Some banks and other financial institutions offer instant mobile money loans to borrowers here in Ghana. This is because borrowers could need a loan when they do not have enough cash, regardless of their credit history. So with these instant mobile money loans, lenders can assist you to overcome your financial crisis. Although getting a loan can be time-consuming and difficult, these lenders will always ensure they serve you better.
As you read along, you’ll know more about instant mobile money loans in Ghana, how they work, interest rate, etc.
What is an Instant mobile loan?
With instant mobile loans, you can borrow money quickly, regardless of your credit score. The loan amounts vary with the credit score. They’re also loans which rarely require collateral and don’t require too much documentation. The process to get this loan is minimal and convenient when you compare it to the traditional bank loans. They also term instant loans as personal loans or quick loans.
How do instant mobile loans work?
There are several instant mobile loans available in Ghana. These instant mobile loans have repayment terms you must agree with your lender. Also, in the loan application, you’ll have to request a loan amount you wish to borrow. These loan amounts typically have interest rates. In order to qualify for the loan, your lender expects you to provide your personal details. And they include; email, social security number, bank account information, and so on. For instant loans lenders usually reply within minutes and disburse funds into your account as soon as they approve you.
What are instant loan services in Ghana?
There are some services in Ghana that they know as instant loan services. They include:
- Short Term Loan with Bayport Ghana
- Mobile money loans in Ghana
- Access Emergency Loan in Ghana
- Quick Loans with CashLady
- Online Loans
What is their minimum and maximum amount?
Loans typically have a minimum and maximum amount lenders offer borrowers. For instant mobile loans, the loan amount lenders offer borrowers vary across financial institutions. Therefore, there’s no particular minimum or maximum instant mobile loan amounts.
How long does it take to disburse an instant mobile loan in Ghana?
Everyone who needs a loan is always expectant of an alert from the lender. So it’s important to know when you’d receive the loan you requested in order to meet your needs timely. It may take some hours or up to a few days to apply for loans. Most of the time, it may be quicker than that. Since the lender might need to review your online application before depositing money into your account. However, they need to make a final decision on how to proceed. If the lender needs more information from you, then the lender will only delay the disbursement of your money.
You might not receive your funds until the next business day if you apply after a certain time of the day. There is a possibility that you could need to wait longer if the lender wants more information from you.
What is the interest rate for instant mobile loans in Ghana?
Cash advances and payday loans are the most common instant mobile loans in Ghana, which typically come with high interest rates. Instant mobile loans in Ghana carry interest rates based on the amount of the loan and financial institution. Interest rates are normally between 5% and 10%.
Can someone get an instant mobile loan with bad credit?
Low credit score customers are more likely to take out an instant loan. In addition, many of these financial institutions might not check your credit score or your credit history.
What are the repayment terms for instant mobile loans?
The repayment terms for loans is one of the important details regarding loan agreements between lenders and borrowers. Many or even all instant loans are short-term loans. Therefore, repay your loan as early as possible. You could repay it within 2 to 3 weeks or after your next payday.
What are the alternatives to instant mobile loans in Ghana?
Some loans have alternatives borrowers can consider when looking for loans that will best suit them. This is because some instant loans could have higher interest rates. Besides that, lenders risk losing their money by giving you the loan without assurance that you’ll repay. Therefore, interest rates and the short-term loan are typically high. So it may be wise to use them only as a last resort. You can consider the following alternatives for instant mobile loans in Ghana:
- As a borrower with bad credit, you could get a personal loan from some lenders in Ghana. However, beware of loan sharks who would offer you loans with hidden charges.
- A payday alternative loan is a sure method of borrowing at federal credit unions, where they offer small loans to members.
- You may borrow money against your existing credit card balance if you already have an active credit card. In order to do that, review the terms on your credit card. Usually, a cash advance will have a higher rate of interest than an instant loan.
You can apply for instant mobile loans when you are looking for easy and convenient financing options. However, it’s important to know the repayment terms of the loan before getting it. This is because the knowledge of the repayment terms will help you know how to use the money effectively. Therefore, ensure you repay the loan after getting it because it will improve your credit score.