These are the top instant Loan Apps In Ghana that will give you a loan in less than 24 hours without visiting any bank or credit office. No collateral or documentation required.
1 . MTN QwikLoan
MTN QwikLoan is one of the leading instant loan systems in Ghana currently. The loan is disbursed within minutes if you are qualified.
The MTN Qwikloan as sponsored by AFB is one of the many instant loan systems that Ghanaians rely on in times of emergency. This loan system doesn’t require guarantors or collateral to give out loans but the amount of money you can take is limited.
This system works only for MTN Ghana subscribers and each subscriber is qualified for the loan based on a system algorithm that is unknown to even MTN. It is also believed that a subscriber must be active for three months or more and frequently top-up airtime and use MobileMoney services to qualify for the loan.
If a subscriber qualifies, the amount of the loan is strictly based on loyalty. The loan ranges between GHS25.00 and GHS1,000.00. Depending on how loyal you are and how authentic the details on your MobileMoney is, you can get up to GHS1,000.00.
The loan is disbursed usually within minutes after the subscriber has applied. The interest rate is 6.9% of the amount disbursed and a maximum of 30 days is given as an expiry period after which if the customer refuse to pay, a 12.5% interest rate will be added.
The loan can be paid back by the customer before the expiration period or it can be collected automatically from the MobileMoney account a day to expiry.
2 . Xpress Loan
Xpressloan is one of the loan systems introduced on the MTN MobileMoney platform after the Qwikloan. It is sponsored by ECOBANK.
This loan system uses the same criteria to qualify customers just like the Qwikloan and you can only take one loan at a time.
To apply for a loan, simply dial *170#
Select Option 5 (Financial Services)
Select Option 3 (Loans)
You can then select either Option 1 for Qwikloan or Option 2 for Xpressloan.
3 . FIDO Loan
This is also one of the many loan systems that most Ghanaians use. It is one of the best instant loan apps in Ghana currently. This system uses an algorithm that is unknown to qualify subscribers.
The amount of loan a user can access is completely based on loyalty. The customer is required to register with a valid Ghanaian Voter ID, Passport, or NHIA card. The active numbers of three relatives must be provided during the application.
A customer is allowed to choose when to repay a loan which must be between 15 to 30 days however a loan must be paid within the specified day else a penalty is added. The earlier the loan is paid, the lower the interest.
Per the terms and conditions of FIDO money lending, the interest goes up each day if the customer doesn’t pay on time.
To apply for Fido loan, you simply have to download the FIDO App
4. BloomKash
BloomKash is one of the new loan apps so lots of people don’t rely on it but it is worth trying.
It has a very simple application process and gives you 90 days to split the payment. The loan is disbursed within 24 hours if you qualify.
Because this is absolutely new service, most people complain about a lot of glitches in the app and high-interest rates. However, there are still lots of people out there who applaud the people behind this awesome loan app.
5. Access Payday Loan
Access payday loan is a product of Access Bank Ghana Limited so it means you must be an Access Bank account holder in order to access this loan.
Aside from the fact that you must be a customer to access this loan, not all accounts qualify for this kind of loan. The customer must be holding either a Salary account or savings account that receives monthly salaries.
An amount of up to 50% of your monthly salary is given as a loan. Up to 31 days loan expiry period. The loan is automatically deducted after your next salary.
You don’t need collateral or any kind of documentation to access this loan. All you have to do is dial *901*11# and if you qualify, the loan is disbursed within minutes.
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