Business & Finance

Collateral-free Loans in Ghana

George 2 weeks ago 3 min read

mmm… so what are some Collateral-free Loans in Ghana? To begin with, a collateral is a property (such as securities) pledged by a borrower to protect the interests of the lender. It could be a house, land, or anything else owned by yourself which is worth a loan you want to secure. here in Ghana, it’s one of the basic requirements of getting through a loan process.

Collateral-free Online loan services in Ghana

1. FIDO LOANS

With Fido Loan, you can conveniently receive your loan request directly into your mobile money account from the comfort of your home. All you need to do is visit their website or download their app, available on both Play Store and App Store. After creating an account, you’re ready to get started.

Fido provides initial loans in smaller amounts, which can increase based on your repayment history, offering fast and convenient short-term loans tailored to Ghanaians. The minimum loan amount is GH₵ 200, while the maximum loan amount can go up to GH₵ 1000.

2. Zidisha Loans

Zidisha stands out from services like Fido Loan as it’s a platform for individuals willing to lend money to borrowers. The process is secure and free from fraud. To secure a loan through Zidisha, you must meet the required registration criteria, and you could potentially borrow up to GH₵50,000 with a solid business plan.

For more information about Zidisha, visit their website at [https://www.zidisha.org/] (https://www.zidisha.org/).

3. Carbon or Paylater

Carbon offers loans of up to GH₵1,000 without the need for collateral. Whether you’re an entrepreneur or not, you can apply for a loan through Carbon, and there are no penalties for late repayments. However, having an outstanding loan with Carbon may prevent you from securing another loan with them. You can download the app from either the Play Store or App Store.

4. Vodafone Ready Loan

Vodafone Ready Loan is a service that provides loans to Vodafone network users. You’ll need a Vodafone Cash account to receive the borrowed funds. Vodafone Ready Loan is incredibly convenient, with loan approval taking less than 5 minutes. There’s no need to download an app; you can simply use the shortcode *110# and follow the prompts. Vodafone Ready Loan doesn’t have a specific maximum loan amount for borrowers.

5. MTN Qwikloan

MTN Qwikloan is currently the most popular mobile loan service in Ghana, likely due to MTN’s extensive network. To secure a loan with MTN Qwikloan without collateral, you should actively use your mobile money account for various transactions. This is one of the fundamental criteria for qualifying for an MTN Qwikloan.

Similar to Vodafone Ready Loan:
– No need to download an app.
– You should be an MTN user.
– Your loan can be approved in less than five minutes after review.