Generally, a loan is when an individual, organization, etc requests an amount of money from an entity, with an agreement to pay the borrowed principal amount back with an interest, usually for a limited time.
In this article, we will be looking at the list of loans for the unemployed in Ghana. Due to the agreement made on loans, the receiver pays more money on the original amount of money borrowed since the receiver is supposed to pay interest on the principal amount borrowed as a profit to the lender for the loan being offered to the receiver.
There are different types of loans, some of these loans include; personal loans, business loans, home loans, gold loans, rental deposit loans, loans against property, etc.
Unemployed is when a person who is legally in the capability of working for a livelihood, has no paying job, or has been dismissed from work and therefore does not have any work.
FEATURE OF LOANS FOR UNEMPLOYED IN GHANA
- They are short-term loans.
- The loans give you small funds
- Loans for the unemployed do not require collaterals or credit checks.
- Sometimes they come with high-interest rates
- You must pay back the loan fully to avoid a penalty
- a person with inadequate credit issues like; defaults, missed or late payments, bankruptcy, and so on can also take loans for the unemployed.
REQUIREMENT OF LOANS FOR UNEMPLOYED IN GHANA
- The applicant must be between 21 to 60 years old
- You must be a Ghanaian citizen or resident in Ghana (legally)
- Must possess proof of address.
- Provide utility bill less than three months old
- Proofs of identification such as passport, driver’s license, Voter’s card, and other national identification cards.
HOW TO APPLY FOR UNEMPLOYED LOANS IN GHANA
- Visit the office of a financial institution (lender) that offers loans for the unemployed.
- Choose an online lender and visit their website with your smartphone, tablet, or personal computer. Then apply for the loans for the unemployed after filling out an online application form. Fill in some details like; your name, bank account, address, email address, and then submit.
BANKS THAT GIVES LOANS TO THE UNEMPLOYED IN GHANA
Visit any branch of the following banks for your unemployed loan nationwide
- GCB bank
- STANBIC BANK
- FIDELITY BANK
- FIRST BANK
- FIDO MONEY LENDING LIMITED
- FAST-TRACK MICROFINANCE BANK
The following are what lenders test in your loan application:
- They know you do not have a job at the moment. Therefore, sometimes they might want to know the income of your closest relation (maybe your spouse).
- The capital money or gains from your investments may be in real estate
- Your retirement benefits
- They test your debt-to-income ratio
- They put your credit score into consideration