Starting or growing a business in Ghana can be a daunting task, but it can be made easier with the help of a business loan. A business loan can provide you with the capital you need to start your business, hire employees, or grow your business.
There are a number of different banks and financial institutions in Ghana that offer business loans. The terms and conditions of these loans vary, so it is important to shop around and compare rates before you apply.
In today’s blog post on pricesghana.com, I will show you how to get a business loan in Ghana.
Requirements to Get a Loan in Ghana
- Proof of employment or business ownership.
- Collateral (may be required).
- The borrower must have an active bank account.
- A minimum age of 18 years old.
How to Get a Business Loan in Ghana
Here are 9 instant mobile money loans in Ghana without collateral:
1. Qwikloan
Qwikloan is a mobile loan app that offers loans of up to GHS 1,000 to customers who have been using MTN Mobile Money for at least 90 days. The interest rate on Qwikloans is 6.9% per month.
Requirements:
- A cell phone with an active MTN MoMo sim card.
- A valid MTN Mobile Money PIN.
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 your MTN Mobile Money PIN to confirm.
2. Fido Loans
Fido Loans is a mobile loan app that offers loans of up to GHS 200 to customers who have a valid ID and a mobile money account. The interest rate on Fido Loans is 12% per month.
Requirements:
- A valid ID card, such as a driver’s license, NHIA membership card, voter ID, national ID, or passport.
- A mobile money account.
- An active bank account.
How to Apply:
- Download the Fido Mobile App from the Google Play Store.
- Register for an account using your accurate details.
- Fill out the loan application form in the mobile app.
- Once your loan application has been approved, you will receive the money you applied for in your bank account.
3. MTN Xpress Loan
MTN Xpress Loan is a mobile loan service offered by MTN Ghana. Customers can borrow up to GHS 1,000 with an interest rate of 7.9% per month.
Requirements:
- An MTN sim card.
- A cell phone with an active MTN Mobile Money account.
- A valid MTN Mobile Money PIN.
How to Apply:
- Dial *170# on your MTN sim.
- Select option 5 for Financial Services.
- Select option 3 for Loans.
- Select XpressLoan.
- Select 1 for Get a loan.
- Enter your MTN Mobile Money PIN to confirm.
- Select the preferred loan amount. The options are usually between 50 and 1000 Ghanaian Cedi.
- Confirm the stipulated repayment plan.
4. Paylater
Paylater (formerly Carbon) is a mobile loan app that offers loans of up to GHS 2,000 to customers who have a valid ID and a mobile money account. The interest rate on Paylater loans is 15% per month.
Requirements:
- Residential address
- National ID
- Phone number
- A clear passport photograph
How to Apply:
- Download the app from the Google Play Store or Apple App Store.
- Register for an account using your accurate details.
- Fill out a loan application form, including your residential address, national ID number, phone number, and a clear passport photograph.
- Once your loan application has been approved, you will receive the money you applied for in your bank account.
5. Zidisha
Zidisha is a microfinance platform that connects borrowers with lenders from around the world. Zidisha loans are typically for small amounts, up to GHS 500, and have an interest rate of 10% per year.
6. Tigo Cash Advance
Tigo Cash Advance is a mobile loan service offered by Tigo Ghana. Customers can borrow up to GHS 500 with an interest rate of 7.5% per month.
7. Airtel Money Loan
Airtel Money Loan is a mobile loan service offered by Airtel Ghana. Customers can borrow up to GHS 500 with an interest rate of 7.5% per month.
8. Caleb’s Microfinance
Caleb’s Microfinanceis a microfinance institution that offers loans of up to GHS 2,000 to customers who have a valid ID and a mobile money account. The interest rate on Caleb’s Microfinance loans is 12% per month.
9. FundMyGhana
FundMyGhana is a mobile loan app that offers loans of up to GHS 1,000 to customers who have a valid ID and a mobile money account. The interest rate on FundMyGhana loans is 15% per month.
It is important to note that the terms and conditions of these loans vary, so it is important to read the fine print before you apply. You should also make sure that you can afford to repay the loan before you take it out.
Conclusion
Getting a business loan can be a great way to grow your business. By following these steps, you can increase your chances of getting approved for a loan and growing your business.
I hope this blog post has been helpful. If you have any questions, please feel free to leave a comment below.
