Everybody has at some point in their life been in desperate need of financial aid but doesn’t know where to turn. Life issues are always on the rise, and financial requirements are no exception. On days like these, Instant Mobile Money Loans applications are really useful.
People in need of money can get instant mobile money loans in Ghana at low or no interest rates. Numerous applications exist in Ghana that provide rapid loans, but some of them may need exorbitant credentials. For this reason, we’ve put together this post to give you the finest quick lending apps for fast loans without collateral in a few easy steps.
How To Get An Instant Mobile Money Loans In Ghana
There are several ways to apply for a loan in Ghana, but if you want one in a day or less, I strongly advise using one of the rapid mobile money lending applications that are readily available. I’ll be outlining the best eight low-interest money lending applications in Ghana shortly.
These instant mobile money loan apps are quite quick, and the loan application process is really simple. The process of applying for a loan via one of these quick mobile money loan applications is quick and simple. All you have to do is;
- Install the mobile app on your device
- Register an account
- Apply for a quick loan
- Enter your desired account number for the loan to be disbursed
- Receive your loan
These instant mobile money loans in Ghana apps are quite quick, and the loan application process is really simple. The process of applying for a loan via one of these quick mobile money loan applications is quick and simple. All you have to do is;
Requirements For Getting Instant Mobile Money Loans In Ghana
Different lenders may have different conditions for obtaining mobile money loans in Ghana. Being 18 years of age or older, having an active account number, and residing in Ghana are some prerequisites, though. Additionally,
notes that due to the regulations put in place surrounding mobile money services, the majority of businesses do not need collateral before giving loans to their customers. To obtain the loan, certain lenders may demand a one-time ID and mobile money account verification from the borrower, as detailed below:
- The borrower must be 18 years old and above
- You must have an active account number
- You must have an active phone number and email address
- You must have a source of income; preferably a job
- You must have a social security number
- You must provide contact information or your home address
Instant Mobile Money Loans In Ghana Without Collateral
- QwickLoan
- Fido Loan Ghana
- Zidisha Loan
- MTN Xpress Loan Ghana
- Paylater Ghana App (Carbon)
- Oze SME Loans
- FairMoney Loan app
- Branch Loan App
1. QWIKLOAN
Qwikloan is the #1 application on our list of rapid mobile money loans in Ghana. MTN Qwik Loan is a financial business that offers quick and adaptable loans to MTN MoMo subscribers. In Ghana, it provides quick, unsecured mobile money loans that are placed into the user’s MTN Mobile Money wallet five minutes after the application is submitted.
One of the quickest applications that provide rapid mobile money loans in Ghana is known as Qwik Loan. It provides customers with up to 1,000 Ghanaian cedis at a low-interest rate of just 6.9%.
Unlike many other lenders, the Qwik loan is easy to access, and you can apply for a loan using just your cell phone. The most fascinating aspect is, you do not need a bank account or savings to apply for a loan. In addition, if you return your debts on time, you could increase your credit limit, and get access to the service whenever you want.
Requirements:
- A cell phone
- MTN MoMo sim card
How to Apply:
- Dial *170# on your MTN sim
- Select option 5 for Financial Services
- Select option 3 for Loans
- Select QWIKLOAN
- Select option 1 for Get a loan
- Enter MM pin number to confirm
2. FIDO LOAN GHANA
The second app on our list is Fido Loans, which provides fast mobile money loans in Ghana. Fido Loans are managed by Fido Micro Credit, a financial firm located in Accra. Fido Microcredit is a private money lender located in Accra that provides loans through their app to anybody with a valid ID and a mobile money account, with no collateral or guarantors.
First-time clients can borrow up to 200 Ghana Cedis, which must be returned within 10 to 33 days. Surprisingly, when a person borrows more and makes on-time payments, their credit score rises, allowing them to secure larger loans at reduced interest rates. Interest rates for new customers begin at 14% for 30 days and can reduce as low as 8% for 30 days.
Requirements:
- A valid ID (Driver’s License, NHIA Membership, Voter ID, National ID, or Passport).
- Mobile Money account
- An active bank account
How to Apply:
- Download the Fido Mobile App from the Play Store.
- Register using your accurate details.
- Fill out the loan application form in the mobile app.
- Once your loan application has been approved, you will get the money you applied for in your bank account.
3. ZIDISHA LOAN
Zidisha is a microlending network that links lenders and businesses without the use of middlemen. Utilizing this app, individuals in Ghana who want immediate mobile money loans may connect with those willing to give them money without requiring any kind of security.
Anyone with the Zidisha app, a valid ID, and a good reputation based on recommendations from friends and family is eligible for a Zidisha loan.
Borrowers frequently upload their loan applications as well as the reason for taking the loan, and the people who grant the loans, who are also on the app, decide whether to give them the money in full or in part.
Borrowers pay a service charge of 5% of the loan amount to cover the expense of transferring and managing the loan, but there is no interest on Zidisha loans.
Requirements:
- Residential address
- National ID
- Phone number
- No outstanding loan record
- Recommendations from friends and family
How to Apply:
- Download the software from your app store
- Register with your correct details
- Post your loan application and anyone capable of lending you money will accept your application.
4. MTN Xpress Loan Ghana
MTN Xpress Loan Ghana is consistently at the top of the list when it comes to quick mobile money loans in Ghana. MTN Xpress Loan is another rapid mobile money loan offered by MTN in Ghana.
It is available to MoMo customers who routinely replenish their MTN phone with airtime and utilize their mobile money account on a regular basis.
Because this app only gives loans to certain MTN members, not everyone is eligible. This loan has no savings or paperwork requirements. If you are approved, the amount you requested will be credited to your Momo account.
It should be noted that no fees are specified for this loan product. As a result, it is critical to understand the terms and conditions before proceeding.
Requirements:
- An MTN sim
- A cell phone
How to Apply:
- Dial *170#
- Select ‘Financial Services
- Select ‘loans’, ‘XpressLoan’, and then ‘Get a loan’ in that sequence
- Enter your mobile money account PIN
- Select ‘View Offers’ to select the preferred amount. The options are usually between 50 and 1000 Ghanaian Cedi
- Confirm the stipulated repayment plan
5. Paylater Ghana (Carbon)
A popular lending app called Carbon, formerly known as Paylater, offers instant mobile money loans in Ghana within minutes. This program is user-friendly and provides a wide range of distinctive features that make borrowing highly practical for its users.
One of the intriguing aspects of Carbon is that you receive a discount on your subsequent loan if you refer someone to the website and they promptly repay their credit.
Additionally, following the stated payback terms enables you to gradually obtain bigger sums over time. In addition to personal loans, Carbon also provides unsecured business loans in Ghana.
Requirements:
- Residential address
- National ID
- Phone number
- A clear passport photograph
How to Apply;
- Download the app
- Register with your details
- Fill out a loan form
- And receive your loan when you have been approved
6. Oze SME Loans
Oze is a lending company that works with financial institutions and other companies to offer small businesses no-collateral, low-interest loans. Customers can borrow up to 30,000 Ghana Cedis from Oze with as little as 3% monthly interest on the principal.
The loans secured may be repaid over a twelve-month period in installments. To be eligible for a loan, an applicant must have used the Oze Business App actively for at least 30 days. They can submit an application for an Oze loan directly from their Oze Business App after 30 days.
Requirements:
- An active bank account
- You must have recorded at least 10 transactions a month on your Oze Business App.
- Upload a bank or mobile money statement from the last 3 months.
- Applicant must be an active Oze Business App user for at least 30 days.
How to Apply;
- On your dashboard, scroll down until you find ‘Shortcuts’. Then select the ‘Apply for a loan’ option.
- You will be redirected to the loan application page. Please read all of the information on the screen before proceeding.
- When you’re finished, click the ‘Apply for loan’ option.
- Enter all required information accurately, then click the ‘Review Your Application’ button to review your application, and then hit the submit button.
FairMoney Loan app
One of the top suppliers of instant mobile money loans in Ghana is FairMoney Microfinance Bank. The app provides flexible loans without collateral. They provide quick loans for unforeseen expenses including rent, salary advances, and other personal requirements as well as for medical emergencies.
If you’re worried about FairMoney’s validity, you shouldn’t be because they’ve been in business for a while and have locations all throughout Africa.
Anyone in need of instant mobile money loans in Ghana without documentation or collateral is strongly encouraged to use this program, in my opinion.
For its low-interest loans and protracted return schedules, FairMoney is well recognized. There is a significant likelihood of receiving a loan because FairMoney has a history of disbursing over 10,000 loans to consumers each day.
Requirements:
- An active bank account
- Your BVN
- An active phone number
How to Apply:
- Download the FairMoney app on the Google Play store
- Sign up with a phone number linked to your BVN.
- Apply for a loan
- Answer a few questions and authenticate your identity before receiving your loan offer.
Branch Loan App
Branch Loan App is the final app on our list of rapid mobile money loans in Ghana. One of the top lending apps in Ghana, The Branch lending app provides quick loans with no documentation or collateral. Since this software is accessible around-the-clock, seven days a week, it is useful whenever and whenever you need a loan.
One of the finest features of this program is that you may unlock bigger loans as long as you make timely payments on your outstanding loans. The money will be transferred into your wallet immediately after you apply and fulfill the standards because the loan application process is quite quick.
Anyone in need of rapid mobile money loans in Ghana without any documentation or collateral is strongly encouraged to use this program, in my opinion.
Anyone in need of rapid mobile money loans in Ghana without documentation or collateral is strongly encouraged to use this program, in my opinion.
Requirements:
- A branch account
- An active phone number
- Your BVN
- Two emergency contacts
How to Apply;
- Download the app from your app store
- Register an account with your details
- Apply for a loan
- Answer a few questions and provide your emergency contacts
- Refresh your wallet and get your loan
Conclusion
As long as there are people around, there will be needs, and as each day goes by, there will be more desires. But what happens when there are bills that need to be paid immediately and you’re out of money?
Instant mobile money loans in Ghana should be your first choice in these circumstances rather than risking your reputation by applying for traditional loans. The applications discussed in this post are all excellent for lending money, so check them out and choose the one that works best for you.
