Quick loans in Ghana – Everything you should know

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Quick loans in Ghana have redefined banking in a more innovative way. You would no longer need a guarantor or stand in a long queue to apply for a loan. Besides that, you will no longer dabble in long procedures of loan application in banks. Quick loans make loan applications seamless. What quick loan means, mobile money lending apps, and so on are all-inclusive in this article.

What is a quick loan?

A quick loan is the loan that offers both approval and funding within a few days of application. It could be as fast as the same day, depending on the lender’s operation. There are main types of loans that fall under this category. They include; personal loans, payday loans, auto title loans, and pawn shop loans. However, the major goal of quick loan is to provide fast solutions for cash emergencies. Hence, they also call quick loans emergency loans.

Also check out MTN qwik loan

What are the mobile money lending apps that can help me get a quick loan in Ghana?

There are mobile money lending apps that can help you access quick loans in Ghana. With these apps, you can be one click away from getting a loan from a lender.

Read also: mobile money loans in Ghana

The following are the mobile money lending apps that can help you get quick loans in Ghana:

1. Branch Loans App

Without collateral, the Branch loan app works 24/7. You can rely on it to get quick loans in Ghana. Besides that, you can access the quick loan directly into your account comfortably and with no stress.

2. Aella credit loan app

They created Aella credit loan platform to cater for company employees in their interest to access cash anywhere at the most affordable rates. It has now become one of Ghana’s finest mobile money lending apps. Today, you may turn to Aella Credit to seek quick loans to meet your emergency needs.

3. KiaKia Loan App

KiaKia is the recent mobile money lending app in Ghana. This mobile money lending app has a quick application process that helps you to know your status within minutes. Moreso, in Ghana, you can get short term loans to cover your unforeseen expenditures. Besides that, they do not require collateral before disbursing the loan.

4. FairMoney Loan App

The Fairmoney loan app provides quick loans for personal finance, health emergencies, vehicle maintenance, etc. Small business owners can also get quick loans from the Fairmoney loan app. As a small business owner, you can get a quick loan to expand your business. With the FairMoney loan app, you can request the loan in 5 minutes and get it in your bank account.

5. Carbon Loan App

The Carbon loan app (formerly known as Paylater loan app) comes with many cool and easy-to-use features. Besides giving you quick loans in minutes, you can unlock higher loan amounts and lower interest rates when you repay on time.

Note: They do not determine the above quick loans (from mobile money loan apps) by your equity. But they determine it by your creditworthiness.

Check out other loan apps in Ghana

What are the mobile money loan companies that can offer me a quick loan in Ghana?

The procedures for obtaining loans from banks in Ghana can be lengthy. Even though most banks will give you loans. And you might not have a guarantee that you will get the loan. Without savings or access to a bank account, an emergency can discourage your spending habits. Fortunately, mobile money loans in Ghana save the day.

The following are mobile money companies that can offer you quick loans in Ghana:

  1. Fido Money Lending Limited
  2. BloomKash
  3. CashGhana Limited
  4. First National Bank
  5. GTBank QuickCredit
  6. Izwe Savings & Loans
  7. MTN Qwik Loan
  8. Blue Financial Services Ghana Limited
  9. Access Bank PayDay Loan
  10. Ecobank Personal Loan
  11. Direct Savings & Loans
  12. Blue Horizon Microcredit
  13. UMB SpeedApp
  14. SRF Micro Credit
  15. Stanbic Bank USSD Mobile Banking

When would I use quick loans?

Quick loans can often help you manage short term financial problems. Most times, these financial problems are unforeseen.

The financial problems include:

  1. Home repairs
  2. Donating to the cost of a loved one’s funeral
  3. Vehicle breakdown
  4. Payment of medical bills

When should I not use a quick loan?

Of course, quick loan products can be suitable for emergency situations. However, there are some situations when a quick loan option isn’t cool.

The following are situations you should not consider using a quick loan:

  1. Repaying other forms of loans
  2. Payment of bills such as gas, rent, etc
  3. Company demanding payments
  4. Entertainment
  5. Luxury or non-essential purchases

What are the benefits of quick loans?

Quick loans come with so many benefits. Besides saving the stress and rigorous procedures of requesting a loan from banks. We will look at a few other benefits of quick loans.

The following are the benefits of quick loans:

  1. In most cases, they transfer the fund on the same day
  2. Most lenders encourage early repayment with no fees
  3. There is online ‘e-signature’ process (in most cases)
  4. Fast online application
  5. There are quick loan approval decisions

Conclusion

It can tempt you to use some mobile money lending apps at once to get fast loans. But you need to know that an emergency can occur which could hamper a timely repayment of your loans. Because of this, ensure you can repay a loan before taking it. Most of the mobile money companies in Ghana also help to assess your affordability of the loan you request. They check your credit score to know whether you can repay the loan.

While it is cool to remain out of debt. It is also possible to use debt as leverage to meet your financial goals. Especially if you know what you are doing.

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