Best Loan Apps in Ghana Without Collateral 2024

The Best Loan Apps in Ghana: Are you a business owner in Ghana looking to scale your operations without the hassle of providing collateral? In this article, we’ll explore five of the best loan apps in Ghana tailored to meet the needs of Ghanaian entrepreneurs, offering financial support without the burden of collateral. Discover how these innovative loan options can empower your business growth and provide quick access to funds.

Best Loan Apps in Ghana Without Collateral 2024

Best Loan Apps in Ghana Without Collateral 2024

The Challenge of Collateralism in Ghana Getting the best loan apps in Ghana can be challenging, particularly when collateral is involved. Many Ghanaians shy away from such opportunities due to the perceived risks to their livelihood. Additionally, the lengthy processing time for traditional loans often overshadows the urgency of the financial need, prompting the rise of mobile money loans as a convenient alternative.

Oze SME Loan:

Unlocking Business Potential The Oze SME Loan stands out as a unique opportunity for entrepreneurs partnering with financial institutions and fintechs. Users of the Oze Business App can access loans of up to 30,000 Ghana Cedis with minimal monthly interest. Eligibility is tied to consistent app usage, making it a practical solution for those looking to grow their businesses without the burden of collateral. The loan can be repaid in convenient installments over a 12-month period.

MTN Qwick Loan:

Instant Cash, Minimal Hassle In collaboration with AFB Ghana, MTN offers the Qwick Loan, an instant cash solution accessible to users with 90 days of active transactions on their wallet. With a maximum limit of 1,000 Ghana Cedis and a 6.9% interest rate, the Qwick Loan is ideal for those who frequently use MTN Mobile Money. The collateral is a history of timely repayments and ongoing use of mobile money. Accessing the loan is as simple as dialing *170# and following a few easy steps.

Fido Loan:

Empowering Financial Inclusion Fido Micro Credit, based in Accra, provides collateral-free loans through its app, targeting individuals with a valid ID and a mobile money account. First-time borrowers can receive up to 200 Ghana Cedis, with repayment periods ranging from 10 to 33 days. As borrowers build creditworthiness, they unlock larger sums at discounted interest rates, fostering financial inclusion and growth.

Zidisha Loan:

Connecting Entrepreneurs and Lenders Zidisha is revolutionizing lending in Ghana by directly connecting lenders and entrepreneurs through an online microlending community. No intermediaries are involved, and loans, ranging from as little as $1 to the requested amount, have no interest rates. Entrepreneurs post their loan applications, and lenders on the Zidisha app decide whether to fund them partially or fully. A service fee and an on-time membership fee apply, providing a transparent and community-driven lending experience.

PayLater Loans:

Smart Cash for Immediate Needs PayLater, a platform of private money lenders in Accra, offers smart cash loans through its app, providing instant deposits within minutes of application approval. First-time users can access loans of up to 5 Ghana cedis at a 5% monthly interest rate, with a repayment window of 15 to 30 days. The swift and straightforward application process makes PayLater a go-to option for those with immediate financial needs.

Also Check: Payday Loan Apps That Work With Chime 2024


In conclusion, these five Best Loan Apps in Ghana offer unique propositions tailored to your business needs. Whether you prioritize quick access to funds, transparent lending processes, or community-driven support, there’s an option for you. While each loan has its advantages, the decision ultimately rests with your specific requirements. Consider your business goals and financial preferences to make an informed choice that will fuel the growth of your enterprise. Thank you for considering these empowering financial solutions for your business journey in Ghana!

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