These are the 9 Best Payday Loans in Ghana You Should Know

Paydayloanskentucky.org – What are the best payday loans in Ghana? With a sky-high interest rate, some people might think that such a loan should be avoided.

While the intention of the statement is good, it doesn’t touch on the reality that people face daily. A lot of people do indeed not want to pay the high interest rate. However, they got rejected by banks, friends, and families.

A payday loan is the only solution left. It has a lot of disadvantages, but in spite of that, it can really help our situation as long as we know how to pay it back on time.

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Why You Need a Fast Payday Loans in Ghana?

Payday loans are one of the options for borrowing money from non-personal lenders. There are several characteristics of this loan, such as:

As stated, while it has a lot of drawbacks, it also offers some good things. For example, it’s generally faster, more modern, and doesn’t require complicated documentation.

NoCharacteristicPayday Loans
1Secured vs UnsecuredUnsecured
2Interest rateHighest
3Repayment periodShortest
4FeeMore fee
5Penalty chargeCash
6CommunicationThrough app, website, or mobile phone

Payday Loans in Ghana For Unemployed

Ghana’s unemployment rate will be around 4.80% by the end of 2022. Experts predict that the country won’t face any changes in 2023.

A lot of unfortunate events have befallen Ghana’s 4.8% of the total population. Part of that is getting rejected by banks when asking for a loan. In this situation, payday loan companies do indeed help them. A loan, if managed properly, can help their lives a little bit.

Payday Loans in Ghana

Ghana already has numerous payday loan lenders operating in the country. As a debtor, you need to be cautious when taking one. Consider 1 of 9 apps below that are known to be reliable lenders.

1. Absa

Absa is one of the most reliable lenders in Ghana. They’ll allow you to borrow up to GHS350,000 without collateral. The repayment period is 6-72 months, and the interest rates are fixed.

2. Advans

Advans offers several loan programs. One of them is a personal loan, which doesn’t always require you to provide collateral. The maximum amount depends on your need, and the repayment period of 12–36 months.

3. AFB Smartcash

AFB Smartcash is another recommended payday loans in Ghana. As the name suggests, it’s an AFB lending product with an annual interest rate of 49%. It’s, however, a short-term loan of up to 30 days.

4. Ready Loan

Ready Loan is basically a Vadafone program. They’ll let you borrow money with a 7% monthly interest rate and a 12.5% penalty charge. The repayment duration is around 30 days.

5. SME Loans

SME Loans is an Oze product that offers a quite low interest rate of 3%. It also won’t ask for collateral. SME loans, on the other hand, are extremely difficult to obtain for those with poor credit.

6. Carbon

The next top 9 best payday loans in Ghana is Carbon. They will provide a loan starts from GH₵100 to GH₵5,000 with interest rate starts of 5%. The loan length itself is 15 days to 30 days.

7. QuickCredit

QuickCredit is basically a specific payday loan program only for those with salary accounts at Guaranty Trust Bank Ghana. The customers can borrow 100% of their salary for a year at an 18% annual interest rate.

8. SRF

SRF, or SRF Micro Credit, is a payday loan program for those who can’t provide collateral. The maximum amount of the loan will be discussed by both you and the SRF team, with the interest rate at 8%.

9. LendingPapa

LendingPapa is one of the fastest lending companies in Ghana. Borrowing amounts range from GH1,000 to GH5,000, with annual interest rates ranging from 8% to 22%.

Payday Loans in Ghana Without Collateral

Normally, payday loans won’t ask their debtors’ assets as collateral. So, you don’t have to worry about not getting the money just because you don’t have assets. In fact, a lot of people turn to payday loan apps simply because they can’t afford a secured loan.

It’s different, however, with a personal loan. A personal loan can sometimes use collateral. A personal loan can be utilized for various reasons.

Nevertheless, an unsecured or non-collateral loan has its own disadvantages. One of them is the high interest rate. That’s why, though it’s easy and super-fast, many people are skeptical about it.

Payday Loans in Ghana Online

More and more lending companies in Ghana use an app-based service for their customers. In this case, a customer needs to install the app first to register and borrow money.

Others provide both apps and websites. With websites, customers have to sign up first before requesting a loan. The two methods are indeed compatible with the latest digital trend in the world.

However, customers need to be careful. Some irresponsible people have created fake apps that contain malware and viruses. They’ll then extract our data and use it to borrow money.

That’s why we suggest you:

  • Download the app from the official website.
  • Download the app from the Google Play Store for Android users or the App Store for Apple users.

Instant Mobile Money for Payday Loans in Ghana

As of today, the number of internet users in Ghana is 16.9 million, or basically 53% of the total population. The internet speed is 11.24 megabits per second (Mbps). The data certainly shows an improvement.

However, around 47% of Ghanaians still lack internet service. It means that these people can even use payday loan apps. That’s why some companies decide to stick with mobile service.

A mobile service can be accessed through a non-Android phone. The users only need to send USSD codes to complete a transaction.

Payday loans in Ghana, after all, is adapted to suit people’s needs. As the user, however, you still need to be careful, as there are apps with an unreasonable interest rate. Furthermore, there are also irresponsible individuals who love to trick people into downloading a malware-contained app.

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