Being financially stable is every person’s dream but this doesn’t happen in a day. At times, you’ll require financial injection to meet your expenses or to invest in a venture that may bring you closer to financial freedom.
It’s for this reason that lenders such as banks exist. Unfortunately, most mainstream lenders have long loan approval processes, which may see you halt your plans. The good news is that technological improvements have resulted in the development of many instant mobile money loans that aren’t characterised by long waiting periods.
Mobile money loans are credited to the borrower’s mobile wallet, thus making their disbursement fast. Therefore, you should consider turning to these products, if you’re interested in taking short-term loans with low interest rates. Requirements for most mobile money loans include:
- A mobile phone.
- A registered phone number (Vodafone cash, MTN mobile money, and AirtelTigo cash).
- Strong internet connection.
- Have actively used the mobile number within the last month.
Below are some tips to help you choose the best instant mobile money loan apps in Ghana:
- Research extensively
If you’re considering mobile money loans for the first time, you should educate yourself on how they work. This way, you’ll not end up making mistakes that will cost you in the future. Using various search engines, identify as many loans as possible, as this will enable you to settle on the best one. Also, get advice from your friends on the best loan products.
- Analyse your financial status
Before taking a loan, you must ensure that you have the ability to repay it in the future. Remember that late repayment or defaulting the loan will come with serious consequences, so there is no need to add to your financial burden if you’re already struggling to make ends meet or if you have no plan on how to meet your obligation.
- Consider many options
As stated earlier, it’s wise to have many options so that you don’t end up choosing a loan provider that cannot meet your needs. When researching, identify as many instant mobile money loans as possible and determine the best way to narrow down to the best one.
Don’t be in a hurry to get financial assistance that you forget the importance of considering all the factors that could ruin your experience with these online loans.
- Specify your needs
To make it easy for you to choose an appropriate loan, ensure you specify the needs that you need met. Otherwise, you may apply for a loan that is too much for you or that cannot meet your financial needs. For instance, if you need GH₵ 6,000, don’t go for a higher amount as this may result in challenges during repayment.
- Determine the factors you’ll use to check the loans against
Seeing that you’ll have a list of instant mobile money loans to choose from, it would be best if you write down the features that your preferred option should possess. This way, you’ll only choose a loan if it is in line with what you want.
Examples of instant mobile money loan lenders in Ghana
- Fido money lending limited.
Fido offers loans to all mobile networks and you can be sure that your application will be approved within a few minutes.
Another advantage is that you’ll not have to worry about hidden fees that may increase the cost of obtaining your loan. For your first loan, you can get up to GH₵ 200, but the limit can grow to GH₵ 1,000 with time
This is another mobile loan lender that guarantees fast loan processing. On borrowing with BloomKash, you can choose to repay from 91 days to 365 days.
GH₵ 65 is the minimum amount you can borrow with GH₵ 1,000 being the maximum amount you can borrow. A minimum interest rate of 0.1% to 1% is charged daily while the annual percentage rate ranges from 36.5% to 360%.
- Blue financial services Ghana limited
In case of an emergency, you need a mobile loan provider like Blue financial services Ghana limited to help satisfy your needs. On being approved for a loan, you’ll get it within 24 hours.
This loan lender offers term and emergency products where the former has a maximum repayment period of 48 days and the latter has a repayment period of 30 and 90 days. Monthly interest rates range from 2.62% to 3.96%.
- GTBank QuickCredit
This product is offered by GTBank so that customers can access quick loans to meet their needs. If you have a bank account you can borrow 100% of your salary or get an advance. The repayment period is 30 days and the bank charges 1.5%. Dial *737*0# and follow the prompts to apply for a loan.
- CashGhana Limited
This lender is well reputed in Accra and offers salary advances to workers. It only provides short-term loan products that can help you meet your emergency needs and doesn’t require loan security.
To access most of the instant mobile money loans, you need to download the apps as below:
- Launch the Google play store on your phone.
- Type the app’s name on the search bar and click on the search icon.
- Click on the specific app and press the install button.
On downloading the app, follow the prompts to create an account and apply for a loan.