It is awfully difficult to become an accomplished or successful person, especially in a developing country like Ghana. With very few employment opportunities, and in effect, a low employment rate, the youth is always advised to create job opportunities by identifying problems in their societies and solving them, instead of seeking employment from the Government. But how easy is this? How feasible is it, in reality, to find the perfect business idea, horde the required resources, get in touch with the right people and finally launch the business?
One important factor to consider here is the capital. It is always a bouldering hurdle trying to secure start-up capital for a new business.
This, I have witnessed first hand and on many occasions as my friends and myself come up with viable ideas, but then they always stay there – in the idea stage, because let’s face it, it’s almost always impossible to come up with the capital required. We could have gone to the bank for a loan, but we are very young. We still live with our parents and we do not own any properties to use as collateral. So what choice do people like us have when they want to acquire money for a business start-up?
Thankfully, we are in the age of technological advancement and buccaneering digitalization of hitherto all-physical activities. Specifically, I’m talking about a way any legal citizen in the country who is 18 years or above, can secure a loan to start a business or for any other purpose.
There are a number of easily accessible apps on the market today that can be used to accomplish that.
I shall talk about the apps, the platforms they are available on and how to easily get a loan from them.
- Bloomkash (available on Android Google Playstore)
BloomKash makes it effective for you to access credit anytime, anywhere.
Bloomkash requires repayment from 91 days to 365 days. Amount that can be taken is between GHC 65 – GHC 1,000
Interest Rate: With a minimum of 0.1% up to 1%, interest rate is calculated on a daily basis. Annual interest rates from 36.5% to 360%.
Origination Fee: Range from GHC 23.7 – GHC 365 for one-time charge
How to apply for a loan on Bloomkash:
- Install the BloomKash APP from the Play Store.
- Register an account.
- Select the product you would like to apply for.
- Fill out your basic information, then submit the application.
- After the submission, you may receive a call for verification. The final application result will be shown in the APP and you will be informed by SMS if approved.
- E-sign the loan agreement after the approval.
- After the E-sign, the approved loan amount will be disbursed into your account shortly and a SMS notification will be sent.
- Ghana Resident.
- 20-55 years old.
- Source of a monthly income.
2. Fido Money Lending (available on Android Playstore)
With Fido, you can apply for an instant loan without collateral or a guarantor
Fido loan is fast, easy and convenient.
It is licensed by the Bank of Ghana and trusted by thousands of satisfied customers. It is only available in Ghana.
What do you get with Fido?
✓ Receive up to GHS 200 for your first loan and repay between 10 and 33 days;
✓ We increase your loan amount every time you repay on time, up to a maximum of GHS 1,000;
✓ As the loan limit increases, we decrease the interest rate and offer more flexible installment options;
✓ Interest rate and total amount to repay are displayed in the app.
What do you need to apply?
✓ A valid ID (voter’s ID, biometric passport, NHIA);
✓ A mobile money account that is at least 2 months old;
✓ Be a resident of Ghana, over 18 years of age.
How to Apply?
✓ Download the app and fill in your details only once. For subsequent applications confirm your details only.
✓ Receive an immediate loan decision;
✓ If you are approved, you will receive the money instantly into your mobile money account;
NB: Some customers might be asked to visit the branch if we cannot verify their
How to repay?
✓ Repay using your mobile money;
✓ You can find the process on how to repay in the mobile app help section;
✓ Repay on time and you are eligible to take another loan.
- Izwe Loans
This is one of the most reliable lending institutions that can provide instant loan for government workers in Ghana at a reasonable interest rate. It has been operational for more than ten years with branches across various states. It’s a non-banking financial institution and well registered by the Bank of Ghana and thus rendered legitimate. It usually targets the informally employed as well as those who are on government payroll. Its main goal is enriching the lives of people by offering them financial solutions to their various needs. With its experience in the industry and financial stability, it’s certainly worth giving it a try.
4.MTN Xpress Loan
This is one of the apps that you can use to borrow money from online.
This app gives loan to selected MTN users, this means that not everybody is eligible for it. For this loan no savings or paperwork is required. If you are qualified, your momo account will be credited with the amount you applied for.
- Paylater Ghana App ( formerly, Carbon )
Paylater is another Money Lending App in Ghana. This is a loan that supports internet banking, with paylater you can borrow money with your smartphone within few minutes. The most interesting part is that you can refer your friends and get discounts on loan. This app offers interest rate, starting as low as 5% monthly on the first loan. You are allowed to borrow GHC 5 as a beginner.
- MTN Qwikloan – Loan App In Ghana
This is one of the apps that offers instant mobile money loans in Ghana. MTN Qwikloan is established by AFB bank in affiliation with MTN Ghana. This is a mobile lending service that allows MTN users to enjoy maximum of GHC 1,000 with undergoing through application stress.
With these loan apps, which are easy to navigate through, one can easily register for a loan anytime one needs it. No more stress or Wahala. Just download one of these apps and get your money.
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