In Ghana, loans are available for the unemployed. The same financial requirements that apply to employed individuals also apply to the unemployed. To meet some of their own demands, some people choose to take out personal loans. can even obtain a business loan to grow their companies, etc.
However, financial institutions also offer other kinds of loans for a variety of purposes. People who are unemployed may have low self-esteem, which can occasionally cause depression.
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About Loans for Unemployed
A person who is unemployed, as defined by the International Labour Organization (ILO), is one who is at least 15 years old, has no job during a given week, is available to start a job within the next two weeks, has actively sought employment at some point in the previous four weeks, or has already found a job that begins within the next three months.
Unemployment loans are typically made on a short-term basis. The reason for this is that the lenders want the borrowers to readily repay their loans. Loans for the Unemployed were created to provide money to those who aren’t working so they can meet their financial responsibilities. Lenders make sure that borrowers have a mechanism to repay the loans before granting them to the unemployed.
People who are unemployed typically struggle to meet their fundamental needs due to unemployment. And in order to meet some of these urgent needs, a rapid loan may be necessary. However, individuals require money or a sufficient source of income in order to meet their fundamental demands.
Nevertheless, there can also be bills to pay, such as tuition, phone, power, and other expenses. Therefore, obtaining loans in Ghana is a wise course of action for those who are jobless.
Features of Loans for the Unemployed
- They are quick loans.
- You receive limited funds from the loans.
- There are no credit checks or required collateral for unemployed borrowers’ loans.
- They occasionally have high-interest rates.
- To avoid penalties, you must pay back the loan in full.
- You can apply for loans for the unemployed even if you have poor credit, such as defaults, missed or late payments, bankruptcy, and more.
Benefits of unemployed loan
- Decreased interest rates.
- Adaptable loan repayment conditions.
- A long tenure.
- Smaller monthly loan installments.
- Interest that is tax deductible.
Disadvantages of unemployment loan
- Risk of the lender seizing the asset in the event that the loan is not repaid on time.
- Ownership of the asset being pledged should belong to the borrower.
- Lenders determine loan terms.
- Longer-term costs are higher.
Requirements for loans for the Unemployed
The conditions for loans for unemployed Ghanaians are as follows:
- The applicant must be between the ages of 21 and 60.
- You must be a citizen of Ghana or a resident of Ghana (legally).
- A valid address proof is required.
- Present recent utility bills, no older than three months.
- Identification documents such as a passport, driver’s license, and voter registration card.
How to apply for loans for the unemployed?
Being unemployed made it challenging to obtain a loan. However, today you can apply for loans for the unemployed by:
- Visit the location of a lender (financial institution) that provides loans to unemployed borrowers.
- Select an online lender and use your smartphone, tablet, or computer to access their website.
- After completing an online application, apply for unemployment loans.
- Enter your name, bank account, mailing address, email address, etc., and then click “Submit.”
List of Loans for Unemployed
- Kiakia Loan Ghana
- MTN Xpress Loan
- Absa Ghana Loan
- Paylater Ghana Loan
- Advans Ghana
- Ahomka Loan
- Fido Money Lending
- Vodafone Cash Ready Loan
- Izwe Savings And Loans
- Airtel Tigo Money
- GTBank Ghana Quickcredit
- Blue Financial Services
- Fairmoney Ghana Loan
- Absa Ghana Loan
- Orbit Loans
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SOURCE: http://loansinghana.com
