7 Best Loan Apps in Ghana with No Collateral: A Comprehensive Guide

Looking for an instant loan in Ghana without providing collateral? You’re not alone. Millions of people in the country face financial emergencies and seek quick, hassle-free solutions. Fortunately, Ghana has seen rapid growth in fintech companies, giving rise to a plethora of mobile loan apps that offer no-collateral loans.

To help you make an informed decision, we’ve compiled a list of the 7 best loan apps in Ghana with no collateral. These apps have been selected based on factors like interest rates, loan amounts, repayment periods, and user reviews. Let’s dive in!

Online Loan Apps In Ghana Without Collateral

1. MTN QwikLoan

MTN QwikLoan is a popular loan app in Ghana that offers instant loans without the need for collateral. As an MTN Mobile Money subscriber, you can access loans ranging from GHS 50 to GHS 1000 with repayment periods of 30 days.

The interest rate varies from 6% to 12% depending on your loan amount and repayment history. To access this service, simply dial *170# on your MTN mobile phone and follow the prompts.

Key Features:

• Loan amount: GHS 50 to GHS 1000
• Interest rate: 6% to 12%
• Repayment period: 30 days

2. AFB Ghana’s Mobile App

AFB Ghana’s mobile app is another excellent option for obtaining no-collateral loans. With a simple registration process, you can access loans ranging from GHS 50 to GHS 10,000. Interest rates are competitive, starting at 4.5% per month, and repayment periods extend up to six months.

The app also offers additional services like bill payments and airtime top-ups, making it a one-stop financial solution.

Key Features:

• Loan amount: GHS 50 to GHS 10,000
• Interest rate: starting at 4.5% per month
• Repayment period: up to 6 months

3. Fido Money Lending App

The Fido Money Lending App is a user-friendly platform that enables you to access no-collateral loans quickly and securely. With a simple verification process, you can apply for loans between GHS 10 and GHS 200. Interest rates start at 15% per month, and repayment periods range from two weeks to three months.

Fido Money Lending App also offers the convenience of loan top-ups, allowing you to access additional funds without completing a new loan application.

Key Features:

• Loan amount: GHS 10 to GHS 200
• Interest rate: starting at 15% per month
• Repayment period: 2 weeks to 3 months

4. Carbon (formerly Paylater)

Carbon is a versatile loan app that offers instant, no-collateral loans to users in Ghana. With a user-friendly interface, you can access loans ranging from GHS 50 to GHS 1,000. Interest rates start at 5% per month, and repayment periods are flexible, extending up to 64 weeks.

The app also provides a platform for making investments and managing your finances, making it a comprehensive financial solution.

Key Features:

• Loan amount: GHS 50 to GHS 1,000
• Interest rate: starting at 5% per month
• Repayment period: up to 64 weeks

5. Izwe Loans

Izwe Loans is a reputable loan app that offers no-collateral loans to both salaried and self-employed individuals in Ghana. You can access loans ranging from GHS 500 to GHS 10,000, with interest rates starting at 9% per month.

Repayment periods can be as long as 24 months, giving you ample time to pay back your loan. Izwe Loans also offers financial advice and tips through their app, helping you manage your finances effectively.

Key Features:

• Loan amount: GHS 500 to GHS 10,000
• Interest rate: starting at 9% per month
• Repayment period: up to 24 months

6. Branch

Branch is a well-known loan app that has expanded its services to Ghana, offering instant, no-collateral loans to individuals in need. You can access loans from GHS 50 to GHS 2,000, with interest rates starting at 4% per month. Repayment periods range from 4 weeks to 40 weeks, allowing you to choose a plan that suits your financial situation. The app also offers incentives for timely repayments, such as reduced interest rates and higher loan limits.

Key Features:

• Loan amount: GHS 50 to GHS 2,000
• Interest rate: starting at 4% per month
• Repayment period: 4 weeks to 40 weeks

7. Jumo

Jumo is a digital financial services platform that offers no-collateral loans to users in Ghana. With a simple registration process, you can access loans from GHS 10 to GHS 500. Interest rates vary between 5% and 35% per month, depending on factors like your loan amount and repayment history. Repayment periods are flexible, ranging from 1 week to 6 months, making it easy to choose a plan that fits your needs.

Key Features:

• Loan amount: GHS 10 to GHS 500
• Interest rate: 5% to 35% per month
• Repayment period: 1 week to 6 months

Conclusion

Accessing a loan without collateral has never been easier, thanks to the numerous loan apps available in Ghana. Each app on this list offers unique features and benefits, catering to different financial needs and situations. Before you decide on a loan app, make sure to compare interest rates, loan amounts, and repayment periods to ensure you’re making the best choice for your financial needs.

Additionally, always read user reviews and ensure you understand the terms and conditions of each app before taking out a loan. By doing your research and choosing wisely, you can enjoy the convenience of quick, hassle-free loans without the need for collateral.