Best Quick Loan Apps In Ghana, Check Now
Have you found yourself in an emergency, and you need cash immediately? Or you are stranded somewhere and want an online loan instantly? Then feel free to read this article.
WHAT IS AN ONLINE QUICK LOAN?
First, let’s know what a quick loan is. A quick loan is a loan that is issued in a short period and is subject to less rigorous screening and approval procedures. In most cases, these online loans are mini-personal loans.
Online quick loans are loans that can be applied for, processed, and finalized all online in a short instance. These usually consist of personal loans, but they can include car loans, payday loans, and various other types of loans.
Although, some online loans can be good and stress less, sometimes it can be dangerous if care is not taken.
Let’s look at some pros and cons of online quick loans :
Advantages of online loans
•Unsecured loans- Individuals do not need to provide collateral property to secure a loan
•Flexible repayment- Many online loan apps offer flexible repayment plans to make it easier for you to repay your loans without any stress
•Growing credit limit- First-time borrowers will have a lower maximum loan amount, but as you continue paying your dues on time, these apps provide higher maximums.
Disadvantages of online loans
•Higher interest charges- Because the loan is unsecured, the interest rate will be much higher than traditional bank loans.
•Smaller maximum loan- If you’re a first-time borrower, you may find that your maximum limit may not be enough to cover your expenses as the maximum amount you can loan is much smaller than what traditional bank loans provide.
•Exposure of one’s account to the risk of hacking and scams- Be careful about the data you share and the online loan apps you use, as these can be prone to data hacking since the whole loan process is done online. Make sure you use online lending platforms registered with the Securities and Exchange Commission.
WHAT ARE THE BEST QUICK LOAN APP IN GHANA?
Among the numerous quick loan apps in Ghana, it’s not exactly clear which is the very best, but Fido loan and pay later loan can be discussed, alongside how to apply for them and the requirements:
Paylater loan
Pay later is one of the commonest loan apps in Ghana. Pay later is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Ghana.
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To apply for pay later loan in Ghana, follow the guidelines below
- Go to Google Play Store to download and install the app.
- Create your account by filling in your details correctly. You may be required to enter your personal information such as your National ID card, residential address, house address, and others.
- After successful registration you will be asked to enter your preferred loan amount. Check their rates or charges before confirming.
- Once your application is approved, your money will be disbursed to your bank or mobile money account in 10 minutes.
Fido loan app
Fido is one of the best loan apps in Ghana. Fido provides fast, and easy short-term loans to its customers. The application process is easy and less stressful. You can receive up to GHS2000 for your first loan.
How to Apply for a Fido loan
- Download the app on Google Play Store and fill in your details.
- Enter the loan amount you need and confirm.
- If approved, you will receive the money instantly into your mobile money account
- The minimum and maximum repayment periods are 91 and 180 days respectively.
Fido loan application requirements:
- A valid ID (ECOWAS card, Voters card, Passport, and Driver’s license)
- Mobile Money account registered in your name
- Be a resident of Ghana, and over 18 years of age.
Other apps such as Loan supermarket, and Mpaeso loan among others are equally reliable and quick. In general, you will require a mobile money account or bank account, a valid national ID, in some cases passport, and a resident of Ghana with at least 18 years of age to get a loan through this app.
Remember MTN Ghana also offers quick loans to its customers with MTN mobile money ( if the person can attain the qualification status).
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