Paydayloanskentucky.org – When it comes to borrowing money, a lot of people don’t really understand what they really want. This includes the need for quick loans in Ghana without collateral.
Some people simply go to bank and follow whatever the bank says. When they got rejected, they give up and choose to borrow from friends and family, potentially creating destructive relations between each other.
The truth is, there are various loans that suit each person’s condition. Those without assets, for example, are still eligible to obtain a loan if they ask for the non-secured one.
Quick Loans in Ghana Without Collateral as A Solution?
A collateral loan is another name for unsecured loans. This type of loan doesn’t use asset to back the loan. You might remember when you went to a bank and requested a loan. The bank will typically ask you to give them your land or house certificate until you repay it.
Those assets are basically what people call as collateral. If, for various reasons, you are unable to pay the cash back, the bank will sell the assets and claim the money. It’s essential to understand that the prices of the assets are set under the deal.
Quick Loans in Ghana Without Collateral vs Secure Loans
In Ghana, just like other places in the world, there are both secured vs unsecured loans. However, the differences between the two are not only about the existence of collateral.
Secured loans in general require more paperwork to verify the debtors’ identities and their assets. They have lower interest rates and are ideal for long-term financing. On the other hand, quick loans in Ghana without collateral are faster and require less paperwork. However, these loans have high interest and are only ideal for short-term use.
| Loans | Collateral | Non-collateral |
|---|---|---|
| Speed | Slower | Faster |
| Paperwork | More paperwork | Less paperwork |
| Interest | Lower | Higher |
| Guarantee | Asset | Credit score or trustworthy |
| Ideal for | Mid to long term | Short-term |
Facts About Quick Loans in Ghana Without Collateral
When you’re really sure about obtaining a loan with no collateral, you need to understand its nature. It is not advisable to take out an unsecured loan simply because you lack assets or do not wish to use your assets as collateral. Unless you are in an urgent situation, please understand that:
- You must have a good credit check’s result.
- If you your credit check’s result is bad, the banks will reject you.
- You’ll end up borrowing from payday loans.
Payday loans are not that bad. However, payday loans have a very high interest rate as high as 1000% APR. If you fail to make the payment according to the schedule, there’s a fine you have to pay. Payday loans can be a really good solution, but you have to be disciplined.
Mobile Loans in Ghana Without Collateral Apps
There are hundreds of options available to those who have decided to take out an unsecured payday loan. The 8 apps below are our recommendations, as they are reliable and trustworthy.
1. KiaKia
KiaKia is one of the fastest mobile lenders in the country. They will deposit the money as quickly as possible. The highest and lowest loan amounts are determined by your qualifications. In spite of that, Kiakia doesn’t have an app, but it works excellently on a PC and mobile phone.
2. Blue Financial Service
Blue Financial Service is a loan company with an interest rate of 2.62%–3.96% per month. They definitely work very quickly, as they’ll send you the money within a day or less. The maximum loan you can obtain is up to GH₵30,000. While the maximum repayment period is 48 months.
3. The Fido App
The next app for the best loans in Ghana without collateral is the Fido App. It provides an app that you should install. The interest rate is 0.266% daily, and you can obtain GH₵200 when you first become a member. The website is very user-friendly, and the app is available on the Google Play Store.
4. MTN
MTN offers the MTN Qwik Loan, which is a typical short-term loan product. You can get up to GHS 1,000. The USSD code for mobile phones is *170#. They certainly work very fast and the interest rate is 6.9%.
5. UMB Speed
UMB Speed is basically an app owned by UMB Bank. The app offers various products, including a loan, for its customers.
6. SRF Micro Credit
SRF Micro Credit is another app we recommend for obtaining loans in Ghana without collateral. You just need to choose the personal loan. The maximum loan, however, depends on your qualifications.
7. Branch
Branch is actually an international lending company. It provides an app, which you have to download. The interest rate ranges from 15% to 34%, with a repayment period of 61 to 180 days.
8. Aella
Aella is an app often praised for its quick response. It also has a competitive interest rate and will accept non-salaried individuals. The highest amount of the loan will be decided by your financial situation.
Online and Quick Loans in Ghana Without Collateral 2023
Most payday loan apps in the world require you to install their application or visit their websites. However, in Africa, there are a lot of lending companies that provide mobile phone services.
Basically, you need to send them codes to complete the transaction. It’s definitely convenient and easily accessed by Ghanaians, even in rural areas.
At the end of the day, quick loans in Ghana without collateral can be an excellent solution. However, before obtaining it, it’s a must to understand both of its advantages and disadvantages.
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