Ensure you write your full name on the deposit slip. Besides that, give your Client ID (********) to the teller.
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 is no paperworks.
- They do not require collateral and guarantors.
- They disburse the money instantly upon approval.
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. Just with your mobile phone you can get the loan you need. And FIDO loans are 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.