Recently the use of mobile phones for various purposes is helping in reducing some physical stress. Regarding those moments when you have so many needs facing you but no money. You can now get quick and easy loans in Ghana using mobile money loans. Ghanaians can now earn, save and borrow money using mobile phones. As mobile money is gaining relevance currently because it is a sure way to borrow without going to the bank. The meaning of mobile loan, the requirements and how to apply are all in this article.
What is a mobile loan?
A mobile loan is any loan someone applies for using a mobile phone or device. For example, when you use your smartphone to borrow GH₵300, we know it as a mobile loan.
Mobile loans give consumers the privilege to access small amounts of money. Borrowers may even get as little as GH₵300 to cover a credit card’s minimum payment. It helps people to borrow small amounts of money to enable them to pay their bills on time.
Meanwhile, those in rural areas that are hard to reach with no banks, are now being financially included. They are enjoying the benefits of financial services, even in their remote areas. Mobile Money is very popular because of the high usage of mobile phones. Also, the use of mobile money has full support from the Ghanaian Central Bank.
What are the requirements for mobile loans?
There are always some requirements to meet when applying for loans. In need of quick money to sort your bills? You can now get mobile money loans in Ghana by meeting the following requirements.
- The borrower has to be 18 years old and above
- You must have checking account number that is active
- Live in an area where there is steady network
- Have a job that serves as a source of income
- Source of income
- Social security number
- Contact information containing home address
- Phone number and email address
Note: These requirements are easy to meet. Also, the application process takes about five minutes only to complete.
Is it possible to get a mobile loan with a bad credit?
You cannot get a loan approval with bad credit. Meanwhile, they consider factors like credit scores when determining your loan eligibility. The average applicant’s vantage score is only GH₵550.
How can I apply for a mobile loan?
Modern technology has made the lending process for people who like a paper-free process easier. All you need to apply for a loan is just your smartphone. Below are some guide when applying for mobile loan:
- Download the app
- Input your personal information
- Attach required documents
- Submit and wait for review
- You will receive approval message
- They will send the money to you without a visit to the bank
How fast is a mobile money loan?
Mobile money loan is always available 24/7. It does not take time to apply, the time frame for application is between 5 to 10 minutes on average. When they approve you, you get an instant loan decision. They will then disburse the money into your bank account within one business day.
How safe is it to apply for a mobile loan with a phone?
It bothers many people that internet security is not safe enough for their private information. Always make sure the company you are applying to has the right technology to protect privacy. With that, you can be confident before submitting an application using your mobile device,
Hence, you can do this by looking at the company’s website address. Sites that are secure always start with https rather than http. Also, check for a green padlock in the URL address bar. The presence of this padlock shows the site is secure and safe. You can confidently apply for a loan using your smartphone.
Things to look out for when downloading and using an app for mobile money loan.
Considering the notable increase of online fraud and theft. There are a lot of things to put under consideration before downloading or installing an app. These things include:
- Research thoroughly about the lender before you download the app. Install apps only from trusted sources. Also ensure the company is a legitimate lender.
- Download the app only from an established app store, for example: Google Play store and Apple’s App store.
- Read and understand app permissions thoroughly before accepting them. Read the information on what the app wants to access. It is only then you can grant permission or limit it depending.
- Never use public Wi-Fi when operating your mobile loan site or app. Always disconnect from public Wi-Fi networks. It is preferable to use a password-protected network instead.
Transactions with mobile money
One out of five Ghanaians are using mobile money services to receive and send money on their mobile devices. Examples include: Airtel Money, Vodafone Cash, Togo Cash and MTN mobile money. This can use them in paying for utility bills, school fees, and shopping.
Also, they use mobile money for international remittances. This allows people to receive transfers directly into their accounts.
How mobile money loan works
Mobile money loan helps customers to manage their emergency cash needs as fast as possible. The loans are affordable and instantly disbursed out to customers’ bank account or mobile wallet. They pay the instant loans back either in 30days, 60days or 90days through post-dated cheques or mobile money transfer to our mobile wallet.
Pros of mobile money loans
There are many benefits of mobile money loans. When you apply, you stand to gain:
- Competitive interest rates.
- Processing of loans is quick.
- Loan disbursement is quick and easy.
- They grant cover to your credit life.
- You can apply for a mobile loan anywhere any time.
Cons of mobile money loans
As much as mobile money loans are beneficial. There are few downsides with the use of mobile money. These downsides include:
- You must have a smartphone.
- If you are struggling with basic functions on a smartphone. You may not know how to apply for a mobile loan with the smartphone.
- Your personal information may be at risk with some app.
Mobile loan is that loan that allows you to apply for the money you need quickly on the go. Once you have your smartphone handy and steady internet service. You can always apply for a mobile loan once you protect your personal information. Mobile loans are a secure and convenient choice. It is always wise to compare offers from multiple lenders/financial institutions. This helps you to get the best rates and terms you need. You can apply for a mobile money loan from anywhere you are in Ghana. It is a quick and convenient means of loan application.