Online loans are such a relief to many Ghana folks from the long queues at the bank. It has also helped those who just need a small amount to carry out a quick project or task.
Most banks mostly give high amounts which might not be what an ordinary Ghanaian lender wants.
Looking for a quick loan without a guarantor or collateral? We got you covered. In this article, we provide you with the various online mobile money loans in Ghana and some more information on them.
There are several companies in Ghana that offer instant online mobile money loans.
These companies typically use mobile technology to allow customers to apply for loans, receive loan approvals and disbursements, and make loan repayments all via their mobile phones.
Some of the popular companies that offer this service in Ghana include Branch International, Lendable, and Okash.
These companies offer loans at different interest rates and repayment terms and typically require borrowers to have a valid ID and a mobile phone number to apply.
They also may require credit scoring or a credit check before approving a loan.
Instant Online Mobile Money Loans in Ghana
- Branch International: This company uses mobile technology to provide small loans to individuals and businesses in Ghana. They offer loans up to GHS 2,000 and customers can apply and receive approval in minutes.
- Lendable: Lendable is an online lending platform that connects borrowers to lenders in Ghana. They offer loans starting from GHS 100 up to GHS 10,000 with flexible repayment terms.
- Okash: This is a mobile lending app that allows customers to apply for loans, receive approval and disbursement, and make loan repayments all via their mobile phones. They offer loans from GHS 50 to GHS 2,500.
- MTN MoMo: MTN is a mobile network provider in Ghana which also offers mobile money loans to its customers.
- Express loans: This is a mobile loan app that allows customers to apply for loans, receive approval and disbursement, and make loan repayments all via their mobile phones. They offer loans from GHS 50 to GHS 2,500.
- MyLoan: This is a mobile loan app that allows customers to apply for loans, receive approval and disbursement, and make loan repayments all via their mobile phones. They offer loans from GHS 50 to GHS 2,500.
- JumiaPay: This platform allows customers to apply for loans and make payments using their mobile money account. They offer loans up to GHS 5,000 and have a repayment period of 30 days.
- QuickLoans: This platform allows customers to apply for loans using their mobile phone, and receive approval and disbursement within minutes. They offer loans starting from GHS 100 up to GHS 5,000 with flexible repayment terms.
- Kudi: Kudi is a mobile lending app that allows customers to apply for loans, receive approval and disbursement, and make loan repayments all via their mobile phones. They offer loans from GHS 50 to GHS 2,500 with flexible repayment terms.
- Zenith: Zenith is an online lending platform that offers instant mobile money loans to individuals and businesses in Ghana. They offer loans starting from GHS 100 up to GHS 5,000 with flexible repayment terms.
- QuickCash: This platform allows customers to apply for loans using their mobile phone, and receive approval and disbursement within minutes. They offer loans starting from GHS 100 up to GHS 5,000 with flexible repayment terms.
- Fairmoney: Fairmoney is a mobile lending platform that allows customers to apply for loans and make payments using their mobile money accounts. They offer loans up to GHS 5,000 and have a repayment period of 30 days.
Please note that interest rates, fees, and loan terms vary depending on the company and the loan amount.
It is important to read the terms and conditions carefully before applying for a loan and to only borrow what you can afford to repay.
How to Apply for an Instant Online Mobile Money Loan in Ghana
The process for applying for an instant online mobile money loan in Ghana typically involves the following steps:
- Choose a lender: Research and compare different lenders to find one that best suits your needs.
- Register: Most lenders require you to register an account on their platform before you can apply for a loan. This usually involves providing your personal and financial information, such as your name, address, mobile phone number, and ID number.
- Apply: Once you have registered an account, you can apply for a loan by filling out an online application form. You will typically be asked to provide information such as the loan amount, repayment period, and purpose of the loan.
- Submit documentation: Some lenders may require you to submit additional documentation, such as proof of income or a copy of your ID, before approving your loan.
- Wait for approval: The lender will review your application and determine whether you are eligible for the loan. If approved, you will receive a loan offer with the terms and conditions of the loan.
- Accept the loan: To accept the loan, you will need to sign a loan agreement and provide any additional information that the lender may require.
- Receive the loan: Once your loan is approved and accepted, the funds will be transferred to your mobile money account.
- Repayment: You will be required to make regular repayments to the lender as per the agreed terms, this can be done by mobile money transfer or cash deposit.
Please note that the process may vary slightly depending on the lender and the type of loan you are applying for.
It is important to read the terms and conditions carefully before applying for a loan and to only borrow what you can afford to repay.
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