Izwe is a pan-African micro-finance firm, which operates in four countries. Ghana is an important market for the company due to a massive demand for short-term and uninsured loans. Founded in 2004, the financial service company has grown to become a key player in the Ghanaian financial market through its tailored products and better loan terms. Do you know the features and requirements for Izwe loans Ghana and alternative services by the company?
According to the Bank of Ghana, only 33% of Ghanaians have active bank accounts. While the banked rate is double in most Sub-Saharan countries, most people in Ghana cannot access credit services. Fortunately, Izwe offers short-terms and unsecured loans for both banked Ghanaians and people outside the formal banking system.
The institution has different loan options for different customers. Some of the significant credit services for Ghanaians include:
- Personal loans
- Car4Cah loan
Each of the two credit services has different requirements and repayment processes.
Requirements for personal loans
The personal loan is the most popular credit service by the Izwe. The loan option has fewer restrictions and has minimal paperwork. The Izwe loans requirements include:
- Government employment number
- A valid national ID
- Two passport-sized photos
- Banking details
Compared to other credit options in Ghana, personal loans by Izwe have less documentation. Also, for you to qualify for the loan, you do not need proof of collateral. Your payslip and proof of employment are enough to secure a loan.
Requirements for Car4Cash loan
If you do not have a government payslip, you can still apply for Izwe loans with your car as security. The requirement for Car4Cash loan include:
- A valid driving licence
- Original vehicle documents
- Two passport-sized photos
- Six months’ statement from the bank
- A valid driver’s license
- A post-dated cheque
Compared to the personal loan, the Car4Car loan requires more documentation, and the application process is faster. Also, the institution assigns you a financial solution partner for guidance and consultancy at no cost. The application processes for the two credit facilities are similar.
How to apply for Izwe loans Ghana
If you have met all the requirements, the next step of applying for Izwe loans Ghana is registration. Over the years, Izwe has simplified the application process. The options include:
1. Visit Izwe loans Ghana branches
Visiting any Izwe branch is recommendable, especially if you have any questions regarding the firm. The company has different offices across Ghana. Also, Izwe has a vast network of dedicated agents. Remember to carry all the necessary documents.
2. Apply on the Izwe website
Alternatively, you can apply on the company’s website. Unlike registering through the Izwe agents or going to a branch, you save time by filling in a form on the site. You will get a response in 72 hours.
3. Call the Izwe loans Ghana head office.
If you cannot access the Izwe website, you can register by calling the head office. The Izwe loans Ghana contacts are +233 (0) 302 208 222. Alternatively, you can reach the head office through email@example.com.
Izwe loan quotes and disbursement
After the application process, you will get a call from the company’s representative with an offer. If you are in an Izwe branch, you will get an offer in minutes. In all cases, the offer is a reflection of the company’s assessment of your financial abilities.
Izwe has better assessment criteria, and you are more likely to agree with the offer. The representative also takes you through the loan terms and the expected repayment period. If you do not understand specific conditions and terminologies, this is the best time to seek clarity.
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If you agree with the quote, you will sign the necessary paperwork. Additionally, you will submit all the required documents. Izwe has better systems, and the verification process is fast and efficient.
After signing the Izwe quote and submitting the necessary documents, the institution disburses the loan in your preferred account. While the disbursement process depends on the paperwork verification process, it is fast.
Izwe repayment plans
The repayment plans are flexible. It is, however, essential to note that different loans have different repayment plans. The details of the repayments are in the quote. Besides, the company expects you to make payments monthly.
On some special occasions such as job loss, you can renegotiate the loan terms. In such a case, you can request the institution to lower the loan premiums and extend the payment period. Global banking laws allow people to negotiate loans on special occasions.
Alternative Izwe services
Apart from loans, Izwe offers these two services:
1. Savings and investments
Savings and investments are critical in any financial institution. In this case, Izwe loans and savings give customers a one-stop-shop financial experience. Therefore, if you are not interested in borrowing money, but you want a safe way to keep money and get a return, Izwe savings and investment plan is ideal for you.
The requirements for savings and investment plan include:
- A valid national ID
- Passport photo
- A minimum deposit of GH₵ 50
- Valid proof of residence
Where to open the Izwe savings and deposit account
If you meet the requirements, you can open a savings and investment account. You can either go to an Izwe brand or contact a representative. If you cannot access an Izwe branch, and you do not have an agent’s contact, request a call back from the website.
Deposits and notifications
After opening the savings and investment account, you will need to make the first deposit. The minimum deposit amount is GH₵ 50. However, you can increase the amount in the subsequent deposit.
Every month, you can take the deposit to your nearest Izwe agent. Even though there are no Izwe loans Ghana app, you will receive an SMS confirming the deposit and the account’s balance.
Apart from savings and investment plans, Izwe also helps customers to make sound financial decisions. The company’s representatives help customers and potential clients to understand different economic realities. For example, the agents help clients to understand repayment plans that can work for their salaries.
Izwe customer care and communications
Since 2004, Izwe has redefined communications in the banking sector. For example, Izwe loans complaints and concerns are vital in the company’s management in terms of improving the customers’ banking experience. Therefore, if you have any concerns about loan services, you can reach the company’s agents in different ways.
The Izwe loans Ghana contacts are +233 (0) 302 208 222 and firstname.lastname@example.org. If the official number Izwe is busy, you can request a call back from the company’s website. Alternatively, you can consult one of the Izwe agents across Ghana.
Izwe operates under Ghana’s Credit Reporting Act of 2007. In case an agent or the company’s representative did not address your concerns, you can involve a mediator and find common ground in regards to credits and other services offered by the institution.
The above steps explain how to apply for Izwe loans Ghana and the options available. Based on the services and the institution’s financial services approach, it is correct to state that Izwe is an ideal financial partner. The golden rule when using Izwe is to ask as many questions as possible in every step.