SikaPurse provides credit solutions for Ghanaians through their app. So you can easily download the SikaPurse Loan app and use it to get online loans. It’s that easy.
In the digital era, many lenders carry out paperless transactions with borrowers. Because of this, borrowers no longer have to queue up in banks to get loans. They can now obtain loans from the comfort of their homes thanks to apps like the SikaPurse loan app.
In this article, you will learn the steps for applying for a SikaPurse Loan, the requirements, interest rates, the loan amounts offered and how to repay the loan.
How to apply for the SikaPurse loan
Before you can get a loan, you must apply for it first. Take the following steps to apply:
- Download and install the SikaPurse app
- Register an account
- Fill out your basic information and submit
- Apply online
- The loan would be paid directly into your bank account.
- Make repayments on Schedule
What are the requirements for the SikaPurse loan application?
There are some requirements you need to meet before you are eligible for a loan. Lenders always ensure that all applicants meet certain criteria before they are offered loans. The requirements for SikaPurse loan include:
- You must be a Ghanaian Citizen.
- You must have a monthly source of income (Be employed)
- Your Ghanaian documents like Ghana voter ID should be used in your application.
- Must be within 22-55 years old.
What are the Minimum and Maximum Loan Amounts offered by SikaPurse?
It’s important for borrowers to know the maximum and minimum loan amount offered by SikaPurse. The amount of loan SikaPurse will offer borrowers varies. The minimum loan amount they offer is GH₵2,000. At the same time, the maximum loan amount they offer is GH₵5,000.
What is the Loan Term of the SikaPurse Loan?
The phrase “Loan term” refers to the time it takes to repay a loan. SikaPurse’s loan term is 90 days (the shortest) and 365 days (the longest).
What is the Interest rate on SikaPurse Loans?
The interest rate on SikaPurse’s loans ranges between 8% and 25% per annum.
What are the Benefits of the SikaPurse loan?
There are some benefits borrowers can gain from getting loans from them. They include:
- You can get a loan for up to GH₵5000
- You can select your payment tenure
- It is reliable, secure, and flexible
- There are no hidden charges
- They provide a credit decision
- Their loan service is available 24 hours every day of the week.
How to Repay Your SikaPurse Loan
When you borrow money from them, it is important to ensure that your loan is repaid on time. This will help increase your chances of getting a loan in the future from them or any other lender. Besides, if you default on your loan (fail to repay it), it will harm your credit score.
Now, let’s see how you can repay your SikaPurse loan:
- Open the loan app. Once you are in the SikaPurse Loan app, you will see ‘Repayment.’ Kindly click on that button.
- On the next page, they will show you the amount you are supposed to pay. Then, to proceed click on ‘Repay Now.’
Note: Currently, Sikapurse exclusively accepts offline payments for their loan repayment method.
How to repay SikaPurse loan using MTN Merchant Mobile Wallet
The following steps can be taken to repay your SikaPurse loan with MTN Merchant Mobile Wallet:
- Dial *170#
- Select 1 (Transfer Money)
- Type 1 (momo user)
- Input Users Number
- Confirm number
- Enter the amount
- Enter reference
What are SikaPurse’s Contact Details?
In order to reach SikaPurse for more inquiries, you can contact them through:
- Customer Service Email: email@example.com
- Customer Service Hotline: 0571375874
- Address: Mensah Wood Ave, Accra, Ghana.
A SikaPurse loan could come in handy when you need quick cash. All you need to do is follow the steps discussed in this article to apply for the loan. However, you must remember to repay your loan according to the agreed loan term. This is because defaulting on your loan would affect your credit score. Besides that, credit bureaus might blacklist you and make you ineligible to access loans from any other lenders.