loan in ghana without collateral

7 Most Reliable Apps for Loan in Ghana Without Collateral – Ghana’s economy shows a very slow recovery this year. While the rich can still maintain their luxurious lifestyle, the same can’t be said of the poor. To survive, a loan in Ghana without collateral has become increasingly popular.

People are basically desperate for financial support. The government subsidies are too low and can’t even be used to make ends meet, let alone build their business from scratch.

This difficult situation has forced many Ghanaians to borrow money from their own families and friends, creating personal problems between each other. Some even try to borrow from a loan shark, which further deepens their miserable lives.

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Why You Need Loan in Ghana Without Collateral?

Collateral is basically an asset. It can be anything valuable, such as jewelry, land, a house, or a car. We use collateral to secure the loan we take out. If we fail to repay the loan, the lender will collect our assets listed as collateral.

A loan with collateral is actually not a bad thing. The problems, however, come from the fact that our assets are usually valued too cheaply. Some lenders do even dirtier work, they will ask for collateral with a significant interest and short repayment period.

Moreover, many people simply don’t have any valuable assets at all. These people really need a non-collateral loan.

Urgent Loan in Ghana Without Collateral

People borrow money for various reasons. A young entrepreneur might want to start her business with borrowed money. A mechanic might want to buy better tools for his work.

However, in some cases, it’s an urgent situation that forces people to obtain a loan. For example, when parents have to pay tuition for their kids or when a family needs to take out a loan unless they want to be kicked out by their rental homeowner.

While it is understandable that people become stressed under such circumstances, it is preferable to keep one’s cool. Don’t fall for phony or fraudulent lenders, and carefully consider your options.

In general, we can take non-collateral loans from:

Government InstitutionsCheapest and have longer repayment duration
Lots of paperwork, hard to get, and quite slow.
Private BanksThe interest rate is competitive and the repayment duration is not short.Lots of paperwork, not that easy, high penalty, and will use debt collectors to collect late repayment.
Payday Loan Apps
Fast, responsive, and have flexible regulation regarding customers’ verification.High interest rate, expensive penalty charge, and will use debt collectors to collect late repayment.

Is Instant Online Loan in Ghana Without Collateral Worth It?

Among other choices, an instant payday loan app looks quite interesting. As mentioned, it’s much faster and has flexible regulation. However, the interest rates are significantly higher, as is the costly late payment penalty.

Borrowing money from banks or government institutions is generally safer. That’s why, it’s better to use a loan app when there are no other options left.

Instant Mobile Money Loan in Ghana Without Collateral

In Ghana, numerous apps have been operated to provide loans for the people. Not all of these apps are reliable. Some people are cunning, with the goal of robbing people of their money. That’s why you have to be careful.

Below are several loan apps that have become famous in Ghana and have good reputations.

1. Carbon

Paylater or Carbon is one of the leading loan companies in Africa. In Ghana, it will charge you 5% interest. The payment duration is 15 days to 1 month, while the maximum amount of the loan is GH₵5,000.

2. Zidisha

This app loan is quite different as it doesn’t charge any interest rate at all. However, members have to pay for the fee service at 5% of total borrowing. You can obtain up to 4,153,730 GHC, but first you have to become a member by paying three thousand GHC.


The next reliable app to obtain cash in Ghana with no collateral is OZE SME. One of the lowest interest rates is offered by it at 3%, but only for a specific period of time. You can borrow as much as GH₵10,000.

4. Bloomkash

Bloomkash provides a loan up to GH₵1,000. It also uses a daily interest rate of 0.1–1%. The loan duration ranges from 15 days to 90 days.

5. Fido

Just like Bloomkash, the Fido Loan app applies a daily interest rate. Though the value is lower at 0.266%. As a first-time user, we can borrow from Fido up to a maximum of GH₵200.

6. Boseapa

Boseapa is one of the best loan apps in Ghana. It’s fast and won’t charge you extra fees. You’ll get as much as 700,000 GHS from this app. The repayment duration ranges from 90 days to 1 year.

7. MTN QwikLoan

This app will allow you to borrow as much as 1,000 GHS and as little as 50 GHS. The interest rate is quite competitive, around 6.9%. But you can’t take out another loan, if the existing one is not yet paid back.

Advice Before Taking an Online Loan in Ghana Without Collateral 2023

We have some advice you might consider following.

  1. Be careful when downloading the apps. Install the apps from the official websites or the Google Play Store.
  2. Follow all the steps required.
  3. Read all the terms and conditions carefully. You don’t want to feel cheated on.
  4. Ask for recommendations from friends and families.
  5. Do your own research by comparing all the loan companies you know.
  6. Pay the money back on time. A late payment can result in a very expensive fine.
  7. Consider taking a loan from a bank before you use an online loan app.

Eventually, with all the explanations above, we can conclude that taking a loan in Ghana without collateral is possible. There are some choices we can make that match our needs, be it through government institutions, banks, or payday loan apps.


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