There are online loans in Ghana without collateral you can access. Traditional lenders always compete with online loan platforms for customers. Online loan providers have a lot of benefits, which has led to their rapid client growth. Now, to begin with, internet loan lenders don’t require collateral, which discourages consumers from applying for bank loans. Therefore, online loans in Ghana without collateral are a lifeline for those without security for the money they need.
In Ghana, there is no shortage of lending apps, and if you have a smartphone, getting a loan is quick and easy. Simply register, submit a loan request, and receive your funds in minutes. Because of this, there is no need to make a lengthy trip to a bank where you will have to wait in line for a long time, only to be turned down for a loan because of a lack of collateral or another issue.
Online loans in Ghana without collateral
You need to know the best apps to use if you desire loans in Ghana without collateral. Always be careful to only download legitimate programs; otherwise, you risk giving your information to shady people. Here are some of Ghana’s top no-collateral online loans:
People who use the Fido money lending mobile application can get quick loans. You won’t need to visit a bank to withdraw money because they pay grants directly to your mobile money wallet when you want them. Furthermore, they won’t require collateral for you to access the Fido grant.
When registering, you must, however, present identification, proof of residency, and proof of work. Then, before disbursing the funds, Fido will decide whether you are eligible for the amount you asked.
2. CashGhana Limited
This is one of the best lending apps in Ghana, particularly for those who are employed. Employed individuals in the private and public sectors can receive a salary advance from CashGhana Limited. You are not obliged to have any collateral to get the short-term credit. You only need to present a legitimate national ID and a letter from your employer’s accounts office, thus the criteria are simple. They will transfer money to your account once you submit your application.
PayLater brings together Accra-based private money lenders to offer Ghanaians smart cash grants via a mobile application. Following application submission, they deposit funds into your mobile wallet immediately. You must first create an account on the app by providing the details to begin the process. After that, you apply for a grant. Then, you will receive the money in less than 5 minutes after they approve it. First-time borrowers can borrow GHS5 Ghana at a 5% interest rate.
4. MTN Qwik
Thanks to their partnership with AFB Ghana, online loans are available to MTN customers. To qualify for a credit, you should have made some purchases in your wallet for over 90 days. You may be eligible for immediate loans of up to GHS1,000 Ghana Cedis if you satisfy all the prerequisites.
The interest rate on this qwik loan is 6.9 percent, and the only prerequisite is that you regularly use MTN mobile money. To qualify for future loans, you must complete the repayment of the previous one.
Lenders and businesses come together in this microlending community. A Zidisha app, an ID, and recommendations from friends or family are what they need for you to apply for a grant. Entrepreneurs must post their loan applications and justify accepting the funding. Loans might be as small as $1 or as much as the requested amount. There is no interest charged for these grants; however, a service charge of 5% of the loan amount and a membership fee of GHS40 are subtracted.
6. OZE SME
It operates by forming alliances with other Fintech companies to obtain small company loans. You can apply for a credit of up to GHS10,000 Ghana Cedis by using the OZE business app. The current interest rate is 3% per month. You can spread your credit repayment into a year’s instalments. Being an OZE user who has been active for longer than a month establishes eligibility. OZE coaches will evaluate your applications first and then complete your loan process.
A website called Pezesha offers grants for businesses of up to GHS6,000. These include working capital, inventory, asset, and LPO financing. However, you must first submit an online application form with your identity information. It would just take two minutes to complete the loan application. Credit payback terms range from 3 to 12 months and are adjustable.
Another rapid online loan application in Ghana is LendingPapa. Download the LendingPapa app from the AppStore to gain access to credit up to GHS1,000. You’ll need to create an account to access credit with LendingPapa, thus, simply having the app is not enough. You can verify your identity and submit your application through the account.
9. KiaKia app
One of the newest mobile loan apps in Ghana is called KiaKia. One of the quickest application processes it may let you know your status in a matter of minutes. KiaKia offers quick-repaying short-term loans as a bonus.
10. FairMoney Loan App
The FairMoney loan app is the software to use if you need quick credit for personal finances, car repairs, medical expenses, or any other emergency. The Nigerian company operates in Ghana and provides no-cost bank transfers.
Getting online loans in Ghana without collateral is a reality thanks to the many apps and websites dominating this space. For tiny firms without savings and personal situations, immediate mobile money loans are useful. Besides that, you can also borrow more because the limit rises when the credit is paid on time.