Instant Online Loans in Ghana Without Collateral

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The growth of mobile money in Ghana has made it easier for individuals who previously couldn’t access formal financial services to enjoy them. One of such services is online loans in Ghana without collateral. In this article, we will show you how to get instant mobile money loans Ghana.

Although it is easy to borrow by phone or online, you must be careful because some credit companies use harassment and threats when following up the loan payments. One of the tactics they use is to contact people you know (including your husband, wife, colleagues, mother-in-law, uncle, etc.) and tell them you don’t want to pay off your loan. They also threaten to publish your photos on social media as a wanted person. Before applying for a loan, find other people who have used the loan company you want to use to understand their relationship with their customers.

Factors to Consider Before Applying Instant Online Loans in Ghana Without Collateral

Applying for a loan over the phone or online is very easy. You don’t need to leave your home or place of business to apply for a loan. All you need is a mobile phone. Also, there is no need to fill out a form. However, this convenience can cause you problems later if you do not look at the main factors to consider. These factors include:

  • Access to data. These companies require permission to access your phone and access various data. These data help them to reach the decision of whether you will be able to give a loan or not. The data they need from your phone includes GPS (to know which places you visit, which shops and hotels you visit, etc) to know what class you are in society. These companies will also take a record of the people you have been calling or texting each other, phone book, your transaction history with mobile money companies, etc.
  • Interest rate. Make sure the exact interest rate that the company will require you to pay when you pay off your loan. Many companies offer loans with interest between 7% to 15% per month. This means that if you add up the loan interest for the whole year, you will have paid much higher interest than the one who got the loan from the bank.
  • Service fee. Some companies have a service fee. This fee may be included in the final amount you are required to pay. So, you can assume that you will pay the loan and interest but there is also a service fee! Most companies charge a fee of around 10% for their services.
  • Late payment penalty. In many cases, credit companies charge you a fee which is a penalty for late payment of your loan.
  • Read the Terms and Conditions. Most people accept the terms by clicking “yes” without reading them. It is very important that you read the Terms and Conditions of the loan otherwise you will blame yourself later.
  • Credit bureaus. One of the conditions of these companies is that they have the right to report you to the credit bureaus in case you default, which will damage your credit record and make it difficult for you to get loans easily later.

Online Loans in Ghana without Collateral 2022

Whenever you are in need of instant online mobile money loans in Ghana, try the following loan platforms.

We advise you to take a loan after trying other sources of money such as relatives and friends or saving money every month to reach the amount of money you need. It is better to take a loan to strengthen your business. Never ever take loans for pleasure and entertainment.

Qwikloan Loan Ghana

Qwikloan is a product available to MTN subscribers for loans in Ghana through mobile money. You can get up to 1,000 Ghanaian Cedi at an interest rate of 6.9%. You can only have one Qwikloan at a time, which you are supposed to pay within 30 days. If you fail to pay on the stipulated date, you will have to repay the amount at an interest rate of 12%.

For you to access this loan, you have to be at least 18 years of age and be an active subscriber of MTN Ghana for over 90 days. During that period, you should be an active user of MTN mobile money including paying bills, buying airtime, and sending, or receiving money. If you already have a Qwikloan, failing to pay it on time may lead to the moneylender denying you another loan.

To apply for this loan:

  • Dial *170#
  • 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

You will receive a text message showing that you have received the money into your mobile money account. To repay the loan, deposit the repayable amount into your MTN mobile money account and it will be deducted automatically on the due date. Alternatively, dial *170# and select ‘Repay loan’.

Zidisha Business Loans without Collateral in Ghana

Zidisha is an international lending community that allows entrepreneurs to raise loans directly (without intermediaries) from ordinary people all over the world. This means, you can use Zidisha to get business loans without collateral in Ghana. Moreover, the loans do not have interest. To borrow from the platform, you will first need to apply to join Zidisha where you will need to provide your residential address, telephone number, and national ID number. Entrepreneurs are required to verify their online identities by linking an active personal Facebook account to their Zidisha account. Applicants also need to provide personal references and contact information for a local community leader who can recommend them.

If you do not have a recommendation from a current member, then a one-time membership fee is requested before you begin to fundraise. This fee is refundable if you do not end up raising funds for your project. At the end of each project, members are given the option to contribute an extra amount to fund projects for other members in the community.

Eligibility Requirements

To qualify for a Zidisha loan, applicants must;

  • Be at least 18 years of age.
  • Have a good reputation and have the support of family, neighbours and a local community leader.
  • Have an active business or employment with sufficient income to facilitate loan repayment.
  • Not currently hold any overdue loans from other lending sources.
  • Have a smartphone with the Zidisha app installed and have access to an internet connection.
  • Be able to post frequent updates regarding the use of the loan and the progress of the business funded.

Zidisha loans are interest-free. To cover the cost of transferring and administering the loan, borrowers pay a service fee of 10% of the loan amount. Project amounts for first-time members usually vary depending on the quality of your application and supporting documents. After that, the amounts you can raise increase depending on your payment forward timeliness contributions to the community.

Oze SME Loans in Ghana

Oze is a loan institutions that allows you to apply for collateral-free business loans in Ghana using Oze app for Android and iOS. Oze interest rates starts as low as 3% for
 qualified periods. Oze is one of few loan companies offering invoice financing in Ghana via its Cash Now Program. Invoice financing or invoice funding is a way for businesses to borrow money against the amounts due from customers.

How to Qualify for Oze Small Business Loans in Ghana

To qualify for Oze Cash Now or Oze SME Loan, you need to meet the following requirements.

  • Record 10 sales or expenses in a month.
  • Link your bank account (Watch the video on how to link your account here).
  • Upload a bank or mobile money statement from the last 3 months. (i.e if you plan to apply in August, upload a statement that covers July, June and May).
  • Show evidence that they have been working on the project and have self-financed it to a particular stage (for Oze Cash Now loans).
  • Present the project contract (for Oze Cash Now loans).

Fido Loan Ghana


Like other platforms for quick loans in Ghana included in this article, you don’t need a guarantor or collateral to get a Fido loan. You can get the loan by either visiting one of their branches or applying for it through your mobile phone. First-time borrowers can get 200 Ghanaian Cedi and pay it within 30 days. The interest rates for new customers start at 14% for 30 days. The lowest interest rate for future loans is 8% for 30 days. Depending on your ability to adhere to the set repayment terms, you can get up to 1,000.

How to Qualify for Fido Loan

To qualify for a Fido Loan, you need the following:

  • A valid ID. IDs accepted include Driver’s License, NHIA Membership, Voter ID, National ID or Passport.
  • Mobile Money account. MTN Mobile Money or AirtelTigo Money registered in your name for at least two months.
  • Age and residency. You must be a resident in Ghana over 18 years of age.

How to Register for Fido Loan

  • Download the app on Google Play
  • Fill in the application form
  • Receive the money within a few minutes. When you repay the loan on time, you become eligible for a larger amount.

There are NO UPFRONT FEES for using the FIDO mobile app or applying for a FIDO Loan. We charge a processing fee which will be disclosed to the customer prior to accepting a loan, and are paid only after you get your money, when your loan is due for repayment.

Xpress Loan MTN Ghana

This is another instant mobile loan in Ghana offered by MTN. It is available to MoMo subscribers who constantly use their mobile money account and regularly recharge their MTN number with airtime. It is important to note that the charges of this credit product are not fixed. As such, it is important to read the terms when applying for the loan.

To acquire the XpressLoan;

  • 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 btween 50 and 1000 Ghanaian Cedi
  • Confirm the stipulated repayment plan

To repay your mobile money loan in Ghana, you need to deposit the required amount into your mobile money account and it will be deducted automatically on the due date. Alternatively, you can use the following steps:

  • Dial *170#
  • Select ‘Financial services’
  • Select ‘Loans’, ‘XpressLoan’, and then ‘Repay my loan’ in that order
  • Enter your PIN and then input the amount you intend to pay

Carbon Loan Ghana (Formerly Paylater Loan in Ghana)

Payleter loan app in Ghana, rebranded to Carbon app allows you to get a loan in Ghana without collateral, paperwork, or guarantors. One of the interesting aspects of Carbon is that you get a discount on your next loan if you refer someone to the site and they repay their credit on time. Besides, adhering to the stipulated terms of repayment helps you get larger amounts as you go along. Apart from personal loans, you can also apply for business loans without collateral in Ghana via Carbon.

How to Get Carbon Loan in Ghana

The process is simple and straightforward. You need to fill out an online form, upload valid credentials like National ID, bank statements, and passport photo. Once your application is reviewed and approved, you will receive funds in your bank account.

Final Thoughts on Loans without Collateral in Ghana

Similar to other African countries, the mobile money and internet revolution have transformed the financial ecosystem in Ghana. Without adhering to complex loans terms stipulated by banks, you can now access online mobile loans in Ghana without collateral. However, we advise you to be careful when obtaining a loan without collateral in Ghana because some credit companies use harassment and threats when following up the loan payments. In addition, we strongly warn you against applying for a loan for pleasure or entertainment.


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