Getting a loan in Ghana could be an uphill task, notwithstanding the reason you need it. This uphill task could be because of some requirements you cannot afford. But sometimes the lenders’ processing fee or time could make getting a loan very difficult. However, the demand for collateral by lenders has made most borrowers back off from getting the loans they need. As you read along, you’ll know more about loans in Ghana without collateral and more.
What is a collateral loan?
They often call a collateral loan a ‘secured loan.’ This means that you have to guarantee the loan by something you own. So if you can’t pay your loan back, the lender may claim the collateral. And this could be any of your assets; whether it’s a car, savings account, piece of jewelry, investment portfolio, or your home.
Therefore, the opposite of a collateral loan is ‘loan without collateral.’ Where lenders do not require you to guarantee the loan with something you own. That sounds really cool, doesn’t it?
What are the loans without collateral in Ghana?
There are some loan offers you can get from lenders in Ghana. But because of the advancement in technology, you’ll most likely access them online.
The following are the loans in Ghana without collateral:
1. Zidisha Loans
Zidisha loans operate through the internet as a peer-to-peer loan company. They help individuals to raise capital for their projects and businesses. This becomes possible by the willingness of other individuals to lend money to entrepreneurs who need the money urgently.
Zidisha offer loans of up to GH₵50,000 without collateral. And they have made a name for themselves because of this magnificent offer.
The only things they require are:
- Your objective
- Your target market
- Repayment plan
- A compulsory GH₵40 payment for loan processing.
2. Carbon Ghana
They are one of the top online loan providers in Ghana. You can get a loan from them regardless of your economic or social category. Also, you can easily make your loan requests, processing and payment through their android mobile app.
They require you to provide:
- Bio-data of the applicant
- Employment details
- Passport and the amount you wish to borrow.
The disbursement of money is quick once approved. The loan amount ranges from GH₵5 to GH₵1,000 without collateral. One important thing to note with Carbon Ghana is that there is no extra charge for delayed repayment.
3. MTN Qwikloans
This MTN’s loan offer is very popular in Ghana with over 70% mtn users. It is only available to MTN customers who have mobile money wallets. Moreso, with the mobile money wallet, you can get up to GH₵1,000 worth of loan within 5 minutes. They only require you to be an active MTN mobile money user. Besides that, they’d prefer you to perform some transactions through your wallet. Transactions such as; buying airtime and data, sending and receiving money through that wallet for the past 6 months. However, this does not require collateral from customers. You get your money on the go as soon as you complete your application via USSD code.
4. Fido loans
You can conveniently access the Fido loans through your mobile wallet. The only thing Fido loans require is employment history, valid identity card and residential details. They review this immediately when you submit your application. If you qualify for the loan after review, then you will get your money in a few minutes.
Meanwhile, for you to borrow a vast amount of money from Fido loans, you need to build a credit history with them for some time. You start this by borrowing small amounts and pay back in due time, over and over.
Conclusion
There is always a sigh of relief when the storm of financial difficulties miraculously disappears. Especially when you have a remarkable alternative (personal, business, travel, consolidation loans, etc). But loans without collateral in Ghana are the next big thing that has garnered the attention of many Ghanaians. Some financial institutions in Ghana now ensure the populace does not have much to worry about regarding access to loans. However, repayment of the loan you get is essential in order to keep your credit score in perfect condition. So that you can access another loan in the future.