Rent loans in Ghana – Where and how to apply


Many people struggle with house rent when they lose their jobs. Some are unemployed while others are working. Yet, not all of that money goes around that way. Because of this, you could need a rent loan, personal loan, consolidation loan, or business loan to fund your expenses. No worries; there are tons of rent loans available in Ghana. This article will provide details about a rent loan and what it entails. In addition, it will provide information about how to apply for a rent loan, as well as a list of financial institutions that provide rent loans.

What you should know about rent loan in Ghana

A rent loan is a personal loan in Ghana that helps individuals both employed and unemployed meet your funding needs for rent payments. You can now get a rent money loan directly from some financial institution in Ghana. They take the financial stress on you by doing the one-off payment while you pay them back later in installments.

 A rent loan can be a short term or long term, depending on your needs. It can also be for salary workers in both government and private institutions in Ghana. Rent loans in Ghana have a competitive interest in a long repayment period. The repayment of the rent loan can be by monthly installment. There are many financial institutions in Ghana that offer rent loans. You are just expected to fill out the forms carefully online or download the forms, complete it and submit offline. Renting a house in Koforidua, Tema, Takoradi, Kumasi and even Accra may require a rental deposit of 12-36 months. You can rent a house in these areas with less worry about a rent loan. Renting loans in Ghana is very affordable. Most rent loans in Ghana go to the landlord directly and not the borrower or applicant.

Learn more about rent loans in Ghana

Who can apply for a rent loan in Ghana?

Rent loans in Ghana are open to all salaried workers. They can be a salaried worker in the private sector, government employee or self employed. Also, business workers can apply for a rent loan.

Requirements for rent loan in Ghana

There is no loan application that does not come with requirements. These requirements show you qualify for the rent loan in Ghana. You need to meet the criteria in order to qualify. Rent loan requirements vary with financial institutions/lenders in Ghana, but they have some things in common. 

Some common requirements for rent loan in Ghana include:

  1. Application form (you can either download form or apply online or complete and submit offline).
  2. National Identity card.
  3. Pay slip of three months (only for salaried employees).
  4. Certified bank statements for six months.
  5. Age bracket between 21 and 55 years.
  6. An assessment of affordability
  7. Two sized passport photographs.
  8. Post-dated cheques for the duration of loan
  9. Employment letter/contract (for salaried employees only)
  10. Guarantor (where applicable).

What is the interest rate for rent loans in Ghana?

There is always the need to verify the interest rate for a loan before applying. This helps you know whether you will repay the loan as at when due. Interest rate for loans in Ghana ranges from 3%-10% depending on the lender/financial institution.

What is the minimum amount you can borrow for a rent loan?

Rent amount in Ghana varies with area and nature of the house. Many people have a highly expensive rent, whereas others have less or moderately expensive rent. Whichever the case, various financial institutions are available to tend to your rent, not minding the amount. The minimum amount you can borrow ranges from GH₵500-GH₵1,000,000.

How to apply for rent loan in Ghana

Rent loan is one of the easiest loans to apply as long as you meet the requirements. Having met the requirements, the next thing that comes to mind is, how can I apply?

Below are the steps to apply for rent loan:

Step1: Fill online rent loan application form carefully and submit it to get started.

Step2: After application, they will process your submitted documents to approve them.

Step3: After documentation, they will pay your money directly to the landlord or your account depending within 24hours.

Lists of financial institutions that offer rent loan in Ghana

Various banks/financial institutions offer rent loans in Ghana to help reduce the burden of rent on individuals. The terms and conditions for this loan vary with each institution. Some financial institutions that offer rent loans include:

  1. Access Bank Ghana
  2. Direct savings and loan
  3. Fidelity Bank
  4. Jireh microfinance Ltd.
  5. Rent masters loan
  6. Republic Bank Ghana
  7. Sikadan Home Loans
  8. Sikamaster loan
  9. Societe Generale savings and loan
  10. Stanbic Bank Ghana
  11. Westlake capital microfinance
  12. UBA Ghana

Another option for a rent loan is to get yourself a mortgage or home loan in Ghana

Pros of rent loans Ghana

Applying for rent loan offers in Ghana is free and non-binding until you accept an offer. It has many benefits that encourage people to apply. Some advantages of rent loan in Ghana include:

  1. Approval is always fast
  2. You can choose your repayment scheme
  3. Long repayment period by monthly installment

Cons of rent loan Ghana

Renting loans is very beneficial, though it has some downsides. These downsides sometimes discourage many from applying. Some few disadvantages of rent loans include:

  1. They require employer approval
  2. You need a guarantor
  3. They restrict it to some geographical areas


Saving up for an annual rent payment is an enormous challenge for many people in Ghana. Most people depend on close friends, relations and family to provide a loan to cover their rent. The house rent loan in Accra, Kumasi, and some other places in Ghana can be a significant amount of money. You can avoid rental loans with high interest rates and select the best loan offer for you. Save your time and get the best loan offers through Ghana rent loans with your preferred financial institution.

However, beware of loan sharks who could offer instant loansemergency loans, or quick loans with hidden charges. Besides that, ensure that you repay the loans you get to improve your credit score.

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