Everyone faces hard times, and we cannot really tell when problems knock at any ones door. Having money is not always constant especially for an ordinary Ghanaian working regular jobs every weekday. Sometimes, incidences like fire may attack someone’s house or disease. No one likes these problems, but in life, they are unavoidable. It is in this case that emergency loans in Ghana were started so that people can be in position to access money without so much trouble.
In the past, banks were the only entities that would give loans. However, it would take ages to approve the loans an there had o be collateral. Without assists, the bank would disagree to give any loans and even with the assets the bank takes almost a month to approve the loan. By then, the problem increases rather than decreasing.
Emergency loan companies however are there to fix such problems. In Ghana, a variety of companies and also banks offer these services. Another catch with the instant loans is that you can only borrow less and the faster you pay, the more the money legible for borrowing increases. This helps the company to know if you can pay the loan. In some instances people fail to pay up. But these banks have ways of tracking individuals who fail to pay, or delay their payments for a very long time. Every loan comes with a payment deadline that must be followed to the latter. Otherwise the company tracks the individual and puts them to justice. The companies are registered by the government so they have the right to put individuals who fail to pay up to justice.
Points to consider when taking a loan
- Consider taking a loan from a public institution instead of a private institution. Public banks often have lower interest rates as compared to the private banks. This is because, private banks seek to maximize their profits and also they are privately sponsored. These kinds of banks are an investment unlike the public banks that are much less strict when it comes to the interests.
- Consider personal loans instead of communal. Personal loans have lower interests. They help an individual to move from debt and to move from it fast enough. Personal loans are also more efficient if you have a pressing loan from another place. They are also relatively easier to refund.
- Go for a bank whose interest is calculated on a monthly basis. Some banks only offer interest rates annually. The interest therefore accumulates allot and this results to a large burden to the customer. Go for monthly pay-ups to avoid this kind of problems. Always inquire about the pay-up so that you can prepare yourself adequately for the payment.
- Always take time to revise the options that you have. In some cases, people fail to realize that a loan should be taken when someone has a good plan to pay it back. A loan is a debt that must be paid back. Consider if the loan is necessary and take a loan that you can comfortably repay. Unfortunately if you fail to pay back, the interest keeps accumulating. Instant loan companies in Ghana also require interest.
- Looks out for benefits. Some banks give loans and also benefits like insurance. When you take a loan for a home, some banks give insurance such that in case of any damages such as fire and floods, the bank can cover it. Going for such loans is therefore very beneficial. The problem comes in when people fail to revise their options.
- Never take a loan for personal leisure. A loan as noted earlier is a debt. And large loans always hold collateral in case you fail to pay up. Some people however take loans to travel or do shopping. These kinds of individuals do have ways of paying back the loan. It is therefore very important to ensure that paying back of the loan is prioritized. Taking a loan to start a business is more sensible because by then, the business will be in a position to help pay back.
- At all times, always ask the personnel at the bank all the questions that you need about the various loans. You need to be well equipped about the information especially if you want emergency loan with no job.
Advantages of emergency loans
Emergency loans are spontaneous and someone can access them at any time, whenever they face a crisis. Emergency loans are specifically made for crisis because in life, everyday is not a guarantee. Emergency loans are therefore there to help people during such times.
Emergency loans have fair interest rates. As compared to other bank loans, these kinds of loans have a lower interest rate. This depends on the bank that you prefer to attend. The beauty about this loans is that one is given ample time to pay up and lower interests.
Emergency loans are easy to acquire. They give the customers some kind of consolation. It’s therefore necessary to choose a bank that offers these kinds of loans for the good of the people. Emergency loans are very important and with the advanced technology, getting these kinds of loans has been made easier.
Disadvantages of emergency loans
Generally, emergency loans require a shorter time to pay back. Some crisis comes with various consequences and this has a negative impact o the customer. These loans are also not free from interest rates. You have to pay back with interest. Very few come with insurance policies tied to them.
In other words, emergency loans are there to help a person who has dire need of money within a short time. People may wonder where to get such loans. To answer such questions, there is a list of the best financial institutions to get such loans, may it be through the mobile phone or the bank itself. The main secret is having a back-up plan that will help to pay the loan back. Below are the emergency loan companies in Ghana
1. Opportunity International savings and loans limited
Opportunity international is located at the Kwame Nkrumah avenue. The operating hours are Monday to Friday. Opening a savings account at Opportunity international is only GHC10. The savings account will allow you to save more, and also plan for the future. At this company, an individual can get interests of up to GHC100 depending on the savings. Moreover, there is the susu deposit option for the people that find it hard to visit the bank. This type of deposit is very flexible because the bank comes to you via their personnel. The interesting part is the fact that it offers loans may it be long term loans that require collateral or short term loans. Opportunity international gives customers the ideal plans to plan ahead and also, it takes care of its customers by giving emergency loans incise the customer is faced by any kind of adversity. Opportunity international is among the best loan institutions in Ghana because of its diversity and the ability to access the savings and loans at the comfort of your home.
2. Fido money lending
Fido offices are located at Accra along Blohum road. This financial institution can be accessed through the smartphone by just downloading it from your android phone. It offers emergency loan with no credit check. The first requirement is having Google play store. It is very fast and convenient and you can borrow a loan of GHC 200 to start with and then you can move slowly, up the ladder to GHC 1000. The faster you pay the loan, the more money you will get. Fido does not disappoint. It is available to all customers and comes with no collateral, you just have to repay on time. Failure to pay on time increases the interest and that might be a burden to pay if the debt increases to a level that you cannot afford. With Fido, you are assured of receiving your cash fast without any issues. Fido gives instant loan Accra.
Fido gives its customers what other banks do not. With Fido you can just sit at your home and access the Fido app. To attain a larger loan, just make sure that you open your Fido app on your mobile phone. Take the loan that you desire, as long as it is within the set limit. The limit is set based on the ability of the customer to use this application and also the number of times a customer chooses to get the loan. The more times you take loans and pay up the bigger your loan limit grow. Fido is easy to use, regardless of where you are. All you need is a working android phone and you can get online loans in Ghana.
3. Izwe loans Ghana
Izwe loans are a non-bank financial institution not only Accra Ghana but also other countries in Africa. It also has branches in Takoradi, Ho and Tamale. Izwe gives loans to the employed civil servants. The good thing about putting your trust in Izwe loans are that once you area working individual, you get loans of up to GHC 15000. Izwe loans guarantees a civil servant of security especially of their assets. It helps individuals to come up with good pension schemes too.
Izwe financial institutions in Ghana are mainly offers emergency loans in Ghana for the employed people. Well, this is very limiting considering that a huge number of people are not working yet. For the employed individual, Izwe takes care of your pension schemes and the fact that you are employed means that you have a stable way of payment. Izwe gives loans according to your payslip. This is because your payslip dictates how much you can pay in a month without straining yourself. In most cases people have bills to handle and Izwe provides a good way to handle such kind of situations. Try Izwe today for fast and convenient loans at any time of the year.
4. Advans Ghana savings and loans
Advans Ghana was founded in 2007 by a network of microfinance institutions. Currently it has 18 branches which have very limited access to formal banking. Advans offices are located in Accra. The main role of this financial instituting is to provide loans and support entrepreneurship. For an individual who wants to start a business, and wants a substantial amount for his capital, Advans Ghana is the place to be. This institution also offers a wide variety of services including saving through electronic payment. It partnered with Oiko credit and right now this institution has grown and has encouraged the growth of businesses in Ghana. The good thing about Advans, is that when it loans you money to open your business, it walks with you throughout your career. The personnel give you advice and this will help in the expansion of your business. Advans is not a spontaneous microfinance institution. Once you become their client, they do their best to improve it significantly.
Advans has helped many businesses to thrive in Ghana and generally, it has contributed to the growth of the economy. A large percentage of youths in Ghana complain that they do not have jobs but all they need is a business idea and Advans. At advans, there is something for everyone in all lines of business. Advans is no ordinary financial institutions. It does not only have good customer care services, it also has amazing packages well suited for each individual who seeks to save or borrow loans for this financial institution. Choose Advans today and you will not regret the kind of services that you get.
5. Golden link savings and loans
Golden link was established last year at Tesano Accra. The main aim of Golden link is to be a bank that offers their customers with great deals. It aims at providing financial services of its customers at the comfort of their homes. Golden link is still a young company but so far it is doing very well by providing affordable services to its customers. Golden link wants to be a bank soon that is registered by the government but to do that it should be in a position to get more customers and more profits. The beauty about Golden link is that you don’t have to wait for a very long time before your loan is processed. Once the institution gets your credentials, it takes a short while for it to process and you get your loan and payment plan. Customers can also buy shares and invest in them and when they feel that they need the shares they can comfortable withdraw as cash.
READ ALSO: List of Banks in Ghana 2018
6. Unicredit Ghana
This type of loan that is available for the workers that are employed. The loan ranges from GHC 500- GHC 100,000. All you need to do is to fill the emergency loan application letter. The loan can still be paid up within three years and the payments are subdivided equally for each month. Unicredit also offers very quick loan processing. With Unicredit you do not have to wait for months until your loan is processed instead, it is very efficient and an individual gets a short message on their phone once the loan is processed.
The benefits of Unicredit are that there is no collateral that is held. Also, the loan is availed to you at the comfort of your home. Very few financial institutions can actually do that. Also with Unicredit, you do not have to have an account with them. If you are employed and you have everything that they need them you shall get the loan you desire. The assurance of payment that Unaccredited just needs is to know that you are working. Unicredit only requires an individual to fill a form, have a valid national identification card and also a valid passport. If you are looking for an institution that has no complications then unicredit is your place to be.
7. Ghana home loans
Ghana Home loans, (GHL) give loans to all salaried workers who have land. The land is taken as collateral. Once you have the two, you can easily own land and get amazing and friendly loans and good customer care services. The only catch is the collateral. The loans are repayable for a minimum amount of two years and they are also open for both individual and also joint ownership. Joint ownership happens in cases where two or more people own a certain piece of land and they wish to get a loan. These loans are also available for the people who own various businesses all over Ghana. Ghana home loans is trustworthy and the money is processed very fast if you meet all the minimum requirements. Ghana home loans offers rent loans in Ghana.
8. Africa trust Ghana
Arica trust was established in 2009 and since then it has been in a position to give loans to the people of Ghana. The strengths of the Africa Trust are professionalism, trust, and respect with integrity, confidentiality and also social responsibility. This institution offers vehicle loans, capital loans and also an emergency loan the beauty about this company is that it is committed to improve the lives of its clients with affordable interest rates. Africa trust has all the answers to all your financial problems. When an individual is a member of the Africa Trust, they can easily get the loans. Africa Trust has changed the lives of many individuals both in Ghana and beyond.
9. Omnibank Ghana
Ominibank is an accredited bank by the Ghanaian government that offers collateral loans in Ghana. Aside from its good financial services, omnibank is known to provide amazing deals and also emergency loans. Omnibank launched internet banking where any omnibank customer can access their cash at the comfort of their home. The same goes for the loans. If you meet their requirements, then you will be liable for a loan. Omnibank is currently growing and as it does, it also influences the growth of the economy. The interest rates are affordable and payments can be done within a span of more than two years. Onmibank also has good customer care services that guide you on the amazing packages that the bank offers. Get yourself an Omni bank account and enjoy the amazing deals including emergency loans that the bank offers.
10. AFB Ghana
This bank offers very amazing loans in Ghana. All you need to have is an active pay roll and you are good to go. AFB offers flexible loans of up to GHC 2000 and also loans for starting businesses. You can never go wrong with AFB. Also the AFB customer care services are always open for all people who want the loans. AFB is well organised and ready to serve you at any time of the day during working hours.
Emergency loans are generally very beneficial to all individuals. It is through these loans that people get to discover the value of belonging in a certain bank. Also the technology has improved significantly and now people can easily access loans without collateral. It is very important to know the kind of institution to work with and do a detailed analysis on the terms of payments. In some cases the institutions increase the interest rates especially if the loan will take a very long time to pay back. Loans are supposed to help and not to worsen the situation.
Choose an institution that you feel is concerned about your needs and one that understands them adequately. Emergency loan direct lenders always have a catch. Understand the terms and conditions of the loan, analyse it if possible go through the options that you have. People do not take loans out of choice; it is because they have a pressing problem that they need to address. Avoid taking a loan and later on regretting that you took it. There is hope for everyone always and that’s why these financial institutions are licensed by the government to help the people of Ghana