Are you in need of an urgent financing or loan to establish a business or to resolve family issues?
You might need a quick loan to buy something, but you’re not sure where to turn. With your mobile money wallet, you can do a lot of things, like apply for and receive loans, pay bills, send and receive money, purchase treasury bills, and seek loans.
This article covers all mobile money loans, including those you may apply for online and with just your phone.
Requirements for mobile money loans
- Strong Internet Connection
- A mobile phone
- A functioning, registered mobile money number
- Must have used mobile money recently and actively.
How to easily get Mobile Money Loans
- Use your mobile money account to make purchases frequently.
- Pay off any outstanding loans promptly.
- Pay off any unpaid loans ahead of schedule.
Mobile Money Loans in Ghana
The ability to obtain a quick loan in Ghana is becoming more accessible every day. Below is a list of loan applications that you can download for your smartphone from the Google Play store.
This is one of the apps in Ghana that provides immediate mobile money loans. Afb Bank founded MTN Qwikloan as an associate of MTN Ghana. With the help of this mobile loan service, MTN customers can get up to GHC 1000 without having to deal with the hassle of an application.
Requirements For MTN Qwikloan
- You must have a current MTN subscription.
- The applicant must have used MTN continuously for at least 90 days.
- You must be at least 18 years old.
- The MTN wallet of the applicant needs to have been utilized in transactions for a while.
- You must not have any unpaid MTN loans.
Steps To Get MTN Qwikloan
- Dial *170#
- Choose option 5 (financial service)
- Type option 3 (loan)
- Select alternative 1. (Qwikloan)
- Finally, enter your mobile Money Pin.
Fido loan app
One of the top lending apps in Ghana is the Fido app. You can apply for quick loans without collateral with the Fido loan app. The Bank of Ghana has granted the business a license. There are no application fees, guarantors, or collateral requirements with the Fido lending app.
First-time borrowers can only qualify for 200 GHC with the Fido loan app. You may receive a bigger amount if you repay your loan on time.
Additionally, the interest rate, which is fixed at 0.266% per day, drops with excellent repayment habits. Before applying, the interest rate is shown in the application.
Requirements for getting loan on Fido loan app.
- You must be older than 18
- Be a resident of Ghana.
- Provide a valid ID card
- Have a working mobile money account
- A minimum of two months’ worth of registered funds in your name.
How to Borrow
- From the Google Play store, get the app for free.
- Fill out the app with your personal information to create a Fido account.
- Select the conditions of your loan.
- Real-time approval occurs. The monies will be released to your Mobile Money account after approval.
In Ghana, one of the most popular loan apps is LendinPapa. While devoted customers can obtain loans above 5,000 GHC, first-time lenders can only get up to 100 GHC. Interest rates range from 8% to 22% annually.
How to Borrow from LendingPapa
- Access the Play Store to get the LendingPapa mobile app.
- Simple personal information should be entered into the application form.
- Upload legitimate documents, such as a passport photo and a national identification card.
- The typical time for receiving funds after approval is five minutes.
- To improve your chances of getting a bigger loan and a cheaper interest rate for your next loan, repay your loan on or before the due date.
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