Multi Credit Savings and loans – What you should know

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Lack of cash flow usually brings people to the doorsteps of lenders or financial institutions. Needs are always insensitive to the cash you have at hand. Even unforeseen circumstances can happen at any moment. Because of this, quick loans, car loans, debt consolidation loans, etc can become a way out of lack of cash flow. Trying out Multi Credit Savings and Loans could be a cool thing to do. In this article, you will learn more about MultiCredit Savings and Loans, their products and services.

About Multi Credit Savings and Loans Ghana

They used to know Multi Credit savings and loans Ltd as ‘Garden City Savings & Loans Ltd’. They are a limited liability company and the Bank of Ghana gave them the license to carry on the business of savings and loans as number 0027. And this conforms to what the financial institution (PNDC) law provides. This allows them to collate deposits from the public and grant loans and other credit facilities to their customers.

What are the products and services of Multi Credit Savings and Loans Ghana?

Multi Credit Savings and Loans Ghana have some products and services they offer to their customers. 

The following are their products and services:

1. Savings Account

They offer savings accounts to their customers with the following features and requirements.

Features

  1. Easy account opening procedure
  2. Minimum opening balance is GHS5
  3. Minimum operating balance is GHS10
  4. The minimum balance to qualify for interest is GHS20
  5. Attractive interest rates
  6. They calculate interest daily and apply it monthly
  7. Up to four withdrawals per month

Requirements

  1. Valid ID Card
  2. 1 passport picture
  3. Utility bill within 3 months
  4. A reference from a current account holder with a reputable Bank or Savings and Loans Company or Letter from employer
  5. Resident permit (for foreign nationals)

2. SME Loans

They offer this type of loan to small and medium enterprise businesses. This loan has the following features and requirements.

Features

  1. Less cumbersome procedure
  2. The loan comes in flexible amounts to meet the needs of all levels of businesses
  3. Quick Turnaround time
  4. Term: Up to 60 months
  5. Competitive interest rates
  6. Flexible repayment terms

Requirements

  1. Proof of address and identity of your directors or promoters
  2. Identity and proof of address of entity
  3. Board Resolution
  4. Company Registration documents
  5. Your financial statement (audited) for the last 3 years
  6. They would require six (6) months’ bank statement for non-customers
  7. They may require security

3. Fixed Deposit

They also offer fixed deposits to customers who need it. The following are the features and requirements of the fixed deposit they offer.

Features

  1. Less Cumbersome procedure
  2. Minimum investment of GHS1,000
  3. The terms they offer are; 30 days, 91 days, 182 days and 1 year
  4. They issue a certificate of investment
  5. Attractive interest rate
  6. They calculate interest daily

Requirements

  1. Valid ID Card
  2. 1 passport picture
  3. Get a utility bill within 3 months
  4. Resident permit (for foreign nationals)

4. Susu Account

Multi credit savings and loans also offer Susu Accounts to customers.

Features

  1. Less cumbersome account opening procedure
  2. Minimum opening balance is GHS1
  3. Access to a free Pass Book
  4. Personal Field Banker
  5. Unlimited withdrawals
  6. Lower interest on susu loans
  7. Instant Confirmation of daily deposit
  8. Minimum daily contribution is GHS1
  9. You need to contribute for a minimum of two (2) months to qualify
  10. Minimum loan amount is GHS200
  11. Loan maturity profile

Requirements

  1. Valid ID Card
  2. 1 passport picture
  3. Provide a utility bill within 3 months

5. Current Account

They offer current accounts and they make it easy too. The following are the features and requirements of the current account.

Features

  1. Less cumbersome account opening procedure
  2. Minimum opening balance is GHS10
  3. No minimum operating balance
  4. Access to a cheque book
  5. No Commission on Turnover (COT)

Requirements

  1. Valid ID Card
  2. 1 passport picture
  3. Bring a utility bill within 3 months
  4. Get a reference from a current account holder with a reputable Bank or Savings and Loans Company or Letter from employer
  5. Resident permit (for foreign nationals)
  6. Resolution from the Board
  7. Business registration documents (Businesses only)

The following are the Services of MultiCredit Savings and Loans:

  1. Prestige Susu
  2. Yenmma Daakye Account
  3. Multi Child Account
  4. Employee Loans
  5. Funeral Loans
  6. Auto Loans

What are the contact details of Multi Credit Savings and Loans Ghana?

  1. Address: Bantama High St, Kumasi, P.O.Box 1920. Adum.
  1. Phone: (+233) 322-037-418
  1. Mail: info@mcslghana.com

Conclusion

Loans are usually a reliable financial backup when you need cash flow. With loans, you can escape catastrophic consequences. Loans can help you make unforeseen expenses such as medical bills. However, repayment of these loans you get must be a top priority. This is because you may not get another loan if you do not repay the one you have. Besides that, it could affect your credit score, making access to any form of credit impossible.

Other related articles:

Progress Savings and Loans – What you should know

Direct Savings and Loans Review – What you should know

Debt financing – What you need to know

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