In Ghana, many individuals find themselves living from paycheck to paycheck, leaving little room for unexpected emergencies or unplanned expenses.
Traditional banks often require collateral or guarantors to secure a loan, making the process lengthy and inaccessible for many. However, with the rise of mobile money loans in Ghana, individuals now have access to quick and convenient financing options without the need for collateral or guarantors.
In this article, we will explore 20 instant loan companies in Ghana that offer mobile money loans, providing individuals with the financial support they need in times of urgency.
The Rise of Mobile Money Loans in Ghana
With the advent of technology and the widespread use of smartphones, borrowing money has become more accessible than ever before. Mobile money loans in Ghana are short-term loans that can be obtained through mobile apps developed by various lending institutions. These loans typically come with low-interest rates and allow individuals to borrow up to GHC 15,000, with repayment periods ranging from 30 to 90 days, depending on the lender.
1. Fido Money Lending Limited
Fido Money Lending Limited is one of the leading mobile money loan providers in Ghana. With their fast, easy, and convenient loan application process, individuals can apply for loans directly from their mobile devices.
Fido Money Lending does not require collateral or guarantors, making it accessible to a wide range of borrowers. The loan amounts range up to GHC 200, with repayment periods between 10 and 33 days. To apply for a loan, simply dial 711999# on your mobile phone.
BloomKash is a reliable online lender in Ghana that offers instant mobile money loans. Borrowers can access loans ranging from GHC 65 to GHC 1,000, with repayment periods from 91 to 365 days. The interest rates for BloomKash loans start as low as 0.1% and can go up to 1% per day, with an annual interest rate ranging from 36.5% to 360%.
3. CashGhana Limited
CashGhana Limited provides salary advances to workers in Ghana, allowing them to cover their financial needs until their next payday. This short-term loan option does not require collateral, making it accessible to a wide range of individuals. To apply for a loan, individuals need to provide their ID and a letter from their company’s account office. Once approved, CashGhana will deposit the loan amount into the borrower’s account.
4. Blue Financial Services Ghana Limited
Blue Financial Services Ghana Limited offers quick and efficient loan processing, with loan disbursement within 24 hours. The company provides both term loans and emergency loans, with repayment periods ranging from 30 to 90 days for emergency loans and a maximum repayment period of 48 months for term loans. The interest rates charged by Blue Financial Services Ghana Limited are competitive, ranging from 2.62% to 3.96% per month, depending on the repayment period.
5. Blue Horizon Microcredit
Blue Horizon Microcredit is a private loan lender in Accra that offers a variety of loan products to cater to different financial needs. The company provides executive salary loans, group loans, institutional loans, and instant loans. Salaried employees can borrow the executive salary loan, which offers a convenient monthly repayment plan. Government workers can also access instant loans with flexible payment options. Additionally, Blue Horizon Microcredit offers group and institutional loans tailored for rural communities and specific institutions.
6. First National Bank
First National Bank offers personal loans to individuals in Ghana, providing financial support for unforeseen circumstances or debt consolidation. Even if individuals have existing loans, they can still qualify for a personal loan from First National Bank. The loan application process involves completing an online application form, providing proof of income, and showing the current employment contract.
7. GTBank QuickCredit
GTBank’s QuickCredit service allows retail customers to access instant cash for their financial needs. Customers with a GTBank account can borrow up to 100% of their monthly salary as a salary advance. The repayment duration for the loan is 30 days, with an interest charge of 1.5%. To access the loan, customers can dial 7370# on their mobile phones, select Payday Credit, agree to the terms and conditions, and enter the desired loan amount.
8. Izwe Savings & Loans
Izwe Savings & Loans offers personal loans to individuals in Ghana, with loan amounts of up to GHC 40,000 and a maximum repayment term of 72 months. The company provides affordable monthly payments, particularly for civil service workers. Borrowers can request a loan through various channels, including the call center, agent network, Izwe branch, requesting a callback, or online. Applying online is a convenient option, with the company processing applications within 20 minutes and disbursing payments in less than 72 hours.
9. MTN Qwik Loan
MTN Qwik Loan is a financial solution that provides quick and convenient loans to all MTN MoMo subscribers. Through this service, users can receive short-term, unsecured mobile money loans directly into their MTN Mobile Money wallets. Borrowers can access the loan by dialing *170# on their mobile phones and following the prompts under financial services and loans. Repaying the loan on time allows users to have continued access to this facility whenever needed.
10. UMB SpeedApp
UMB SpeedApp is a mobile banking application that offers convenient and secure online banking services. The app allows users to manage their UMB accounts, complete financial transactions, and even borrow loans. UMB SpeedApp offers various loan products, including salary overdraft, solar loan, personal loan, scheme loan, auto loan, and executive loan. Each loan product caters to different financial goals, such as managing financial obligations before payday or handling unexpected emergencies.
11. Access Bank PayDay Loan
Access Bank PayDay Loan provides quick access to loans for emergency needs. With this mobile loan service, individuals can borrow instant cash by dialing 90111# on their mobile phones. The loan amount is disbursed directly into the borrower’s Access Bank account, without the need to visit a branch or provide any additional documentation. Access Bank PayDay Loan is available to all salaried workers with an account at Access Bank.
12. Ecobank Personal Loan
Ecobank Personal Loan is an all-purpose loan that offers flexible repayment plans and the option to access additional funds after paying back the initial loan. Individuals can apply for this loan online without the need to disclose its purpose or provide tangible collateral. Ecobank also offers short-term loans to address unexpected financial needs, providing access to up to 50% of the borrower’s net monthly salary. The loan renews every 30 days for up to a year, with charges applicable to the amounts utilized.
13. Direct Savings & Loans
Direct Savings & Loans offers various loan products to cater to different customer needs. The Bullet Loan is designed to assist individuals in emergency or quick turnaround situations, with a minimum loan amount of GHC 1,000. Salaried individuals can access the personal/salary loan, which supports short-term financial needs. The loan has a repayment period of 12 months, with loan amounts ranging from GHC 5,000 to GHC 20,000.
14. SRF Micro Credit
SRF Micro Credit provides fast and easy short-term loans to businesses and individuals. The company offers employee loans to help individuals cover their expenses until the next payday. Additionally, SRF Micro Credit provides personal loans to assist in managing bills or acquiring assets. Loan applications can be submitted online, with processing taking approximately 48 hours before the loan amount is credited to the borrower’s account. Repayment options include mobile money, direct debit, bank transfer, and cash or cheque deposits.
15. Stanbic Bank USSD Mobile Banking
Stanbic Bank USSD Mobile Banking is a free service that allows users to access essential banking services on their mobile devices by dialing *715#. Along with basic banking services, the platform offers an easy way to access instant cash through personal loans. Customers can borrow a minimum of GHC 700 and a maximum of GHC 200,000, depending on their eligibility. Additionally, Stanbic Bank offers salary advances, which are overdrafts tailored to meet cash flow needs until the next salary or paycheck, with no maximum overdraft limit.
16. Branch International
Branch International is a personal finance app that provides instant loans without the need for physical documentation. The app offers a seamless loan process that adapts to individual needs. As borrowers build credit, they gain access to larger loan amounts, providing them with increased financial flexibility and support.
17. Aella Credit Loan App
Aella is an app that offers online loans in Ghana without the requirement of collateral. Beyond just loans, the Aella app allows users to pay bills, save money, and even insure their health, all in one place. Eligible individuals can apply for a loan through the app and receive the funds immediately upon approval.
KiaKia, a subsidiary of Sterling Bank, provides personal and small business loans with no paperwork, guarantor, or collateral requirements. The platform offers reasonable interest rates for both borrowers and lenders. To apply for a loan, individuals can visit the KiaKia website and follow the application process.
19. FairMoney Loan App
FairMoney Microfinance Bank is a digital bank that offers instant loans without the need for collateral. Individuals in need of quick cash during emergencies can benefit from this app. The loan application process can be completed within five minutes, and if approved, the funds will be automatically deposited into the borrower’s bank account.
20. Carbon Loan App
The Carbon app is a financial app that allows users to manage all their money in one place. In addition to sending, receiving, and storing money securely, the app also offers short-term loans to address urgent financial needs. Loan amounts from Carbon range between GHS 100 and GHS 5,000.
How to Obtain an Instant Mobile Loan in Ghana
Obtaining an instant mobile loan in Ghana has never been easier. The first step is to download the app of the desired loan provider onto your mobile device. Once downloaded, you can input your personal information and attach any required documents. After submitting your application, the loan provider will review it and either approve or deny your request. If approved, the loan amount will be disbursed to your mobile money account, providing you with the financial support you need.
In conclusion, mobile money loans in Ghana have revolutionized the lending landscape, providing individuals with quick and convenient access to funds without the need for collateral or guarantors. With the 20 instant loan companies mentioned in this guide, individuals can find the perfect loan option to meet their financial needs. Remember to carefully review the terms and conditions of each loan provider before applying, and borrow responsibly.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help, and readers should not solely rely on it to make financial decisions. Borrowing money involves risks, and individuals should carefully consider their financial situation before taking on any loans. Any actions taken based on the information presented in this article are at the reader’s own risk and responsibility.