Insufficient cash flow normally makes people seek funds wherever they can. Because of this, many people would prefer to get a loan from family and friends or peer-to-peer lending. However, not everyone gets the sufficient funds they need at some point. And this is where the relevance of loan companies cannot be overstated. This is because they have the track record of providing different forms of loans for people’s unique needs.
As you read along you’ll learn more about loan companies in Ghana, who they are and so on.
What is a loan company?
A loan company is a financial institution that provides finance or cash flow for individuals or companies as loans. These loans could be personal, business, guarantor, consolidation, SME, mortgage, quick, mobile money, travel loans and other loan types. And these financial institutions and the borrowers agree that these loans will be repaid with interest after a period. However, the agreement usually depends on the terms and conditions of the loans.
The nature of loan companies is alike, but their business activities are entirely different from each other. Besides that, their funding requirements vary significantly.
What are the loan companies in Ghana
Loan companies grant loan requests of individuals and businesses. Their relevance in Ghana cannot be overstated. Ultimately, from ensuring that individuals and businesses do not lack cash flow.
The following are the loan companies in Ghana:
| Loan Company | Address | Phone Number | Website | ||
| 1 | ABii National Savings and Loans Ltd | Priority House, Avenor Junction (Near Joy FM), P. O. Box CT10067 , Cantonments , Accra | 233-302-241050, 233-302-241050 | info@abiinational.net | http://www.abiinational.net |
| 2 | Adehyeman Savings and Loans Company Ltd | No:C1/7, Faanofa Street, Kokomlemle, (Near Avenor Traffic Light), P.O. Box GP 13249, Accra-Ghana | 233-302-252071, 233 302-289670, 233-302-208142, 233-302-244075 | info@adehyeman.com | http://www.adehyeman.com |
| 3 | Advans Ghana Savings and Loans Ltd | Ground floor Oxford Cinema building (Accra New Town), P. O. Box AN 11426, Accra – North | 233-307 084522 | http://www.advansghana.com | |
| 4 | Asa Savings and Loans Company Limited | Odokor- Mallam Highway, P. O. Box MP 1834, Mamprobi Accra | 233-302-328405, 233-545304767 | info@asasavingsandloans.com | http://www.asasavingandloans.com |
| 5 | Assurance Savings and Loans Ltd | 1st Floor, Gina Villa, Achimota School, GIMPA Road, P.O. Box KIA 16192, Accra | 233-302 433931, 233-303977340, 233-208178048 | info@assurancesavingsandloans.com | http://www.assurancesavingsandloans.com |
| 6 | Bayport Savings and Loans Plc | 71 Osu Badu Street, Airport West, Accra, PMB 248, Accra North | 233-302-745454, 233-302-910778, Toll free : +233-800-10016 (Vodafone only) | http://www.bayportghana.com | |
| 7 | Best Point Savings and Loans Ltd | Old Peace Fm Building, Mile 7, P. O. Box ct 10191, Cantonments, Accra. | 233-303 932990 – 4 | info@bestpointgh.com | http://www.bestpointgh.com |
| 8 | Bond Savings and Loans Ltd | Bond House, Meridian Road, P.O Box CO PMB 95, Tema | 233-303-214444, 233-544314705, 233-303-304332 | info@bond.com.gh | http://www.bond.com.gh |
| 9 | Direct Savings and Loans Limited | No. 42A, Asofoanye A. Opeku Avenue, North Dzorwulu, off the Fiesta Royal Hotel and GIMPA Road, P.O. Box CT 8360, Cantonments, Accra | 233-303-969550, 233-303-969555 | info@directgh.com | http://www.directgh.com |
| 10 | Equity Savings and Loans Ltd. | No. 16 Maseru Avenue, East Legon, P.O. Box CT 6382, Cantonments, Accra | 233-302-541449, 233-302-541452, 233-302-544528 | http://www.equitygh.com | |
| 11 | Golden Link Savings & Loans Ltd | 2 North Street, Tesano, P.O. Box 14117, Accra | 233-302-223826, 233-302-223833, 233-302-223951 | info@goldenlinkghana.com | http://www.goldenlinkghana.com |
| 12 | Golden Pride Savings and Loans Ltd | House No. B3/131, Samora Machel Rd., Asylum Down, Accra, P.O. Box TU 66, Accra | 233-032 286050 | info@goldenpride.com.gh | http://www.goldenpride.com.gh |
| 13 | Izwe Savings and Loans PLC | Maestro Plaza, Kotobabi High Street, Private Mail Bag GP 158, Accra | 233- 302 251042 | info@izweghana.com | http://www.izweghana.com |
| 14 | Jins Savings and Loans Ltd. | 53 Owoo Street, West Legon, Accra, P.O. Box 4566, Dome Kwabenya, Accra | 233-302 419422, 233-302 419424 | info@jinssavingsandloans.com | http://www.jinssavingsandloans.com |
| 15 | Letshego Savings and Loans Plc | 4th Floor Cocoshe House, Off Augusto Neto Road, Airport City, P.O. Box AN 7128, Adabraka , Accra | 233-302-208340, 233-302-208342, 233-302-208333 | info@afb.com.gh | http://www.afb.com.gh |
| 16 | Multi Credit Savings & Loans Co. Ltd. | Trust House, Bantama High Street, P.O. Box 1920, Kumasi – Ashanti | 233-322-37418, 233-322- 37419 | info@mcslghana.com | http://www.mcslghana.com |
| 17 | Opportunity International Savings and Loans Co. Ltd | No: D765/3, Kwame Nkrumah Avenue, P. O. Box JT 323, James Town, Accra | 233-302 610000, 233-302 676661 | info@opportunityghana.com | http://www.opportunityghana.com |
| 18 | Pacific Savings & Loans Co. Ltd. | Plot Q.T.B, Adum, P.O. Box KS 1922, Kumasi – Ashanti | 233 -3220-41051, 233-3220-41050, 233-3220-41054 | http://www.pacificsavingsandloansgh.com | |
| 19 | Pan – African Savings and Loans Company Limited | No. 19 Mayor Road, Ridge West, PMB CT 127, Cantonments, Accra | 233-302-782751/7 | info@panafricansl.com | http://www.panafricansl.com |
| 20 | Progress Savings and Loans Limited | No. 7 Nii Yemoh Avenue OIC Road 3rd Floor Zion House, Shiashie, East Legon, Accra, P. O. Box ST 237, Accra | 233-302 514000, 233-302 509013, 233-501 523473 | info@progessghana.com | http://www.progressghana.com |
| 21 | Services Integrity Savings and Loans Ltd. | Block 1, Labadi VillasBusiness Centre, Giffard Road, Burma Camp, Accra, PMB Burma Camp Post Office, Accra | 233-544-322102 | ||
| 22 | SIC Life Savings and Loans Ltd. | Section 28, Block 15, Tudu, Accra, P. O. Box KN 4768 Kaneshie Accra, Adabraka – Accra | 233-577 737826, 233-556 590241 | enquiries@siclifesl.com.gh | http://www.siclifesl.com.gh |
| 23 | Sinapi Aba Savings and Loans Company Ltd | 22A Ellis Avenue, P. O. Box 4911, Nhyiaso, Kumasi | 233-302-2030112 | infodesk@sinapiaba.com | http://www.sinapiaba.com |
| 24 | The Seed Funds Savings and Loans Ltd | Seed Funds Savings and Loans Ltd, Plot 32, Sixth Circular Road, P.O. Box CT 11172, Cantonments – Accra | 233-561 111997, 233-561 111998 | info@theseedfunds.com | http://www.theseedfunds.com |
| 25 | Utrak Savings and Loans Ltd | Adum Kumasi, P. O. Box UP 1011, Kumasi | 233-302 255476 | urak2000@yahoo.com |
Do loan companies check my bank account?
Most times loan companies can check your bank account. They will check your credit score or your credit history. They do this to know your financial behaviour for some time. Besides that, it helps them know whether it’d be cool for them to give you the loan you need. This is because no lender would give a loan to a borrower who doesn’t have a way to repay the loan.
Therefore, lenders typically look at your bank statements before they issue you a loan. This is because the statements summarize and verify your income. Besides that, your bank statement also shows your lender how much money comes into your account. And also, of course, how much money is taken out of your account.
What are the basic functions of loan companies?
Loan companies surely play significant roles in the financial market. But there are basic functions they perform.
The following are the basic functions of loan companies:
- Offer unsecured loans (loans without collateral)
- They offer secured loans
- Lend to purchase products
- They offer business loans.
Conclusion
Loans have saved individuals and businesses in so many ways. Individuals who encounter unforeseen circumstances go for emergency loans. Whereas business owners go for start-up or business in order to establish or grow their existing businesses, respectively.
However, what matters most is your compliance to the agreements of the loans. Generally prompt repayments of loans by borrowers earns them higher chances of qualifying for a loan in the future. Besides that, it ensures you don’t get blacklisted for not repaying your loans. Moreso, it reduces hard credit checks on your credit history from credit bureaus.