Top 10 Best Online Loan App In Ghana Without Collateral (2024)

In need of the best loan app in Ghana that requires no collateral? To your good fortune!

A growing variety of loan applications are now available, some of which provide instantaneous funding regardless of a borrower’s credit background.

At retailasiaonline.com, We’ll go over the benefits and drawbacks of each app so you can pick the one that’s right for you 2024.

Read on to learn more about getting a loan, whether it’s to pay for an emergency or to pay off multiple smaller loans.

Summary of Loan app in Ghana

✅Top 10 Best Online Loan App In Ghana Without Collateral	⭐ 1. Fido, 2. Abba, 3. Kiakia, 4. Cocoa, 5. Zidisha
✅ Guide to	⭐ Apply for a loan from the loan app in Ghana
✅ Loan amount	⭐ GHS 100 – GHS 50,000
✅ Interest rate	⭐ 5% – 25%
✅ Age	⭐ 18 – 65 years old
✅ Term	⭐ 1 – 12 months
✅ Requirement	⭐ Valid Ghana National Identification Card (ID)
✅ Pros	⭐ Easy Access to Credit
✅ Cons	⭐ High-interest rates
✅ Evaluate the effectiveness	⭐ Good
✅ Bad credit	⭐ No Check

What is loan app in Ghana?

Loan app in Ghana is a mobile app that lets you use digital banking services. These apps let people borrow money from their phones, and they usually only need a few documents. In Ghana, Branch, Tala, and Fido Money Lending are some of the most popular loan apps. They make it easy for people to get short-term loans.

Benefits of online loans in Ghana without collateral

Some benefits about loan app in Ghana without security are:

• Accessibility: A lot of people can easily get them, even those who don’t have anything important to put up as collateral.
• Speed: Applications for online loans are handled quickly, and you can usually get the money within hours or days. This makes them good for emergencies.
• Convenience: People can apply for loans and keep track of them from their homes using computers or smartphones.
• Inclusivity: Online lenders may look at other factors for approval, making it easier for people with bad credit to get loans.
• Being honest: A lot of online lenders make the terms and fees clear, which helps borrowers make smart choices.
• Freedom: People who want to borrow money can pick from different loan types, payback terms, and amounts that fit their needs.
• Flexibility: Borrowers can choose from various loan products, repayment terms, and amounts tailored to their needs.
• Building credit: Paying back online loans on time can help people build a good credit background.
• Competition: There is a lot of competition in the online loan market, which helps borrowers get better rates and terms.
• Financing: Online loans help more people get access to money by giving people who aren’t handled by traditional banks more options.

Drawbacks of loan app in Ghana

There are some drawbacks with fast Ghana online loan apps, such as:

• Higher Interest Rates: A lot of loan apps have higher interest rates, which make loans more expensive for people who want to get them.
• Unexpected Costs: Some apps may have fees that users don’t know about, which can add up to extra costs for them.
• Overborrowing: People who have easy access to loans may take out too many loans and get stuck in a cycle of debt.
• Privacy Issues: Some apps may need a lot of personal data, which raises issues of privacy and data security.
• Lack of Regulation: There may not be enough regulation over the online loan industry in Ghana, which could lead to abuses.
• Bad Effects on Credit Score: Not paying back loans on time can hurt a person’s credit score.
• Limited Loan Amounts: Loan apps might not let you get the bigger loans you need for big expenses.

Loan app in Ghana interest rate

The Interest rates of easy loan apps in Ghana can be as low as 5% per month or as high as 25% or more per month. There may be extra fees charged by some lenders, like handling fees or service fees, which can make the cost of borrowing even higher.

Example of instant loan apps in Ghana calculation

Here’s an example of how to figure out how much a quick loan from a made-up best Ghana loan app online 2024 would cost.

Just so you know, loan terms and interest rates may be different from one company to the next. Let’s say the following for this example:

• Loan Amount: GHS 1,000
• Interest Rate: 20% per month
• Loan Tenure: 1 month

Additional Fees: GHS 50 processing fee

• Calculate the interest for one month:
• Interest = Loan Amount × Monthly Interest Rate
• Interest = GHS 1,000 × 20% = GHS 200

Add the processing fee to the interest:

• Total Cost of Loan = Interest + Processing Fee
• Total Cost of Loan = GHS 200 + GHS 50 = GHS 250

Calculate the total repayment amount:

• Total Repayment Amount = Loan Amount + Total Cost of Loan
• Total Repayment Amount = GHS 1,000 + GHS 250 = GHS 1,250

So, for this example, if you borrow GHS 1,000 from the loan app with a 20% monthly interest rate and a GHS 50 processing fee, you would need to repay a total of GHS 1,250 at the end of one month.

Online loans in Ghana without collateral requirements

Here are some common requirements you might encounter when applying for loan app in Ghana:

• Age: Most online loans in Ghana require you to be at least 18 years old.
• ID or Passport: To prove who you are, you’ll need a legal Ghanaian national ID card or passport.
• Cell Phone: For contact and loan processing, you may need a cell phone with a SIM card that works.
• Bank Account: Most lenders want you to have your own bank account so they can send you money and collect it when you’re done paying back the loan.
• Proof of Income: Some lenders may want to see a pay stub or bank account as proof that you have a steady source of income.
• Mobile Money Account: A lot of people have a registered mobile money account because they use it to get loans and pay them back.
• Checking Your Social Media Accounts: Some loan apps might ask to see your social media accounts to further confirm who you are.
• Good Credit History: Not all lenders need you to have a good credit history, but some may look at it as part of their decision-making process.

Please keep in mind that lenders may have different standards, and not all loan apps will have the same ones. It’s very important to carefully read through the loan application’s qualifying requirements to make sure you meet their needs before you apply.

Mobile loan app in Ghana amount and term

The loan amounts and terms offered by loan app in Ghana can vary widely depending on the specific lender. However, here are some common ranges you might encounter:

Loan Amount

• Small Loans: Some mobile loan apps offer small loan amounts ranging from as low as GHS 10 to GHS 500 or even GHS 1,000 for first-time borrowers. These are typically short-term loans.
• Medium Loans: Other lenders may provide medium-sized loans in the range of GHS 1,000 to GHS 5,000 or more, depending on the borrower’s creditworthiness and repayment history.
• Large Loans: In some cases, mobile money loans in Ghana apps established borrowers with a good repayment history may be eligible for larger loans, potentially exceeding GHS 5,000.

Term

• Short-Term Loans: Mobile loan apps in Ghana often offer short-term loans with repayment terms ranging from a few days to one month.
• Medium-Term Loans: Some lenders may provide medium-term loans with repayment periods of 2 – 6 months, allowing borrowers licensed loan apps in Ghana.
• Long-Term Loans: While less common among mobile loan apps, a few may offer longer-term loans with repayment periods extending beyond six months.

Compare to best online loan in Ghana

Criteria	Fido	Tala Loan App	Zash Loan App
Interest rate	5% – 25% (risk-based pricing)	11-15% (monthly)	7.5-16% (monthly)
Loan amount range	GHS 100 – GHS 2,000	GHS 10 – GHS 2,000	GHS 100 – GHS 2,000
Loan term range	7 – 30 days	21 days to 6 months	14 days to 6 months
Repayment options	M-Pesa, Airtel Money, Equitel.	M-Pesa or branch offices	M-Pesa or bank transfer
Approval time	Within minutes of application submission	Within minutes of application submission	Within minutes of application submission

Source: Refer to central bank of Kenya reporting and research.

How to get a loan in Ghana

Here are the general steps you might follow to apply for a loan app in Ghana:

Step #1. Choose a Loan App

Research and select a reputable loan app that suits your financial needs and offers favorable terms.

Step #2. Download the App

• Visit your device’s app store (e.gGoogle Play Store for Android or Apple App Store for iOS) and search for the chosen loan app.
• Download and install it on your smartphone.

Step #3. Registration

• Open the app and sign up for an account.
• You’ll typically need to provide your mobile number, email address, and create a password.

Step #4. Complete Your Profile

• Follow the app’s prompts to complete your profile, including personal information and financial details.
• Ensure accuracy in the information provided.

Step #5. Verify Your Identity

• Some loan apps may require additional verification steps.
• This could involve submitting a photo of your ID, taking a selfie, or providing other documentation.

Step #6. Apply for a Loan

• Once your profile is set up and verified, you can apply for a loan.
• Enter the loan amount you need and the desired repayment term.

Step #7. Wait for Approval

• The loan app will review your application, often using algorithms and automated processes.
• If approved, you’ll receive the loan amount in your designated bank account or mobile money wallet.

Remember to carefully read and understand the terms and conditions, including interest rates, fees, and repayment schedules. Borrow only what you can comfortably repay to avoid financial difficulties.

Additionally, ensure you have a stable internet connection and sufficient battery life on your smartphone when using loan apps in Ghana.

Top 10 Best Online Loan App in Ghana 2024 Without Collateral

Below is the list of best online loan app in Ghana without Collateral:

#1. Fido – Loan app in Ghana

Fido is a loan app in Ghana, providing quick and convenient access to small to medium-sized loans through a mobile application.

While it offers ease of borrowing, borrowers should be cautious of potential high-interest rates and fees.

Address: Address 48 Blohum Road, Dzorwulu, Accra, Ghana.

Pros: 

• Quick and Easy Loan Access.
• Fewer restrictions on paperwork.
• Mobile App Accessibility Possible.
• Small to Medium Loan Amounts.

Cons:

• Additional Fees or Charges
• Risk of Overborrowing
• Limited Loan Term Options.

Overall Score: 8/10

#2. Abba – instant loan apps in Ghana

Abba is a mobile money loans in Ghana apps that lets you get a loan right away. It makes it easy for people to get loans quickly without putting up collateral.

Address: Address 96 Blohum Road, Dzorwulu, Accra, Ghana.

Pros:

• Quick Access to Funds
• No Collateral Required
• Convenient Mobile Application
• Potential for Small to Medium Loan Amounts.

Cons:

• High Interest Rates
• Additional Fees and Charges
• Risk of Overborrowing

Overall Score: 8.0/10

#3. Kiakia – best Ghana loan app online 2024

Kiakia is a legit Ghana lending app, known for its ease of use and quick loan approvals. With competitive interest rates and flexible loan terms, it’s a preferred choice for many seeking financial assistance.

Address: Address 20 Blohum Road, Dzorwulu, Accra, Ghana.

Pros:

• Quick access to funds
• Minimal documentation
• Convenient application process
• Flexible repayment options

Cons:

• High-interest rates
• Risk of overborrowing
• Limited loan amounts

Overall Score: 8/10

#4. Cocoa – Quick loan app in Ghana for iphone

Cocoa is a fast Ghana online loan app. It offers fast loan approvals and disbursements to meet immediate financial needs. Users can conveniently access small to medium-sized loans through this mobile application.

Address: Address 15 Blohum Road, Dzorwulu, Accra, Ghana.

Pros:

• Quick and Convenient Access to Loans.
• Minimal Documentation Requirements.
• User-Friendly Mobile App Interface.
• Speedy Loan Approval and Disbursement.

Cons:

• Potentially High-Interest Rates.
• Additional Fees or Charges.
• Risk of Overborrowing.

Overall Score: 7.5/10

#5. Zidisha – Online loans in Ghana without collateral

Zidisha is paylater loan app Ghana that offers loans without requiring collateral. Borrowers can access small to medium-sized loans for various purposes, often with competitive interest rates, fostering financial inclusion and entrepreneurship in the country.

Address: Address 128 Blohum Road, Dzorwulu, Accra, Ghana.

Pros:

• No collateral required
• Accessible online
• Promotes financial inclusion
• Competitive interest rates.

Cons:

• Limited loan amounts
• May have strict eligibility criteria
• Potential for high-interest rates.

Overall Score: 8.0/10

List of unregistered loan apps in Ghana 2024

No.	Loan App’s Names
1	Flash Cash
2	Accra
3	GhLending
4	MoLoan
5	Rapidcedi
6	100 Cedi
7	Cedi Help
8	Mascedi Consult
9	Cediboom
10	CashLoanPro
11	Aircash
12	Akwaaba Payment
13	FourCredy
14	Ghanalending
15	AcornCredit
16	Gana Loan
17	Mach Loans Ghana
18	Mbose
19	Sika Bus

Expert’s opinion about mobile money loans in Ghana apps

According to Daron Acemoğlu – Nobel laureate in economics: “There are a number of loan apps in Ghana that make it easy to get quick, no-debt loans. Some well-known choices are Branch, FairMoney, Fido Money Lending, and Tala. These apps offer loans with different amounts and terms, and they usually don’t need a lot of paperwork. It’s easier for people to meet their short-term financial needs because users can apply for loans, get approved, and access funds all from their smartphones. ”

Mr. David B. Audretsch – Nobel in Economics told that: “Mobile loan apps in Ghana provide convenient access to quick financial assistance, typically without the need for collateral. These apps have gained popularity due to their ease of use and accessibility through smartphones. Borrowers can apply for loans, receive funds swiftly, and repay within specified terms.”

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FAQs – Loan app in Ghana

Find out more about online loan app in Ghana with the aid of this response to a frequently asked question (FAQ).

Is online loan app in Ghana legit?

Yes, Online loan apps in Ghana are legit that bother people with low incomes with ads for easy loans. People who fall for it have a hard time with what happens next. A lot of text messages offered to help pay off the victim’s debt reached the victim’s boss.

Which app gives loans instantly in Ghana?

In Ghana, there are a number of apps that offer quick loans. Branch gives out instant loans with low interest rates and open payment terms. You can get instant loans from Tala with open payment terms and no collateral needed. You can get fast loans from Okash with no collateral needed.

Which loan app is approved by the Bank of Ghana?

Ecobank Ghana gives loans to people and businesses with open terms for paying them back. The interest rates on loans from Stanbic Bank Ghana are among the best in Ghana. You can get personal or business loans from HFC Bank Ghana, and the interest rates are reasonable.

Conclusion

One of the well-known loan app in Ghana is Fido. This makes it easy to get a loan by streamlining the application process. This lets users get the money quickly, usually within minutes.

Fido is known for having low interest rates compared to other loan apps, which makes getting money cheaper overall. This makes it a safe choice for people who need money.

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