5 Online Loans in Ghana without Collateral

5 Online Loans in Ghana without Collateral

 5 Online Loans in Ghana without Collateral

Financial service providers demand collateral to protect themselves from the possibility of defaulted payments. If you fail to repay as expected, the asset you put up as security will be seized by your lender.

This loan feature makes it difficult for most people in need to approach the lenders for monetary support. Luckily, there are some online loan lenders in Ghana that do not require collateral, making the loan application fast and affordable.

However, this doesn’t mean that you shouldn’t repay on time, as it’s still important to build a good credit score. Below is a review of online loans without collateral if you’re considering applying for one of them.

Pros and cons of online loans in Ghana without collateral


  • Quick application process – seeing that you’re not required to put up your assets as security, only basic information will be requested to process your loan. Therefore, you’ll not wait a long time to receive your cash.
  • No need to look for loan security – when in financial despair, you don’t want to add to your financial burden, as you could easily end up losing the little you have. Provided you have a plan on repayment, loans without collateral are a stress free option.


  • Loans are short-term – the lenders still have to find a way to fund their loan disbursements, which is why unsecured loans are short-term. You must find a way to service on time, as you’ll not have enough time to accumulate firms as compared to secured loans.
  • High-interest rates – again, lenders of unsecured loans have to protect themselves from the possibility of financial loss, which is why they charge high interest rates. You’ll, therefore, end up spending more money than you would have if you applied with a lender who requires collateral.

With these pros and cons in mind, decide whether you want to take an unsecured loan or not, but before doing so, consider the factors below to determine the best online loan lender in Ghana:

  • Reputation

You want to work with a loan lender who’s known for serving their customers in the right manner. Otherwise, you’ll end up getting a loan from lenders who have a bad image in the eyes of the public. Remember that poorly-reputed service providers may charge more than is necessary or even require you to pay unexplainable fees before receiving the loan.


  • Interest rates

Lenders earn profits by charging interest rates, which is why you’ll pay back a higher amount than what you received. Upon extensive research, you’ll find that some loan companies, charge highly than others, which is why you should obtain an online loan from a lender charging in line with your budget.

  • Existence period

Again, you must ensure that the lender you’re borrowing from can meet your needs. It would be best if the lender in question has been in this business for a long period, because this means that they’ve learnt how to think of their customer’s satisfaction before anything else. However, don’t focus too much on the existence period, as a newbie in the market can also meet your needs.

  • Your financial capability

Regardless of whether you’ll take a secured or unsecured loan, repayment is a must. Therefore, ensure you borrow an amount that you can pay back as stipulated in the agreement between you and your lender. There is no point in subjecting yourself to unnecessary debt.


Read Also Instant Money Loan Apps in Ghana

Examples of online loans in Ghana without collateral
  1. Zidisha loans

Zidisha is a platform that brings together borrowers and lenders, thus working like an ecommerce platform.

Borrowing through Zidisha comes with 0% interest rates but there is a 5% service fee and a membership fee of GH₵ 40. Download the app on your phone to access Zidisha loans and ensure you have a valid ID.

  1. PayLater loans

PayLater is another platform that deals with private lenders. All that a borrower needs is to download the app from the Google Play Store, so that they can apply for a loan.

The repayment period of Zidisha loans is 15 to 30 days and being your first time, you can borrow up to GH₵ 5.

  1. MTN Qwick loans

These loans resulted from a partnership between MTN and AFB Ghana. You can borrow up to GH₵ 1,000 at a 6.9% interest rate.

Provided you’ve been using MTN mobile money frequently, you can be sure that your loan application will be approved. Dial *170# to access the loan through your phone.

  1. OZE SME loans

OZE has partnered with various lenders to provide loans to SMEs, provided the business owners are users of the OZE app. It offers a maximum of GH₵ 10,000 with a minimum interest rate of 3%.

Loan eligibility is dependent on whether you’ve used the OZE app in the last 30 days. If so, you can contact an OZE coach who’ll take you through the application process.

  1. Fido loans

Offered by Fido Micro Credit in Accra, Fido loans are available to individuals with mobile numbers and valid IDs. The maximum amount a first-time borrower can apply for is GH₵ 200 payable in 10 to 33 days.

Interest rates for new borrowers range from 14% while those of consistent borrowers are as low as 8%.

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