8 Great Instant Mobile Money Loans in Ghana

Life troubles are always on the increase, and financial needs are no exception; everyone has been in dire need of financial assistance at some time in their lives but doesn’t know where to turn. Instant Mobile Money Loans apps comes in handy on days like this.

Instant mobile money loans in Ghana offer financial help to people in need of funds at low or no interest rates. There are several apps that give quick loans in Ghana, but some of them may require excessive credentials, which is why we created this post to supply you with the best quick loan apps for fast loans without collateral in a few simple steps.

How Can I Get a Loan in Ghana Within 24 Hours?

There are various mediums where you can get a loan in Ghana but to get a loan within 24 hours or less, I strongly recommend you apply for loans with instant mobile money loan apps available. In a short while, I will be listing the top 8 fastest money lending apps in Ghana with low interest.

These instant mobile money loan apps are very fast and the procedure to getting a loan is very easy – all you need to do is;

  • Install the mobile app on your device
  • Register an account
  • Apply for a quick loan
  • Enter your desired account number for the loan to be disbursed
  • Receive your loan

That is basically all you need to do and within minutes, your loan will be credited to your account. However, there are certain requirements you will be needing before you can qualify for a loan and those requirements will be listed in the next section.

Requirements for Mobile Money Loans in Ghana

As stated earlier, there are certain requirements every lender has to meet up with and they include;

  • The borrower must be 18 years old and above
  • You must have an active account number
  • You must have an active phone number and email address
  • You must have a source of income; preferably a job
  • You must have a social security number
  • You must provide contact information or your home address

Note: Some lenders may not need all the requirements mentioned above. Also, a lender could need something else that is not on the list above. Therefore, stick to the requirements your lender asks you to meet.

Instant Mobile Money Loans in Ghana
Instant Mobile Money Loans in Ghana

Instant Mobile Money Loans in Ghana Without Collateral

  1. Qwick Loan
  2. Fido Loan Ghana
  3. Zidisha Loan
  4. MTN Xpress Loan Ghana
  5. Paylater Ghana App (Carbon)
  6. Oze SME Loans
  7. FairMoney Loan app
  8. Branch Loan App

1. Qwik Loan

Instant mobile money loans in Ghana
Instant mobile money loans in Ghana

The first app on our list of instant mobile money loans in Ghana is Qwikloan. MTN Qwik Loan is a financial service that provides MTN MoMo members with fast and flexible loans. It offers short-term, unsecured mobile money loans in Ghana, which are deposited into the user’s MTN Mobile Money wallet within 5 minutes of application.

Qwik Loan is well known as one of the fastest apps that offers instant mobile money loans in Ghana, and it offers users up to 1,000 Ghanaian cedis at a low interest of just 6.9%. 

Unlike many other lenders, the Qwik loan is easy to access, and you can apply for a loan using just your cell phone. The most fascinating aspect is, you do not need a bank account or savings to apply for a loan. In addition, if you return your debts on time, you could increase your credit limit, and get access to the service whenever you want.

Requirements:

  • A cell phone
  • MTN MoMo sim card

How to Apply:

  • Dial *170# on your MTN sim
  • Select option 5 for Financial Services
  • Select option 3 for Loans
  • Select QWIKLOAN
  • Select option 1 for Get a loan
  • Enter MM pin number to confirm

Download App:

MTN Qwikloan

2. Fido Loan Ghana

Instant mobile money loans in Ghana

Fido Loans is the next app on our list that offers instant mobile money loans in Ghana. Fido Loans are administered by Fido Micro Credit, an Accra-based banking organization. Fido Microcredit is an Accra-based private money lender that offers loans via their app to anyone with a valid ID and a mobile money account, with no collateral or guarantors.

First-time customers are eligible for a loan of up to 200 Ghana Cedis, which must be repaid within 10 to 33 days. Interestingly, as a person borrows more and pays up on time, their credit score improves, allowing them to obtain larger loans at lower interest rates. For new consumers, interest rates start at 14% for 30 days and drop as low as 8% for 30 days.

Requirements:

  • A valid ID (Driver’s License, NHIA Membership, Voter ID, National ID, or Passport).
  • Mobile Money account
  • An active bank account

How to Apply:

  • Download the Fido Mobile App from the Play store.
  • Register using your accurate details.
  • Fill out the loan application form in the mobile app.
  • Once your loan application has been approved, you will get the money you applied for in your bank account.

Download App

3. Zidisha Loan

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Zidisha is an online microlending community that directly connects lenders and entrepreneurs directly, without the need for intermediaries. This app is a medium where people who are in need of instant mobile money loans in Ghana connect with people who are capable of lending money to them without collateral.

Zidisha loans are offered to anyone who has the Zidisha app, a valid ID, and a good reputation based on recommendations from friends and family. The borrowers often post their loan applications as well as their reason for taking the loan, and the individuals who grant the loans, who are also on the app, decide whether to give them the loan in full or partially.

Zidisha loans do not carry interest however, borrowers pay a service fee of 5% of the loan amount, to cover the cost of transferring and administering the loan.

Requirements:

  • Residential address
  • National ID 
  • Phone number
  • No outstanding loan record
  • Recommendations from friends and family

How to Apply:

  • Download the software from your app store
  • Register with your correct details
  • Post your loan application and anyone capable of lending you money will accept your application.

Download App:

Zidisha Loan App

4. MTN Xpress Loan Ghana

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When discussing instant mobile money loans in Ghana, the MTN Xpress Loan Ghana is always at the top of the list. MTN Xpress Loan is another instant mobile money loan in Ghana offered by MTN. It is offered to MoMo members who use their mobile money account on a regular basis and frequently reload their MTN number with airtime.

This app provides loans to specified MTN subscribers, therefore not everyone is eligible. There are no savings or documentation requirements for this loan. If you are eligible, the amount you applied for will be credited to your momo account.

It should be noted that the fees for this credit product are not set. As a result, it is important to read the terms and conditions before applying for a loan.

Requirements:

  • An MTN sim
  • A cell phone

How to Apply:

  • Dial *170#
  • Select ‘Financial Services
  • Select ‘loans’, ‘XpressLoan’, and then ‘Get a loan’ in that sequence
  • Enter your mobile money account PIN
  • Select ‘View Offers’ to select the preferred amount. The options are usually between 50 and 1000 Ghanaian Cedi
  • Confirm the stipulated repayment plan

5. Paylater Ghana (Carbon)

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Carbon, formerly known as Paylater, is a leading loan app that provides instant mobile money loans in Ghana within minutes. This software is easy to use and offers a variety of unique features that make borrowing very convenient for its customers. 

One of the fascinating parts of Carbon is that if you refer someone to the site and they repay their credit on time, you get a discount on your next loan. Furthermore, abiding by the repayment conditions provided helps you receive higher amounts as time goes on. Aside from personal loans, Carbon also offers business loans without collateral in Ghana.

Are you from Nigeria or travelling to Nigeria and need a fast loan app? Here are quick loan apps without collateral in Nigeria

Requirements:

  • Residential address
  • National ID 
  • Phone number
  • A clear passport photograph

How to Apply;

  • Download the app
  • Register with your details
  • Fill out a loan form
  • And receive your loan when you have been approved

Download App:

Paylater Ghana App (Carbon)

6. Oze SME Loans

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Oze is a loan organization that collaborates with financial institutions and other fintech to provide low-interest loans to small enterprises with no collateral. Oze provides customers with loans of up to 30,000  Ghana Cedis with as little as 3% monthly interest on the amount received. 

The loans obtained can be paid back in installments over a period of 12 months. An applicant must be an active Oze Business App user for at least 30 days in order to be considered for a loan. After 30 days, they can apply for an Oze loan straight from their Oze Business App.

Requirements:

  • An active bank account
  • You must have recorded at least 10 transactions a month on your Oze Business App.
  • Upload a bank or mobile money statement from the last 3 months.
  • Applicant must be an active Oze Business App user for at least 30 days. 

How to Apply;

  • On your dashboard, scroll down until you find ‘Shortcuts’.  Then select the ‘Apply for a loan’ option.
  • You will be redirected to the loan application page. Please read all of the information on the screen before proceeding.
  • When you’re finished, click the ‘Apply for loan’ option.
  • Enter all required information accurately, then click the ‘Review Your Application’ button to review your application, and then hit the submit button.

Download App

Oze SME Loans

7. FairMoney Loan app

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FairMoney Microfinance Bank is one of the best providers of instant mobile money loans in Ghana. This app offers flexible loans with no collateral. They provide quick loans for medical crises and other unexpected occurrences, like rental payments, salary advances, and other personal needs.

FairMoney has been operating for a while now, and they have branches all throughout Africa, so just in case you’re concerned about their legitimacy, you have nothing to worry about.

I strongly recommend this app to anyone that is in need of instant mobile money loans in Ghana with no paperwork or collateral.

FairMoney is well-known for its low-interest loans and long payback periods. FairMoney has a record of giving out over 10,000 loans to customers on a daily basis so there’s a high chance of getting a loan.

Requirements:

  • An active bank account
  • Your BVN
  • An active phone number

How to Apply:

  • Download the FairMoney app on the Google Play store
  • Sign up with a phone number linked to your BVN.
  • Apply for a loan
  • Answer a few questions and authenticate your identity before receiving your loan offer.

Download App

FairMoney Loan App

8. Branch Loan App

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The last app on our list of instant mobile money loans in Ghana is Branch Loan App. The Branch Loan app is one of the best loan apps in Ghana that offers fast loans with no collateral and no paperwork. This app is available 24 hours, 7 days so whenever, and wherever you need a loan, the Branch loan app comes in Handy.

One of the best parts of this app is that, as long as you repay your outstanding loan on time, bigger loans will be unlocked for you. The loan application process is very fast, and as soon as you apply and meet the requirements, your loan will be disbursed into your wallet immediately.

I strongly recommend this app to anyone in need of instant mobile money loans in Ghana with no paperwork and no collateral.

I strongly recommend this app to anyone that is in need of instant mobile money loans in Ghana with no paperwork or collateral.

Requirements:

  • A branch account 
  • An active phone number
  • Your BVN
  • Two emergency contacts

How to Apply;

  • Download the app from your app store
  • Register an account with your details 
  • Apply for a loan
  • Answer a few questions and provide your emergency contacts
  • Refresh your wallet and get your loan

Download App

Branch Loan App

My Conclusion

As humans, our needs are unlimited and with every passing day, our wants are multiplying but what happens when you run out of cash and you have urgent bills to pay? instead of ruining your reputation by going for traditional loans, Instant mobile money loans in Ghana should be your go-to for situations like this. All the apps reviewed in this post are great when it comes to lending money so look them up, and see the one that best works for you.

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