Borrowers who are unable to pledge their assets as collateral for a loan have access to loans in Ghana without collateral. And some other applicants might not have enough assets to use as collateral for the loan amount they require.
Nevertheless, keep in mind that, no matter why you need a loan, securing one in Ghana may be difficult. Despite the global economic condition, the thought of providing a loan to those in need is really amazing.
The majority of applicants, however, hesitate to obtain the loans they require because of the lenders’ requirement for collateral. You’ll learn more about personal loans in Ghana that do not require collateral you read on, among other things.
What is a collateral loan?
A secured loan, as it is frequently referred to, is one for which collateral must be provided as security. Therefore, if you are unable to repay the loan, the lender may seize the collateral. And any of your possessions could fall under this category, including your home, car, jewelry, savings account, or investment portfolio.
The term “loan without collateral” refers to a loan where the lender does not need you to guarantee the loan with property that you own.
Loans in Ghana without collateral
Thanks to the numerous apps and websites saturating this market, getting online loans in Ghana without collateral is now possible. Instant mobile money loans are beneficial for small businesses without savings and individuals in difficult situations. Additionally, because the limit increases with timely credit payments, you can borrow additional money.
Here are some of the loans you can apply for without having to put up your properties in case you default.
Quick loans are available to users of the Fido money lending mobile application. Because funds are sent immediately to your mobile money wallet when you request them, you won’t need to go to a bank to withdraw money. You won’t need to provide any collateral in order to get the Fido grant, too.
However, you will need to show confirmation of identity, residency, and employment while registering. Fido will then decide if you qualify for the amount you requested before releasing the funds.
2. MTN QwikLoan
You must have made some purchases in your wallet for more than 90 days in order to be eligible for a credit. If you meet all the requirements, you can be qualified for GHS1,000 in quick loans.
The only requirement for this qwik loan is that you frequently use MTN mobile money. The interest rate is 6.9%. You must finish repaying the prior loan before you are eligible for any additional ones.
3. Carbon Ghana
One of Ghana’s leading websites for loans is this one. Regardless of your social or economic standing, you are eligible to borrow money from them. Additionally, its Android mobile app makes it simple for you to submit loan requests, process payments, and do so.
4. Xpress Loan
In Ghana, MTN provides another quick mobile loan without collateral. Customers of MoMo who frequently reload their MTN phones with credit and utilize their mobile money accounts are eligible for it.
Note that they do not predetermine the costs associated with this loan product. As a result, it is important to understand the terms before applying for a loan.
5. LendingPapa Loan
One of the most popular loan apps in Ghana is LendingPapa. New lenders have access to up to 100 GHC, while loyal consumers have access to loans totaling more than 5,000 GHC. The annual interest rate ranges from 8% to 22%.
6. Bloomkash Loan
You have access to up to 1,000 GHC using the Bloomkash lending app without providing any security. Lenders who are just starting out can borrow up to 65 GHC. Additionally, the business provides daily interest rates ranging from 0.1% to 1%.
7. SikaPurse Loan
SikaPurse is one of the most popular loan apps in Ghana. The loan application gives lenders up to 5,000 GHC. New borrowers have access to up to 1,000 GHC. The annual percentage rate on the loans varied from 8% to 25%.
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