10 of the best online loans in Ghana without collateral

Online lending platforms have given traditional lenders like banks a run for their money. The benefits of online loan providers are numerous; hence, they have attracted many customers in a short time. For starters, online lenders do not require any collateral, which prevents people from applying for grants from banks. Therefore, online loans in Ghana without collateral are a lifeline for people who have no security for the funds they seek.

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A person holding banknotes. Photo: @jpvalery
Source: UGC

There is no shortage of loan apps in Ghana and as long as you have a smartphone, access to loan money is instantaneous. All you have to do is create an account, apply for a grant, and have your money in minutes. No need for the long trip to a bank where you will be subjected to long queues only to be refused a loan because you lack collateral or for some other reason.

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Online loans in Ghana without collateral

If you want loans in Ghana without collateral, you need to know the right applications from which you will seek the service. As always, make sure to download legitimate apps; otherwise, you risk giving your data to unscrupulous people. Here are some of the best online loans in Ghana without collateral:

1. Fido

Fido Money Loan is a mobile application through which users can get instant loans. When you request a grant, it is sent to your mobile money wallet; you will therefore not need to go to a bank to make a withdrawal. In addition, no proof of guarantee will be required to access the Fido subsidy.

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However, you must produce identification, residence details and employment details during the registration process. Fido will then determine if you qualify for the amount you requested before disbursing the money.

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2. Pay Later (Carbon)

PayLater brings together private lenders in Accra, with the aim of providing smart cash grants to Ghanaians through a mobile app. Once you submit your request, the money is instantly deposited into your mobile wallet.

To start the process, you need to create an account on the app by filling in the basic information. Then you apply for a grant, and once it’s approved, you get your money in less than five minutes. New borrowers have access to 5 Ghana cedis with an interest rate of 5%.

3. Zidisha

It is a micro-credit community that brings together lenders and entrepreneurs. Obtaining a grant requires a Zidisha application, identification, and recommendations from friends or family. Entrepreneurs are required to publish a loan application and the reasons for applying for a grant.

Loans range from as little as $1 to as large as the amount requested. There is no interest rate on these grants but a service charge of 5% of the loan amount is deducted and a membership fee of 40 Ghana Cedis.

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4.MTN Qwick

online loans in ghana without collateral
Application form near a calculator. Photo: @tezos
Source: UGC

MTN customers can access loans online through its partnership with AFB Ghana. To qualify for credit, you must have had transactions in your wallet for more than 90 days. If you meet all the conditions, you can access instant loans of up to 1,000 Ghana cedis.

The interest rate is 6.9% and no collateral is required other than frequent use of MTN mobile money. However, previous credit must be repaid on time to access future loans.

5. OZE SME

It works through partnerships with other fintechs to qualify for small business loans. Download the OZE business app from which you can apply for credit of up to 10,000 Ghana cedis. The interest rate is 3% per month.

You can repay your credit by installments that can extend up to an entire year. Eligibility is determined by being an active OZE user for more than one month. First, applications are reviewed by OZE coaches, after which processing is carried out.

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6. Pezesha

Pezesha is a dedicated platform for business grants of up to 6,000 Ghana cedis. These include LPO financing, asset financing, inventory financing and working capital financing. But, first, you need to fill an online application form and give your credentials.

The application process is simple and takes no more than two minutes. Repayment of the loan is flexible and can be done over three to twelve months.

7. LendDad

LendingPapa is another fast online loan application in Ghana. Go to the AppStore and download the LendingPapa app, from which you will access credit of up to 1,000 Ghanaian cedis.

Having the app is not enough to access credit through LendingPapa as you need to create an account. Through the account, you can confirm your identity and be able to submit your application.

8. Kia appKia

It is one of the newer mobile money lending apps in Ghana. It has one of the fastest application processes that notifies you of your status within minutes. In addition, KiaKia offers short-term loans that can be repaid in a short time.

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9. FairMoney App

online loans in ghana without collateral
A person reading a credit approval congratulations message on their phone. Photo: @nate_dumlao
Source: UGC

FairMoney Loan App is the app to access for quick credit to meet personal finance, vehicle maintenance, health bills or any other emergency. The Nigerian company has a presence in Ghana, offering free bank transfers.

10. Cash Ghana Limited

It is one of the best loan apps in Ghana especially for salaried people. CashGhana Limited offers payday advance to those employed in private and public services. Short-term credit is issued without you having to provide collateral.

The requirements are lenient as you only need to produce a valid national ID and a letter from your employer’s accounts. Once you submit your application, the money is immediately deposited into your account.

Frequently Asked Questions

  1. How can I get an unsecured loan in Ghana? The best way to get unsecured credit in Ghana is through mobile apps that only need your personal information.
  2. How can I borrow money instantly? Get personal credit from an online lender that doesn’t require collateral.
  3. Is the Fairmoney loan in Ghana? The Nigerian company Fairmoney has a presence in Ghana, where it lends money through a mobile application.
  4. How to get an instant loan in Ghana? First, download a mobile money loan app that provides instant loans anytime, anywhere.
  5. Can anyone get a mobile money loan in Ghana? Anyone of legal age can access mobile money loans using a smartphone.
  6. Is there a limit for mobile money loans? Yes, new borrowers are generally subject to low limits, which increase based on your repayment history.
  7. Can I get a mobile money loan in Ghana without paying the first loan? No, once you have been granted a credit, you must finish paying it before receiving another one.

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Thanks to the many apps and sites that have occupied this space, getting online loans in Ghana without collateral is now a reality. Instant mobile money loans are useful for personal emergencies and for small businesses that don’t have savings. Moreover, by paying the credit on time, the limit increases; therefore, you can borrow more.

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 assistance and should not be relied upon to make decisions of any kind. Any action you take on the information presented in this article is strictly at your own risk!

Yen.com.gh has shared an interesting article on how to make money online in Ghana as a student. With the growth of Internet access, there are many options available to you.

With a little creativity, it’s possible to earn some extra cash without leaving your dorm room. The article gives available legitimate online opportunities and ideas to help you increase your income.

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