One of the things that can be difficult to secure in Ghana is loans. No matter the purpose of the loan, it can be very difficult to acquire, especially if the loan is a huge amount of money.
Loans companies can take a lot of time to process a loan to the extent that you may feel like giving up on acquiring the loan.
Apart from that, there is also the issue of collateral that they ask of loan applicants.
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What Is Collateral?
Collateral is a guarantee or proof that you will pay back the loan that you are taking. Most loan companies and banks request for collateral to hold on to when you take a loan from them.
In case you are not able to pay back the loan, the collateral will then be sold to cover the loan costs.
Collateral can also deter most people from going for loans since most loan companies and banks will only consider landed properties or vehicles or anything that can be sold to cover the loan.
Due to this, not everyone can provide collateral for a loan.
However, that is not the end of the case, if you do not have collateral, you can still get access to loans.
Here are some companies that will give you a loan without the issue of collateral. So let us get down to business.
Zidisha Loans
This is a peer-to-peer loans company that is operated over the internet.
It is one of the first companies to appear on the list when you talk about getting loans without the use of collateral. You can secure a loan of up to GHS 50.000 without the use of collateral at all.
On Zidisha, people are given the platform to raise the capital they need for their projects or businesses through the internet.
The capital is raised from other people on the platform who are willing their money to the one who is seeking the funds.
The only things that will be asked of you are the objectives of your business, target market, loan repayment, and a compulsory fee of GHS 40 for processing the loan.
You can visit their website https://www.zidisha.org/
Fido Loans
Fido loans is a popular loan app in Ghana that allows its users to apply for loans and receive them through their mobile wallets.
Applicants do not need to provide any collateral as Fido Loans operate on trust. Applicants will have to provide is an identification card and the address of their residence as well as their employment details.
You will then receive the loan if you qualify for the loan after providing the needed documents.
The loan will be deposited in your mobile wallet.
Repaying a loan on a tie will improve your credit score so that you can access bigger loans later.
You can download the Fido Loans app on your play store.
Carbon
Carbon, which was formerly known as Paylater, is one of the best loan companies in Ghana. They grant loans to all kinds of people.
The loan applications are processed on their android app and applicants can borrow as high as GHS 1000 without providing any collateral.
All you will have to provide is your bio-data, a photograph of you and your job, and finally the amount you want to borrow.
After you pass the review process, you will then receive the loan in your wallet. You can download the Carbon app on the play store.
MTN Qwikloan
The MTN qwikloan is the most popular among all the loan services in Ghana. However, this loan service is only available to subscribers of the MTN network.
Other loan services are available to other network subscribers. You should check with your network provider to see if they offer any such loans on their platform.
With the MTN Qwikloan, applicants can secure loans of up to GHS 1000 if they can pay initial small loans on time to build their credit score.
The loan can be processed within 3 minutes. Once you have passed the loan application requirements, you will then be able to apply for a loan.
Conclusion
With these loan services, you can apply for a loan and receive it within minutes without any collateral.
However, you will need to repay on time if you plan to take any more loans in the future. Always endeavor to pay on time as you never know when you will need an urgent loan.
