Instant loans in Ghana – What you should know

Lenders offer instant loans in Ghana online to help you out with that financial challenge that requires urgent attention. There are loans in Ghana these lenders have designed to suit people with different financial obligations to meet. Time matters a lot when you are short of cash. What you need is fast access to a loan, not minding your bad credit.

While many banks in Ghana are available to lend you some cash, the procedure for obtaining financing can frustrate most times and lengthy. However, there are no guarantees you will get the loan. Good enough, instant loans in Ghana are here to save the day. Many financial institutions in Ghana have developed instant loans to help customers borrow some money to stay afloat until payday. 


What is an instant loan?

Instant loans are short-term unsecured loans that you can apply without a credit check and you get your money disbursed instantly. 

What are the features of instant loans in Ghana?

They characterise instant loans in Ghana by:

1. They last between 62 days to one year.

2. The loan amount can vary with credit score.

3. Process is faster compared to the loans banks offer.

4. Instant loans online get approved on the same day you apply for it.

5. You can apply for instant loans at your own convenient

6. It does not require collateral.

How do instant loans work?

You can either apply for instant loans in Ghana online or in person. The application includes the amount you want to borrow, the interest rate and the repayment option. Depending on the lender, you are most likely to provide your personal details, income, email, debts, Social Security number, and bank account information. The lender basically promises to respond within minutes and disburse funds into your bank account instantly if they approve you.

What is the minimum and maximum amount for instant loans?

The amount of money you can borrow with instant loans in Ghana is usually low, as it is an emergency loan with no collateral.

How long does it take to disburse an instant loan in Ghana?

Most times, the loan application process may be quicker, but sometimes it usually takes time between a few hours to a few days. This is because the lender may need to decide about your online application before depositing money into your bank account. There will only be a delay with disbursement of money when the lender requires more information from you.

For example, if you apply after a certain time of day, you might not get the funds until the next business day. You might wait longer if the lender needs more information from you before giving out the loan.

What is the interest rate for instant loans in Ghana?

Majority of the instant loans in Ghana are cash advances or payday loans, which are mostly coming with high interest rates. In Ghana, they charge interest rates on instant loans depending on loan amount and financial institution. The interest rate ranges from 5% to 10%.

Can someone get an instant loan with bad credit?

Instant loans are mostly attractive to people with low credit because many of these financial institutions that offer loans do not always check your credit history or credit scores.

What is the repayment for instant loans?

Most instant loans, if not all, are basically short terms loans. You might have to pay back your loan as soon as possible. Example, your next payday, or within two to three weeks. However, this does not give you enough time to get the money together for repayment.

What are the alternatives to instant loans in Ghana?

Regarding instant loans in Ghana with high interest rates and short terms, it is advisable and wise to use them only as a last resort. Considering the below alternatives can help you with your urgent needs that require financial support.

1. A personal loan for bad credit

Most lenders in Ghana specialize in personal loans for people who do not have good credit. Personal loans may also be a better alternative. If you need a loan, you can pay back for a long period.

2. Payday alternative loan:

They offer these small loans at federal credit unions, and it is a sure way to borrow.

3. A credit card cash advance

If you already have a credit card, you may take out a loan against your available balance. But you’ll want to check your card’s terms: A cash advance might have a higher interest rate when compare to instant loan.

Read also: Instant mobile money loans in Ghana


Instant loans are usually short-term loans you can apply for, especially when you are looking for a convenient and easy financing option. You must know how they note whether you are eligible before they offer you this loan. However, know their repayment option, before applying for one. Instant loans in Ghana have a limited amount you can borrow, and they may sometimes come with higher interest rates. It is good to note that these instant loans are not like guarantor loans, where they will ask you to get a guarantor before giving you the loan.

With no emergency saving to rely on, when an unexpected issue occurs, you can always source for instant loans. 

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